This global bank provides personal loans with predictable monthly payments to its customers.
If you’re looking for the security of a fixed rate and consistent monthly payments, Citibank personal loans could be the answer. These fixed-term loans and lines of credit can be used for a wide range of needs and come with competitive rates. However, you need to be a Citibank customer to qualify.
Personal loan and line of credit details
|Min. loan amount||Max. loan amount||APR||Terms||How to apply|
|Personal loan||$2,000||$50,000||7.99% to 17.99%||12 to 60 months||Online|
|Custom line of credit||$1,500||$25,000||10.49% to 22.49%||Varies||Online|
How does a Citibank personal loan work?
Citibank personal loans allow you to borrow up to $50,000, and once you’re approved, you’ll typically receive your a check for your loan funds within five business days. These loans are only open to Citibank customers, but it’s easy to open a checking or savings account with the bank if you’re interested in borrowing.
Citibank provides a strong support system, with online calculators and services by phone or in your local branch. Citibank customers may also be eligible for reward benefits and rate adjustments on some loans.
How does a custom line of credit from Citibank work?
A line of credit can be used for the same expenses as a term loan, but instead of taking out one lump sum, you’ll have access to your funds whenever you need them and only pay interest on the amount you borrow. To qualify, you’ll need to have a Citibank deposit account of at least $500 an a Citibank deposit account or credit card that is at least 3 months old.
There is an annual fee of $50, but it is waived for Citigold and Citi Priority customers. You can make payments at a branch, by check, online, at an ATM or through an automatic deduction from your account. Be sure to pay on time. If you don’t, your APR may increase by 2% and your line of credit may enter default.
Compare other personal loan options
What are the benefits of a Citibank personal loan?
- Flexible financing. Citibank personal loans and lines of credit offer competitive rates and repayment terms.
- Transparent rates. Fixed rates and repayments mean knowing exactly what you’re going to pay each month. And APR discounts could lower the cost or duration of your loan.
- Rewards for loyal customers. Personal loan accounts can help borrowers earn Citi ThankYou Points (if you are enrolled consumer checking account with Citi ThankYou Rewards account) that you can redeem for gift cards, merchandise, travel rewards, cash rewards and other items.
- Online tools. Citibank’s budgeting tools can help you determine how much of a loan you can take out and how much you can repay per month.
- Lower rates for autopay. To qualify for the lowest rate, enroll in automatic deductions from your Citibank deposit account for monthly repayments.
What to watch out for
- Missed or late payments will affect your APR. Like most loans, if you’re late on your payments or skip a month, your APR could increase by 2% or more, making your loan more expensive in the long term.
- Two-loan maximum. You can’t have more than two open loans at a time with Citibank. If you want to borrow more than two personal loans at one time, you’ll have to look elsewhere.
- Loans are for Citibank customers only. If you don’t currently hold an account or credit card with Citibank, you’ll need to become a member before you can apply for a loan.
- No bank account transfers. When you borrow a personal loan from Citibank, you’ll be mailed a check. This antiquated method means you’re unlikely to see your loan funds for multiple days.
Am I eligible?
To qualify for a Citibank personal loan, you must meet the following requirements:
- Positive balance on a Citibank deposit account, a Citi credit card or a Citibank mortgage
- Minimum annual income of $10,500
- Good to excellent credit
- At least 18 years old
- No more than one pre-existed loan with Citibank
How do I apply?
To apply online, you’ll only be able to borrow up to $30,000. However, you can borrow up to $50,000 by visiting a branch or by calling 877-362-9100.
- Visit Citibank’s website, navigate to the lending tab and click the Apply Online button on the personal loans page.
- Follow the prompts, signing into your account or entering your invitation number if you aren’t already a Citibank account holder.
- Fill out the loan application with information about yourself and your finances.
- Submit your application and wait to be contacted by a Citibank representative.
What information do I need to apply?
When applying for any personal loan with Citibank, you will be required to provide personal information that includes:
- Your full name and contact details
- Proof of government-issued ID
- Your date of birth and Social Security number
- Tax returns and financial statements
- Your banking and other financial details, such as pay stubs
I have a personal loan from Citibank. Now what?
The most important part of borrowing is making your minimum payments on time by phone, mail or online according to your repayment terms. Missing or late payments can damage your creditworthiness and end up costing you much more in the long run.
- Set up automatic payments. Avoid late and returned payment fees — and qualify for the best rates — by scheduling automatic deductions from your Citibank account.
- Enroll in Citi ThankYou Rewards. The get the most use out of your loan, enroll your Citibank account in the bank’s rewards program to redeem points against gift cards, travel perks and more.
If you’re a member of Citibank, a personal loan could provide the funds you need to make a big purchase, consolidate debt and more. It offers both variable and fixed rate options for loans and lines of credit for flexible repayment.
But before you decide on any loan, make sure to compare other lenders and ensure that taking out a loan is financially feasible for you. And if you’re looking for other types of financing, Citibank’s suite of lending products includes mortgages, home equity loans and personal lines of credit based on your creditworthiness or the value of your assets.