There are many reasons to require loans, like buying expensive items or paying considerable amounts in your daily life. That’s why you may consider Citibank personal loan above many loans.
However, you may find difficulties when looking for information about the loan from this bank. Therefore, this article is here to help you.
Table of Contents
Information About Citibank Personal Loan
Overview Of Citibank
For your information, Citibank was established in 1812 as the City Bank of New York and renamed Citibank later on. Recently, it has presented as the consumer division for Citigroup.
This bank has already had more than 2000 branches in more than 19 countries. It specializes in providing financial services, like banking cards, personal loans, digital wallets, and so much more.
Kinds Of Personal Loans
The personal loans from Citibank can involve dealing with various costs, including some examples as consolidating debt, remodeling houses, and holding your weddings.
However, you cannot use the borrowings for particular purposes like tertiary education. Remember that!
Loan Amounts Variety
Citibank will offer you multiple loan amounts, ranging from $2,000 to $30,000. We like that this bank provides the most minimum loan amount than other banks.
In here, you can borrow from $2,000; otherwise, other banks will request you to borrow from at least $3,000. If you are on their system, you can make online borrowings for the below $30,000 amounts.
Competitive Interest Rates
Your APR, also known as annual percentage rates, will fluctuate from 7.99% to 23.99%, based on your credit ratings and other financial aspects.
During our research, we see that you may be charged at higher rates if your loan is less than $10,000 or longer than three years.
If you aim for possibly the lowest interest rates, here are some factors you should comply with:
Firstly, your credit score should be rated as Excellent by Citibank.
Secondly, your loan should be more than $10,000, and the term is less than three years.
Finally, you make monthly payments from your account in Citibank Auto Deduct.
If you want to qualify for a personal loan, there are some demanding factors from Citibank:
Firstly, your annual income should be at a minimum of $10,500. Plus, you need to open a qualified deposit account for at least three months or a credit card one for a minimum of one year.
Secondly, according to the Fair Issac Corporation, your credit score should be at least 680.
Thirdly, you shouldn’t have existing Citibank personal loans opened in the last six months.
Also, you will receive funds from US mail in five working days after the approval, which may be longer than other banks. Moreover, you need to apply online, on the phone, offline at the bank to determine the terms.
How To Apply For Citibank Personal Loan?
If you request a loan of less than $30,000 and a qualified Citibank account, you can submit applications online, and here are the ways:
Step 1: Click the Apply Now button and then log in or create your account
Step 2: Complete your application by submitting your personal information, proof of identity documents, Social Security number, proof of your annual income, and employment verification to request a loan amount.
Step 3: Revise and sign your loan contract after your approval. Depending on your loan sizes, it will take two to three days. Larger loans will take longer than smaller loans.
Step 4: Receive your funds through the mail in five working days.
In contrast, if your loan is more than $30,000, you can come to the closest branches or through the phone.
Pros And Cons Of Citibank Personal Loan
We see that some points make Citibank stand out in the personal loan aspect.
Firstly, there are no down payments and prepayment expenses relating to the loan, making it more affordable than other banks or financial institutions.
Secondly, if you are a Citibank customer, you have automatically granted a maximum of $50,000 loan amount.
Therefore, combined with this personal loan, you will have access to additional funds, benefiting you more than other lenders.
Also, you can choose from various repayment terms, from one month to five years, which is much more diverse than most lenders. You can choose shorter or longer periods, depending on your needs, interest saved, or low monthly payments, respectively.
Finally, you can make borrowings through a mobile app, making it convenient for you to keep track of your loan and make payments on time.
However, there are still some cons. One point to mention is that you need to have a qualified Citibank deposit account before at least three months.
And the bank doesn’t offer pre-qualification; therefore, it is inconvenient for you not to know what rates or amounts you are qualified for.
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FAQs About Citibank Personal Loan
Who Is Suitable For Citibank Personal Loan?
If you are currently a customer and have a strong credit rating, you will likely offer competitive ratings from the bank. Moreover, if you want to obtain smaller loans and don’t need them urgently, Citibank is also an excellent choice for you.
Also, the bank is suitable for you if your loan term is less than 12 months. And in case you have any questions, you can contact the customer services within seven business days.
What Are Other Citibank Products?
First, we have the Checking Plus Line Of Credit to prevent your accounts from falling below zero and raise fees. This credit line will handle any overdraft arising which not exceed the acceptable limit.
Another product is the Custom Credit Line, covering your considerable payments, like weddings pr home renovations.
You will be charged with the amounts you used and the monthly balance with these two products.
What Are Some Lenders Besides Citibank?
First, we have Upstart, also offering personal loans; however, they have a special creditworthiness assessment by looking at your education and employment background.
Also, Lending Club will act as a financial intermediary to connect you with the people who want to put their money in personal loans.
Finally, we have Santander Bank to predict your payment amount every month.
After this article, we hope you’ve acquired sufficient knowledge about Citibank personal loan and made your decisions.
Besides some disadvantages, Citibank will still be your ideal place to obtain smaller loans. If you have any concerns, feel free to leave comments, and we will answer in no time.
Thank you and see you in our next article!
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