2023 Citibank Personal Loan Review

 Our verdict: Citibank customers with good credit can take advantage of perks like automatic payment discounts and no origination fees, but may need to look elsewhere for larger personal loans.

  Read more about how we rated Citibank.

Citibank offers an array of finance products, including personal loans that range from $2,000 to $30,000 with annual percentage rates (APRs) of 11.49% to 19.49% (with autopay).

• Exclusive to existing customers: Citibank only offers personal loans to consumers who are current banking customers of at least one year.
• Citigold and Citi Priority discount: Customers with a Citigold or Citi Priority account in particular will also receive a 0.25% interest rate discount.
• Autopay discount: If you enroll in autopay, you can get a 0.5% APR discount. Your APR is the combination of your interest rate and fees.
• No origination fees: When you take out a Citibank personal loan, you will not have to pay an origination fee — a one-time administrative fee some lenders charge.
• Quick funding: Once you’re approved and sign a loan agreement, you can receive funds the same day in a Citibank account or within two business days in a non-Citibank account.
• Flexible repayment terms: While many lenders have minimum terms of 24 or 36 months, Citibank offers a 12-month repayment term for borrowers who want to pay off their personal loans quicker.

Citibank pros and cons

If you’re a current Citibank customer and are in the market for a personal loan, you’ll need to weigh the benefits and drawbacks of getting a Citibank personal loan.

If you’re an existing Citibank banking customer, you have access to multiple benefits such as same-day funding, a 0.5% APR autopay discount and a 0.25% interest rate discount if you have a particular Citibank account type. Consumers can choose from a wide range of loan repayment terms and access APRs ranging from 11.49% to 19.49% (with autopay), as opposed to some lenders, which can have APRs as high as 36%.

If you’re looking to fund a large loan, however, you may have better luck with other lenders as Citibank only offers personal loans up to $30,000. On top of that, Citibank’s loans are exclusive to current customers and it doesn’t offer much transparency around its credit requirements.

Citigroup regulatory fines

In 2020, the Federal Reserve and Office of the Comptroller of the Currency (OCC) fined Citigroup $400 million for issues with “various areas of risk management and internal controls.” The federal regulators claimed that Citigroup’s “longstanding” gaps in its approach to risk management, specifically pointing to its failure to address money laundering.

In response, Citigroup has worked with regulators to address issues, including submitting a long-term plan to fix its internal controls, compliance and risk management infrastructure.

Citibank requirements

Unfortunately, there’s a bit of mystery around Citibank’s personal loan credit requirements, but it does provide insight as to other criteria.

If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Citibank does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.

If Citibank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a loan with Citibank

Applying for a Citibank personal loan is a straightforward process. Here’s what you can expect when you apply for a personal loan.

Complete an application

To get a Citibank personal loan, you’ll need to fill out an application. Keep in mind, you can only get a loan if you’ve had a Citibank deposit account for at least 12 months.

During the application process, you’ll need to provide your personal information, how much you want to borrow and how you plan to use it. You will also have to divulge your income and employment status as well as submit to a hard credit inquiry.

Verify your information

To make sure the information in your application is true, Citibank will need to verify the details you provided in your application. You may need to provide recent pay stubs, W-2s and bank statements.

Accept your loan agreement

If Citibank approves your application, you’ll need to sign a personal loan agreement that will outline the terms and conditions. Once that is signed, you may receive your loan funds that same day or within two business days.

If Citibank denies your application, it may be time to increase your personal loan approval odds. You can do this by checking your credit reports for errors that could be bringing your score down, paying off your current debts and making sure you make all your payments on time.

How Citibank compares to other personal loan companies

Even if you believe Citibank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Citibank stacks up against similar personal loan lenders.

How we rated Citibank

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.