7/4/2023
Updated
Most financial institutions in the United States offer you the possibility of requesting quick financing under favorable conditions. The case of Citibank is not one of the most varied, but it is enough to cover most needs.
If you want to know how to apply for a personal loan with Citibank and its requirements, here is some useful information for you to process this application without any problems.
Citibank loans are recommended for those who are already customers of the bank and do not need a large amount of money. In addition, if your credit score is excellent, you will be able to find better offers than those offered by this bank.
You may be interested in: Citibank's customer service phone number
Requirements to apply for a loan at Citibank
First of all, you should know that to apply for a loan at Citibank you have to be a client for 1 year or more. Besides this, there is not much that is required of you:
- Be 18 years of age or older
- Have an annual income of $10,500+.
- Not to have more than one open credit with the bank and that it has expired 6 months ago.
- Amount: between $ 2,000 and $ 30,000
- Term: between 1 year and 5 years
- Interest: 10.49%
- APR: 10.49%
- Amount: Ask
- Term: 0 months
- Interest: 20.50%
- APR: 20.50%
Characteristics of Citibank's personal loans
These are the basic facts you will find when you apply for an installment loan at Citibank:
- APR: 10.49% - 19.49%.
- Amounts: From $2,000 to $30,000
- Terms: 1 to 5 years
- Fees: Late payment/returned check: $25
- Minimum Score: Not published.
- Availability: In all 50 U.S. states.
- Deposit of funds: 1 to 5 business days.
Pros and Cons of Citibank Personal Loans
Whenever you apply for a loan, it is wise to find out first if what you are being offered meets your expectations. Every bank has good and bad points, which we will show you below.
Advantages
- Mobile App. Citibank's customers can download the free app for iOS and Android. This app allows you to manage your finances conveniently and securely.
- Many repayment options. While other lenders might have limitations in this category, Citibank is more flexible. That's why it offers terms that start at one year and extend up to 5.
- No fees. You won't have to pay origination or prepayment fees, but you may receive a $25 penalty if you pay late or your check bounces. Otherwise, there are no other fees.
- Interest rate discount. Those affiliated with the Priority Package and CitiGold programs receive a 0.25% APR rebate. This happens as long as the account holder applies for the financing. If you opened a checking account with them and signed up for the rewards plan, you can earn points.
- Quick reply. After applying for a loan with Citibank, you will receive an answer in a short period of time, which is very useful if you need the money as soon as possible.
Disadvantages
- For customers only. Those who want to apply for a personal loan with Citibank must have had a credit card or account for 12 months or more.
- There is no pre-qualification. As with mortgages, pre-qualification shows you amounts and rates without affecting your credit score. This pre-qualification is more frequent in online platforms.
- It does not allow you to choose or change the payment date. Once you receive approval and accept the conditions, the bank assigns you a payment date that you cannot change. Being able to adjust the day of the monthly payment gives you more comfort if you want to join other obligations when you receive income.
- The amounts are not high. Unlike other institutions, which offer much larger loans, with Citibank you can only get up to $30,000. This may be enough for many expenses, but falls short for many others.
How to apply for a loan with Citibank?
Apart from the requirements, the process to apply for a personal loan at Citibank is quite simple and can be summarized in two steps:
- Make the application in branch or online. Keep in mind that this bank will make a hard inquiry when you ask for financing. The first thing to do is to submit the formal loan application. To verify your information, you will need pay stubs, statements, W2 forms and other documentation.
Sign the contract: Once the documents have been verified, the bank will send you the corresponding contract or deliver it to one of its branches for you to return it signed.
Receive the money: The last step is to wait for the borrowed amount to be deposited in your checking account, which can take up to one business day.
- Set up a repayment plan. Since Citibank reports to all three major credit bureaus, paying on time will offset the hard inquiry and raise your score. Other simple ways to avoid oversights include setting up a budget and setting up automatic payment.
Recommendations before applying for financing
Whenever you are going to apply for immediate credit at a bank, we advise you to do the following:
- Check your score. If you haven't checked it this year, you can do it for free at AnnualCreditReport.com.
- Calculate your monthly payments. You can use a loan calculator to estimate the APR and payment amount.
- Have your paperwork handy. This process usually requires an official photo ID, personal information, financial data and proof of income.
- Compare options. It is not always the option that looks the most viable that will give you what you are looking for. There is a wide variety of traditional and online alternatives that you can review. We recommend you to go for a reliable company that adapts to your profile and gives you good support.
Español: Cómo aplicar para un préstamo en Citibank y sus requisitos