Citi Personal Loan Review

(May 2024)

How to Get a Loan from Citi

In This Article

Our Verdict

Citi personal loan is perfect for you if you’re one of the bank’s customers with a Citi deposit account that’s at least 12 months old. The personal loan comes with a lower loan amounts (between $2000 and $30,000), but higher interest rates—and you need a strong credit score to qualify for it. If you’re hellbent on meeting an emergency, you can consider Citi personal loan—the bank releases funds the same day you apply provided you qualify.


  • Releases funds quickly.
  • Charges no origination.
  • Offers personal loan as low as $2,000.
  • Allows favorable repayment terms.


  • Ideal for only Citibank existing customers.
  • Loan limit is lower compared to other lenders.
  • Solid credit score is necessary.
  • Interest rates higher than what other lenders charge.
  • No provision for borrowers to pre-qualify

Who This Product Is Best For

Citi personal loan is a good alternative for you if you’re someone who:

  • Need a term loan. If you’re in need of a short-term loan, Citi personal loan is a good option for you. And you can qualify for a more favorable rate if you readjust your repayment term (up to 36 months, for example), require $10,000+, and have good to excellent credit score.
  • Is already a Citibank existing customers. Apply for this product provided you have a Citi deposit account that’s up to 12 months old.
  • Wants to consolidate an existing debts. You can apply for Citi personal loan to pay off high interest-rate debts.

Who This Product Isn't Right For

Citi personal loan may not be a good option for you if you’re someone who:

  • Have a solid credit score. With an excellent credit score, you’re likely going to get a personal loan with a lower interest rate from other lenders than from Citibank. So if you have a solid credit score and want to get the best rate possible, Citi personal loan may not be the best option for you.
  • Need a large loan. Carefully consider other alternatives if you require a personal loan that’s more than $30,000.

What This Product Offers

  • Debt consolidation loan. Merge all your existing loans into one and cut your monthly payments with Citi personal loan.
  • Medical expenses. Clear medical emergency bills with this loan.
  • Home improvements. This loan is good if you want to improve the quality of your home.
  • Relocation expenses. With this loan, you get quick access to cash in order to finance your relocation expenses.
  • Car repairs. This loan comes to mind when you need money for major car repairs.

Product Details

Debt consolidation loan

Citi debt consolidation loan is ideal to clear your financial commitments so you can make a single payment each month, thereby reducing your monthly payments. Note that this product doesn’t allow you to clear your debt on credit cards Citibank or its affiliates offer.

Medical expenses loan

This is an unsecured personal loan that clears your health care expenditures, including surgeries or emergency room visits. Additionally, you can use this loan to consolidate your existing medical bills.

Home improvements loan

Do your kitchen remodeling, home renovations, and home repairs with the Citi personal home improvements loan. Apply online for this product and if you qualify, you can get the cash the same day you apply—loan amounts more than $30,000 requires in-person application by visiting the bank’s branch close to you.

Relocation expenses loan

Consider this loan if your savings cannot cover your moving and relocation expenses. This loan is unsecured and easy to get, but require a solid credit score in order to qualify for it.

Car repair loan

A car or auto repair loan is a form of personal loan you get so that you can cover your car fix expenses. Being an unsecured loan, you require a proof of income and a good credit score in order to qualify for it. You get the funding in a lump sum at a fair term and rate (depending on your credit score).

For all Citi personal loans, the interest rates are fixed between  9.49% and 20.49% with repayment terms up to 12, 24, 36, 48, or 60 months—depending on the amount you apply for. Citi personal loan approval takes less than 60 seconds and you receive the fund the same day you apply provided you have an account with the bank.

Where This Product Stands Out

  • Rate discount. You get a 0.5% rate cut provided you opt for automatic deduction while applying for any of the person loans. If you’re a Citibank Gold and Priority Package client, you enjoy 0.25% additional discount on your personal loans.
  • Zero origination fee. The lender doesn’t charge origination fees on it personal loan products. Ensure you make on-time payments in order to not incur any additional late payments or return-check fee of $25.
  • Multiple repayment term options. Choose the repayment term (anything from one to five years) that’s mostly convenient for you. Don’t forget that a shorter repayment term means you pay lesser interest, but make higher monthly payments.
  • Loan management on mobile app. Track your payments, know your balance, pay your loan, or contact the lender’s customer support using Citi mobile app.

Where This Product Falls Short

  • Only available to Citi customers. You must run a Citi deposit account for a minimum of 12 months in order to qualify for the lender’s personal loans.
  • Pre-qualification is not available. Citi doesn’t make provision to check the amount you can qualify for, your likely rate and repayment term before you officially apply. So it may be difficult to compare the lender’s products with other personal loans online.
  • No provision to modify payment date. The lender allows you to choose your repayment term, but doesn’t allow you to change or choose your preferred payment date.

How to Qualify for This Product

The lender’s qualification requirements for its personal loan include:

  • Be 18 years and above at the time of applying for the loan.
  • Have a minimum of $10,500 in annual revenue.
  • Be a Citi existing customer with a deposit account that’s at least 12 months old.
  • Don’t have more than one open Citi personal loan that’s at least six months at the time of applying.
  • Have a good to excellent credit score.
  • Present your proof your income, driver’s license, and passport.

How to Apply for This Product

  • Apply online or at any of the lender’s branches. Visit Citi website in order to apply for the bank’s personal loan. To confirm your identification, get your bank statement or W-2s form. Citi statutorily carry out hard enquiry in order to check borrowers’ credit history. That said, don’t feel too bad if your credit score drops after applying for Citi personal loan online. Alternatively, you can submit your application in person at the lender’s branch.
  • Plan the loan repayment. Before you apply for any Citi personal loan, plan your repayment. Remember that the lender reports your payment to the credit bureaus. Late payments will affect your credit score and hurt your chances of qualifying for other loan products in the future. To ensure on-time payments, set up automatic payments.

Alternatives to This Product

Rocket Loans

Rocket Loans offers personal loans in different categories starting at $2,000 up to $45,000 with the APR range of 9.116% to 29.99% plus up to 7% origination fee (depending on how much you require). You can stretch your repayment term between 36 and 60 months. This product requires a minimum credit score of 640 on FICO and of you qualify, you receive the money the same day you apply.


Consider LightStream for a more larger personal loan amount with favorable interest rates. Starting at $5,000, you can apply up to $100,000 (way more than Citi’s personal loan maximum amount) with a fixed APR range of 9.49% to 20.49%. The repayment term starts at 24 months up until 144 months. You pay $0 origination fee and get funded the same day you apply if you qualify. Don’t forget, the credit score requirement for this lender is 640 and above.

U.S. Bank

U.S. Bank doesn’t make it mandatory for you to have an account with it before you qualify for its personal business loan. But you cannot apply more than $25,000 if you’re not one of its customers. As a customer, however, you can get up to $50,000 with a credit score of 660 using the FICO credit scoring model.

Customer Reviews

Citi offers flexible repayment terms and provides solid customer experience with it mobile application. However, the lender doesn’t receive positive rating for Trust Pilot. It gets 1.2 out of 5 star rating from 215 customer reviews.

Most patrons complained about the company’s customer service, banking experience, among other things.


We reviewed Citibank personal loan  based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Citibank personal loan  based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Citibank personal loan  customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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