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Citi® Personal Loan

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Secure application on issuer’s website

  • Loan Amounts$2,000 ‐$30,000
  • Loan Terms12 ‐ 60 months
  • APR Range10.49% - 19.49%
  • Minimum
    Credit Score
    Excellent credit

Citi® Personal Loans come with competitive rates, generous rate discounts, and no fees. Plus, enjoy same-day funding if you have an existing Citi bank account.

Multi-Purpose Loans With Rate Discounts and No Fees

Citi offers a competitive personal loan product with no fees and multiple discounts to help lower your interest costs. Their personal loans come with no origination fees, late fees or prepayment penalties, and qualifying borrowers can get generous rate discounts. While these are all great perks, Citi typically requires excellent credit to qualify, so if your credit score is good or fair, you’ll probably need to find another lender. Overall, Citi personal loans could be a smart choice for existing Citi customers and borrowers with excellent credit.

Pros

  • Autopay discounts available
  • Same business day funding with Citi® account (or up to 2 days with non-Citi® account)
  • Zero fees - No origination fee, no late fees, and no prepayment penalty

Cons

  • No joint loans
  • Loan maximum lower than other lenders
  • Excellent credit required

Citi Personal Loan Details

Loan Amounts

$2,000 ‐$30,000

APR Range

10.49% - 19.49% **

Loan Terms

12 ‐ 60 months

Credit Score

Excellent credit

Funding Time

As soon as the same day when direct depositing to an eligible Citi account

Up to 2 business days with direct deposits to a non-Citi account

Prequalification?

Yes

Co-Signer Allowed?

No

Joint Applicant Allowed?

No

Income Requirements?

$30,000 per year

Origination Fees

None

Late Fees

None

Prepayment Fees

None

Discounts?

0.50% APR autopay discount

0.25% interest rate discount for existing Citigold® and Citi Priority customers

Loan Uses

With a Citi personal loan, you can use the funds for almost any purpose, except to cover education costs or business expenses. Here are a few costs a personal loan could help with:

Highlights and Perks

There is a lot to like about Citi's personal loan offering, including:

  • No fees: Lenders often charge origination fees for personal loans. These costs are often paid up front, which can reduce your total loan amount. But Citi doesn’t charge origination fees, and you also won’t need to worry about late fees or prepayment penalties. 
  • Multiple discounts available: While autopay rate discounts are common, they’re often as low as 0.25%. Citi offers a 0.50% autopay discount, plus existing CitiGold® and Citi Priority customers can get an additional 0.25% off their rate. 
  • Fast funding time possible for Citi customers: If you have an existing Citi account, you could get your personal loan funds as soon as the same day, making this an ideal financing option during emergencies.  
  • Loan funds can be used for several purposes: Like most personal loans, Citi personal loans can be used for several purposes, though you won’t be able to use them to cover business or higher education expenses.

Drawbacks

On the flip side, consider these drawbacks before deciding on a Citi personal loan:

  • High minimum loan and low maximum loan: Relative to competitors, Citi offers a fairly high minimum loan amount of $2,000 and a low maximum loan amount of $30,000. If you need a larger loan amount, consider other lenders.  
  • Does not allow co-applicants: This lender doesn’t allow co-signers or co-borrowers, so you’ll need to qualify on your own. If you don’t have great credit, getting approved as an individual could be challenging. 
  • High credit score required: Citi indicates that borrowers will likely need excellent credit to qualify for its personal loans. Other competitors may be more flexible with their credit requirements and more willing to work with borrowers who have lower credit scores. 
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How to Prequalify for a Personal Loan, and Why It Can Be a Good Idea

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How to Qualify

As mentioned, Citi’s credit score requirements are high relative to some competitors. To qualify for its personal loans, you’ll likely need excellent credit, or a FICO® Score of 720 or above. Citi has also stated that borrowers require a minimum income of $30,000 per year to qualify.

Unfortunately, Citi doesn’t allow co-applicants at this time, so you’ll need to apply as an individual. But if you have excellent credit and can meet the lender’s other qualifying criteria, Citi could be a great choice. This is especially true if you’re an existing CitiGold® or Citi Priority customer.

Application Process

  • Check your rate: You can check your rate on the Citi site when you begin an online loan application. Doing so won’t impact your credit score. 
  • Apply: If you like the rate and the loan offer, you can move forward with a formal loan application. Be prepared to provide personal information, such as your name, email, phone, address and Social Security number. You’ll also likely need to verify your income and employment status. 
  • Hard credit pull: Once you’ve formally applied, Citi’s underwriting team will do a hard credit inquiry. This is standard with most loan applications and will ding your credit by a few points temporarily. 
  • Approval: Citi will provide a loan decision shortly after you apply, though it doesn’t specify an approval timeline. 
  • Funding: If you’re an existing Citi customer with an eligible account, you may receive your loan funds via direct deposit within the same day of approval. Those with accounts at other banks will receive their funds via direct deposit in as little as two business days.
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Example of Loan Payments

If you borrow a $15,000 loan with a 12% APR and a 4-year term, your monthly loan payments would be around $395.01, and you’d pay about $3,960.35 in interest over the life of your loan.

How Citi Compares With Other Lenders

Citi may be a good option for excellent-credit borrowers who need relatively small personal loans. But if you need a large personal loan or your credit isn’t great, SoFi or Best Egg may be better options. Here’s what to know about each of these lenders and how they compare. 

Citi SoFi Best Egg

Best For

Excellent Credit

Large Loans

Secured Loans

Loan Amounts

$2,000 ‐$30,000

$5,000 – $100,000

$2,000 – $50,000

APR

10.49% - 19.49%

8.99% – 25.81%

8.99% – 35.99%

Loan Term

12 ‐ 60 months

24 – 84 months

36 – 60 months

Minimum Credit Score

Excellent credit

680 or above

700 or above

Citi vs. SoFi

While Citi offers personal loans up to $30,000, SoFi lets qualifying borrowers get loans of up to $100,000. So if you need a large loan to cover your costs, SoFi may be the better option. Like Citi, SoFi has minimal fees, and you’ll probably need good or excellent credit to qualify for its loans.

Citi vs. Best Egg

Citi loans are available to borrowers with excellent credit. Fortunately, there are options available if your credit score isn’t that high. For instance, Best Egg will work with borrowers who have credit scores of high-600s or above, which is considered in the "fair" range of the FICO model. Best Egg also offers secured loans with low rates for qualifying borrowers.

SoFi Personal Loans

  • $5,000 – $100,000 Loan Amounts
  • 8.99% – 25.81% APR Range
Check Your Rate
Best Egg logo

Best Egg

  • $2,000 – $50,000 Loan Amounts
  • 8.99% – 35.99% APR Range
Check Your Rate

Terms and Conditions

**Rates as of 10-06-2023. Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.

There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.

You must be at least 18 years of age (21 years of age in Puerto Rico). Co‐applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.

If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.

Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates

Citi Personal Loan

Interested in learning more?

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Secure application on issuer’s website

FAQs

  • A Citi personal loan could hurt or help your credit; it just depends on your debt history, repayment habits and other personal factors. When you formally apply for a Citi loan, the underwriting team will do a hard credit inquiry, which will reduce your credit score by a small number of points.

    But if you make full and on-time payments each month, a personal loan could help improve your credit. If you miss payments or pay late, it’ll likely hurt your credit.

  • It’s unlikely you’ll qualify for a Citi personal loan if you have bad credit. But you may be able to get approved with another lender that has flexible credit requirements.

  • Qualifying borrowers can get personal loans of up to $30,000 from Citi. This lender also offers loans as small as $2,000.

JU

Jessica Ullrich

Jess is a freelance personal finance writer. She's been creating financial and business content for over a decade. Before venturing into freelance writing, Jess was on the editorial teams at Investopedia, The Balance, and FinanceBuzz. She's created content across several verticals, including budgeting, credit, debt, insurance, investing, loans, and side hustles. In her spare time, you can find Jess reading about money, working in her garden, or spending time with family.