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Citibank – About The Lender
Citibank is part of the large multinational financial services company Citigroup. Citibank was founded in 1812, based out of New York, New York. Citigroup has over 2,500 branches in 19 countries with almost 2 trillion in assets.
Citibank offers a large variety of banking products including personal loans. They do offer a couple of different options for personal loans such as lines of credit, but this review will only address termed, unsecured personal loans in the United States market.
Citibank Personal Loan Specification
- Loan amount range: $2,000 -$50,000
$2,000 – $12,500 for non-Citibank customers
$2,000 – $30,000 for customers who apply online
$2,000 – $50,000 for customers who apply by phone or in person
- Interest rate rage: 7.99% to 17.99%
- Terms: 12-60 months
- Origination fee: None
- Returned fee: None
- Check processing fee: None
- Prepayment fee: None
- Late penalty: 2% interest increase
- Minimum credit score: Typically over 680
- 1st payment: Up to 5 days
- Personal information (including address, phone number, email, and SSN)
- Proof of Monthly income
- Employment Details
CitiBank Loan Pros & Cons
What Can a Citibank Personal Loan Be Used For?
Citibank offers little information regarding what their product can be used for. They also do not have information on any restrictions. They do state that their personal loans can be used for home improvements, to pay down high-interest debt, or fund a large purchase and even for investing.
A debt consolidation personal loan would pay off one or more prior unsecured loans with the new Citibank loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.
Home improvement loans are for home repairs or renovations. The advantage of using a Citibank personal loan for home improvement is that you do not have to use your home as collateral and you get funds much quicker with less documentation. Typically, it takes a month or more to get an equity line of credit on your home.
A Citibank personal loan can be used to fund a large purchase. The advantage of using a Citibank loan is that they can fund you quickly. You can also pay off the item you want over time.
You can apply for a Citibank personal loan by phone at 1-877-362-9100, at a local branch, or online. You can only apply online if you are a Citibank customer. If you are not, or if you need more than $30,000, you will need to apply at a local branch or by phone.
You will need to provide personal information including name, date of birth, social security, address, email, and phone number. You will also need to provide details about your employment, income, and expenses. You will choose your preferred term and the amount you want to borrow. If you already have a Citibank online account, you can apply with that account.
You may need documentation to verify your information such as ID, paystubs, or even tax returns. If you are going to the branch you should bring those items with you. You can sign documents online or at a branch. Citibank will fund your loan by issuing a check to you within 5 business days. They do not send funds directly to checking accounts or send the funds to creditors.
Citibank Personal Loan is Best for..
Citibank personal loans are best for current customers of the bank. Current customers get better terms, options, and rewards. Citibank customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.
Look out for the late interest penalty. There are other providers that have slightly better interest rates for the strongest borrowers.