Citibank Personal Loans Review

Pros Explained

  • No prepayment penalty or origination fees: If you decide to repay your Citibank personal loan early, you can do so without paying a fee. Also, you won’t have to pay a loan origination fee.
  • Flexible repayment terms: Citibank allows qualified applicants to take out personal loans with repayment terms as short as one year and as long as five years. Whether you prefer to repay your loan quickly or want to stretch out your payments, this flexibility could be useful.
  • Competitive APR offered to well-qualified applicants: Citibank offers an APR as low as 6.99% for its personal loans.

    This is lower than the average rate of 8.73% for 24-month personal loans as of August, according to Federal Reserve data.

Cons Explained

  • Slower than average funding speeds: Some lenders issue funds to qualified applicants as soon as the same business day. By contrast, Citibank generally takes five business days to issue funds via a check in the mail. 
  • Personal loans are only available to current customers. Citibank requires applicants to have an eligible Citi deposit trương mục that’s been open for at least three months. If you’re not a customer and need access to funds sooner, you’ll have to apply with another lender.

  • No pre-qualification option. Since there’s no option to pre-qualify for a Citibank personal loan, you must submit a formal application to view your individualized rates and terms. As a result, your credit score may be dinged up to five points.

Prequalifying with multiple lenders can help you find the best deal when shopping for a personal loan. It allows you to view estimated rates and terms before submitting a formal loan application and typically has no impact on your credit score.


Citibank is a global bank that offers a variety of financial products, including credit cards, checking accounts, mortgages, and personal loans. Its personal loan is available to eligible Citibank deposit trương mục holders, and borrowers can use the funds for almost any loan purpose. 

To qualify for a Citibank personal loan, you need at least $10,500 in annual income and an eligible Citi deposit trương mục that’s been open for a minimum of three months. APRs for this loan range from 6.99% to 23.99%, loan amounts range from $2,000 to $30,000, and repayment terms range from one to five years. This company may be best for Citibank customers who need funds to cover costs like home improvements or to consolidate high-interest debt.

Look at the annual percentage rate (APR) when comparing loan options. It’s a better measurement than a lender’s advertised interest rate since it includes interest plus any fees.

Company Overview

Citibank was founded in 1812, and its global headquarters is located in New York City. It’s an established bank that operates in more than 100 countries, and it offers a wide selection of financial products, including credit cards, checking accounts, and personal loans. 

Types of Personal Loans Offered by Citibank

Citibank offers personal loans that can be used to cover a variety of costs, including but not limited to:

  • Debt consolidation
  • Home improvements
  • Weddings

However, it prohibits borrowers from using funds for post-secondary education.

Apart from having an existing Citi deposit trương mục that’s been open for three months and good credit history, you’ll also need to meet the following qualification requirements for a personal loan with Citibank:

  • At least $10,500 in annual income
  • No existing Citi personal loan less than six months old

Time to Receive Funds

Citibank offers a slower-than-average funding time for its personal loans. While some lenders may issue your loan funds as soon as the same day, Citibank takes five business days to mail checks to approved borrowers. There is no option to receive loan proceeds by direct deposit.

Citibank Personal Loan Features

Mobile App

Citibank’s mobile app—Citi Mobile—is available for download on Android and Apple phones. In addition to offering a convenient way to manage your Citi deposit and credit card accounts, the app also lets you view your loan balance and make payments.

Earn Citi ThankYou Points

When you link your personal loan to an eligible Citibank checking trương mục, you can earn Citi ThankYou rewards points. You can redeem your ThankYou Points for gift cards, cash, travel, and more.

Minimal Fees

Although Citibank charges a late fee of $25 and increases the interest rate by 2% for borrowers 60 days behind on repaying their loan, there’s no origination fee for processing the loan. This means that if you’re approved for a loan, no fees will be deducted from the total amount. Plus, if you choose to repay your loan early, you can do so without penalty.

Apply for a Citibank Personal Loan

To apply for a Citibank personal loan, you’ll need to meet the qualification requirements and submit a formal application in person or online. Once submitted, the lender will perform a hard inquiry to assess your creditworthiness and determine how much loan you might be approved for.

Follow these steps to apply online:

  1. Hit the “Apply Now” button on Citibank’s website. Afterward, you’ll be prompted to log into or create a Citibank trương mục.
  2. Complete a loan application by inputting your personal and financial information, such as your name, Social Security number, annual income, and requested loan amount.
  3. Review and sign a loan agreement if your loan application is approved.
  4. Receive your loan funds via a check in the mail within five business days.

Alternatively, you can apply in person at your closest Citibank branch or by phone at 1-877-362-9100 or 1-800-992-9833 for text telephone.

Can You Refinance a Personal Loan With Citibank?

No, Citibank doesn’t offer personal loan refinancing. You can, however, take out a second personal loan with Citibank if your existing loan is at least six months old.

Customer Service

Citibank’s personal loan department is available via telephone Monday through Friday from 7:30 a.m. CST to 10 p.m. CST and Saturdays from 7:00 a.m. to 6:00 p.m. CST, according to a CitiBank customer service representative. You can reach a representative by calling 1-800-685-0935 or 1-800-945-0258 text telephone (TTY).

Customer Satisfaction

Citibank ranked number two out of 17 major banks for customer satisfaction, according to J.D. Power’s 2021 U.S. Retail Banking Advice Satisfaction Study. It had a score of 640 out of 1,000. 

While it ranked well on the J.D. Power study, Citibank has just a 1.6 out of 5 rating on Trustpilot. The majority of customers who left 1-star ratings cited poor customer service as a reason.

Tài khoản Management

Citi offers multiple options for managing your loan trương mục. You can track your payment history or make payments via Citi’s mobile app, by phone, or by logging into your Citi trương mục online.

How Citibank Compares to Other Personal Loan Companies

Citibank offers a competitive APR range and flexible repayment terms as compared with other personal loan companies. Also similar to other lenders, Citibank allows borrowers to use its personal loans for almost any loan purpose. 

However, Citibank falls short when it comes to the maximum loan amounts offered. While some banks allow qualified applicants to borrow up to $100,000, Citibank only allows you to borrow up to $30,000 when you apply online.

Citibank vs. Wells Fargo

Wells Fargo, a large financial institution that’s comparable to Citibank, also offers personal loans. Like Citibank, it offers personal loans with no prepayment penalty or origination fees. However, there are some key differences:

  • Wells Fargo offers larger loan amounts than Citibank—up to $100,000 for qualified applicants.
  • Wells Fargo’s low-end APR—5.74% with a relationship discount—is also lower than Citibank’s.
  • Plus, the longest personal loan term for a Wells Fargo personal loan is seven years.

Read our full Wells Fargo review.

Wells Fargo 

APR Range 
6.99% to 23.99% (with autopay discount)
5.74% to 19.99% (with relationship discount)

Loan Amounts
$2,000 to $30,000 
$3,000 to $100,000 

Loan Terms 
1-5 years
1-7 years

Minimum Recommended Credit Score 

Average Origination Fee 

Late Fee 

Final Verdict

Citibank offers personal loans to customers who have eligible Citi deposit accounts. Customers can earn rewards points for linking their loan accounts to their deposit accounts, and the Citi mobile app offers a convenient way to manage and track loan payments. Its loan terms are flexible, ranging from as short as one year to as long as five years.

While borrowers with excellent credit might find lower minimum interest rates at other major banks, Citibank’s minimum rate of 6.99% is still competitive. And the fact that it offers personal loans with no origination and prepayment penalties makes this an attractive personal loan option for current Citibank customers.

However, before applying for a Citibank personal loan, it’s important to consider the cons. Citibank has low ratings on Trustpilot, doesn’t offer a pre-qualification option, and has slower funding times than some other lenders. And if you plan on opening an eligible Citi trương mục to take out a personal loan, you’ll have to wait at least three months, which is a major drawback if you need funds quickly.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.