Citibank was founded in 1812, has a presence in 99 countries, and offers consumer products, including personal loans.  There are no origination fees, and applicants may be able to borrow up to $30,000 if applying online, and up to $50,000 if applying in person.

This Citibank personal loans review will provide relevant details so that you can make an educated decision about whether this is the right lender for your needs.

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Pros

  • No origination fees and prepayment penalties

  • Eligible customers can earn rewards points

  • Ability to submit a joint application

Cons

  • Currently available to Citibank customers only

  • Loan proceeds only available via check

  • No prequalification option

Pros Explained

  • No origination fees and prepayment penalties – Borrowers won't need to pay a fee to take out a Citibank personal loan. Plus, if you want to pay off your loan early, you can do so without a penalty. 
  • Eligible customers can earn rewards points – Citibank customers who link their eligible checking account that is enrolled with the Citi ThankYou rewards program can receive monthly points. The more required monthly activities you complete (such as making one debit or credit transaction), the more points you could receive. 
  • Ability to submit a joint application – Customers can apply for a personal loan with someone else provided that the co-applicant is also an eligible Citibank customer. 

Cons Explained

  • Loans only available to Citibank customers Applicants need to have an existing eligible Citibank deposit account that's open for at least three months to be qualified.  
  • Loan proceeds only available via check – Citibank mails borrowers funds within five business days of loan approval. That can be a lot slower than other lenders who offer automated clearing house (ACH) transfers
  • No prequalification option – You must submit a full application to find out your personalized rate and terms; that means there'll be a hard credit inquiry. 

Types of Personal Loans Offered by Citibank

Citibank allows its customers to use their loan proceeds for most personal reasons. For example, you can use the money for a wedding, vacation, home renovation, or other types of large purchases. You may also use it to consolidate debt. However, Citibank restricts you from using the loan proceeds for post-secondary education. 

Loan Amounts

Citibank offers personal loans from $2,000 to $50,000. Applicants who fill out a form online may be offered personal loans up to $30,000, whereas those who apply in person or over the phone may receive up to $50,000.

Annual Percentage Rate (APR)

Citibank offers fixed interest rates for their personal loan borrowers that range from 7.99% to 23.99% APR with auto deduct. 

Loan Terms

Repayment terms range from 12 to 60 months.

Credit Score Requirements

If you're trying to figure out what credit score you need for a Citibank loan, the lender, unfortunately, doesn't explicitly state what that is. However, it's safe to assume that the higher your score, the more likely you'll qualify for the lowest rates. 

There are a few requirements to qualify. First, you'll need to have a Citibank deposit account for a minimum of three months and a minimum annual income of $10,500. 

Fees

Citibank doesn't charge application or origination fees. There are also no prepayment penalties, meaning you can pay off your loan early without paying additional fees. The lender does charge a late fee of $25 if you fail to make full payment after the 10-day grace period. 

Time to Receive Funds

Citibank personal loan applicants will be mailed a check within five business days of loan approval. 

Citibank Personal Loan Features

Apply With a Co-Applicant

Citibank allows joint applications. Both applicants need to have an eligible Citibank deposit account. One applicant can log into his or her account to fill out an online form. If applying over the phone or in person, both applicants need to be present.

Earn Citi ThankYou® Rewards

Citibank customers can earn ThankYou® points each month when an eligible checking account enrolled in the rewards program is linked to a personal loan. Depending on the type of account and the number of completed required activities, customers may receive up to an extra 125 points each month. 

Apply for a Citibank Personal Loan

Citibank doesn't offer a prequalification option—you'll need to submit a full application and be subject to a hard credit inquiry. Here's what the application process looks like: 

  1. Log into your online account at Citibank's website or head to its application form, where you'll be asked if you'll be prompted to log into your account. 
  2. Indicate whether you're applying as an individual or with a co-applicant. Each applicant will need to provide details such as income or employment information, email address, and citizenship status. You need to be the age of majority in your state to be eligible for a personal loan. Each application needs to provide details such as employment information and information about their Citibank deposit account. 
  3. Fill out a loan application with details about your finances and other types of personal information. You should have ready facts such as your desired loan amount, current annual income, and Social Security number. 
  4. Submit your application and wait for a Citibank representative to contact you. You may need to submit additional documentation, such as proof of income. 
  5. Review loan terms and submit the full application if you receive an offer.

You can also apply by calling customer service at 877-362-9100 or showing up at any Citibank branch. Applicants must go this route for loans higher than $30,000.

Can You Refinance a Personal Loan With Citibank?

Currently, Citibank doesn't offer an option to refinance your personal loan. However, you can take out an additional loan if you have an existing one. You'll need to have the account for at least six months before being able to do so. 

Verdict

Citibank personal loans are best for existing customers who happen to be interested in receiving relationship bonuses. Depending on the type of deposit account you own, and the kinds of transactions you have, the rewards you'll earn may be worth it. 

Unfortunately, if you need funds quickly or haven't been an existing Citibank customer for at least three months, you may need to look elsewhere. No matter what, getting the best personal loan for you means taking the time to do some comparison shopping so that you can find the best rates and terms.  

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.