When to use personal loans

When to use personal loans

7 November 2008

If you want to make a big purchase with your credit card, such as a holiday or a furniture set, you are probably better off getting a personal loan to cover the costs. Personal loans are generally less expensive and easier to pay off than credit cards.

Credit cards require faster repayment and usually have a very high interest rate. In comparison, personal loans usually offer:

• A fixed or variable interest rate.
• Up to 7 years for repayment.
• Interest rates can be lowered if you opt for a secured personal loan.
• More competitive fees.
• Redraw facilities.
• Can be granted for almost any worthwhile purpose.

The Citibank personal loan offers a range of these features to help you get the expensive item you want. With a Citibank personal loan, you can borrow money for almost any reason, such as a car loan, vehicle loan, a holiday, home renovations, and debt consolidation.

Citibank offers unsecured personal loans, so you don't have to nominate any collateral. Citibank personal loans provide:

• A low fixed interest rate to help you budget the monthly repayments.
• Discounts on interest rates by taking out Loanguard Insurance.
• You can borrow from $4,000 up to $75,000.
• Redraw facilities.
• Lump sum repayments are permitted.
• Low establishment fee and low monthly fees.

Apply for a Citibank personal loan today and compare personal loans.

Use our personal loan calculator to get an approximation of your repayments.

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