Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Fees
$25 late fee, and Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan
Regular Annual Percentage Rate (APR)
9.49% to 20.49% APR
Fees
$25 late fee, and Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan
Regular Annual Percentage Rate (APR)
9.49% to 20.49% APR
get rates without impacting your credit.
Citi Personal Loans
Details
Regular Annual Percentage Rate (APR)
9.49% to 20.49% APR
Fees
$25 late fee, and Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan
Who are Citi Personal Loans Best For?
Citibank 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.
Insider’s Featured Personal Loan Companies
Fees
Fees
Fees
Citi Personal Loan Details
Citi 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 9.49% to 20.49% APR.
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 $25 late fee, and Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan
You’ll get your money as a mailed check within five business days, which is slower than with many comparable lenders. You may also be able to get the money via direct deposit more quickly.
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.
Citi Personal Loan Pros and Cons
How to Apply for a Citi Personal Loan
1. Open an eligible Citi account and maintain it for 12 months. Unlike most lenders, who have more lax eligibility requirements, you’ll need to be an established Citi customer before you can take out a loan from the bank.
2. Submit an application. You’ll need to input personal information, such as your name and Social Security number, as well as details about your income.
3. Review loan offers and pick the one you can afford. After you submit your information, Citi will give you different term options. A shorter term length means larger monthly payments — but you’ll save more in interest.
4. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you’ve worked your loan payments into your budget — late payment may add significant costs to your loan.
Citi Personal Loans vs. Competition
Side-by-side snapshot
Editor’s rating
Regular Annual Percentage Rate (APR)
9.49% to 20.49% APR
Editor’s rating
Regular Annual Percentage Rate (APR)
9.95% to 35.95%
Editor’s rating
Regular Annual Percentage Rate (APR)
8.99% to 35.99%
Next steps
get rates without impacting your credit.
Next steps
get rates without impacting your credit.
*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.
Citi vs. Avant
Avant Personal Loan is the best for borrowers with a shakier credit history, as its minimum credit score is only 600. While the minimum credit scores for Citi is undisclosed, you’ll likely need a good credit score to qualify for a loan.
Avant loan amounts range from $2,000 to $35,000. The minimum amount you’re required to borrow varies by state. Avant offers loans to all 50 states and Washington, DC. Citi also lends to borrowers in all 50 states and Washington, DC, and has a loan amount range of $2,000 to $30,000.
Avant has an up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. Citi has a $25 late fee, and Citi also ups the interest rate by 2% for borrowers 60 days behind on repaying their loan.
Citi vs. Best Egg
Best Egg Personal Loan is an excellent lender for borrowers who need money quickly in a pinch. About half of Best Egg customers will receive their money the day after applying for the loan. It can take up to five business days to receive your money with Citi.
Best Egg charges an origination fee between 0.99% and 5.99%, while Citi doesn’t charge an origination fee at all.
Citi Personal Loans Frequently Asked Questions
Is Citi 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.
It may take up to five days to receive your money from Citi.
How we rated Citi
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.