Citibank Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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What is Citibank?

Founded by merchants in New York who wanted to compete with rival banks in cities like Philadelphia and Boston, Citi got its start in 1812 as City Bank of New York. Citi and its presidents have had a hand in many historically significant events, including the laying of the Transatlantic cable.

A pioneer in personal credit and lending, Citibank’s mission is to be a trusted partner to clients. The bank does this by offering services and products that focus on growth and economic progress. The bank has a wide-ranging collection of services, including financial advising, lending and government financing.

In this article, we’ll discuss Citibank’s personal loan product.

Citibank personal loan highlights

  • Fixed APR: With a fixed APR between 7.99% and 17.99%,  payments are predictable and loans are cost controlled
  • Small and large loans: Loan amounts can range from $2,000 to $50,000
  • No prepayment fee: For those who want to pay off the loan early, there is no penalty
  • Increased APR at default: Once loans are in default, the APR can increase by 2%
  • Slow to fund: Loans are issued via check within 5 business days of approval
  • Minimum credit requirement: Not specified
  • Terms: 12 to 60 months
Citibank Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 12 to 60 months
  • APR range: 7.99% to 17.99%
  • Loan amounts: $2,000 to $50,000
  • Time to funding: Within 5 business days
  • Credit check: Hard Pull
  • Origination fee: Not specified
  • Prepayment fee: None
  • Late payment fee: Fee not specified, but there could be an increase of 2% in borrower’s APR once they are in default
  • Other fees: Not specified

Citibank product details

Citi has more than 700 branches in the United States and over 1,800 branches overseas. Customers can use the bank for a variety of financial products and services, including small business accounts, personal checking and savings, and investing.

By linking multiple accounts, a customer can meet cumulative balance requirements and have fees waived. Citibank has a special affordable access banking product that offers digital money movement services and does not charge any overdraft fees.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

The Citibank website is light on details when it comes to its personal loan product. However, we were able to scrape together the following eligibility requirements:

  • Employment requirements: Annual income of at least $10,500
  • Account requirements: Borrower must have a Citibank account such as checking, savings, money market or CD. In addition, the average balance in the account over the past three months must have been greater than $0.
  • Other personal loans: Borrower can have up to two personal loan accounts with Citibank, but the most recent loan must have been originated more than six months before.

Applying for a personal loan from Citibank

When asking for a loan amount of $30,000 or less, borrowers can apply online. As they begin the online application, borrowers will be asked if they are already a banking customer. If they are not, they will be asked if they received a personal loan offer from Citi with an accompanying invitation number. If they answer no, they will not be able to move forward with the online application.

If the borrower does have an account, they will be asked if they have registered the account online. If they have, they will be prompted to log in. If they have not, they will get a message that they need to register their account online in order to apply for a personal loan online. If they choose not to do that, the borrower can call to apply.

For loan amounts over $30,000, there is no online application, so the borrower can either call or visit a branch. After applying, the borrower will receive an email with a reference number so they can call in and check on the application status. Approved loans are funded by check mailed out within five business days.

Pros and Cons of a Citibank Personal Loan
Pros
Cons
  • A large range of amounts: Loan amounts can range from $2,000 to $50,000
  • Reduced rate for some customers: Citigold and Citi Priority customers can get a rate discount of 0.25%*
  • Earns ThankYou® points: When linked to an eligible account, the personal loan can help earn Citi ThankYou® Rewards*
  • Reduced rate through auto payments: Personal loan payments set up with auto deduct can qualify for a lower rate
  • Funded by mail: Funds are sent out via check
  • Slow to fund: Checks are mailed within five business days of approval
  • Must have a Citibank account: Unless the borrower has a personal loan offer with an invitation number, they must have a Citibank account to apply for a personal loan

*Terms may apply

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

Borrowers who are already Citibank customers and who aren’t in a hurry to get their loan funds may be a good fit for Citibank personal loans. The Citibank personal loan can also be a strategic choice for those who have eligible Citi accounts and ThankYou® rewards since accounts can be linked to reduce rates and monthly rewards can be earned through the loan.

This loan can be a good choice both for borrowers who need a small loan amount, as well as those who need a larger loan amount, but borrowers should be prepared to pay within five years and to potentially face increased APR if they fall behind on payments.

Alternative personal loan options

Earnest

  • APR range: 5.99% to 17.24%
  • Credit requirements: 680
  • Terms: 36 to 60 months
  • Origination fee: No origination fee

The low-rate personal loans issued by Earnest require a history of good financial habits and a higher credit score, but its loans are also based on merit, making them a potentially good choice for those who’ve recently graduated. Minimum loan amounts range depending on the state, but borrowers can get up to $75,000 with a fixed APR.

Santander Bank, N.A

  • APR range: 6.99% to 16.99%
  • Credit requirements: 680
  • Terms: 24 to 60 months
  • Origination fee: No origination fee

For borrowers with a higher credit rating, the Santander Bank personal loan offers a lower APR range and personal loans from $5,000 to $50,000. These loans have No origination fee, prepayment penalties or closing costs, but they may not be available in every state.

Apple Federal Credit Union

  • APR: As low as 9.24% (maximum rate not specified)
  • Credit requirements: 580
  • Terms: 12 to 60 months
  • Origination fee: No origination fee

The Apple Federal Credit Union loan could be a good option for those with a lower credit rating who still want to control their interest and want to pay off their loan within five years. Loans are issued for up to $50,000 and there are no prepayment penalties.

Interested in a personal loan?

Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.60% – 17.67%1 $5,000 to $100,000
7.46% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
6.79% – 20.89% $5,000 to $50,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%- 18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
     
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

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