This global bank provides personal loans with predictable monthly payments to its loyal 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 me used for a wide range of needs and come with competitive rates. You need to be a Citibank customer to qualify, however. Read on to find out if this lender is right for you.
What is a Citibank personal loan?
Citibank can provide one-time personal loans of up to $50,000, typically within five business days after approval. These loans are open to Citibank customers only, but it’s easy to open a checking or savings account with the bank.
Citibank provides a strong support system, with online calculators and services by phone or in your local branch. Loyal Citibank customers can enjoy reward benefits and rate adjustments on some loans. And you can apply for most personal loans easily online.
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.
Personal loan and line of credit details
|Min. loan amount||Max. loan amount||APR||Terms||How to apply|
|Personal loans||$2,000||$50,000||7.99% to 17.99%||1 to 5 years||Online|
|Line of credit||$1,500||$25,000||9.74% to 21.74%||Varies||Online|
Compare your other options for personal loans
How does a custom line of credit from Citibank work?
A line of credit can be used for the same types of 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. You can withdraw from your line of credit by check, over the phone, online or at a branch.
In order to qualify, you’ll need to have a $500 or more balance on a Citibank deposit account and a minimum annual income of $10,500. You’ll also need a deposit account, mortgage or credit car that has been open for three months. However, only those with good to excellent credit history and be a Citigold or Citi Priority customer.
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. Your APR may increase by 2.00% if your line of credit enters default.
How can I benefit from a personal loan with Citibank?
- Flexible financing. 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. 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.
- 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.
Am I eligible for a Citibank personal loan?
Applicants are required to have a Citibank deposit account, a Citi credit card or a Citibank mortgage, all of which needs to have a positive balance. If you are applying for a second loan, be aware that you can only have one pre-existing loan with Citibank.
To be approved for a personal loan, you must have a minimum annual income of $10,500. Your APR will depend on your approved loan amount, your creditworthiness and your average eligible Citibank deposit relationship balances for the prior three months.
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
In general with many banks, you will need to provide these personal and financial details when requesting a personal loan:
- Proof of identification
- Social Security number
- Details of your finances, such as pay stubs
- Tax returns and financial statements
- Account numbers with the bank, if applicable
I have a personal loan from Citibank. Now what?
Most important to maintaining your personal loan is making your minimum payments on time by phone, by 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. The bank 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.