Citibank Personal Loans: 2021 Review

To review Citibank’s personal loans, NerdWallet collected more than 40 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Citibank provides personal loans with reasonable interest rates to existing customers. The loans come with some consumer-friendly features that you won’t find with many other bank lenders, like a mobile app to manage your loan and an autopay discount.

However, borrowers can’t pre-qualify to see potential rates and loan amounts, which means you could risk a hard credit check before knowing whether you're approved.

Citibank is best for borrowers who:

• Are existing Citibank customers.

• Prefer to apply for and manage their loan online.

• Want to choose from a wide range of repayment terms.

Citibank at a glance

» COMPARE: Best personal loans

Where Citibank stands out

Rate discounts: Borrowers receive a 0.50% discount on their annual percentage rate for setting up autopayments, which is a somewhat large discount compared with other banks.

The lender offers an additional 0.25% discount to Citigold and Citi Priority customers. Customers who have a checking account enrolled in the bank’s rewards program can earn points through their personal loan account, too.

No origination or prepayment fees: Citibank doesn’t charge origination fees, which are more common among online lenders, or prepayment fees, which are uncommon for personal loans. If you make your payments on time and avoid the lender’s $25 late fee, you won’t pay any fees.

Wide range of repayment terms: Borrowers can choose between repayment terms of one to five years, while other banks may have more limited term offerings. A short repayment term can help you save on interest, but a longer term can lower your monthly payments.

Secured loan option: Citibank customers can secure a loan with a CD account. Securing a loan can help you qualify for a lower rate or higher loan amount.

Mobile app to manage your loan: Citibank customers already have access to the company’s mobile app. You can use it to see your loan’s remaining balance and make payments.

» COMPARE: Personal loans for good credit

Where Citibank falls short

Exclusive to existing customers: Borrowers must have an eligible Citi deposit account open for at least three months before applying for a personal loan, according to the company.

No option to pre-qualify: Citibank doesn’t offer pre-qualification, which can show borrowers potential rates and loan amounts without affecting their credit scores. Pre-qualification is more common among online lenders.

No option to choose or change your payment date: Borrowers are given a payment date when they accept a loan, and that date can't be changed. The option to change your payment date, which is offered by some other lenders, is useful if you get a new payday or want to balance the loan with other monthly obligations.

No direct payments to creditors: If you get a Citibank debt consolidation loan, the bank won’t directly pay off your credit cards and other loans you’re consolidating. Instead, Citibank will deposit the funds into your bank account and you’ll have to distribute them.

» MORE: Best debt consolidation loans

How to qualify for a Citibank loan

Citibank doesn’t disclose many of its borrower requirements, but here’s what you need to qualify:

• Minimum credit score: None disclosed, but the majority of borrowers have a FICO score of 680 or higher, according to a 2019 SEC filing.

• Minimum annual income: $10,500.

• An eligible Citi deposit account open for at least three months.

• No more than one open Citibank personal loan, which must be at least six months old.

Loan example: A two-year, $15,000 loan with an APR of 17.4% would have monthly payments of $745. You’d pay $2,880 in total interest on that loan.

How to get a Citibank loan

Apply on Citibank

You can apply over the phone, at a branch or online by logging in to your account.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us. Pre-qualifying won't impact your credit.