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Citi® Personal Loan Review: Ideal for High-Interest Debt Consolidation

Review Updated
Dana George
Author: Dana George
Dana George
Dana George
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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of Motley Fool Money.

Other than paying for post-secondary education, a Citi® Personal Loan can be used in any way a borrower sees fit. Still, this loan is best for borrowers with high credit scores looking to consolidate high-interest debt. Here, we'll lay out the pros and cons of a Citi® Personal Loan and help you determine whether it's the best loan for you.

Citi® Personal Loan

Great for: Debt consolidation and long repayment terms

Check Rates for Citi® Personal Loan
Logo for Citi® Personal Loan
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Check Rates for Citi® Personal Loan
Minimum Credit Score
740
Loan Amounts
$2,000 - $30,000
APR Range
11.49% - 20.49%
Term Length
12 - 60 months

Citi is a fantastic option for those looking to consolidate high-interest debt, especially existing Citi customers. While the maximum loan amount is lower than some competitors, Citi offers long repayment terms, and there are no origination or prepayment fees to worry about. In addition to competitive interest rates, Citi offers a generous 0.5% APR discount if you enroll in automatic payments at loan origination -- with even deeper discounts for Citi Priority and CitiGold customers.

  • Low loan amounts available
  • Relatively low interest rate (on the low end of the range)
  • No origination or prepayment fees
  • Good for debt consolidation
  • Long repayment term
  • Funds sent by mail can take five business days or more to arrive
Disclaimers

Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time.

You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.

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

Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. 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 APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.

To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.

Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. 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.

If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days. 

Personal loans are made available by Citibank, N.A., Equal Housing lender

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

Full Citi® Personal Loan review

This personal loan is a good fit for: Borrowers with strong credit scores looking for debt consolidation and long repayment terms.

Top perks

Loans for as little as $2,000

There is convenience in being able to borrow as little as $2,000, especially for those who only need funds to cover a much-needed home or car repair.

Relatively low APR

Borrowers with a strong credit score can qualify for a competitively low fixed rate. This is ideal for anyone looking to consolidate high-interest debt into one loan.

No origination fee or prepayment penalty

An origination fee is an amount added to the total amount borrowed. It's meant to cover the administrative costs associated with the loan. A prepayment penalty is sometimes charged to a borrower if they pay off their loan earlier than planned. The fact that Citi charges neither an origination fee or prepayment penalty automatically saves borrowers money.

Long repayment plan

With repayment terms of 12 - 60 months, borrowers can pay more each month and retire the loan early or pay it off at a slower rate with lower monthly payments.

What could be improved

Mailed checks can take five or more days to arrive

The only way to receive funds within one day is to opt for direct deposit. Citi accountholders will receive funds via direct deposit within the same business day, while non-Citi accounts will get funds direct deposited within two business days. Customers who prefer to receive a check could wait five business days or more from the time the loan was approved.

How to qualify for a Citi® Personal Loan

  • Be a U.S. citizen or permanent resident
  • Have a minimum income of $30,000

Application process

You can apply for a Citi® Personal Loan online, by phone, or in person. In order to apply for a loan, you'll need to gather the following information and documents:

  • Social Security number
  • Recent pay stubs (or other proof of income)
  • Bank statements
  • Photo identification
  • The amount of money you want to borrow

If you're approved, you'll be asked to sign the loan agreement and let Citibank know how you want funds deposited.

This personal loan is right for you if:

  • Your credit score is high enough to qualify for Citibank's lowest interest rates.
  • You have an emergency situation that calls for a small loan, or you qualify for a low enough interest rate to justify consolidating your higher-interest debts.

Whether you're actively employed, currently unemployed, own your own business, or are retired, shopping around is the single most important thing you can do before signing on for any financial product.