Citibank personal loans review February 2018 | finder.com
Citibank

Citibank personal loans review

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 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.

What types of personal loans does Citibank offer?

  • Fixed term. Useful for single-use borrowing needs, these loans range from $2,000 to $50,000 with fixed monthly repayment plans.
  • Line of credit. Get the finances you need for daily expenses or large-scale projects, with no advance fee. You can customize your credit line for continuous borrowing needs.

Personal loan details

Min. loan amountMax. loan amountStarting APRTermsHow to apply
Personal loans$2,000$50,000As low as 8.99%1 to 5 yearsOnline
Line of credit$1,500$25,000As low as 8.99%VariesOnline

Compare your other options for personal loans

Rates last updated February 17th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.66% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (fixed)

Compare up to 4 providers

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.

Bottom line

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.

Frequently asked questions about Citibank personal loans

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

Borrow up to $100,000 with a competitive APR and no fees.