With Citi you can borrow from $5,000 - $75,000 and the good news is, because it’s unsecured no collateral is required. You can choose a term of 3-5 years and extra repayments are fee free.
The variable interest rate ranges from 8.99% p.a. to 17.99% p.a. (9.96% p.a. - 18.91% p.a. comparison rate). Exactly what rate you'll get depends on on your credit history and current financial circumstances.
The interest applies to amounts you've drawn down through the reusable credit facility and like most variable rate personal loans, you’ll be glad to hear that repaying your debt before required won’t trigger any extra fees.
Sounds pretty flexible right? Just keep in mind that unlike some loans where you can choose your repayment frequency, with the Personal Loan Plus only monthly repayments are available.
There is also an establishment fee of $199 and a $10 monthly service fee to budget for.
*Comparison rate is based on a 5 year unsecured variable rate loan of $30,000. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Who it's good for:
Looking to keep your credit options open? The reusable credit facility attached to Citi’s Personal Loan Plus account could be for you, as you can keep drawing on credit up to the approved amount.
Because the Personal Loan Plus loan has a variable rate, Citi may raise it, causing repayments to increase. You’ll also need to factor in the upfront cost and monthly fees.