Citibank Personal Loan Review: Best for Existing Customers with Premier Accounts

Citibank Personal Loan Review: Best for Existing Customers with Premier Accounts

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For existing Citibank customers, a Citibank personal loan can make financial sense, especially if you have a Citigold or Citi Priority account and a high deposit account balance. Citibank makes unsecured loans up to $50,000 and lines of credit up to $25,000. Depending on how you pay back your loan and what term you select, you can qualify for an APR discount up to 1.5 percentage points. And depending on what deposit account you have, you may also be able to earn ThankYou® Points if you pay your loan from that account.

Citibank Personal Loan Review: Should You Apply?

We recommend Citibank for borrowers who are existing customers of the bank, particularly for those borrowers who have a premier deposit account or high deposit balances. However, if you think you can qualify for the lowest rate at Citibank, which is 7.99%, we advise shopping around as many other personal loan companies have rates below 7%.

Good for...Bad for...
  • Existing Citibank customers, especially those with premier accounts or high deposit balances
  • Borrowers with credit scores under 680
  • Borrowers who can get a lower rate elsewhere
  • End-to-end online experience

We think a Citibank personal loan is best suited for existing customers of the bank. This is because the bank allows customers to borrow more with better terms. If you are not a customer of Citibank, you can only borrow up to $12,500 through a personal loan, and you won’t be eligible for the personal line of credit. Like most banks, Citibank offers an APR discount called "Auto Deduct" to customers who enroll in automatic repayment of their loan through a qualifying deposit account. However, Citibank’s APR discount, at 0.50%, is higher than what we’ve seen at other banks, where the discount is typically 0.25%. You can also receive an additional 1% APR deduction if you choose a three-year or shorter term for your loan. These discounts can be combined, allowing you to receive a total 1.5 percentage point discount on your APR.

Citibank also offers better rates, terms and perks for borrowers who have premier accounts or high deposit balances. For instance, if you have more than $200,000 in an eligible Citibank deposit account, you can qualify for an APR lower than 7.99% on a personal loan. Additionally, borrowers with a Citigold Account, Citi Priority Account or Citibank Account Package and clients of Citi Private Bank with a linked checking account can enroll in ThankYou® Rewards and earn ThankYou® Points on their loan payments if they make them through the eligible account. Finally, the $50 annual fee on the personal line of credit is automatically waived for Citigold and Citi Priority customers (all other customers will need to make at least one transaction per year to waive the fee).

While Citibank doesn’t have very high rates, its lowest rates aren’t particularly competitive. If you think you can qualify for the lowest rate at Citibank, we’d recommend checking out an online lender that has lower rates. Some online lenders, such as SoFi, Earnest, LightStream and Best Egg, have APRs at or lower than 7%. A few percentage points difference on your APR could save you hundreds or even thousands of dollars over the life of your loan.

Eligibility Criteria

To reap the full benefits of a Citibank personal loan, you will need to be a customer of the bank. You won’t be able to apply for a line of credit of more than $12,500 on a personal loan if you aren’t a banking customer.

  • At least $10,500 in annual income
  • A Citibank deposit account balance of $500 or more (line of credit only)
  • At least 3 months of tenure on a Citibank deposit account, a linked Citibank mortgage or a Citi credit card (line of credit only)
  • At least 30 days tenure on a Citibank deposit account to apply for more than $12,500 (personal loan only)

Citibank mainly serves parts of California, Texas, Illinois, Florida and the Northeast.

Citibank Personal Loan Terms and Requirements

  • on Citibank's secure website
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Citibank makes both unsecured personal loans and lines of credit. Lines of credit are only available to existing Citibank banking customers.

Unsecured Personal Loan Terms and Requirements

Citibank makes unsecured personal loans up to $50,000. If you are not a member of the bank, you can only borrow up to $12,500. However, if you’ve had a Citibank deposit account for at least 30 days, you can borrow up to the full amount.

Loan Amount Range
  • $2,000 - $12,500 for non-Citibank customers
  • $2,000 - $30,000 for customers who apply online
  • $2,000 - $50,000 for customers who apply by phone or in person
APR Range7.99% - 17.99% with discounts (rate may be higher)
  • No origination fee
  • No late payment fee
  • No NSF/returned payment fee
  • No check processing fee
  • No prepayment penalty
Loan Terms1 to 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsYes (only in rare circumstances)

Unsecured Personal Line of Credit Terms and Requirements

Citibank also has a very flexible personal line of credit for existing customers with a qualifying Citibank deposit account.

Loan Amount Range$1,500 - $25,000
APR Range10.49% - 22.49% variable rate
  • Annual fee: $50 (waived for customers who make at least one transaction per year and Citigold and Citi Priority customers)
  • No late payment fee
  • No NSF/returned payment fee
  • No check processing fee
  • No prepayment penalty
Loan TermsFlexible
Repayment OptionsMonthly
Direct Payment to CreditorsYes (only in rare circumstances)

Application Process

You can only apply online if you are an existing customer of the bank getting $30,000 or less on a personal loan. For borrowers who aren’t customers, who want a line of credit or who want more than $30,000, you’ll need to call or stop by a branch in person.

Application ProcessOnline (up to $30,000 loan for existing customers only), by phone or in person
Time to Get Funds1-5 business days
Credit CheckHard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes

To apply online, you’ll need to log into your Citibank account. The bank may ask for additional information, such as your salary, employment and housing payments and any documents to verify this information (W-2, pay stub, etc.). You will also need to consent to a hard credit check, which can affect your credit score. If you are approved, Citibank will mail you a check for the full amount of your loan within five business days.

How Does Citibank Compare to Other Lenders?

If you’re planning on getting a personal loan, it’s generally recommended to shop around before you commit to one lender. We take a look at some of the other lenders who offer unsecured personal loans.

Citibank vs. Marcus

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We think Marcus is a better choice than Citibank if you can qualify for the lower range of rates and if you need to consolidate debt. Marcus primarily caters to borrowers looking to pay down high-interest credit card debt. The company has rates starting a full two percentage points lower than Citibank, and while you can’t borrow as much with Marcus, the application is completed online and you can receive funds within a few days. You can also check your rate at Marcus without affecting your credit score. Similar to Citibank, we recommend borrowers have strong credit, a reasonable debt-to-income ratio and several years of credit history to improve their chances of getting approved at Marcus. Marcus is also available in more locations, serving residents of all states except Maryland.


  • APRs: 6.99% - 19.99%
  • Amounts: $3,500 - $40,000
  • Terms: 3 to 6 years
  • Origination fee: None

Citibank vs. Earnest

  • on LendingTree's secure website
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If you think you can qualify for a low rate at Citibank, we recommend checking out Earnest as the lender has even lower rates than Citibank and offers the same loan amounts. One downside to Earnest are the shorter terms -- you’ll need to look elsewhere if you want a term longer than a few years. You also cannot check your rate online at Earnest, so you’ll need to commit to completing an application and going through a hard credit check to get a loan. To improve your chances of getting approved at Earnest, we recommend borrowers have good credit history, a demonstrated ability to save, a low debt-to-income ratio (excluding student loan and mortgage debt), a full-time job or job offer, no history of being charged overdraft, NSF or late fees and no recent bankruptcies.


  • APRs: 5.99% - 17.24%
  • Amounts: $5,000 - $75,000
  • Terms: 3 to 5 years
  • Origination fee: None

Citibank vs. Prosper

  • on LendingTree's secure website
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While Prosper has a lower range of rates than Citibank, its loans have shorter terms and lower loan amounts. We do, however, recommend Prosper for borrowers looking to finance a medical procedure. Prosper works directly with medical and dental practices across the country to provide financing for a variety of procedures, such as cosmetic dentistry, bariatric surgery, fertility treatment and cosmetic and plastic surgery, and you may be able to apply directly at your doctor’s and dentist’s office. To qualify at Prosper, you must have a 640 credit score, a debt-to-income ratio under 50% and at least some state income. There are also requirements on the number of bankruptcies and credit inquiries you can have as well as the number of open trades on your credit report.


  • APRs: 6.95% - 35.99%
  • Amounts: $2,000 - $40,000
  • Terms: 3 or 5 years
  • Origination fee: 2.41% - 5%

Madison is a former Research Analyst at ValuePenguin who focused on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.