A Citibank personal loan lets qualified borrowers take out between $2,000 and $30,000 online, with APRs currently ranging from 9.99% to 19.49% and no origination fees. Existing Citi customers can often get funds the same day, making it a fast option for people who bank there already.
At a Glance
- Loan amounts run from $2,000 to $30,000 online, with some existing customers able to borrow up to $50,000 by phone or in a branch.
- APRs span 9.99% to 19.49%, and Citibank charges no origination fee and no late fee, though missed payments can trigger a rate increase.
- Repayment terms max out at five years, shorter than some competitors that stretch to seven years.
- Funds can land in a Citi account the same day, but non Citi accounts may take one to two business days, or up to five for a paper check.
- Citi does not allow co-signers or joint applications, and it prohibits using the loan to pay off Citi branded credit cards or student debt.
How Citibank's Personal Loans Work
Citibank has been lending money since 1812, when it opened as the City Bank of New York. It has since grown into the third largest bank in the country by consolidated assets, trailing only JPMorgan Chase and Bank of America. Despite that national footprint, Citi's physical branches, 653 of them, cluster in a handful of metro areas: New York, Chicago, Miami, Washington D.C., Los Angeles and San Francisco. Anyone in any of the 50 states can apply for a loan online, even without a nearby branch.
Every loan Citibank issues is unsecured, meaning borrowers don't have to put up a car, savings account or other asset as collateral. The money can go toward debt consolidation, medical bills, home repairs, moving costs, car trouble or even a vacation. There are limits, though: you cannot use a Citi personal loan to pay off a credit card issued by Citi or its retail partners, such as the Macy's card, the CITGO Rewards card or the Costco Anywhere Visa. Citi also won't let borrowers use these loans for college costs or to pay down student loans.
Rates, Fees and Loan Terms
Citibank's APRs range from 9.99% to 19.49%, and the bank does not publish a minimum credit score requirement. Loan terms run from 12 months to 60 months, shorter than what some lenders offer. There's no origination fee and no late fee, which sets Citi apart from lenders that charge for either. That doesn't mean late payments are free of consequence, though: Citi can raise your APR by as much as 2.00% if your account goes into default.
Borrowers who sign up for automatic payments at the time they apply can qualify for an interest rate discount. Customers with a Citigold or Citi Priority relationship, meaning they hold investment accounts with the bank, can stack on an additional 0.25% rate reduction.
| Feature | Citibank | American Express | SoFi |
|---|---|---|---|
| APR range | 9.99% to 19.49% | 6.99% to 19.99% | 8.74% to 35.49% |
| Loan amounts | $2,000 to $30,000 | $3,500 to $40,000 | $5,000 to $100,000 |
| Loan terms | 12 to 60 months | 12 to 60 months | 24 to 84 months |
| Recommended minimum credit score | Not stated | Not stated | Not stated |
| Origination fee | None | None | 0% to 7% |
| Time to receive funds | Up to 2 days | 1 day | Same day |
How Fast Can You Get the Money
Citibank promises a lending decision in under 60 seconds after you submit an application. Getting the cash fastest means choosing an electronic transfer into a Citi checking or savings account, which can arrive the same day you apply. Send the money to an account at a different bank and expect a wait of one to two business days. Ask for a paper check instead, and it could take up to five business days to show up.
Who Can Qualify
Citi keeps its eligibility rules fairly simple on paper: applicants must be the age of majority in their state and meet the bank's credit standards, which it does not spell out publicly. In practice, large banks like Citi tend to favor borrowers with strong credit, and applicants with scores of 680 or higher, generally considered