Kennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Written By Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Personal Finance Editor Dawn Nici Personal Finance EditorDawn Nici is a consumer finance editor. Her more than 20 years of experience in financial and business reporting includes coverage of the New York Stock Exchange and other major economic stories in New York, Washington, D.C. and Los Angeles. She spen.
Dawn Nici Personal Finance EditorDawn Nici is a consumer finance editor. Her more than 20 years of experience in financial and business reporting includes coverage of the New York Stock Exchange and other major economic stories in New York, Washington, D.C. and Los Angeles. She spen.
Dawn Nici Personal Finance EditorDawn Nici is a consumer finance editor. Her more than 20 years of experience in financial and business reporting includes coverage of the New York Stock Exchange and other major economic stories in New York, Washington, D.C. and Los Angeles. She spen.
Dawn Nici Personal Finance EditorDawn Nici is a consumer finance editor. Her more than 20 years of experience in financial and business reporting includes coverage of the New York Stock Exchange and other major economic stories in New York, Washington, D.C. and Los Angeles. She spen.
| Personal Finance Editor
Updated: Dec 14, 2023, 12:30pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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Citibank’s personal loans are now available to all applicants, regardless of whether they have a Citi credit card or bank account.
The bank has also made several updates to its digital platform to allow customers to check their rates and select loan amounts and payment terms with no impact to their credit.
If you are approved for a personal loan, Citibank says it can provide your funds as early as the same business day if you deposit them into a Citibank account or within two days if you use an external bank account.
Previously, Citibank personal loans were only available to customers with a Citi deposit account or who’d held a Citi credit card for at least 12 months. Now, Citi personal loans are being made available to new customers as well.
Loan amounts range from $2,000 to $30,000 depending on your qualifications and needs. You can choose from terms that reach up to 60 months. The annual percentage rate, or APR, can range from 10.49% to 19.49%, depending on your credit profile—but you can receive a small discount by making automatic payments. If you’re 60 days late or more on a loan payment, however, your APR may increase.
You can use a Citibank personal loan for many purposes, including debt consolidation, home improvement, emergency expenses and more.
Citibank requires borrowers to have a minimum annual salary of $10,500 or higher. While Citibank does not disclose its minimum credit score requirement, it recommends that you have a score of at least 680 to improve your chances of qualifying. If you want to secure the lowest rates, aim for a score of at least 720.
To apply for a Citibank personal loan, start by filling out the online application that requires an estimate of how much you’ll need, your loan’s purpose and other personal information to indicate your creditworthiness and ability to repay.
Once you receive approval, you’ll need to finalize your application and send additional documents to secure your loan. Your funds will be disbursed in one to five business days, depending on whether you chose to receive a direct deposit or a check. Following that, you should receive information about your monthly payment schedule.
Citibank offers several perks and benefits with its personal loan product. Borrowers don’t have to pay any origination, application or prepayment fees during their loan term. Several repayment terms are available, depending on your needs, along with a quick loan disbursement time.
However, some of the best personal loans offer lower interest rates and higher loan limits when compared to Citibank. For example, SoFi offers a higher maximum loan amount of $100,000 and a lower minimum interest rate of 8.99%. Before you decide on Citibank, compare rates and terms with other lenders to ensure you make the best decision.
Citibank personal loans can be an attractive option if you need to borrow a relatively low amount and have a decent credit score. You can also save money on fees and prepayment penalties. Citibank personal loans are no longer limited to current customers, so newcomers can take advantage of the program.
Compare personal loan rates in 2 minutes with Credible.com
