Citi Personal Loans: 2023 Review

Do you qualify?

• Credit score requirements: Not disclosed but banks tend to cater to good to excellent borrowers. 
• Income requirements: Yearly income of at least $10,500.
• Co-signers and co-borrowers: Does not accept either co-signers or co-borrowers.

Citi also requires its borrowers to have a Citi deposit account open for at least 12 months to apply for a personal loan, and if you have another personal loan application open it must be for six months or more. 

What Citi doesn't allow loan funds to be used for

Citi encourages borrowers to use funds for any large personal purpose such as a big one-time purchase or debt consolidation. Though the lender does not allow proceeds to be used toward post-secondary education.

Citi: in the details

What we like and what we don’t like

What we like 

• Fast funding. Following approval, funds can be available as soon as the same day into a Citi account, up to two for an account not with Citi or five days or less for a check.
• Autopay discount. A rate discount of 0.5 percent APR is available for enrolling in autopay when you apply for a loan.
• Low income requirement. Citi carries a minimum income requirement of $10,500 — on the lower side when compared to its competitors. 

What we don’t like

• Must be an existing customer. Citi only lends to those who have had a Citi deposit account open for 12 months or more.
• Undisclosed credit requirement. There is no disclosed minimum requirement for credit score which can make gauging acceptance more difficult.
• No prequalification. Citi does not allow borrowers to prequalify for rates and terms. Once you apply you will incur a hard credit pull, which can negatively impact your credit. 

How to contact Citi

Borrowers can receive support over the phone Monday through Sunday from 9 a.m. to 11 p.m. ET at 866-422-0316. More than that, if you prefer in-person support Citi has branches across the country. The Citi site is also easy to navigate and common questions can be answered in the FAQ section.

How to apply for a personal loan with Citi

Those interested in a Citi personal loan can handle the application either in person at a Citi branch or completely online. Though, if you are applying for a loan greater than $30,000 in-person is the only option. 

Unfortunately, Citi does not allow the option to prequalify so when you submit an application you will undergo a hard credit pull, which will temporarily lower your credit score. The bank does not disclose specifics on what you will need to apply for, but you will likely need documentation on your income, proof of identification and other bank information. 

Following loan approval it is recommended that you enroll in automatic payments to ensure you never miss a payment, and so you can benefit from an APR discount.

Fees and penalties

Citi does not enforce any fees for origination of the loan but borrowers can expect a $25 fee for a late payment or a returned payment.

Citi Frequently asked questions

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.
  

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.