Citibank personal loan review: Competitive interest rates and a low minimum amount

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In a Nutshell

Citibank personal loans can come with competitive interest rates and are available in amounts as low as $2,000. But to qualify for the most competitive rates, you’ll likely need pretty solid credit, and to apply you’ll need an eligible Citibank account.
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Pros Cons
Competitive interest rates Must have an eligible Citibank account
Loan amounts as low as $2,000, up to $30,000 Funding can take more than five business days
Ability to earn Citi ThankYou® Rewards points No ability to prequalify

What you need to know about a Citibank personal loan

Citibank offers unsecured personal loans in amounts as low as $2,000 with competitive fixed interest rates. To qualify, you’ll need to have an eligible Citibank account with adequate balances averaged over the past three months and you’ll generally need excellent or good credit to qualify for the most competitive rates.

Competitive rates

To qualify for Citibank’s lowest interest rates, you’ll need the following:

  • “Excellent” credit (according to Citibank)
  • A loan amount of at least $10,000
  • Loan term of 36 or fewer months
  • Monthly payments automatically pulled from your selected account via Citibank Auto Deduct

Wide range of loan amounts

Citibank offers personal loans from $2,000 to $30,000. And at $2,000, its minimum loan amount is low compared to many lenders — particularly other banks, which can have minimums of $3,000 to $5,000.

Earn rewards points

Link your Citibank personal loan to an eligible Citibank checking account and you may earn Citi ThankYou Rewards points every month. Points can be redeemed for retailer gift cards, travel rewards, cash rewards and other goodies. Just be sure to read the program rules to see if you’d qualify for this program.

Personal loan details

Citibank is a global bank with almost 700 branches across the U.S. Here are a few other things to know.

  • Annual income To qualify for a Citibank personal loan, you must have an annual income of at least $10,500 and an eligible Citibank deposit account open for at least three months.
  • Loan terms Citibank offers loan terms between 12 and 60 months.
  • Funding time Receiving funding can take longer with Citibank than with some other lenders. Funds are sent by U.S. mail within five business days after your loan is approved.
  • No prequalification Citibank doesn’t offer the ability to prequalify for a personal loan. To see what your loan terms would be, you’d need to submit a formal application online, over the phone or at a branch office.

Who a Citibank personal loan is good for

A Citibank personal loan could be a good option for someone with a Citibank account and strong credit. Those who qualify for the bank’s competitive interest rates might find a Citibank personal loan comes in handy to consolidate existing high-interest debts.

It could also be an ideal choice if you want a smaller loan to cover an emergency expense or minor home improvement, or if you want a shorter loan term of 12 months.

How to apply with Citibank

You can apply for a Citibank personal loan online, over the phone or at a branch office. To apply online, you’ll need to have an eligible CitiBank account — and your requested loan amount can’t be more than $30,000. If you want to borrow more than $30,000 — or would simply rather speak with someone — you can apply over the phone or visit a branch.

If this personal loan isn’t right for you, consider these other options

  • ELoan: Eloan might be ideal if you want the ability to prequalify for a loan.
  • Discover: If you want a personal loan with the option to pay off debt directly to your creditors, Discover is a good option.

About the author: Marcie Geffner is an award-winning freelance reporter, editor, writer and book critic. Her work has been featured online and in print by the Chicago Sun-Times, Fox Business Network Onlin… Read more.