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Citibank requires that you have an open account before you apply. This can be
You may also have to meet other requirements, such as a minimum income or credit score, in order to qualify.
Citibank offers six personal lending products.
Citibank has never offered auto loans. But other banks and online lenders do. You can compare alternatives to a Citibank auto loan if you need financing for a car.
While Citibank used to be a large contender in the student loans sphere, it sold its share of federal student loans to Sallie Mae and private student loans to Discover back in 2010. Its since shifted its focus to its collection of personal loans, lines of credit and credit cards.
While fees will vary by the type of personal loan you qualify for and other financial details, Citibank’s personal loans come with competitive APRs and reasonable repayment terms.
Minimum loan | Maximum loan | Starting APR | Terms | How to apply | |
---|---|---|---|---|---|
Personal Loans | $2,000 | $50,000 | As low as 8.99% | 1 to 5 years | Online |
Custom lines of credit | $1,500 | $25,000 | As low as 8.99% | Varies by need | Online |
Home equity line of credit | Varies | Varies | As low as 4.75% | 5 to 10 years | Online |
Mortgages | Varies | Varies | Varies by loan option and terms | Varies by qualifications | By phone or at your local branch |
Citibank is a big name backed by more than 200 years in the industry. It protects your personal and financial information through 128-bit SSL encryption, Extended Validation SSL Certification, ID verification, session timeouts and other digital safeguards, allowing you to bank online with confidence.
Citibank encourages that you call or email with any questions or concerns about the safety of your information.
It’s not great. Citibank was one of the big banks that was bailed out in 2008. It paid a $7 billion settlement in 2014 over its involvement in the subprime mortgage crisis. Citibank has also settled other government actions, including a conspiracy to manipulate the value of US dollars and the euro in 2015.
That might be why it’s not accredited with the Better Business Bureau (BBB) and gets a F rating based on its failure to respond to several complaints and government actions levied against the business, among other things. Citigroup has several Trustpilot pages, none of which have many reviews, with ratings ranging from 3.2 to 6.1 out of 10.
Reviews were generally discouraging, with customers calling it the “worst bank” they had ever worked with and criticizing its “subpar” services. Its employees were called “condescending” multiple times. Those who value customer service might want to look into other options.
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.
Some loans with Citibank will require a minimum annual income and other requirements specific to that loan. Check online, call Citibank or visit a branch location to learn the specific details of each.
You may be required to provide personal information, including
You must be a member of Citibank or a Citibank cardholder to apply for a loan.
For personal loans of up to $30,000, you can easily apply online. If you’re looking to apply for a loan of up to $50,000, you’ll need to call Citibank or visit your local Citibank branch.
For home equity loans, mortgages and mortgage refinancing, visit Citibank online for detailed information on the application process.
If you got a mortgage, you may have a few more steps to take care of before worrying about repayment, which your Citibank point of contact should be able to walk you through.
To make repayments less of a hassle, consider setting up autopay. Keep an eye on your personal bank account and your loan balance to look out for irregularities — sometimes computers make mistakes and they could cost you if they aren’t caught in time. Reach out to customer service if you notice anything that doesn’t look right or have any other questions. It can be reached at 1-800-685-0935 or through its website’s live chat feature. You can also reach out by snail mail but don’t expect a quick response.
It’s not uncommon to get rejected when applying for a bank loan — eligibility requirements have tightened over the past few years. If this happens to you, first thing you should do is find out why your application was turned down. Common reasons involve your credit score (it was too low), your income (also too low) and the amount of debt you have (too high). More applications than you might expect also get rejected because they contained errors.
It can only improve your chances of getting approved (and a good rate) if you take steps to improve these three areas: Check your credit report for errors and taking steps to improve your score, reducing your credit card debt and looking into side gigs could be good places to start.
You also might want to look at other financial institutions that have a better record of accepting applicants — like credit unions and online lenders.
Citibank offers numerous personal loan options to its customers. You can use these loans to make a large payment, pay down high debt or purchase property. The bank offers both variable and fixed rate options for lines of credit and loans. However, with a history of bad practices and government action, you might be better off looking into another personal loan option if you aren’t comfortable borrowing from such a large lender.
See how Citibank personal loans and lines of credit compare to other lenders. Citibank offers autopay and other discounts that could help you save.