Citibank Business Loan Review

Citibank Business Loan is a business financing offering by Citibank, based in New York, NY. Founded in 1812, Citibank offers access to business loans in 50 states (and Washington, DC).

What are Citibank Business Loan’s rates?

Citibank Business Loan offers a fixed APR business financing product but they do not disclose their rates.

Does Citibank Business Loan charge an origination fee?

Yes, Citibank Business Loan charges a loan origination fee.

What limitations does Citibank Business Loan set on the purpose of the loan?

Citibank Business Loan considers loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• Product or Service Expansion
• Technology Investment
• Working capital

What types of business loans does Citibank Business Loan offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Citibank Business Loan provides access to the following business loan types:

• Unsecured term loans
• Secured Term Loans

Does Citibank Business Loan charge prepayment fees?

Yes, Citibank Business Loan charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from Citibank Business Loan?

Loan amounts start at $5,000 and go up to $3,000,000.

What is the maximum loan term you can get with Citibank Business Loan?

Citibank Business Loan offers business loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Citibank Business Loan?

Citibank Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 580 and up to 850 may be eligible for Citibank Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Citibank Business Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Citibank Business Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

Does Citibank Business Loan report your account activity to credit bureaus?

Yes, Citibank Business Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.