Citibank personal loans review: Loans with solid interest rates for existing Citi customers

Citibank personal loan amounts and interest rates

Citibank loan amounts range from $2,000 to $30,000, and the company accepts loan applications from residents of all 50 states and Washington, DC. 

Depending on your credit score and other financial factors, your APR will range from Citibank Personal Loans, which is average compared to some other major competitors’ APR ranges. For example, Marcus’ rates range from Marcus Personal Loan, while Avant’s loans have APRs between Avant Personal Loan.

Pros and cons of Citibank personal loans

Who is Citibank best for?

Citibank Personal Loans is best for borrowers who already have a relationship with the bank and feel comfortable with the company. If you only want a small amount of money and don’t need it right away, Citi could be a good option for you. The bank’s customer service is also available seven days a week, so the company will be able to answer any questions you have throughout the week. 

How Citibank personal loans compare

Min. credit score Undisclosed	Min. credit score 600	Min. credit score Undisclosed
APR Citibank Personal Loans	APR Avant Personal Loan	APR Marcus Personal Loan
Origination fee? No	Origination fee? No*	Origination fee? No
Citibank Personal Loans	Avant Personal Loan	Marcus Personal Loan

 *While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%. An administration fee is deducted from your loan proceeds when the loan is funded.

Avant is the best for borrowers with a shakier credit history, as its minimum credit score is only 600. While the minimum credit scores for Marcus and Citi are undisclosed, you’ll likely need a good credit score to qualify for a loan. 

Marcus charges no fees whatsoever, while Avant has an administration fee and an undisclosed late fee. Citi has a late fee of $25. 

Marcus offers a unique feature — an on-time payment reward. If you pay your loan on time and in full every month for one year, you can forgo a month of payments, and interest will not accrue during that period. Marcus will then extend your loan by one month.

How Citibank personal loans work

Citibank Personal Loans (Member FDIC) offers unsecured, fixed-rate personal loans for purposes such as medical expenses, home improvements, and even vacations. You don’t need to put up collateral — like a house or car for a mortgage or auto loan — to get an unsecured loan. 

You need to have a Citi deposit account open for at least 12 months, as well as an annual income of at least $10,500 to qualify for a Citi loan. Eligibility also depends on your credit score and other financial factors. You aren’t able to have a coborrower or cosigner on your loan. 

Citi’s repayment term lengths range from one to five years. You can pay off your loan early with no penalty, and the company doesn’t charge origination fees. You’ll incur a late fee of $25 if you fall behind on a payment. Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan.

You’ll get your money in the form of a mailed check within five business days, which is slower than with many comparable lenders. 

There is no option to prequalify for a loan, meaning if you want to know your rates from Citi, you’ll have to undergo what’s called a hard credit inquiry. A hard credit inquiry gives the lender a comprehensive view of your credit history, but may negatively impact your credit score.

You may contact Citi’s customer support line Monday through Sunday from 9 a.m. ET to 11 p.m. ET.  Citi is also available via a messaging service through your account either online or through its mobile app, available on the Google Play and Apple Store. 

Is Citibank trustworthy?

The Better Business Bureau, a nonprofit organization focused on consumer protection and trust, gives Citibank an F rating. The BBB determines its ratings by taking stock of a company’s responses to consumer complaints, openness about business practices, and honesty in advertising. 

The BBB gives the bank this bottom-grade rating because of its failure to respond to 11 complaints made against the business, 81 unresolved complaints, and a government action against the business. In September 2020, the Commodity Futures Trading Commission ordered three Citibank affiliates to pay a $4.5 million fine for failing to properly store audio recordings, which were deleted.

Citi has also been at the center of another recent scandal. In October 2020, the federal government fined Citi $400 million over its failure to fix prevalent risk management concerns. 

You might consider a different lender if Citi’s low BBB score and recent scandals bother you.