Citibank Personal Loan Review 2020

3.5 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

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

Here are the basic specifications & requirements of Citibank Personal Loan :

Feature Citibank Personal Loan
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 Range 7.99% to 17.99%
    Term 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
    Documents To Provide
    • Personal information (including address, phone number, email, and SSN)
    • Proof of Monthly income
    • Employment Details

    CitiBank Loan Pros & Cons

    As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


    • Joint Borrowers – Citibank allows for joint borrowers on their personal loans. Many personal loan providers do not allow for this.
    • Competitive Interest Rates – Citibank has very competitive rates for strong borrowers.
    • More than One Loan – The borrower can get two loans at the same time from Citibank.
    • No Fees – Citibank personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.
    • Autopay Discount – Citibank has an autopay interest discount. Autopay is a requirement in order to get the lowest rate.
    • ThankYou points ® – Citibank personal loans can earn Thankyou points ®. These points can be used for discounts for merchandise, travel rewards, and gift cards.
    • Available in All States – Citibank personal loans are available in all states.


    • Slower Turnaround Times – It can take many days to fund your loan and then a few days longer to send your money. If you need money more quickly, there are other providers that can turn around your application much faster.
    • Limited Amount for Non-Customers –Borrowers who are not current Citibank customers are limited to $12,500. Also, if you are a Citibank customer and want a higher amount you have to go to a branch or call, you are not able to apply online. Non-customers have to apply at a branch.
    • Only Available to the Strongest Borrowers –If you do not have the best credit history, you may not be able to get a loan through Citibank. They normally do not lend to borrowers with poor credit histories.
    • Late Payment Penalty –Citibank does not have late fees but they impose a 2% interest increase over the life of the loan.
    • No Soft Pull –Many personal loan providers do an initial soft pull to see if you may qualify for a personal loan. A soft pull does not affect your credit, but Citibank does a hard pull from the start, which will affect your credit.
    • Poor reviews –Citibank has many customer complaints and reviews. See Consumer Affairs and Better Business Bureau. Many customers have had bad experiences.
    • Issue Check –Citibank issues approval by mailing a check. They do not have any other options for payment. This can take up to 5 business days. If you need cash fast, this may be a deal breaker.

    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.

    • Debt Consolidation and Credit Card Consolidation

    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

    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.

    • Large Purchase

    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.

    • Citibank Application Process

    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.