Loans » Personal Loan Lender Reviews » Citibank Personal Loan Review 2021
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Citibank Personal Loan Review 2021

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.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

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 customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.

APR

7.99% to 17.99%

Loan Amount

$2,000 - $30,000

Term

12-60 months

Min score

Typically over 680

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 Loan Pros & Cons

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

Pros

Cons

Loan Details

Citi Reputation

  • F on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 1.04/5  on BBB customer reviews (+200 reviews): BB customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
  •  851/1000 points on J.D Power: Citi got 851 out of 1000 possible points in the 2020 research, a bit lower than industry average.  .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

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.

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.

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.

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 customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.

APR

7.99% to 17.99%

Loan Amount

$2,000 - $30,000

Term

12-60 months

Min score

Typically over 680

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Citi personal loan: 

Rocket was founded to offer a rocket fast loan processing system to provide personal loans to eligible borrowers. Rocket is part of the Quicken group, which includes Rocket Mortgage and Rabid Advance.

Qualifying for a Rocket loan is contingent on creditworthiness rather than business type. You can use your loan for any purpose, including starting a business.

However, Rocket only qualifies people with a credit score minimum of 640 and a good credit history. You also need to have a permanent source of income and a low debt to income ratio.

Where Rocket stands apart is that loans are processed very quickly. 85% of borrowers receive loans within a day.

Best Egg is an online lender that was founded in 2014. Best Egg specializes in personal loans and has funded over 600,000 loans.

Like Marcus personal loans, Best Egg also offers prequalification. This allows you to check your initial rate without affecting your credit score. A hard inquiry will only be conducted if you decide that you want to move on with your application.

If you have good credit, you can expect a very low-interest rate, and loan processing is fast, taking just a few minutes to complete.

Lending Point is based in Kennesaw, Georgia. This online lender offers a competitive option for those with fair credit.

Lending Point personal loans have a relatively high interest rate of 15.49% to 35.99%. You can borrow $2,000 to $25,000 with a term of 24 to 48 months.

Where Lending Point stands apart from many lenders is that you can qualify for a loan if your credit score is 585 or above. The company will also consider other factors to establish your eligibility including:

  • Income
  • Financial history
  • Job history
  • Overall credit behavior.

Lending Point does not have prepayment fees, but there is a potentially costly origination fee. This can be zero to 6% depending on your location. There is also a $30 late payment fee, applied after a 15 day grace period.

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.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.