Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who are Citi Personal Loans Best For?
Citi Personal Loan Details
Citi loan amounts range from
Depending on your credit score and other financial factors, your APR will range from
You need to have a Citi deposit account open for at least 12 months, as well as an annual income of at least $10,500 to qualify for a Citi loan. Eligibility also depends on your credit score and other financial factors. You aren't able to have a coborrower or cosigner on your loan.
Citi's repayment term lengths range from one to five years. You can pay off your loan early with no penalty, and the company doesn't charge origination fees. You'll incur a
You'll get your money as a mailed check within five business days, which is slower than with many comparable lenders. You may also be able to get the money via direct deposit more quickly.
There is no option to prequalify for a loan, meaning if you want to know your rates from Citi, you'll have to undergo what's called a hard credit inquiry. A hard credit inquiry gives the lender a comprehensive view of your credit history, but may negatively impact your credit score.
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Citi Personal Loan Pros and Cons
| Pros | Cons |
No prepayment penalty or origination fee. You're able to pay off your loan without incurring an additional fee. Citi also won't charge you an origination fee, which is an amount of money deducted from your loan balance when funds are disbursed. | Only available to existing Citi customers. You must have a Citi deposit account open for a minimum of one year before you can apply for a loan. |
Rate discount with Autopay. You'll receive a 0.50% interest rate discount when you sign up for automatic payments on your loan. | Late fees. You'll be charged a |
Unable to add a cosigner to your loan application. If your credit score isn't in the best shape and you are hoping to add a cosigner to your loan to increase your chances of approval, you can't do so with Citi. | |
Poor Better Business Bureau score. The BBB has given Citi an F rating, | |
Slow loan funding. It can take up to five business days to receive your money. Other lenders offer same-day funding if you need your money more quickly. However, Citi says its customers can get the money the same day. |
How to Apply for a Citi Personal Loan
1. Open an eligible Citi account and maintain it for 12 months. Unlike most lenders, who have more lax eligibility requirements, you'll need to be an established Citi customer before you can take out a loan from the bank.
2. Submit an application. You'll need to input personal information, such as your name and Social Security number, as well as details about your income.
3. Review loan offers and pick the one you can afford. After you submit your information, Citi will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
4. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan.
Citi Personal Loans Competitors
Citi personal loans vs. Avant personal loans
Avant loan amounts range from
Avant has an
Citi personal loans vs. Best Egg personal loans
Best Egg charges an origination fee between
Citi Personal Loans Frequently Asked Questions
How long does it take to get a loan from Citibank?
It may take up to five days to receive your money from Citi.
Does Citi do a hard pull for a personal loan?
Citi does not give you the option to prequalify for a loan. Therefore, you must submit a full application to learn if you qualify for a loan and at what interest rate. That process includes a hard credit pull.
Does Citi do a hard pull for a personal loan?
Citi does not give you the option to prequalify for a loan. Therefore, you must submit a full application to learn if you qualify for a loan and at what interest rate. That process includes a hard credit pull.
What is the maximum amount I can borrow with Citi personal loan?
Citi offers personal loans of as much as $30,000 to qualified borrowers.
What credit score is required for a Citi personal loan?
Citi does not publicly disclose the minimum credit score it will consider for personal loan applicants. However, you'll likely need a good credit score to qualify for a loan.
Does Citi do a hard pull when applying for a personal loan?
When you apply for a Citi personal loan, the bank will do a hard pull of your credit report before you can be approved. This is likely to result in a small decrease in your credit score for a short period of time.
Is Citi Trustworthy?
The Better Business Bureau, a nonprofit organization focused on consumer protection and trust, gives Citibank an F rating. The BBB determines its ratings by taking stock of a company's responses to consumer complaints, openness about business practices, and honesty in advertising. The BBB gives the bank this bottom-grade rating because of its failure to respond to complaints made against the business and a government action against the business.
In September 2020, the Commodity Futures Trading Commission ordered three Citibank affiliates to pay a $4.5 million fine for failing to properly store audio recordings, which were deleted. Citi has also been at the center of another recent scandal. In October 2020, the federal government fined Citi $400 million over its failure to fix prevalent risk management concerns.
You might consider a different lender if Citi's low BBB score and recent scandals bother you.
Why You Should Trust Us: How We Rated Citi Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.