This global bank offers loans and lines of credit to fund your personal needs.
When you’re in need of personal financing, banking giant Citibank offers a variety of personal loans with fixed or variable APRs and flexible repayment terms, depending on your options. It provides a strong support system that can help you decide which loan is best for your needs as well as online loan calculators and personalized customer support. And if you’re a loyal Citibank customer, you could be eligible for reward benefits and loan rate adjustments.
First, am I eligible?
To meet Citibank’s basic qualification requirements, you must:
- Have a Citibank deposit account, a Citi credit card or Citibank mortgage.
- Have one loan pre-existing loan or fewer with Citibank.
What types of loans does Citibank offer?
Choose from a suite of personal lending products that includes:
- Personal loans. For single-use borrowing needs from $2,000 to $50,000, with fixed monthly repayment plans. Rates depend on your approved loan amount, your creditworthiness and your average eligible Citibank deposit relationship balances for the prior three months. Read more about personal loans or check out the Citibank personal loans review.
- Custom lines of credit. Allows you to get the finances you need for daily expenses to large-scale projects, with no advance fee. This is useful for who have fluctuating cash flows. Citibank allows you the customize your credit line for continuous borrowing needs. Read more about lines of credit.
- Home equity line of credit (HELOC). Use your property’s equity to take out a 5- or 10-year fixed-rate loan for home improvements or to pay down higher-interest debts.
- Mortgage loans. Use Citi’s Mortgage Selector to personalize options and rates based on your property type, expected purchase price, desired mortgage amount and creditworthiness. Read more about mortgage loans.
Compare Citibank to other lenders
Why should I consider taking out a personal loan with Citibank?
- Membership benefits. If you’re already a Citibank customer, it’s convenient to apply for a personal loan with Citibank that links to your existing account.
- Quick approval turnaround. You are typically approved in a few business days.
- Efficient application support. You can apply online and get support by phone or at your local branch.
- Abundant resources. Support is easily accessible online or by phone available for those who need to make adjustments or budget their finances.
- Ease of duplicate borrowing. If you’ve had a Citibank loan in the past, it’s easy to take out a second loan.
How much will it cost to borrow with Citibank?
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|
|Mortgage loans||Varies||Varies||Varies by loan option and terms||Varies by qualifications||By phone or at your local branch|
Are Citibank personal loans safe?
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.
How is Citibank’s online reputation?
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, criticizing its “subpar” services. Its employees were called “condescending” multiple times. Those who value customer service might want to look at other options.
How to apply for a personal loan with Citibank
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 and mortgage loans, visit Citibank online for detailed information on the application process.
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. For instance, you must have a minimum annual income of $10,500 to apply for a minimum Citibank personal loan of $2,000.
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
Pros and cons of Citibank loans
- 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. If you hold a checking account enrolled in Citi ThankYou Rewards, redeem points 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.
- 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.
I got a loan from Citibank. Now what?
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 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).
I didn’t get the loan. What are my options?
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 loyal 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.
But before you decide on any loan, make sure to compare lenders and ensure that taking out a loan is financially feasible for you.
Frequently asked questions about Citibank personal loans
How much can I borrow with a Citibank personal loan?
Citibank customers can borrow from $2,000 to $50,000. Limits for other types of loans vary. Use Citibank’s online loan calculator to help you determine how much you should borrow.
What is an APR?
Short for “annual percentage rate,” this is the total yearly cost of loan you pay for borrowing money, expressed as a percentage.
What is the difference between a variable APR and a fixed-rate APR?
In general, banks and credit providers offer two types of APRs: variable and non-variable (or fixed rate).
A variable APR allows the credit provider to change your APR when interest rates or other economic indicators, called indexes, change. Most credit card offers include variable rates. Providers must disclose how the rate is determined, which index it uses and the amount (or “margin”) it will add to determine your new rate. You should also know by how much and how often your rate may change.
A fixed-rate APR is not subject to adjustment. It remains at the rate your provider indicated at the time you opened the account. Even so, credit card companies and loan providers often include disclosures that allow them to change this rate at any time. The only caveat is that they must provide a written notice at least 15 days prior to the change.