When to use personal loans
Friday November 7, 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.