Citi® Personal Loan review: A no-fee personal loan, but lower rates could be found elsewhere.
- Max. Loan Amount
- $30,000
- APR
- 11.49% to 20.49%
- Min. credit score
- 720
Our verdict
Get a Citi personal loan of up to $30,000 with no fees, but rates start higher than other lenders.
Citi, a Finder.com advertising partner, offers personal loans that stand out for no-fee policies and rate discounts. With a Citi personal loan, you'll never pay origination or late fees, and there's no prepayment penalty either. If you enroll in autopay, you'll receive 0.50% off your rate, and existing Citigold and Citi Priority customers can receive an additional 0.25% discount.
But its APRs start higher than other lenders like LightStream and Sofi, which means you could potentially get a lower rate elsewhere — even with Citi's rate discounts included — especially if you have a credit score of 760 or higher. And if you need to borrow more than $30,000 or want to use the funds to pay for business expenses, you'll need to find another lender.
The company gets poor marks for customer service, with thousands of complaints registered on the Better Business Bureau (BBB) site. There are also two current BBB alerts for Citi, one of which mentions Citi's poor risk management, which is a red flag if you're concerned about financial safety.
Best for: People with excellent credit who want zero fees.
Pros
-
No origination fees, late fees or prepayment penalties
-
Rate discounts up to 0.75%.
-
Prequalification available
Cons
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No co-applicants accepted
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Starting rate is higher than other lenders
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Low ratings and reviews
What makes Citi shine
Citi shines for its no-fee policy. You won’t be on the hook for origination fees, late fees or prepayment penalties. This means you can pay your loan off early to save on interest.
It offers a streamlined digital application that allows you to check your rates without impacting your credit score. It also offers generous rate discounts of up to 0.75% — higher than some competitors. And rates are capped at 20.49% APR, which is lower than other lenders with APRs up to 36%.
Where Citi falls short
Citi falls short for its starting interest rate, which is higher than some competitors. If you have good to excellent credit, you could find a lower rate elsewhere — even with Citi’s discounts factored in. It also falls short on loan amounts, which are capped at $30,000. Some competitors offer loans of up to $50,000 or more.
But perhaps more concerning, many customers leave negative reviews and complaints about Citibank as a whole on the BBB site and Trustpilot. There are also two BBB alerts for Citibank. One is to alert consumers to Citibank’s alleged deficiencies in risk management, which could potentially impact its financial safety.
Citi loan details
| Minimum credit score/credit range | 720 |
| APR | 11.49% to 20.49% |
| Loan amounts | $2,000 to $30,000 |
| Terms | 12 to 60 months (1 to 5 years) |
| Approval turnaround | Same business day with a Citi account, two business days with a non-Citi account |
| Availability | All 50 states |
| Fees | No origination or late fees |
| Other fees | No prepayment penalty |
How to qualify for Citi personal loans
Citi’s basic requirements for a personal loan include:
- US citizen at least 18 years of age
- Social Security number or Individual Tax ID
- Minimum credit score of 720
- Proof of employment and income
How to apply
Here are the steps to apply for a Citi personal loan:
- Prequalify online.
- Review the loan offer, then formally apply with a hard credit check.
- Read over your loan agreement carefully and accept the loan terms.
- Follow through with your repayment plan.
How Citi compares to other lenders
Compared to other lenders, Citi offers a fair interest rate range to borrowers. While its lowest rate starts at around 11.49% currently, this is around the national average — and it caps its rates at 20.49% APR, which is lower than many other lenders. You can also reduce the interest rate on your Citi personal loan up to 0.50% by setting up autopay.
And unlike lenders like BestEgg or Upgrade, which cater to borrowers in the same credit range, Citi doesn’t charge origination fees on its loans. That means if you’re approved for a Citi personal loan, you’ll get the entire loan amount sent to your bank account without any fees deducted — so you can be sure the only thing you’re paying for is interest.
But if you have a good to excellent credit score above 760, you could potentially secure a lower rate with another lender like LightStream. LightStream offers some of the lowest rates available on personal loans to good to excellent borrowers and offers a low rate guarantee on its loans.
Citi reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1.04 out of 5 stars, based on 568 customer reviews |
| Trustpilot Score | 1.2 out of 5 stars, based on 285 customer reviews. |
| Customer reviews verified as of | 11 July 2023 |
Citi, aka Citibank, has garnered quite a few complaints over the years — although, this is for Citi’s services as whole, not just its personal loans. Citi isn’t accredited with the BBB and gets an “F” rating for how it handled several thousand complaints over the past three years. But perhaps more concerningly, there are two current BBB alerts for Citi’s marketplace conduct and “unsound” banking practices.
Many of Citi’s customer complaints center around its credit cards and banking accounts, with many complaining about poor offshore customer service and long wait times, fraudulent charges on cards and credit scores dropping as a result of how issues were handled by Citi’s customer service. Overall, Citi has below-average ratings compared to other lenders, like Best Egg or LightStream.
Customers who left positive reviews mention being happy with Citi’s credit rewards cards and interest rate reductions after being a customer for a year. But there are far more negative reviews than positive ones on the BBB site and Trustpilot.
Is Citi legit?
Your reviews
Kat Finder
Writer
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