Digital News Report – Rather than pay high interest with a payday loan company, banks and other lending institutions are offering unsecured loans at lower interest. For instance, Citi offers unsecured loans starting at $300. Chase has loans starting at $1,000 and going up to $25,000.
Citi Financial has loans for renters who have unexpected expenses or need to consolidate their debt. The term of the loan is from 12 to 60 months. Compare that to a Payday loan which needs to be paid-off within a month.
Citi and other banks are competing for your business. Rather than have you pay another credit card company interest, they would rather you consolidate the loan and pay them.
They have online applications with an “instant online decision.” The Citi loan will allow applicant to change their mind within 14 days.
You will be asked for an identification number like a credit card or driver’s license. Your rate may vary according to your credit score.
By: Tina Brown