Citibank Personal Loans: 2022 Review

Citibank offers autopay discounts and helps you avoid certain fees, but it lacks flexible payments and features that some lenders offer.
Aug 17, 2021

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Our Take


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The bottom line:

Citibank personal loans are a strong choice for current Citibank customers who value convenience, though more flexible options may be available.

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Pros & Cons


  • No origination or prepayment fees.
  • Offers mobile app to manage loan.
  • Offers a 0.50 percentage point rate discount for setting up autopay.


  • No option to pre-qualify.
  • Must be an existing Citibank customer.
  • No option to choose or change your payment date.
  • No co-signed, joint or secured loan options.

Compare to Other Lenders

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Est. APR


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Loan term

3 to 5 years

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2 to 7 years

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Full Review of Citibank

Citibank provides personal loans to existing customers. The loans come with some consumer-friendly features, like a mobile app to manage the loan and a considerable autopay discount compared with other bank lenders.

However, borrowers can’t pre-qualify to see potential rates and loan amounts. You won't know if you're approved, or the rate you would be offered, until you apply and undergo a hard credit check, which temporarily lowers your credit score.

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


  • No origination or prepayment fees.

  • Rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • No option to change payment date.

  • Offers refinancing option.

  • Funds loans within one week.

  • Available in all 50 states.


  • No soft credit check to pre-qualify.

  • Clearly discloses rates, fees and terms on website.

  • FAQ answers some borrower questions.

Customer service

  • Offers multiple customer contact channels and support seven days a week.

  • Offers mobile app to manage loan.

Key terms to know about personal loans

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

» COMPARE: Best bank loans

Where Citibank stands out

Rate discounts: Borrowers receive a 0.50 percentage point rate discount 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. As long as you make 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 from 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.

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.

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. If you're a Citi card-only customer, then your credit card account must have been open for at least one year.

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, which is a convenient feature some other banks offer. Instead, Citibank will deposit the funds into your bank account and you’ll have to distribute them.

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, but the majority of borrowers have a FICO score of 680 or higher, according to a 2020 Securities and Exchange Commission filing.

  • Minimum annual income: $10,500.

  • An eligible Citi deposit account open for at least three months or an eligible Citi credit card account open for at least 12 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 15.5% would have monthly payments of $731. You’d pay $2,541 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.

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NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. 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. 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.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.