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ATM / BRANCH
You can use a personal loan for a variety of different expenses. You might use it to cover an unexpected car repair, consolidate your debts or finance a home renovation project. Usually, personal loans are unsecured, meaning they don't require collateral. In most circumstances, you pay back the loan plus interest in installments over a set period with a fixed interest rate.
You can typically get a personal loan from a bank, credit union, or online lender. $5,000 is usually within the standard range for a personal loan – Citiedge offers personal loans from $2,000 up to $30,000 – but you need to meet the lender's requirements.
First, decide where you'd like to apply for a personal loan. Research and compare lenders. Look for banks, credit unions or online lenders offering loans for the amount you want. Compare APRs and repayment terms to find a loan that best suits your needs. Some lenders will allow you to pre-qualify so you can see what your rate and terms could be.
Once you've selected your lender, it's time to apply. In most cases, you can apply online or in person. Be sure to gather all the documentation you need beforehand.
If approved, you'll accept the terms and receive your $5,000 personal loan as a lump sum, either by direct deposit or check. For Citi personal loans, customers with a Citi deposit account can receive their funds via direct deposit the same day. For applicants with non-Citi accounts, it may take up to 2 business days.¹ After that, the repayment period begins.
When applying for a personal loan, you'll need documentation to verify your personal information. Your lender may require:
Regardless of the amount you're looking to borrow, there are a few factors lenders will consider:
If you're looking to borrow money to help manage your expenses, a credit card with a low intro APR offer on purchases, like the Citi Simplicity® Card, can be a good option if you can pay off what you've purchased on the card before the intro period ends. During and after the introductory period you will be required to make a minimum payment on the current statement balance by the due date each month or, depending on the terms of the card, certain penalties may apply. Keep in mind, the credit limit on the card will determine how much you can purchase with it.
Citi offers personal loans to both existing Citi customers and new Citi customers that meet specific eligibility criteria, including an established credit and income history along with additional factors determined by Citi. If you think you could benefit from a Citi Personal Loan, apply online today.
This article is for general educational purposes. It is not intended to provide financial. It also is not intended to describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
¹If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or you can select to receive a check by mail in approximately 5 business days.
You can use a personal loan for a variety of different expenses. You might use it to cover an unexpected car repair, consolidate your debts or finance a home renovation project. Usually, personal loans are unsecured, meaning they don't require collateral. In most circumstances, you pay back the loan plus interest in installments over a set period with a fixed interest rate.
You can typically get a personal loan from a bank, credit union, or online lender. $5,000 is usually within the standard range for a personal loan – Citi offers personal loans from $2,000 up to $30,000 – but you need to meet the lender's requirements.
First, decide where you'd like to apply for a personal loan. Research and compare lenders. Look for banks, credit unions or online lenders offering loans for the amount you want. Compare APRs and repayment terms to find a loan that best suits your needs. Some lenders will allow you to pre-qualify so you can see what your rate and terms could be.
Once you've selected your lender, it's time to apply. In most cases, you can apply online or in person. Be sure to gather all the documentation you need beforehand.
If approved, you'll accept the terms and receive your $5,000 personal loan as a lump sum, either by direct deposit or check. For Citi personal loans, customers with a Citi deposit account can receive their funds via direct deposit the same day. For applicants with non-Citi accounts, it may take up to 2 business days.¹ After that, the repayment period begins.
When applying for a personal loan, you'll need documentation to verify your personal information. Your lender may require:
Regardless of the amount you're looking to borrow, there are a few factors lenders will consider:
If you're looking to borrow money to help manage your expenses, a credit card with a low intro APR offer on purchases, like the Citi Simplicity® Card, can be a good option if you can pay off what you've purchased on the card before the intro period ends. During and after the introductory period you will be required to make a minimum payment on the current statement balance by the due date each month or, depending on the terms of the card, certain penalties may apply. Keep in mind, the credit limit on the card will determine how much you can purchase with it.
Citi offers personal loans to both existing Citi customers and new Citi customers that meet specific eligibility criteria, including an established credit and income history along with additional factors determined by Citi. If you think you could benefit from a Citi Personal Loan, apply online today.
This article is for general educational purposes. It is not intended to provide financial. It also is not intended to describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
¹If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or you can select to receive a check by mail in approximately 5 business days.
