In this Comparison
A lot of online lenders will provide you with a great range of personal loan options. This article is going to compare the personal loan offerings of three such lenders – Discover, Citi, and Wells Fargo.
Citibank | Discover | Wells Fargo | |
|---|---|---|---|
APR | 10.49% – 19.49% APR
| 7.99% – 24.99%
| 8.49% – 24.49%
|
Terms | 12-60 months
| 36 to 84 months
| 12-60 months
|
Range | $2,000 – $30,000
| $2,500 – $40,000
| $3,000 – $100,000
|
Minimum Score | 680
|
660
| 660
|
When Citi Shines
Citibank is one of the biggest providers of financial services in the US today. The New York-based company has been offering personal loans for a number of years. It is an ideal fit for people who are looking for no-fee personal loans, as well as getting access to autopay discounts.
Citi personal loan can be a better choice than Discover and Wells Fargo if:
- You are an existing Citi customer
- Looking for a strong autopay discount
- Don’t want to pay an origination fee
When Discover Shines
Discover is an online lender that has developed a good reputation over the years and does not charge any origination fees. It also offers next-day funding, as well as having plenty of great repayment options.
Discover personal loan can be a better choice than Citi and Wells Fargo if:
- Looking to pay no origination fee
- Want quick access to funds
- You have excellent credit
When Wells Fargo Shines
Finally, Wells Fargo is another established powerhouse of the US financial services space like Citi. It is an ideal fit for people looking for large loans, as well as having plenty of flexibility.
Wells Fargo personal loan can be a better choice than Discover and Citi if:
- You want quick access to funds
- Need a big loan
- Want to avoid paying an origination fee
Requirements
Discover has a relatively high minimum acceptable credit score when you are seeking a personal loan, with you needing to have at least a 660 credit score to get your hands on these funds.
Citi does not have any solid minimum credit score that you need in order to get a personal loan, but the average credit score for applicants is usually around the 680 mark. Like Citi, Wells Fargo also does not disclose a certain minimum required credit score for a personal loan.
Discover requires its borrowers to have a minimum household income of $40,000 in order to get a loan. For a Citi personal loan, you need an annual income of at least $10,500 and you need either a Citi credit card account that has been open for at least a year or an eligible Citi deposit account.
While Wells Fargo does not require you to already be a customer, it does offer more favorable terms if you are already on board. All of these lenders will need borrowers to be of voting age, as well as either being a US citizen, permanent resident or have a certain type of visa.
Citi - Pros & Cons
- Limited Fees
Citi does not charge any sort of origination fee or prepayment fees. There is a late fee in place.
- Variety of Repayment Term Lengths
Citi gives you the option to choose a term length of between one and five years, which is more flexible than many lenders.
- Strong Discounts
You are able to get a discount of 0.50% when you automate your personal loan repayments.
- Fast Funding
Customers with a Citibank deposit account can receive their funds as soon as the same day they're approved, providing quick access to funds when needed
- Only Deals With Citi Customers
You need to have an eligible deposit account or credit card for a certain amount of time in order to qualify for a Citi personal loan.
- Limited Loan Amounts
The maximum loan amount of $30,000 may not be sufficient for borrowers needing larger sums of money.
- No Prequalification Option
Citibank does not offer a prequalification process, requiring borrowers to undergo a hard credit inquiry to determine loan eligibility.
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Discover - Pros & Cons
- Zero Origination Fees
Discover does not charge you an origination fee when you are taking out a personal loan.
- Flexible Repayment Options
Discover offers a great range of repayment options that can be tailored depending on your needs.
- Quick Funding
You will be able to get your loan funds the next business day after your application has been approved.
- Small Loans
You can get as little as $2,500 through a Discover loan, which is not always possible at many online lenders.
- Limited Loan Options
There are no ways for you to get a co-signer loan, joint loan or a secured loan through Discover.
- Potential Late Fees
Discover may charge a late fee of $39 for missed payments, which can increase the overall cost of the loan.
- No Rate Discounts
Unlike some competitors, Discover doesn't offer rate discounts for enrolling in automatic payments, potentially missing out on potential savings.
Wells Fargo - Pros & Cons
- Quick Funding
Wells Fargo will often give you the funds for your personal loan on the same business day or next business day after giving you approval.
- Good Payment Terms
You have a good range of loan sizes that you can get from Wells Fargo, as well as having flexible term lengths.
- Discounts Available
You can get an autopay discount of between 0,25% and 0.50% with Wells Fargo, changing depending on the checking account type you have with Wells Fargo.
- Direct Payments Possible
You are able to make direct payments to your creditors with a Wells Fargo personal loan if you have a debt consolidation loan.
- Constraints on Non-Customers
If you aren’t already a Wells Fargo customer, you will need to apply for a personal loan in-person at a physical branch.
- No Origination Fees
Borrowers can save money as Wells Fargo does not charge origination fees for personal loans.
- No Pre-Qualification
Wells Fargo does not currently offer you the ability to pre-qualify for a loan without having to submit to a hard credit check.
Repayment Options
With a Discover personal loan, you will need to pay a late fee if you do not make a payment on time. However, there will be no fees charged if you are looking to make a prepayment. There is currently no sort of discount that you can get if you automate your payments. If you get a debt consolidation loan, you will have the option to send payments directly to your creditors.
Citi does not charge any early payment penalties, but there is a late fee of $25 in place if you miss your payments. There is a strong autopay discount of 0.50% which is better than most competitors. Currently, you are unable to choose your repayment date or change this date.
Like Wells Fargo, you do not have to make any prepayment fees and you are able to make direct payments to creditors if you have a debt consolidation loan. Wells Fargo does give you the ability to change your payment due date, while there are autopay discounts available.
Customer Experience
Discover | Citi | Wells Fargo | |
|---|---|---|---|
iOS App Score | 4.9 | 4.9 | 4.8 |
Android App Score | 4.6 | 4.7 | 4.8 |
BBB Rating | A+ | F | N/A |
WalletHub Rating | 4 | 3.7 | 3.8 |
Contact Options | phone | phone/chat | phone/social |
Availability | 24/7
| 24/7
| 24/7
|
Discover's website offers clear navigation and comprehensive information, with an FAQ section and seven-day customer service. They provide ample financial education content and a user-friendly mobile app, along with a 30-day interest-free return policy. Discover holds an A+ rating from the Better Business Bureau.
Citi offers various channels for customer support, including online and in-branch applications, with a feature-rich mobile app for loan management. They also have an A+ rating from the BBB.
Wells Fargo offers weekday phone support, lacking weekend assistance, with online resources and a mobile app for loan management. However, the BBB has not rated them due to numerous complaints and government actions.
Which Personal Loan Lender Wins?
Both Wells Fargo and Citi will offer you more favorable terms if you are an existing customer. Discover and Wells Fargo are good options if you want to quickly access your funds, while Citi follows a low-cost model. Each of these options have good benefits in their own rights.
| |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 10.49% – 19.49% APR
| 8.49% – 24.49%
| 7.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-60 months
| 12-60 months
| 36 to 84 months
|
Loan Amount | $2,000 – $30,000
| $3,000 – $100,000
| $2,500 – $40,000
|
on Credible website |
on Credible website |
on Credible website |
FAQs
Do Citi personal loans verify income?
Citi does require that applicants have a minimum yearly income of $10,500 and hold an eligible Citi deposit account that has been open for at least three months. This provides Citi a reliable way to verify your financial circumstances, but you may still need to provide proof of your income.
Is Citi good for debt consolidation?
Citi states that one reason to consider its personal loans is for debt consolidation. You can borrow up to $30,000 with a term of up to 60 months. The rates are fixed and depending on your circumstances. However, Citi will mail a check for the lump sum of your loan upon approval, so there is no option for direct creditor payments.
Can I pay off a Citi loan early?
Citi does not charge an early repayment fee or penalty, which makes it easier to pay off your loan early. Citi states that you can pay off a personal loan at any time without incurring any prepayment penalties. You will simply need to get an up to date balance figure, which accounts for any outstanding interest to clear your loan in full.
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SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
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Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
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