Citibank personal loan amounts and interest rates
Citibank loan amounts range from $2,000 to $30,000, and the company is accepting loan applications from residents of all 50 states and Washington, DC.
Depending on your credit score and other financial factors, your APR will vary from 7.99 to 23.99%, which is average compared to the APR ranges of some other top competitors. For example, Marcus rates range from 6.99% to 19.99%, while Avant loans have APRs between 9.95% and 35.99%.
Advantages and disadvantages of Citibank personal loans
Who is Citibank for?
Citibank is best for borrowers who already have a relationship with the bank and are comfortable with the company. If you only want a small amount of money and don’t need it right away, Citi might be a good option for you. The bank’s customer service is also available seven days a week, so the company can answer all your questions throughout the week.
Citibank Personal Loan Comparison
*Although Avant does not charge setup fees, it does charge an administration fee of up to 4.75%. An administration fee is deducted from your loan proceeds when the loan is funded.
Avant is best for borrowers with weaker credit histories, as its minimum credit score is only 600. Although minimum credit scores for Marcus and Citi are not disclosed, you will likely need a good credit rating to qualify for a loan.
Marcus charges no fees, while Avant has an undisclosed administration fee and late fee. Citi has a $25 late fee.
Marcus offers a unique feature – an on-time payment reward. If you repay your loan on time and in full each month for one year, you can waive one month of payments and no interest will accrue during this period. Marcus will then extend your loan for a month.
How Citibank Personal Loans Work
Citibank (Member FDIC) offers fixed rate unsecured personal loans for purposes such as medical expenses, home renovations, and even vacations. You don’t need to provide collateral – like a house or car for a mortgage or auto loan – to get an unsecured loan.
You must have an open Citi deposit account for at least 12 months and an annual income of at least $10,500 to qualify for a Citi loan. Eligibility also depends on your credit score and other financial factors. You cannot have a co-borrower or co-signer on your loan.
Citi’s repayment terms range from one to five years. You can prepay your loan without penalty and the company does not charge origination fees. You will be charged a $25 late fee if you are late on a payment. Citi is also increasing the interest rate by 2% for borrowers who are 60 days past due on their loan repayment.
You’ll receive your money in the form of a mailed check within five business days, which is slower than with many comparable lenders.
There is no pre-qualification option for a loan, which means that if you want to know your rates with Citi, you will have to undergo what is called a firm credit check. A firm credit inquiry gives the lender a full view of your credit history, but can negatively impact your credit score.
You can contact the Citi Customer Support Line Monday through Sunday from 9:00 a.m. ET to 11:00 p.m. ET. Citi is also available through a messaging service through your online account or through its mobile app, available on the google play and Apple Store.
Is Citibank Trustworthy?
The Better Business Bureau, a nonprofit organization focused on consumer protection and trust, gives Citibank an F rating. The BBB determines its ratings by reviewing a company’s responses to consumer complaints, transparency in business practices and honesty in advertising.
The BBB gives the bank this lower rating due to its failure to respond to 11 complaints filed against the company, 81 unresolved complaints and government action against the company. In September 2020, the Commodity Futures Trading Commission ordered three Citibank subsidiaries to pay a $4.5 million fine for failing to properly store the audio recordings, which have been deleted.
Citi has also been at the center of another recent scandal. In October 2020, the federal government fined Citi $400 million on its inability to address common risk management issues.
You might consider another lender if Citi’s low BBB score and recent scandals bother you.