A Citi Bend Financing allows eligible Citi cardmembers convert element of their bank card account’s borrowing limit to your a consumer loan. You could potentially pay the loan regarding during the fixed monthly obligations with one another a fixed interest rate and you can repaired agenda (around 60 months) so that you know precisely whenever you’ll end up clear of obligations. You may want to tailor these terminology into the loan procedure.

Citi cannot charges people separate charge to begin besides your interest rate, no matter if avoidable charges, such late charges with the your bank account, ount you could potentially borrow which have a good Citi Flex Loan try $500, and also the limit hinges on your income, credit limit and additional affairs one to incorporate after you consult the new financing.

Once you’ve accomplished the process, you can discover the fund through lead put inside the only a small amount all together so you’re able to a couple of working days or consult a newsprint have a look at (which could take so you’re able to ten business days to get).

Since you pay-off your Citi Bend Loan, you may not need to make a supplementary commission each month; the amount due on the account will include each other their credit card’s minimal commission owed plus the repaired payment for the Citi Fold Mortgage. You could potentially choose shell out more the minimum at any big date, and there is no prepayment penalty applied if you spend your own balances regarding early. In addition, you cannot earn mastercard perks on the financing.

Taking right out a Citi Bend Financing has the possibility to impact your credit rating inside the a bad way. The loan expands their portion of borrowing from the bank usage, that makes right up 30 % of one’s FICO credit history, by enhancing the full count you borrowed. Gurus recommend looking after your overall amounts owed lower than 30 % away from their readily available credit.

While increasing the credit use can harm the rating, the very first component that is the reason your FICO Rating is commission history, accounting to possess thirty five percent. This means that you might focus on boosting your credit history by simply making punctual money in full each month. Since your borrowing from the bank application falls, your credit rating also can boost.

What are aside when you find yourself qualified to receive a good Citi Flex Loan

Based on Citi, cardholders is check to see if they’re entitled to a beneficial Citi Bend Mortgage by the logging in so you’re able to an on-line Citi membership. Citi Flex Loan even offers is generally shown in your Account Assessment webpage, or if you could possibly see offered also offers because of the selecting this new Services/Mastercard Attributes payday loan and cash advance solution towards the top of this new page.

Great things about Citi Bend Financing

• You don’t have to make an application for significantly more borrowing from the bank; thus, there won’t be any tough inquiry in your credit history.
• Such finance dont feature one charges, like the costly origination charges some personal loans charge.
• It’s also possible to be eligible for a reasonable Apr that can help it can save you currency over the years.
• You are already in the Citi system and you can recognized having a line regarding credit, so that you won’t have to read an extended techniques otherwise fill out an entire application for the loan to begin.
• There are no invisible charge, together with zero prepayment punishment.

Downsides from Citi Fold Financing

• That you do not earn credit card benefits, together with money back otherwise perks situations, towards the Citi Flex Money.
• Citi Bend Loans can come having a higher rate of interest than just you could get which have a consumer loan.
• Interest rates on the Citi Flex Finance are higher than your get having handmade cards that provide a beneficial 0 % Annual percentage rate to the orders to have a finite time.
• Such fund may cause bad has an effect on toward credit score in the event the their utilization rises too far.