Item: Citibank
Rating: 4.5
Author: Jackie Veling

4.5

NerdWallet Rating

4.5

NerdWallet Rating

Est. APR

9.99 - 19.49%

Min. credit score

Undisclosed

Time to fund

5 days

Loan amount

$2K - $30K

Loan term

1 to 5 years

Disclosures from Citibank

Overview

Citibank provides unsecured personal loans up to $30,000, and existing Citibank customers will see the most benefits, including faster funding and potential rate discounts.

Though Citibank doesn’t disclose its qualification criteria, good- to excellent-credit borrowers (mid-600s credit score or higher) are the most likely to be approved.

» MORE: Compare the best personal loans

What Citibank is best for

Best Personal Loans for Good Credit

Best Banks For Personal Loans

Best Personal Loans for Excellent Credit

Detailed breakdown

Affordability

(25%)

4.5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

4/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

3.5/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

4.5/5

Read more about our ratings methodology for personal loans.

Where Citibank personal loans stand out

Multiple rate discounts: Citibank offers two opportunities to get a discounted annual percentage rate. Borrowers who set up automatic payments at the loan’s origination will receive a 0.50 percentage point discount. Existing Citigold and Citi Priority customers get an additional 0.25 percentage point discount.
No fees: Citibank doesn’t charge any fees for its personal loan, including no origination fee, late fee or prepayment fee. Though it’s common for banks not to charge an origination or prepayment fee, it’s much harder to find a lender — bank or otherwise — that doesn’t charge a late fee for missed payments.
Fast funding: Most customers with a Citi deposit account can get their funds the same day they’re approved. Otherwise, borrowers need to wait up to two business days to receive funds through direct deposit. A mailed check takes about five business days.
Soft credit check to pre-qualify: Both Citi customers and non-customers can pre-qualify for a personal loan on Citi’s website. This process lets borrowers preview their potential loan amount, rate, repayment term and monthly payment. Because the process only involves a soft credit pull, borrowers can check their rates with multiple lenders to find the most competitive offer.

Where Citibank personal loans fall short

No large loan amounts: Citibank’s maximum personal loan amount is $30,000, which may be enough for some borrowers. But if you’re looking to fund a large expense, like a home improvement project, other lenders offer personal loans as high as $50,000 or $100,000.
No co-sign, joint or secured loan options: Citibank doesn’t offer joint and co-signed loans or secured loans. These types of loans allow you to add another borrower to your application or secure the loan with collateral, like your car, which can help you get approved for a larger loan amount.
No option to choose or change your payment date: Borrowers are given a payment date when they accept a Citibank 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.

How to qualify

Borrowers must be at least 18 years old (or the age of majority in their state) to apply for a Citibank personal loan. Co-applicants are not permitted.

Citibank doesn't publicly disclose many of its borrower requirements, but the majority of borrowers who get a personal, small business or other type of loan have FICO scores of 660 or higher, according to a quarterly filing with the Securities and Exchange Commission.

Citibank personal loans are available in all 50 states and Washington, D.C.

» MORE: How to get a personal loan

Compare Citibank to the best personal loans

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

4.5	4.5	5.0	5.0
EST. APR 9.99% - 19.49%	EST. APR 8.74% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $2K - $30K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE Undisclosed Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates