Thursday, 19 September 2019

Citibank Personal Loan Review

Citibank Personal Loan Review
16 Jan
10:08

Citibank
APR

7.99%
To
17.99%

Credit Req.

Not specified

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

Not specified

Citibank personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.99%-17.99%
  • Loan amounts: $2,000-$50,000
  • Time to funding: Checks are sent within five business days of approval.
  • Credit check: Hard Pull
  • Origination fee: Not specified
  • Prepayment fee: No
  • Late payment fee: Not specified
  • Other fees: Not specified

Citibank product details

Perks offered to Citibank personal loan customers aren’t largely advertised online. However, linking a personal loan account to an eligible checking account enrolled in Citi ThankYou Rewards can help earn points on a monthly basis. Points never expire and can be redeemed for gift cards, travel rewards, cash and more. This can allow customers to save money while repaying their loan.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: While a minimum credit score isn’t listed, Citibank does specify that the lowest quoted personal loan rate requires the borrower to have excellent credit.
  • Maximum debt-to-income ratio: Not specified

Citibank personal loans are only available to borrowers with a maximum of one existing personal loan account with the financial institution. If consumers have another Citibank personal loan account, it cannot have been opened within the past six months. Qualified applicants are also required to have a minimum annual income of $10,500.

It’s also worth noting that anyone who wants to apply for a personal loan online must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have online account and non-customers must apply in person at a Citibank branch or call a

Applying for a personal loan from Citibank

Personal loans are available in increments from $2,000 to $50,000, but applications cannot be submitted online for amounts exceeding $30,000. Applicants who wish to borrow up to $50,000 must call 1-877-362-9100 or visit a Citibank branch location.

Depending on the requested loan amount, prospective borrowers with a current Citi checking or savings account who are registered for Citibank online and anyone who has received a Citi Personal Loan offer with an invitation number can submit a personal loan application online. Everyone else must apply in person at a Citi branch or call 1-877-362-9100.

To begin the online application process, current Citibank customers registered for online access will need to enter their user ID and password. Non-Citibank customers who have received a Citi Personal Loan offer with an invitation number will be directed to an application site and asked to enter the invitation code, their last name and zip code. Do note, credit scores are not impacted for viewing the personal loan offer. Upon approval, a check for the full amount of the loan will be mailed within five business days.

Pros and cons of a Citibank personal loan

Pros:

Cons:

  • Fixed rate: Citibank personal loans come at a fixed rate, allowing borrowers to enjoy fixed monthly payments. Do note, defaulting on the loan may come at the cost of a 2% APR increase.
  • No hidden fees or prepayment penalties: Borrowers don’t have to worry about being hit with added costs attached to the loan.
  • Competitive rates: Fixed rates range from 7.99% APR to 17.99% APR.
  • Flexible terms: Borrowers can choose from a variety of repayment terms, consisting of 12 to 60 months.
  • Fast cash: Checks for the full amount of the approved loan are mailed within five business days.
  • Limited online application access: To apply online, prospective borrowers must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person or by phone.
  • Loan amount constraints: To receive the lowest quoted rate, borrowers must use Citibank Auto Deduct to repay the loan, have excellent credit, borrow at least $10,000, have a loan term of 36 months or less and sufficient relationship balances.

Who’s the best fit for a Citibank personal loan?

A Citibank personal loan can be a great option for consumers with a one-time need to borrow money. Specifically, Citibank customers willing to repay their loan with Citi Auto Deduct, who have excellent credit, need to borrow at least $10,000, can repay the loan within 36 months and have sufficient relationship balances are eligible for the most competitive rates.

Loan amounts range up to $50,000, so this product can also be a good fit for consumers who need a higher loan amount. The ability to lock in a fixed rate and face no hidden fees or prepayment penalties can make it good choice for those looking for peace of mind in a fixed monthly payment.

Alternative personal loan options

LightStream

LightStream
APR

3.34%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

LightStream is the online lending division of SunTrust Bank.Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.34% APR with a term of 3 years would result in 36 monthly payments of $292.31.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are fixed and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties, making it a good choice for consumers who might want to pay the loan off early. Loans can be funded as quickly as one day of approval, so this isn’t the best option for anyone who needs cash fast.

PenFed Credit Union

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

60

months

Origination Fee

No origination fee

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $25,000.Read More

PenFed grants personal loans from $500 to $25,000. Along with no origination fee, there’s also no other hidden costs, making it a great choice for borrowers looking to avoid additional expenses. Funds are available immediately, which is advantageous for consumers who need cash now. Do note, personal loans are only available to PenFed members.

SoFi
APR

6.79%
To
15.49%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SoFi offers some of the best rates and terms on the market. Read More


Fixed rates from 6.79% APR to 15.49% APR (with AutoPay). Variable rates from 6.54% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of January 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. . See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.54% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi provides personal loans ranging in value from $5,000 to $50,000, making it a good choice for borrowers who need a significant amount of money. Rates are fixed and loans are completely free of fees. Funds are typically deposited in consumers’ accounts a few days after approval and the successful completion of required paperwork. An added bonus, SoFi’s unemployment protection benefit offers an additional layer of security by allowing borrowers to temporarily pause payments and helping them find a new job if they become unemployed.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

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Source: https://www.magnifymoney.com/blog/personal-loans/citibank-personal-loan-review/

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