In a previous post, I mentioned my plans to have my unit renovated this year. As the second half of the year is about to begin, I suddenly felt the urge to start looking at my options and make this plan happen.

And because my savings is not enough to cover the expenses, I decided to apply for a personal loan. I looked at several banks and made comparisons through their online personal loan calculators.

I went for BPI first. They have one of the lowest interest rates, and because they approved my home loan application two years ago (but I eventually declined the offer), I was confident that my personal loan will also be approved.

Surprisingly, BPI denied my application. I never received a call, just a rejection text message.

I took this as a sign that I should not pursue my planned interior renovations yet. But I wanted to check on how weak or strong my credit history is (two years after I got cleared of my credit card debt with HSBC), so I submitted another personal loan application this time with Citibank. If I get declined again, that will confirm my fears.

Citibank approved my personal loan application. And it came with a credit card too!

So how was it like applying for a personal loan with Citibank?

It was very quick! The 24-hour approval is, of course, a myth, but everything happened so fast within three days. Here’s how the process went:

Day 1: I received a call a day after submitting my online application. The agent went over my personal details and she asked me to submit the required supporting documents.

Day 2: I got another call from the same agent. She confirmed that the documents have been received and were submitted for final assessment.

Day 3: I was informed via text and call that my loan has been approved. I was asked to prepare post-dated checks to be submitted upon delivery of the manager’s check.

All payments need to be done with a PDC. Which means you have to prepare several checks prior to the delivery of the manager’s check. In my case, the term was 24 months, so I signed 24 checks!

Day 9: I received the manager’s check. The courier also has to take the 24 PDCs that I prepared. He did double-check everything before handing me over my check. So I got the manager’s check after nine business days. I believe it would have been faster if I opted for a branch pickup. I wasn’t in a hurry so the slow courier is not an issue for me.

However, the delivery of the credit card took over a month. From what I’ve read from online forums, delayed card deliveries have been an issue with Citibank ever since; the posts that I saw were dated as far as 2009 and 2010.

I had to call Citibank a few times to confirm that I am actually getting a card. Apparently, their courier never attempted to deliver the card to my address so when I called again after nearly a month, the agent suggested that we request for a new card instead. The new card was delivered to me after four business days.

Nonetheless, it has been a good experience with Citibank overall. Their personal loan application process is seamless, and getting an actual feedback after three days is the icing on the cake!

So I used the money for a minor interior renovation. I will be sharing how I maximized my budget, with a goal to provide tips on how to save on renovation costs.

14 thoughts on “Citibank Personal Loan Review”

  1. Did you receive a tracking number for the check delivery? I’m just wondering because I received a tracking number for my credit card in the past while for this loan I haven’t got any tracking info yet. Hope you could answer since I don’t wanna call Citibank yet because it’s ndd

    1. Sorry, I forgot. That was over a year ago. You can contact Citibank directly for the status. If you check what others are saying online, they seem to have a known courier issue.

      1. Hi,
        Naapproved po ako sa personal loan ng citibank and they asked me to open a checking account. Pero hindi nasabi ng agent kung saan ko ipapadala yung account number. Paano po ba yung process niyo nun? I mean ano po yung next step after may checking account na? Thank you.

        1. You will need the checking account for the PDC. Once your checkbook is ready, call them for the details na need mo ilagay sa PDC.

  2. Hi, I got approved in Citibank personal loan. The agent that I talked to last August 14 told me that the check will be delivered by their courier within 10 working days. However, 10 days already passed and I still haven’t receive the check yet. I’m worrying cause my first due date is getting closer. What should I do?

  3. For replacement kasi ang Personal Loan Check ko. Sabi na print na daw nila last August 26, 2020. Until now kasi di pa nadedeliver ni courier. Is there any possibilities na hindi ito madeliver ni courier.?

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