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Citi Personal Loans: 2024 Review

Updated on Jan. 1, 2024

At a glance

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Check rate with Bankrate
4.6
Rating: 4.6 stars out of 5
Bankrate Score
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Availability
Rating: 4.8 stars out of 5
4.8
Affordability
Rating: 4.8 stars out of 5
4.8
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4 stars out of 5
4.0

About Bankrate Score

Citi is one of the biggest banks in the U.S. by assets managed, and touts a large service footprint along with a wide range of financial products. One of said products it offers is a zero-fee personal loan in amounts up to $30,000.

Lender Details

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Loan amount

$2,000-$30,000

Rates

APR from

10.49%-19.49%

Clock Wait

Term lengths

12 to 60 months

Best for quick funding

For borrowers who are in need of money as soon as possible, securing a Citi personal loan may be a good option. Following your application — either online or with the assistance of a representative at one of the bank's branches — funds may be available within two business days when deposited into a non-Citi bank account. Having a Citi account will make the process even faster, as you can request they be deposited in your account the same day.

Citi Pros and cons

PROS

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    Fast funding.

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    Autopay discount.

  • Checkmark

    Zero fees.

CONS

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    Low maximum loan amount online.

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    High minimum credit score.

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    No joint applications.

Do you qualify?

  • Credit score requirements: Minimum credit score of 720 required. 
  • Income requirements: Not disclosed.
  • Co-signers and co-borrowers: Does not accept either co-signers or co-borrowers.

If you have very good or excellent credit and stable income that supports the amount you want to borrow, you might qualify for a personal loan from Citi. Because it doesn't allow co-signers or co-borrowers, you'll need to look elsewhere if your credit score falls below the 720 minimum.

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

Citi loans can be used for a number of purposes, including large purchases or debt consolidation. However, it does not allow proceeds to be used toward post-secondary education or business purposes.

How this lender compares

logo
Rating: 4.6 stars out of 5
4.6
Bankrate Score
APR from
10.49%-19.49%
Loan Amount
$2,000-$30,000
Term Length
12 to 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.4 stars out of 5
4.4
Bankrate Score
APR from
7.49%-23.24%
Loan Amount
$3,000-$100,000
Term Length
12-84 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680

Citi vs. Wells Fargo 

For borrowers that prefer the history of bank lenders, Wells Fargo has a similarly fast approval and funding process coupled with a wider range of repayment terms and — like Citi — no origination fee. Wells Fargo also offers a larger loan maximum of $100,000, which is great for borrowers looking to finance a more expensive purchase than what Citi allows for. Keep in mind that Wells Fargo only serves customers in some states — confirm your home state has a branch before exploring loan options. 

Citi vs. SoFi 

If you are looking for a digital borrowing experience SoFi is another excellent option for those with a strong credit standing. SoFi has a similarly fast funding process to Citi, and it has no required fees — but Citi has no fees at all. One major perk to borrowing with SoFi that Citi does not allow is the ability to add a co-borrower. Signing off on a joint application can be helpful for those who want to split funds with another borrower. 

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 when deposited into a Citi account, up to two business days 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.
  • Zero fees: Citi doesn't charge any fees for its personal loans — no origination, late or prepayment costs. 

What we don’t like

  • Low maximum loan amount online: Citi only lends up to $30,000 when you apply online. Other banks offer $50,000 or more.
  • High minimum credit score: There is a minimum credit score requirement of 720, which can make qualifying more difficult.
  • No joint applications: Citi does not allow borrowers to apply with co-signers or co-borrowers. 

How to contact Citi

Borrowers can receive support over the phone, though its hours are not listed online. If you prefer in-person support, Citi has branches across the country. The Citi website also has answers to common inquiries in the frequently asked questions 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. However, if you are applying for a loan over $30,000, in-person is the only option. 

If you are a Citi customer, you can sign in and apply. If you're not an existing Citi customer, you must create an account. The bank does not disclose specifics on what documentation is needed to apply, but you will likely need proof of income, personal 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.

Features and additional perks

Any existing customer with Citigold or Citi Priority will benefit from a 0.25 percent interest rate discount. There is an additional 0.5 percent APR discount available to those who enroll in automatic payments.

Fees and penalties

Citi does not enforce any fees. This includes origination fees, prepayment penalties or late fees.

Citi Frequently asked questions

How Bankrate rates Citi

Overall Score 4.6 Explanation
Availability 4.8 Citi has a range of loan amounts and offers a fast approval and funding process.
Affordability 4.8 Its starting APR is high compared to similar lenders, but it charges zero fees.
Customer Experience 5.0 Citi earns a perfect score for a range of support all seven days.
Transparency 4.0 Most fees and some requirements are listed, giving it a good score in this category.

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.