Citibank Personal Loans Review


Benefits explained

  • No origination fees and prepayment penalties – Borrowers will not have to pay any fees to take out a Citibank personal loan. Plus, if you want to prepay your loan, you can do so without penalty.
  • Eligible customers can earn reward points – Citibank customers who link their eligible checking account enrolled in the Citi ThankYou rewards program can receive monthly points. The more required monthly activities you complete (like doing a debit or credit transaction), the more points you may receive.
  • Possibility of submitting a joint application – Customers can apply for a personal loan from another person as long as the co-applicant is also an eligible customer of Citibank.

Disadvantages Explained

  • Loans only available to Citibank customers Applicants must have an eligible Citibank deposit account open for at least three months to be qualified.
  • Loan proceeds available only by check – Citibank sends borrower funds within five business days of loan approval. It can be much slower than other lenders who offer automated clearing house (ACH) transfers.
  • No prequalification option – You must submit a complete request to know your personalized rate and your conditions; this means that there will be a serious credit investigation.

COVID-19 Help

For personal loan customers affected by the COVID-19 pandemic, Citibank may be able to offer assistance such as lowering your APR, removing account fees, and / or reducing payment amounts.

Borrowers can call 1-800-685-0935 Monday through Thursday 8:30 a.m. to 10 p.m. ET and Friday 8:30 a.m. to 9 p.m. ET.

Types of personal loans offered by Citibank

Citibank allows its clients to use their loan proceeds for most personal reasons. For example, you can use the money for a wedding, vacation, home renovations, or other types of large purchases. You can also use it to consolidate debts. However, Citibank prohibits you from using the loan proceeds for post-secondary education.

Deadline for receipt of funds

Citibank personal loan applicants will receive a check in the mail within five business days of loan approval.

Characteristics of the Citibank personal loan

Apply with a co-applicant

Citibank allows joint applications. Both applicants must have an eligible Citibank deposit account. An applicant can log into their account to complete an online form. If you are applying by phone or in person, both applicants must be present.

Earn Citi ThankYou® Rewards

Citibank customers can earn ThankYou® points each month when an eligible current account enrolled in the rewards program is linked to a personal loan. Depending on the type of account and the number of required activities completed, customers can receive up to 125 additional points each month.

Apply for a Citibank personal loan

Citibank does not offer a prequalification option. You will need to submit a complete application and undergo a serious credit investigation. Here’s what the application process looks like:

  1. Log into your account online on Citibank’s website or head to their request form, where you will be asked if you will be asked to log into your account.
  2. Indicate whether you are applying as an individual or with a co-applicant. Each applicant will need to provide details such as income or employment information, email address, and citizenship status. You must be the age of majority in your state to be eligible for a personal loan. Each application should provide details such as employment information and information about their Citibank deposit account.
  3. Complete a loan application with details about your finances and other types of personal information. You need to have information such as your desired loan amount, your current annual income, and your social security number.
  4. Submit your application and wait for a Citibank representative to contact you. You may need to submit additional documents, such as proof of income.
  5. Review the loan terms and submit the complete application if you receive an offer.

You can also make a request by calling customer service at 877-362-9100 or by visiting any Citibank branch. Applicants should follow this route for loans over $ 30,000.

Can you refinance a personal loan with Citibank?

Currently, Citibank does not offer an option to refinance your personal loan. However, you can take out an additional loan if you already have one. You will need to have the account for at least six months before you can do this.


Citibank personal loans are best for existing customers who are interested in receiving relationship bonuses. Depending on the type of deposit account you have and the types of transactions you make, the rewards you will earn may be worth it. Additionally, Citibank offers joint applications to help borrowers increase their chances of getting approved.

Unfortunately, if you need the funds quickly, or if you haven’t been a Citibank customer for at least three months, you may have to look elsewhere. Since there is no prequalification option, you won’t be able to know if you qualify until you have undergone a serious credit investigation. No matter what, get the best personal loan for you it’s taking the time to make comparisons to find the best rates and conditions.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get it right. borrowing decision for their needs.


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