MoneyGeek’s Take

Citibank Personal Loan Review

Citibank provides unsecured personal loans to eligible Citibank account holders. To be eligible for a loan, loan applicants must have a Citibank account open for at least a year and make a minimum income of $10,500.

Last Updated: 6/23/2022
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A fixed-rate Citibank personal loan can help you put your financial goals into action, whether you're looking to consolidate debt, finance a home project or fund a major milestone. Citibank accepts loan applications from existing customers, with loan amounts ranging from $2,000 to $30,000.

At a Glance: Citibank Personal Loans


  • Citibank

    • 6.74% to 23.99%APR Range
    • NoneMinimum Credit Score
    • $2,000 to $30,000Loan Amount Range
    • 12 and 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Citibank Website

Citibank Personal Loan Details and Requirements

  • APR

    6.74%–23.99%

  • Credit Score Requirements

    No minimum requirement

  • Income Requirements

    Citibank personal loans require a yearly income of at least $10,500.

  • Loan Amounts

    Loan amounts from $2,000 to $30,000 are available should you apply and be eligible for a Citibank personal loan.

  • Loan Terms

    Citibank offers loan terms between 12 and 60 months.

  • Permitted Uses

    Borrowers can choose from repayment lengths ranging from one to five years, though other banks may offer shorter terms.

  • Prohibited Uses

    A Citibank personal loan has no co-signed, joint or secured loan options.

  • Time to Receive Funds

    Within five business days, you'll receive your money in the form of a mailed check, which is slower than many other lenders.

  • Origination Fees

    One great feature of a Citibank personal loan is that it has no origination fees.

  • Late Fees

    A Citibank personal loan charges a $25 late fee. Missing a due date on a personal loan can result in higher fees.

  • Prepayment Penalty Fees

    Another perk of Citibank personal loans is that they don’t charge any prepayment penalty fees.

  • Co-signers and Co-applicants

    There are no co-signed or joint loan options available with a Citibank personal loan.

  • Perks

    When you sign up for automatic payments on your loan, you'll save 0.50% on your interest rate.

  • Mobile Application

    Customers of Citibank have already been given access to the company's mobile app. You can use it to check the status of your loan and make payments.

Is Citibank Right for You?
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Personal loan providers evaluate loan applications based on several criteria. The Citibank personal loan review by MoneyGeek can help you figure out if this lender is ideal for you.

Who Citibank Is Perfect For

If you have a Citibank account and decent credit, a Citibank personal loan may be a smart option for you. Citibank is also a good option if you only need a modest quantity of money and don't need it soon.

Citibank personal loans may be useful for consolidating existing high-interest debts for those who qualify for the bank's competitive interest rates.

Who Should Not Choose Citibank

Before qualifying for a Citibank personal loan, borrowers must have an approved Citibank checking account open for at least twelve months.

How to Apply for a Citibank Personal Loan

Once you've determined that Citibank is the best lender for your needs, you may move forward with your loan application. This MoneyGeek Citibank personal loan review outlines the steps to follow to apply for a personal loan.

1

Prequalify

Citibank does not offer pre-qualification, which allows borrowers to see prospective loan rates and amounts without damaging their credit ratings. You can apply over the phone, in person at a branch or online instead.

2

Fill Out Application Form

On the Citibank application, you must provide your full name, date of birth, address, phone number, email address and Social Security number. It also requires the following financial details: income, sources of income, housing status, monthly housing payment and employment status.

3

Wait for Approval

After you've completed the application form, you'll have to wait to see if Citibank has approved your loan request.

4

Review Loan Agreement

After you've received the loan offer, make sure to study everything thoroughly. It's possible that the loan amount you're approved for will differ from what you requested.

5

Sign Loan Agreement

After you've read and understood all of the information in your loan agreement, you can sign it. If you haven't previously done so, go over the contract again or seek guidance to clarify any terms of the loan.

6

Receive or Direct Funds

Receiving funds from Citibank may take longer than from other lenders. After approval, you can receive funds via direct deposit within the next day

7

Make Payments

The repayment terms offered by Citi range from one to five years. You don't have to pay a penalty if you pay off your loan early, but if you miss a payment, you'll be charged a $25 late fee.

What to Do if You Are Rejected From Citibank

Citibank rejects personal loans for a variety of reasons, including credit score difficulties and concerns about income. Poor credit scores, insufficient income and missing loan application information are the most common reasons for loan denial. Remember that being turned down for a personal loan does not mean that your loan journey is over.

If you've been rejected for a loan, it's important to find out why. MoneyGeek suggests contacting your lender to see why your loan was declined. Sometimes, your application can be approved by simply modifying the terms of the loan.

You can also apply for a loan from another company if you need the money right away, but focusing on rectifying the issues with your initial application first is more beneficial. This will strengthen your application and improve the odds that it will be accepted, without putting your credit score at risk.

Frequently Asked Questions About Personal Loans

MoneyGeek developed this Citibank personal loan review to help you choose the best personal loan lender for you. To make the process easier, MoneyGeek answered some of the most frequently asked questions concerning Citibank personal loans.

Read More on Personal Loans

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