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Whenever Citi Flex Loan Can Perhaps Work in your favor

Whenever Citi Flex Loan Can Perhaps Work in your favor

Most likely the two biggest benefits of the Citi Flex Loan are:

  1. It could provide a lesser rate of interest than your credit card that is regular APR.
  2. It’s going to provide you with the capacity to keep at minimum component of the outstanding card stability being a fixed-rate term loan.

The advantage that is second end up being the biggest.

A fixed repayment framework

One of several disadvantages that are major bank cards is the revolving nature. You may carry a balance – forever unless you have the discipline to pay your balance off in full each month.

Using the Flex Loan, you could make a purchase, and restrict the word to as low as one year.

Which will force you to definitely pay back at part that is least of one’s stability on a hard and fast schedule, instead of allowing it to roll ahead for decades.

No origination charges or credit check

An additional benefit of the Citi Flex Loan is the fact that there aren’t any origination charges.

A full $600 for the fee for example, if you take a $10,000 personal loan, with a 6% origination fee, you’ll pay.

Not only this, however the origination cost shall be deducted from your own loan quantity.

Rather than getting $10,000, you’ll receive simply $9,400. Which could never be quite enough for many that you would like related to the loan that is personal.

There are no application costs with no credit check included once you access your Citi Flex Loan.

You can simply access the loan when you choose to since you’re already a Citi customer, with an approved credit limit.

Exactly Just Exactly Exactly How Citi Flex Loan Might Not Work With Your

Though Citi Flex Loans adds a extra substitute for your charge card account, there are limits you have to be conscious of.

Loan size might be restricted

The minimal loan quantity is $500.

The utmost loan quantity is the borrowing limit (unless the Flex Loan optimum happens to be set at a lowered degree because of the bank).

The Citi Flex Loan can’t be used to your present outstanding stability due, maybe so that they can get a lowered rate of interest or set the definite payoff term.

Any balance that is outstanding more than one of your cards will have to be compensated in line with the initial terms.

The rate of interest things probably the most

It may be higher than what you would pay for a typical personal loan, especially when you compare it to the top online personal loans available though it may be lower than your regular Citi credit card rate.

You are most likely planning to spend less in interest in the event that you simply sent applications for a frequent personal bank loan.

perhaps perhaps maybe Not really a dependable funding choice

The Flex Loan will not express the expansion of extra credit.

In the event your bank card restriction is $10,000, and you’re provided a Flex Loan supply, it shall perhaps perhaps maybe maybe not boost the level of the borrowing limit.

It simply provides you with the capacity to categorize several of your outstanding stability as being a fixed-rate loan, in the place of revolving debt.

The Flex Loan could be available in your take into account an occasion, be withdrawn then.

Citi has not yet suggested it will be considered a feature that is permanent of account, but alternatively the one that would be offered “from time and energy to time”.

That means it is a lot more of a marketing offer than a continuous advantage, much like the means credit card issuers sometimes provide a temporarily low price on brand new purchases and transfers of balance.


A Citi Flex Loan provides you with the capability to access your borrowing limit under more circumstances that are controlled.

You can access the Flex Loan portion of your credit limit, and pay it off in as little as 12 months if you have a major purchase or a need for funds on a short-term basis.

Generally in most instances, the attention price from the Flex Loan also needs to be less than your regular bank card rate.

By doing so, it will probably work as a limited-use feature in extremely situations that are specific. But properly given that it eliminates the revolving aspect of charge cards, it won’t be nearly as flexible.

Nevertheless, it offers Citi charge card clients the capacity to have better control of at the very least a percentage of the credit card that is outstanding stability.

Ask a concern


Appreciate that you have provided your knowledge about the Citi Flex Loan. Ideally, it helps with clients who will be considering this loan product that is new.


That flex loan is susceptible to the apr hierarchy. Meaning, you use a flex loan on the remaining available balance, whatever over the minimum payments (your current flex loan payment, plus the minimum on the balance transfer) goes to the flex loan if you already have a lower apr balance transfer on that card, and.

When your stability transfer is for 1 . 5 years, as well as your flex loan is actually for 36months, and also you make a lot more than the minimum re re re payments, thinking you will have paid down online payday loans Nevada direct lenders that transfer time, you are in for a rude awakening whenever the period is up. You may simply be in a position to make minimal repayments towards it until that flex loan is compensated in complete.


Really article that is informative many thanks plenty!


Be mindful using the print that is fine these „loans“ they have been merely another stability transfer. They may not be a loan within the feeling that your particular re re re payment is the identical each thirty days, as well as do not impact what you might curently have on the account. They’re yet another form of a stability transfer.

We thought you had or spent on your card would be treated as if the „loan“ wasn’t there that they were treated like a separate entity, and whatever. They even put up the web site to demonstrate the „Flex Loan“ as being an area that is separate. Making certain you knew it would say whatever your monthly payment would be that it was a loan for XXX amount of money with a set number of payments and a set interest rate, and then. Then it suggested simply how much had been kept you had available on you“loan“ and how many payments.

Nevertheless the declaration i obtained that month suggested that if the flex loan apr had been a lot more than other things was in the card, then any such thing within the minimum would get towards that loan. Therefore, it is really not an „additional“ re re re payment on the minimum you ought to have. It really is being paid during the exact same price as your present acquisitions but it is apr should determine if it gets what exactly is throughout the minimum or perhaps not. To ensure that wonderful 10.99per cent interest 36 thirty days balance transfer I experienced going just isn’t getting any thing more compared to the minimal payment per month because that „loan“ is taking whatever over their „monthly re re payment“ is plus the minimum because of the transfer.

Had we understood it back at the same rate as a standard balance transfer, with the higher apr that I was going to be paying. price using over every thing above the minimum re re payments, i mightnot have taken it. No chance.

BTW, DON’T EVER have over restriction on the charge card for almost any explanation. The payment period to my card begins regarding the seventeenth associated with the thirty days, and I also took down that „loan“ from the sixteenth, the mortgage quantity brought my borrowing limit to your maximum, however the following day the attention costs regarding the present stability transfer I’d about it arrived due and pressed it over by $22.50. This is in Might. The June declaration arrived on the scene and it had a huge notice saying that my „flex Plan“ aka my „Flex Loan“ rate of interest will be going around 24% and also the total quantity of re payments accessible to me would get from 36 to 30 beginning in August 28. Given that i believe from it, we suspect that my stability transfer we already had is roofed when you look at the „Flex Arrange“ yet again 10.99% price is certainly going to 24%.

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Benjamin Kratsch
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