Citi Personal Loans: 2024 Review

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.

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.

Fees and penalties

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

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.

What customers think