Citibank Personal Loans: 2024 Review

Last updated on September 16, 2024
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Jackie Veling
Co-written by 
Lead Writer
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

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  • 35+ personal loans reviewed and rated by our team of experts.
  • 20+ years of combined experience covering personal loans and financial topics.
  • Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Our Take

4.5

NerdWallet rating
The Nerdy headline:

Citibank personal loans come with no fees and multiple rate discounts, but borrowers with strong credit may have more flexible options.

Jump to:Full Review
Citibank

Est. APR
11.49-20.49%
Loan amount
$2,000 - $30,000
Min. credit score
720
on Citibank's application
on NerdWallet

Pros

  • Multiple rate discounts.
  • No fees.
  • Fast funding.
  • Soft credit check to pre-qualify.
  • Seven-day customer service availability.

Cons

  • No large loan amounts.
  • No co-sign or joint loan options.
  • No option to choose or change your payment date.
Compare best personal loan lenders
Lender
Est. APR
Loan amount
Min. credit score
2024 BEST PERSONAL LOAN OVERALL
8.99- 29.99%
$5,000- $100,000
None
6.99- 25.29%
$5,000- $100,000
660
7.99- 24.99%
$2,500- $40,000
660
7.80- 35.99%
$1,000- $50,000
None
9.99- 35.99%
$1,000- $50,000
580
View more
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Full Review

Citibank provides unsecured personal loans that can be used for almost any purpose, but may be most ideal for existing Citibank customers planning a small home remodel or large purchase.

Citibank’s loans come with consumer-friendly features, like no fees and multiple rate discounts. However, the lender caps loan amounts at $30,000, and starting rates are high compared to other personal loans.

Borrowers with good or excellent credit (690 credit score or higher) may find more affordable or more flexible options elsewhere.

Table of Contents

Citibank personal loans at a glance

Minimum credit score

720.

APR

11.49% - 20.49%.

Fees

None.

Loan amount

$2,000 to $30,000.

Repayment terms

1 to 5 years.

Time to fund after approval

Same-day funding for borrowers with a Citi deposit account. Up to 2 business days for non-customers.

Loan availability

Loans available in all 50 states and Washington, D.C.

  • Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan. If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically. Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60- month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52. There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice. To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score. Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates. If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days. Personal loans are made available by Citibank, N.A., Equal Housing lender

Where Citibank personal loans stand out

Multiple rate discounts: Citibank offers multiple 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 rate discount. Existing Citigold, Citi Private Client and Citi Priority customers get an additional 0.25-percentage-point discount.

Borrowers also receive a rate reduction of one percentage point for choosing a one- or four-year loan term, and a reduction of two percentage points for choosing a two- or three-year loan term.

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: Customers with a Citi deposit account can get their funds the same day they’re approved. Borrowers without a Citi deposit account may need to wait up to two business days to receive funds through direct deposit.

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 and repayment term to help with their decision to borrow. Because the process only involves a soft credit pull, borrowers can check their rates with multiple lenders to find the most competitive offer.

Seven-day customer service: Citi says personal loan customers can reach customer service representatives every day of the week between 9 a.m. and 11 p.m. ET. Citi’s hours are much longer than other lenders’.

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 or joint loan options: Citibank doesn’t offer joint or co-signed loans. Both types of loans allow you to add another borrower to your application, which can help you get approved or qualify 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 use Citibank personal loans

You can use a Citibank personal loan for:

  • Home improvement projects.

  • Debt consolidation.

  • Emergencies.

  • Medical and dental bills.

  • Vacations.

  • Weddings.

  • Funerals.

  • Vehicle financing.

  • Other large expenses.

Citibank prohibits the use of its personal loans for:

  • College expenses.

  • Business expenses.

  • Consolidating Citibank credit card debt.

Citibank personal loan customer reviews

J.D. Power ranked Citibank third in overall customer satisfaction for personal loans in its 2024 Consumer Lending Satisfaction Study. The study was conducted with over 4,000 participants who weighed in on various factors such as the experience obtaining a loan and the ease of doing business with the lender. As of September 2024, Citibank’s mobile app has a 4.7-star rating across over 1 million reviews on Google Play and a 4.9-star rating across nearly 4 million reviews on the Apple App Store.

Do you qualify for a Citibank personal loan?

Borrowers must be at least 18 years old to apply for a Citibank personal loan, and 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.

Before you apply

  • Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

  • Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.

  • Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.

How to apply for a Citibank personal loan

Here are the steps to apply for a Citibank loan.

  1. Pre-qualify on Citibank’s website. Citibank offers pre-qualification, so you'll fill out a short application, which will ask for your personal information and the purpose of the loan. You can then preview loan offers, including loan amount, rate, repayment terms and monthly payments. There’s no hard credit pull at this stage.

  2. Formally apply. After viewing your loan options, you can submit a formal personal loan application. Citibank will inform you if it requires additional documentation to process your application. The lender conducts a hard credit check when you apply, so your credit score could temporarily dip.

  3. Stay on top of your loan payments. Citibank reports payments to the three main credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Compare Citibank to other lenders

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.

Similar to Citibank, LightStream and SoFi offer personal loans with no fees and fast funding.

LightStream

Minimum credit score

660.

APR

6.99% - 25.29%.

Fees

No fees.

Loan amount

$5,000 to $100,000.

Repayment terms

  • 2 to 7 years for most loan amounts and purposes.

  • Up to 12 years on boat and RV loans over $25,000.

  • Up to 20 years on home improvement loans over $25,000.

Time to fund after approval

Same-day funding.

Loan availability

Loans available in all 50 states and Washington, D.C.

SoFi

Minimum credit score

None.

APR

8.99% - 29.99%.

Fees

Optional origination fee: 0% to 7%.

Loan amount

$5,000 to $100,000.

Repayment terms

2 to 7 years.

Time to fund after approval

Same-day funding.

Loan availability

Loans available in all 50 states and Washington, D.C.

How we rate Citibank personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

Category

Star rating

Affordability

Customer experience

Underwriting and eligibility

Loan flexibility

Application process

Overall

  • Affordability (30%)

    An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

    Underwriting and eligibility (25%)

    A lender reviews borrowers' credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.

    Loan flexibility (20%)

    A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.

    Customer experience (15%)

    A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

    Transparency (10%)

    A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.

Ready to apply? Select the button below to check for offers.

on Citibank's application
Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

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