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Citibank 6.74% Unsecured Personal Loan

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slick_shoes_182
Valued Member

Citibank 6.74% Unsecured Personal Loan

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! 

Message 1 of 4
3 REPLIES 3
NewtoCredit80
Frequent Contributor

Re: Citibank 6.74% Unsecured Personal Loan

I have no idea about Citibank personal loan but many members have reported getting good personal loans offers from Credit Unions. You should join one which suits your needs. Some CU are very generous in credit limits and have much better APR then big banks.


PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

- In garden till Dec 2014
Message 2 of 4
Elcid89
Contributor

Re: Citibank 6.74% Unsecured Personal Loan

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%.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Message 3 of 4
TrueGeminiNC
Frequent Contributor

Re: Citibank 6.74% Unsecured Personal Loan


@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.  

 

 

 

 

Message 4 of 4
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