Citibank is targeting retail customers who make impulsive purchase decisions through offering a personal loan that can be approved in minutes, with funds disbursed in 48 hours, to borrowers with no previous Citibank relationship. "The speed is definitely the key aspect for us," said Jacqueline Nissen, head of consumer lending at Citibank. Loan values range from $4000 to $75,000 with terms of one to five years, with the borrower not required to nominate the funds' use, and the loan is disbursed to a nominated bank account. Annual rates begin at 11.99 per cent fixed, with a comparison rate of 12.40 per cent The product was developed based on survey results that indicated more than half of respondents perceived personal loans to be a cheaper source of finance than credit cards, but the application and approval process meant a third of respondents used cards for convenience. The loan will be marketed as providing a lending decision within one minute. The survey was conducted by Taylor Nelson Sofres this year, with a data set of 1000.