How to Get a Loan from Citi

(June 2024)

How to Get a Loan from Citi

In This Article

Are you looking for a way to finance your personal or business goals, such as consolidating debt, paying for home improvement, or starting a new venture? If so, you may want to consider getting a loan from Citi, one of the leading financial institutions in the world. Consider Citi today and get various types of loans to suit your needs and preferences, such as personal loans and mortgage loans.

You can enjoy competitive interest rates, flexible repayment terms, and no origination fees with Citi loans. Wait, imagine a lender who allows you to apply for a loan online or by phone in a few simple steps and receive your funds within days. Definitely, you don’t want to miss such a lender, right? If you feel this way, read this article and learn how you can get a loan from Citi in a step-by-step guide.

Not only this, but you are also going to have access to some pro tips on how to improve your chances of approval and get the best deal possible. By the end of this article, you are going to have all the information you need to apply for a loan from Citi and achieve your financial goals. So, dive in now!

  1. Understand What Citi Is All About
  2. Know the Types of Loans Citi Offers
  3. Check Your Eligibility
  4. Fill Out the Application Form
  5. Submit Your Application
  6. Get Some Extra Required Documents
  7. Wait for a Call from Citi
  8. Receive Your Funds

1. Understand What Citi Is All About

To get a loan from Citi, understand what Citi is all about. You can call Citi a bank, but be aware that it is more than a bank. Do you know why? One part of Citi is a bank that can help you and your business save, borrow, and spend money. Many people popularly call this part Citibank. Citibank has branches and ATMs where you can deposit, withdraw, or transfer money. It also has credit cards, loans, and mortgages that you can use to buy things or pay for your needs.

Another part of Citi is not a bank, but it helps people and businesses invest, trade, and manage money. This part is called Citi Global Markets. Citi Global Markets helps people and businesses buy and sell stocks, bonds, currencies, commodities, and other financial products. Going by this explanation, you can safely say the Citi loan comes from Citibank, which is part of Citi that deals with banks, loans, and credit cards.

Most importantly, know that Citi is a financial institution in the US that offers regional services with 700 branches across 13 states, including California, New York, Texas, Florida, Illinois, New Jersey, Maryland, Virginia, Connecticut, Nevada, Delaware, South Dakota and District of Columbia. Citi also has ATMs in more than 6,000 locations across the US.

2. Know the Types of Loans Citi Offers

To take out a loan from Citi, know the types of loans Citi offers. You can only get three types of loans from Citi which are personal loans, mortgage loans, and business loans.

Personal loan

Use this loan for any personal reason, such as paying for a wedding, a vacation, or a medical bill. You can borrow from $2,000 to $30,000 and pay it back in 12 to 60 months. Expect an interest rate that usually ranges from 7.99% to 23.99%. However, your credit score and income decide which rate you get.

Mortgage loan

Choose this loan to buy or refinance a house. Get up to $2 million or more and pay it back in up to 30 years. You can get a fixed or adjustable interest rate, depending on the type of mortgage you choose. The fixed-rate ranges from 2.75% to 3.25%, and the adjustable rate can be from 2.25% to 3%, based on the loan amount and term.

Business loan

Settle for this loan if you are a business owner. You can use Citi business loans for your business needs, such as buying equipment, inventory, or working capital. You can borrow from $10,000 to $1 million and pay it back in 12 to 60 months. Expect an interest rate that can be from 6.99% to 18.99%, though, this may depend on your credit score, income, and business plan.

3. Check Your Eligibility

To qualify for a loan from Citi, check your eligibility. Know that you need to be at least 18 years old with a good credit score and income history. Check if you have a Tax Payer’s Identification Number (TIN) or a Social Security number (SSN). Do you also know that you need to have an eligible Citi account, such as a deposit account or a credit card account, open for at least 12 months? Lastly,  provide proof of identity, address, and income, such as your ID, bank statements, and pay slips. In addition to these above requirements,  bear in mind that you may need more specific requirements depending on the type of loan you choose. For instance, you may need to provide proof of down payment, property value, and homeowners insurance for a mortgage loan.

Note: Concerning your income, you need to have a yearly income of at least $10,500 to qualify for a Citi loan—according to Citi.com and NerdWallet.com

4. Fill Out the Application Form

To get a loan from Citi, fill out the application form. To do this, visit the Citi website and sign in to your Citi account. Check if you have any pre-qualified loan offers on your account page or call customer service to confirm this. Use the online tool to adjust the loan amount and the repayment term and see the possible interest rate and monthly payment. Evaluate different loan options and choose the one that meets your needs. provide some personal and financial information, such as your name, address, phone number, email, date of birth, Social Security number, income, employment, and expenses. Understand that you need to agree to the terms and conditions of the loan.

5. Submit Your Application

To receive a loan from Citi, submit your application. You can do this online or by phone. After this, expect a confirmation email or message that contains your application number and the next steps you need to take.

6. Get Some Extra Required Documents

To secure loan approval from Citi, get some extra required documents. Know that this financial institution may request extra documents from you to further prove your identity, address,  and income. Therefore, be ready to upload or fax some documents like a valid government-issued ID, your latest Income Tax Return or pay slip, and your bank statements.

7. Wait for a Call from Citi

To successfully take out a loan from Citi, wait for a Call from a Citi representative.  After 24 hours of submitting your application,  know that you may receive a call from Citi to review your information and inform you of the status of your application. If your application receives approval, expect an approval letter with the loan details and instructions on how to receive your funds.

8. Receive Your Funds

To receive a loan from Citi, learn how to receive your funds.

For personal loans, choose the option to receive your funds directly to your bank account or as a check by mail within five banking days. For mortgage loans, complete the closing process with a title company or an attorney before receiving your funds. When you get a mortgage loan, you need to do some extra steps before you get your money. You need to work with a title company or an attorney to make sure that the house is legally yours and that there are no problems with the property or the seller. You can call this phase the closing process.

Recap

Getting a loan from Citi can be a smart way to achieve your financial goals, whether you need money for personal or business reasons. To get a loan from Citi, grasp the essence of Citi’s business and mission, and learn the variety of loan products Citi provides. Assess your qualifications and requirements, then, make sure you complete the application form with your details. Send your application for review and approval along with some additional documents. Finally, Await a call from Citi to confirm your status and obtain your funds within days.

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