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My apologies, I did not see a section for personal unsecured loans. Credit cards seemed like the closest thing.
I noted some credit unions have rates of 5.99% for small "Summer Loans." Doing a quick search for that, I came across Citibank which looks to have rates as low as 6.74% and allow borrowing up to 50K. I couldn't find much online about people's experience using Citibank (not CitiFinancial.. I think they are for less prime borrowers).
Does anyone have any recent experience with Citibank Unsecured Personal Loans (Not CitiFinancial)? I wonder if people are really able to get 6.74% or if thats some kind of website teaser which doesn't match their real current lending. Any information about their application or underwriting guidelines would be very helpful.
Thank you!
The 6.74% rate requires auto-payment, that you meet their relationship balance requirements (in other words, you need to be a Citi banking client) and have excellent credit. The range on that product is actually from 6.74% to 19.49%
From Citi:
To qualify for a Personal Loan, you must have (1) at least one month of tenure on a Citibank deposit account, a linked Citibank mortgage or a Citi credit card (Sears, Macys, Home Depot and other retail partner cards excluded) at the time the application is submitted AND (2) a positive balance in your Citibank deposit account or if no balance, have made a deposit into a Citibank deposit account within the past 3 months prior to the date of application.
You must also have an annual income of at least $10,500.
Rates as of 08/10/2013. Your APR may be as low as 6.74% APR or as high as 19.49% APR. To qualify for the lowest rate, customers must use Citibank Auto Deduct (an automated monthly debit from a Citibank deposit account) for repayment, meet relationship balance requirements (other rates may apply based on your relationship balance amounts), and have a good credit history. If you are in default, your APR may increase by 2.00%.
@slick_shoes_182 wrote:My apologies, I did not see a section for personal unsecured loans. Credit cards seemed like the closest thing.
I noted some credit unions have rates of 5.99% for small "Summer Loans." Doing a quick search for that, I came across Citibank which looks to have rates as low as 6.74% and allow borrowing up to 50K. I couldn't find much online about people's experience using Citibank (not CitiFinancial.. I think they are for less prime borrowers).
Does anyone have any recent experience with Citibank Unsecured Personal Loans (Not CitiFinancial)? I wonder if people are really able to get 6.74% or if thats some kind of website teaser which doesn't match their real current lending. Any information about their application or underwriting guidelines would be very helpful.
Thank you!
I bank primarily with Citibank. I have a Citi Checking Plus account which has a fixed 18.25% APR. The Citi Checking Plus account is designed as an overdraft protection account with limits upto 5K. I primarily use the account for short-term liquidity.
I opened a Citi Custom Credit Line account last week which offers a significantly lower rate in addition to limits upto 50K. To qualify for the lower rates, you need a steller credit score coupled with a solid banking relationship, i.e. Citigold. With the Citi Custom Credit Line, you receive a discounted rate for having autopay. Additionally, if you bank with Citi and have a Citi at Work banking relationship, you can also receive an additional .25% discount. (https://www.citibank.com/us/cbna/caw/index.cgi/lending/personalloans/index)
Overall, I have been slowly expanding my banking relationship with Citi as I hope to apply for a mortgage in the coming months w/ BOA as a backup. Indubitably, I wish Citi had a better brokerage arm like BOA/Merrill Edge. To qualify for Citigold, you need a balance of $50K+ or a mortgage with an outstanding balance of +250K.
Though BOA does not offer comparable products to Citi's Checking Plus or Custom Credit Line products, I was able to move my IRA to BOA/Merrill Edge and because of the balance, I immediately received Platinum banking status on all my BOA accounts.