Citi, the local arm of global financial services company Citigroup, has had a presence in the Australian banking space since 1985. It offers a range of personal loans for a variety of purposes, including renovations, holidays, paying school fees and debt consolidation. Its other products include home loans, insurance, transaction accounts and wealth management services. The lender can be contacted via phone, email or by stepping into a branch in metropolitan parts of Australia.
Features of a Citi personal loan
Citi’s personal loans are available for many purposes, including the purchase of a new car, special occasions and holidays. Borrowers can apply to borrow amounts anywhere from $5000 to $75,000 and if approved, have the flexibility to make additional repayments without penalty. Some loans come with a linked credit card.
While there is a moderate upfront fee on Citi loans, there are no ongoing fees. The loan amount will be assigned based on your credit worthiness and may be lower than what you applied for if approved.
What RateCity says
As one of the world’s most well-known lenders, Citi appeals to a broad group of borrowers, especially those looking for a solid customer service offering. It is available for a wide variety of purposes and its opening interest rates are average. However, borrowers who are unable to meet the conditions of the loan – such as set repayment schedules – should be warned they could be charged the standard variable rate, which is fairly high. The same applies on the fixed rate loan after the fixed period ends.
The application fees charged on Citi personal loans are fairly standard, while the lack of ongoing fee is a nice bonus. Before taking out a personal loan, it’s critical prospective borrowers investigate their ability to repay their loan and any additional charges that may apply for late payment.