Citibank offers one-time personal loans of up to $50,000 that can be used for debt consolidation, according to Citi. To qualify, an applicant must be a U.S. citizen or resident alien, have an active Citibank bank account and make at least $10,500 a year. No down payment is required, as of 2015.
Citibank's personal loans have fixed monthly payments and interest rates of 9.9 to 14.4 percent APR on loans of $10,000 and greater, according to Citi. Loans less than $10,000 will have higher interest rates. The rate of the loan will depend on the applicant's credit history, amount of the loan and balance in the applicant's Citibank banking account. Approved applicants may get lower interest rates by enrolling in Citibank Auto Deduct, which allows for the monthly payment to be automatically deducted from the applicant's Citibank banking account. Once the loan is approved, Citibank mails applicants a lump sum check for the loan proceeds within five business days.
Applicants can elect to repay the loan over 12 to 60 months. The applicant may receive points in Citibank's reward program if the loan is linked to an eligible Citibank account. Citibank is authorized to increase the interest rate on the loan by 2 percent in the event the applicant defaults.