Citibank Personal Loans Review

A variety of personal loan options with no origination fees

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Citibank logo
overall rating
3.4

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.

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.

  • Product Specifications
  • Pros & Cons
  • Fees
Product Specifications
  • APR Range 7.99% to 23.99%
  • Loan Amounts $2,000 to $30,000
  • Loan Terms 12-60 months
  • Recommended Minimum Credit Score 670
Pros & Cons
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

Fees
  • Origination fee: None
  • Prepayment penalty: None
  • Late fee: $25
Top Rated For

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. 

COVID-19 Assistance

For personal loan customers affected by the coronavirus pandemic, Citibank is offering deferral of monthly payments and waiver of late fees for two statement cycles. Accounts in good standing will continue to be reported to the credit bureaus as current during the waiver period.

Borrowers can call 1-800-685-0935 Monday–Thursday 8:30 am–to10 pm ET and Friday 8:30 am–to 9 pm ET.

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. 

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. Plus, Citibank offers joint applications to help borrowers increase their chances of getting approved.

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. Since there is no prequalification option, you won't be able to find out if you qualify until you've been subject to a hard credit inquiry. 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.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Citigroup.com. "Countries and Jurisdictions." Accessed April 11, 2020.

  2. Citigroup.com. "Citi Timeline." Accessed April 11, 2020.

  3. Online.citi.com. "Personal Loans and Lines of Credit." Accessed April 11, 2020.

  4. Online.citi.com. "Frequently Asked Questions: How can I use the proceeds from my personal loan?" Accessed April 11, 2020.

  5. Online.citi.com. "Personal Loans: Details at a Glance." Accessed April 11, 2020.