Citi Personal Loans
Citi, the local arm of global financial services company Citigroup, has had a presence in the Australian banking space since 1985. It offers a range of personal loans for a variety of purposes, including renovations, holidays, and paying school fees. Its other products include home loans, insurance, transaction accounts and wealth management services. The lender can be contacted via phone, email or by stepping into a branch in metropolitan parts of Australia.
Citi personal loan repayment calculator
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Citi personal loans rates
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Ready Credit Personal Loan
monthly over undefined years
Fully drawn advance
up to 17.99%
Citi Personal Loan Plus
monthly over undefined years
Fully drawn advance
- No application fees
- No ongoing fees
- No early exit fees
- Can apply online
- Cannot apply in branch
Features of a Citibank personal loan
Citi’s personal loans are available for many purposes, including paying for special occasions and holidays. Borrowers can apply to borrow amounts anywhere from $5,000 to $75,000 over a fixed term between 3 and 5 years. If approved, borrowers have the flexibility to make additional repayments without penalty and may be able to pay out the loan early without penalty. All loans come with a linked debit card.
The loan amount will be assigned based on your credit-worthiness and may be lower than what you applied for if approved.
Borrowers will have to pay a one-off fee establishment in addition to an ongoing monthly fee.
Citibank personal loans can be used for a range of different purposes including:
- Student loans
- Renovations and home improvement
- Travel and holidays
- Weddings and other occasions
Citibank personal loans – customer service
Citibank customers can contact the bank online, via email or on the phone 24 hours a day, seven days a week. There are also a handful of branches across NSW, VIC, WA and QLD. Borrowers can also contact customer service via:
- Online banking
- 24/7 phone
Who is eligible for a Citibank personal loan?
To be eligible for a Citibank personal loan, borrowers must meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen, permanent resident or have a valid visa
- Provide details of income and employment
- Earn more than $40,000 a year
How to apply for a Citibank personal loan?
Applications for a Citibank personal loan can be made online. The process is simple and involves the following steps:
- Once you’ve compared your personal loan options, click ‘apply now’ on the website
- Enter your details into the Citi Loan Estimator which will tell you how much you can borrow
- Complete your application online
- Citibank will review your application and confirm your interest rate
- Upon final approval, the funds will be credited to your loan account
Citibank personal loans review
Citi’s personal loans are available for many purposes, including paying for special occasions and holidays. Borrowers can apply to borrow amounts anywhere from $5,000 to $75,000 for a term between 3 and 5 years.
Citibank personal loans offer personalised interest rates, which means interest rates will vary depending on your credit history, credit score, employment status, cash flow and loan amount.
Citibank personal loans come with access to an ongoing reusable credit facility, which gives the ability to redraw funds as often as you like without the hassle of reapplying for the loan.
Borrowers have the flexibility to make additional repayments without penalty and can choose to pay out the loan before its term without charge. Customers can also choose between weekly, fortnightly and monthly loan repayments.
While Citibank personal loans do offer flexibility, it’s worth noting that this loan can’t be used for debt consolidation, to purchase shares, or to finance a new or used car.
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Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.