Citibank always manages to offer great financial products including personal loans. Founded in 1812, Citibank has over a hundred branches all over the world that continue to provide different financial products for its customers.
One thing that truly makes Citibank one of the few banks and loan providers that take good care of their customers is that it does not require origination fees, especially with personal loans. Applicants can borrow as much as $30,000 when applying online and you can even receive the funds in as fast as a few minutes. If you're looking for a good personal loan for emergencies, the Citibank Personal Loan should be your priority.
Learn more about the Citibank Personal Loan and how to apply online with the article down below.
Citibank Personal Loan Perks and Features
One of the many reasons millions of people are looking to apply for the Citibank Personal Loan is its quick response time and deposit turnaround. It only takes a few minutes for you to know if you have been approved for the loan.
Many other loan providers take a lot of time just to provide you with the approval and sometimes, it can ruin your timeline especially if you need the funds right away. Citibank also has a very fast deposit turnaround so the amount is immediately reflected on the account that you chose to deposit.
If you do choose to be paid in a check, you will receive it within five business days as well. The personal loan amount ranges from $2,000 to $30,000 which might be a bit lower than many other lenders but this is specifically for emergency uses only.
Lastly, you can also choose how you want to pay your loan with its very flexible repayment terms. You can choose to pay 12, 24, or 36 months which gives you enough time to pay the amount fully.
Interest Rates and Other Costs
If you're planning on applying for a Citibank Personal Loan, you should also note that there are certain costs and other fees involved.
You will have an interest rate that ranges from 12.49% to 19.49% depending on your creditworthiness. You don't have to pay origination fees but you will pay a late payment charge of $25 if made the payment 10 days after the due date.
If you are 60 days late from paying your monthly dues, your interest rate may be increased by 2% and an additional $25 as returned payment fee.
Who Citibank Personal Loan is Best For
When you think of a Citibank Personal Loan that has all the perks and benefits that were mentioned above, you might think that this loan is for everyone.
Citibank is still the best option for people who can afford to pay off a personal loan on time but if you are someone who wants a short-term loan can choose to get a Citibank Personal Loan.
They can choose a repayment term of 36 months or even less if they're capable of paying it off. You also must be an existing Citibank customer for you to get the personal loan.
If you want a large loan, you might want to rethink your plans on getting the personal loan as it is geared towards a smaller amount.
The Types of Personal Loans Available For You
What's great about Citibank Personal Loans is that there is no need for any collateral during application. There is also a wide variety of personal loans that you can apply for.
Take note that while there are a lot of options for you to apply for a loan, the loan cannot be used to pay off a credit card issued by Citibank. You can apply for debt consolidation loans, medical expenses, home improvement, car repairs, vacations, moving expenses, and many more.
These personal loans will help provide you with financial freedom without having the burden to pay off a large sum of money at the end of the month.
How to Qualify for a Citibank Personal Loan
To apply for the Citibank Personal Loan, there must be certain categories that qualify before you can proceed with the application.
You must have an eligible Citi deposit account or eligible Citi credit card which means that you must have a Citibank account for you to apply for the loan. You must have a minimum annual income of $10,500 and must be 18 years old and above to apply. Make sure that you do not have more than one open Citibank Personal Loan and it must be six months old.
Before you apply, you also need to check your credit score and see if you can get your free credit report. This will help you identify and fix any credit errors that you may have before you apply.
You also need to make a plan to repay the loan even before you apply for it. Calculate your monthly payments based on the amount that you want to loan and see if you're able to afford to pay it monthly on time.
Applying for a Citibank Personal Loan
Once you have all the qualifications sorted out, you can begin to apply for the Citibank Personal Loan. There are two ways for you to apply for the loan. You can visit any Citibank branch near you and apply for a personal loan.
Fill up the application form and submit it to the bank representative to confirm your information. Citibank will also check your credit score which can cause it to temporarily decrease.
If you wish to apply online, head over to the official Citibank website and apply for the loan. Fill up the online application form and review the terms and conditions before submitting your application.
When to Receive Funds
After you applied for the Citibank Personal Loan, you don't need to wait for several days for you to know if you have been approved for the loan or not.
It only takes a few minutes for you to know if you're approved. Once the application is approved, your funds will be credited to your Citibank account on the same day that you apply.
If you want the funds to be credited to a non-Citibank account, it will take around 2 business days before you receive the money. After receiving the funds, you need to map out your repayment plan to ensure that you can set a monthly budget to pay for your loan and that you can always pay on time.
Contact Details
If you have more questions, be sure to call their customer service number at 1-800-950-5114. A representative will be able to assist you further with any of your inquiries.
You can also visit them at their main office found at 701 East 60th Street, North Sioux Falls, South Dakota, 57104.
Conclusion
Citibank personal loans are great for existing customers as it makes it much easier to do transactions. If you're looking for a good amount to loan for emergencies or to simply fund your next travel, look no further than the Citibank Personal Loan.
Disclaimer: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
