With its roots tracing back to the early 1800s, Citibank now has more than 2,000 locations across the globe.
The international bank offers a full range of banking products, including personal loans. You can use Citibank personal loans for a wide range of purposes from home renovation to debt consolidation.
Citibank personal loans have decent rates and terms, but customer reviews show people are disappointed by the big bank’s impersonal service.
For the pros and cons of borrowing from Citibank, check out this full review.
Citibank personal loans rates and terms
The rates and terms for Citibank personal loans vary by location. To find detailed information about its unsecured loans in your state, you can enter your location on the company’s website.
Here are some details for Citibank personal loans in its SD/national region, as of April 26, 2018. This region includes most states, except California, New York, Texas, and a few others.
For the latest available information, contact Citibank or visit its website.
|Borrowing limit||$2,000 – $50,000|
|APR range (on a $10,000 loan)||7.99% – 17.99%|
|Repayment terms||12, 24, 36, 48, or 60 months|
Citibank offers unsecured personal loans from $2,000 to $50,000.
The loans come with decent interest rates, but they’re not the lowest around. They also allow a repayment term of up to 60 months and involve fixed monthly payments. You can use a personal loan for almost any purpose, whether it’s financing a big purchase, paying for a home improvement project, or consolidating credit card debt.
If you hold an eligible Citibank checking account, you also can earn points through the bank’s ThankYou Rewards program. This program grants points when you make a payment on your loan, which you can redeem for gift cards, travel rewards, or merchandise.
Applying for a Citibank personal loan online
You can submit an application for a Citibank personal loan online, over the phone, or in person. If you don’t want to register for an online account, you can choose to apply by phone or at a branch.
You have to apply in person for a loan if you aren’t a Citibank customer. You also have to apply in person or over the phone if you’re a Citi customer trying to borrow more than $30,000.
Otherwise, you get started online by signing in to your account with your username and password.
You’ll then have to provide personal information, such as your name, address, and Social Security number. You also must show proof of two years of employment history and allow Citibank to run a credit check.
Citibank doesn’t offer a rate quote with a soft credit pull, so the credit inquiry for a loan could impact your score.
If your application is approved, Citibank will send you a check for the full loan amount within five business days. Unlike some other lenders, Citibank doesn’t deposit the funds directly into your account. Plus, it makes you wait a long time to get your loan.
If you’re in need of fast cash, this option might be a dealbreaker.
Other eligibility requirements for Citibank personal loans
Citibank has a few basic eligibility requirements to qualify for a personal loan. First, you’re eligible only if you haven’t taken out another Citibank personal loan within the past six months.
You also must have a valid address and be a U.S. resident who’s at least 18 years old. Finally, you must meet underwriting requirements for income and credit.
Citibank doesn’t advertise exactly what credit score you need to qualify, but it typically looks for fair or excellent credit. It has a clear income requirement, though: You must make at least $10,500 per year or $875 per month to be eligible.
Citibank customers complain about poor service
Citibank customers mostly aren’t happy about their experience with the bank. According to the Better Business Bureau (BBB), 98% of reviews were negative, resulting in an “F” rating for Citibank.
On the BBB site, one customer said, “I attempted to cancel my account last week with an employee who was extremely noncompliant with my request.” They gave the company “one star only because zero isn’t an option.”
Others talked about disappointing and unhelpful customer service, as in the case of a reviewer who said, “Very disorganized; every time you call their customer service line it’s a different answer for the same question with each representative.”
When I called Citibank’s customer service line for information for this review, I was connected quickly to an agent about applying for a loan. But when I said I was looking only for information, the representative put me on hold for 25 minutes.
After that long wait, I heard someone pick up the phone and hang up. It seems that Citibank will give you the information you need if you plan to take out a personal loan. But if you’re only seeking information or have a problem with your account, it might be difficult to get answers.
Learn more from Citibank customer service
Along with reading customer reviews on sites such as BBB and Consumer Affairs, you could try to get more information from Citibank itself.
You can call customer service at 800-685-0935. Customers also can chat online with a representative after signing in to their online account.
If you’re a prospective loan applicant, the customer service representatives might be more forthcoming. However, you might want to heed the warning signs from other customers and steer clear of Citibank for your borrowing needs.
There are other personal loan lenders that have a better reputation for transparency and accessible customer service.
A big bank like Citibank has the advantage of having many locations across the country and world. But if personal customer service is important to you, search around for other lenders with a better reputation.
You might even find a personal loan with a lower interest rate that saves you money over the long run.
Note: Student Loan Hero has independently collected the above information related to Citibank personal loans. Citibank has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** 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.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|