Citibank personal loans review: Small personal loans with fast funding and no hidden fees

Citi® offers personal loans from $2,000 to $30,000 to both existing customers and new applicants who meet loan qualifications. Existing Citigold and Citi Priority customers might also qualify for a rate discount on a personal loan.

If you’re considering a personal loan from Citibank, here’s what you should know.

Citibank

Blueprint Rating

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Fixed APR

11.49% to 20.49%

Loan amounts

$2,000 to $30,000

More details

• Interest rates: 11.49% to 20.49%.
• Loan amounts: $2,000 to $30,000.
• Repayment terms: 1 to 5 years.
• Min. credit score: Does not disclose.
• Discounts: Autopay (0.50%; must sign up at loan origination) and Citigold and Citi Priority customer discount (0.25%).
• Fees: No origination fees, late fees or prepayment penalties.
• Funding time: As soon as the same day with an existing Citi account.

Citibank overview

Initially founded in 1812 as the City Bank of New York, Citibank is now the fourth-largest bank in the U.S. Along with personal loans, Citibank offers small business loans, mortgages, checking and savings accounts, and certificates of deposit (CDs) as well as other banking and lending products. 

Citibank is not accredited by the Better Business Bureau (BBB). It has also received poor customer reviews on both the BBB website as well as on Trustpilot — though these reviews reflect the company as a whole rather than focusing solely on personal loans.

Additionally, in 2020, Citibank was penalized by the Office of the Comptroller of the Currency (OCC) due to its failure to establish effective risk management and data governance programs. In 2023, the bank was also penalized by the Consumer Financial Protection Bureau (CFPB) for illegal, intentional discrimination against Armenian Americans who applied for Citi credit cards.

How to qualify for a Citibank personal loan

Citibank doesn’t disclose specific qualification requirements, such as the minimum credit score needed for its loans. However, it does specify that it looks for applicants who have an established credit and income history. 

Like other lenders, Citibank also likely reviews your debt-to-income (DTI) ratio, payment history and other factors.

How to apply for a Citibank personal loan

If you’d like to apply for a Citibank personal loan, follow these steps: 

1. Get pre-qualified. You can visit the Citibank website to get pre-qualified. This allows you to check the rate and terms that you might qualify for before submitting a formal application. Pre-qualification only requires a soft credit check that won’t impact your credit score.
2. Submit your application online. If you decide to proceed with Citibank, you’ll need to submit a formal application. This can be done entirely online or by visiting one of the bank’s over 600 branch locations. If you opt to apply online and already have an account with Citibank, you can apply by signing into your account. Alternatively, if you’re a new customer, you’ll apply directly through the website. Be prepared to provide verifying documentation, such as pay stubs. 
3. Accept your loan. Once you’ve submitted your application, Citibank will look over it and provide an approval decision, which takes just 60 seconds. If your application is approved, you’ll complete the final steps of choosing a repayment term and signing your loan agreement. Citibank will also let you know if you need to provide any additional documentation. 
4. Get your funds. Loan funds can be deposited into a Citibank account as soon as the same business day after approval. If you ask for the funds to be deposited into a non-Citi account, the process could take two business days. Receiving a check in the mail can take about five business days. 

Tip: Be sure to consider your options not only with Citibank but with as many personal loan lenders as possible before applying. This can help you find a good deal on a loan that suits your needs. Like Citibank, many lenders allow you to get pre-qualified, which will give you an idea of what rates and terms you might get approved for. 

Pros of a Citibank personal loan

• Rate discounts available for autopay and existing Citigold and Citi Priority account holders.
• Fast approval and funding process. 
• No origination fees, late fees or prepayment penalties. 
• Wide range of repayment options.

Cons of a Citibank personal loan

• Doesn’t disclose credit score or income requirements.
• Doesn’t permit co-signers or joint applicants.
• Relatively low maximum loan amount. 
• Can’t use funds to consolidate debt from a Citi credit card. 

Citibank perks and special features

Savings and discounts

Citibank offers a few ways to reduce your interest rate on a personal loan. If you sign up for automatic payments at loan origination, you can qualify for a 0.50% discount. Additionally, Citigold and Citi Priority customers will get an automatic rate discount of 0.25%. You can also get a lower rate by choosing a repayment term of three years or less. 

Fast approval and funding process

Citibank processes loan applications and provides approval decisions in just 60 seconds. If you’re approved and opt for direct deposit of the funds into a Citibank account, you could receive your funds the same day. You also have the option of directing the loan proceeds into a non-Citi account, but the process could take two days — which is still relatively quick. 

No origination fees, late fees or prepayment penalties 

While some lenders charge fees on personal loans, Citibank doesn’t. This means you don’t have to worry about origination fees, late fees, prepayment penalties or any other hidden fees, which can keep your overall borrowing costs lower.

However, keep in mind that if you default on your personal loan, Citibank might increase the loan’s annual percentage rate (APR) by 2.0% — though this can be avoided by making all of your payments on time and in full.

Wide range of repayment options 

If you take out a Citibank personal loan, you can choose a repayment term from one to five years. Having this wide range of term options can help you get a monthly payment that works for your budget.

Remember that loans with terms longer than three years have a higher interest rate than loans with shorter terms. To keep your interest costs as low as possible, it’s best to pick the shortest term you can afford. 

How Citibank could improve

Disclose its credit score and income requirements

Citibank doesn’t disclose its credit score or income requirements. Publicly stating what these requirements are can help borrowers know whether they stand a chance of approval when weighing their options.

Permit co-signers and joint applicants 

Citibank doesn’t allow you to apply with a co-signer or joint applicant, which means you have to qualify on your own. This might be difficult for borrowers who have less-than-perfect credit or a low income.

By offering co-signed and joint loans, Citibank could make it easier for a wider range of borrowers to get approved.

Raise maximum loan amount 

Citibank’s personal loans max out at $30,000, which is lower than what’s offered by many other lenders. For example, Upstart provides loans up to $50,000, and LightStream offers as much as $100,000.

While Citibank could suit your needs if you’re only looking for a small personal loan, you’ll have to look elsewhere if you need a higher amount of funds.

Expand debt consolidation options  

Citibank personal loans can’t be used to consolidate debt from a credit card issued by Citibank affiliates or from a Citibank Checking Plus or Ready Credit account. If you’re looking to consolidate debt on your Citi accounts, you’ll need to work with another debt consolidation lender. 

Citibank customer service and reviews

Customer service

If you need assistance with your personal loan application, you can visit a Citi branch or call customer service at 1-800-685-0935. Citibank also has a mobile app for iOS and Android that you can use to manage your accounts. 

Customer reviews

Citibank doesn’t have the best customer reviews, receiving just 1.4 out of 5.0 stars on TrustPilot and 1.04 out of 5.0 stars on the BBB as of Jan. 11, 2024. Remember that these reviews aren’t specific to its personal loan product, however. 

OCC and CFPB penalties

Citibank has been penalized by the OOC and the CFPB. In October 2020, the OOC assessed a penalty of $400 million against Citibank. This was due to the bank failing to create satisfactory risk management and data governance programs and needed to correct these issues. 

In November 2023, the CFPB took action against Citibank, ordering it to pay fines totaling $25.9 million. This was a result of Citibank intentionally discriminating against applications for certain credit card products from applicants it suspected to be of Armenian descent. Citi attempted to hide this illegal discrimination by telling employees not to discuss it in writing or over the phone, and employees also lied to applicants about the reasons for their applications being denied.

Citibank alternatives: Citibank vs. Wells Fargo vs. TD Bank

If you are not a Citibank customer or want to explore alternative options, Wells Fargo and TD Bank are two other banks that provide personal loans. 

While Wells Fargo and TD Bank both offer higher loan amounts than Citi, their loans aren’t available everywhere. Wells Fargo provides personal loans only to borrowers who have had existing accounts for at least one year, and TD Bank operates in only 15 states and Washington, D.C.

Here’s a closer look at how personal loans from these lenders compare: 

	CITIBANK	WELLS FARGO	TD BANK
Interest rates	11.49% to 20.49%	7.49% to 23.24%	8.99% to 23.99%
Loan amounts	$2,000 to $30,000	$3,000 to $100,000	$2,000 to $50,000
Repayment terms (years)	1 to 5	1 to 7	3 to 5
Min. credit score	Does not disclose	Does not disclose	Does not disclose
Best for	Small loans	Large loans	East Coast borrowers

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^{All rates include discounts where noted by the lender and are current as of May 30, 2024.}

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