Citibank Personal Loan Review

7.99% to 23.99% APR

Loan terms from 12 to 60 months

Loan amount from $2,000 to $50,000

Origination fee: Not specified

Citibank at a glance

Citibank offers a wide array of financial products, including personal loans. However, these personal loans are only available to current Citibank customers. And while Citibank interest rates could be more competitive, current customers may like that paying off their personal loan earns them ThankYou® Rewards credits on a monthly basis.

• Only available to Citibank customers: In order to qualify for a Citibank personal loan, you must have an active deposit account with Citibank that’s been open for at least three months.
• Slow funding: After you’re approved, a check will be mailed to you within five business days. This is a longer wait, as there are many lenders who offer same-day or next-day funding.
• Not the best for excellent credit: While you would secure the best rates with excellent credit, you may want to shop the competition, as there are lower offers on the market.
• Earn Citi ThankYou® Rewards: If you have a Citigold®, Citi Priority or Citi Private Bank account, you can earn up to 125 Citi ThankYou® Rewards per month with your personal loan. You’re also eligible if you have The Citibank Account, though you’ll only be eligible for 50 rewards points per month.

Citibank personal loan requirements

• Minimum credit score: Not specified.
• Minimum credit history: To qualify for the lowest rates, you will need excellent credit.
• Maximum debt-to-income ratio: Not specified.

To qualify for a Citibank personal loan, you must have a Citibank deposit account with a month-end balance of greater than $0 over the past three months. Specifically, you must have a Citibank Checking, Savings, Money Market or Certificate of Deposit. You must also have an annual income of at least $10,500.

To qualify for the best personal loan rates, you will need excellent credit, a common requirement among lenders. You can also have up to two Citibank personal loans at a time, as long as the earlier one was opened more than six months prior to the newer one.

Who’s the best fit for a Citibank personal loan?

Citibank personal loans are only available to current Citibank customers with an active deposit account. But Citibank does offer a flexible range of loan terms — plus, if you do a lot of business with Citibank and are already enrolled in ThankYou® Rewards, you may enjoy the extra points earned by choosing this lender.

However, you’re likely to be disappointed if you need the money quickly — funding can take significantly longer and be a more complicated process than what you might experience with other lenders. Excellent-credit borrowers may also want to shop offers from competitors; Citibank’s lowest-offered APR can’t beat out competitors like LightStream.

Applying for a personal loan from Citibank

If you’re borrowing $30,000 or less, you can apply for a loan from Citibank online. However, if you want to borrow between $30,000 and $50,000, you’ll need to call in order to apply. You may have received a preapproval offer for a Citibank personal loan — if so, you’ll enter your code on the application page along with your last name.

If you have not received a personalized offer, you can still apply for a Citibank personal loan online. You will likely apply for prequalification, in which an inconsequential soft pull is performed on your credit in order to show you the potential terms and APR for which you may qualify. To officially complete the application, you may need to agree to a hard pull, which has the potential to slightly lower your credit score for a period of time.

Alternative personal loan options

Best Egg vs. Citibank

The best rates from Best Egg are lower than those offered by Citibank, though it does note that a score of 700 can qualify potential borrowers for the lowest rate (if they have an income of $100,000). And while Best Egg personal loans do come with an origination fee, this fee is already calculated into the advertised APR. Both lenders could be a good fit for those seeking small personal loans, with identical minimum loan amounts at $2,000.

With Best Egg, you won’t need to wait as long to receive loan funding. While Citibank can take up to five days to mail you a paper check, about half of Best Egg customers receive next-day funding. Like Citibank, Best Egg lets you take out up to two personal loans at a time, but the total balance of both of your Best Egg personal loans cannot exceed $50,000.

FreedomPlus vs. Citibank

FreedomPlus and Citibank offer similar rates on personal loans. Similar to Citibank, FreedomPlus also requires excellent credit to qualify for the lowest rates. However, FreedomPlus funds their loans much more quickly — 48 hours, compared to the five business days it takes Citibank to mail you a check.

FreedomPlus’ minimum loan term is longer compared to Citibank’s minimum. In addition, FreedomPlus does charge an origination fee, though it is already calculated into its offered APRs.

SoFi vs. Citibank

SoFi’s rates are more competitive than Citibank’s, and the lending company doesn’t charge an origination fee. Available loan amounts are also significantly larger at SoFi, but it unfortunately includes a high minimum borrowing limit. Still, you’ll have access to your money a few days after loan approval via ACH deposit into your bank account.

If you’re trying to pay off your personal loan quickly, Citibank does offer shorter loan terms. However, if you need more time, the available loan terms at SoFi extend beyond those offered by Citibank.