Bad Credit Unsecured Personal Bank Loans – Will CitiGroup Help You Borrow Money?
Posted on | December 16, 2009 | No Comments
Many Americans are currently looking to bad credit unsecured personal bank loans as ways to borrow money. One of the companies that has promoted their personal loan business is Citigroup. Citigroup has struggled greatly through the credit crisis but they are willing to be your one-stop shop for personal finances. If you need any type of loan or personal banking needs Citigroup wants to be your servicer.
One of the main reasons that people are looking for personal loans at the present time is to borrow money to pay off high interest credit cards or to get Christmas gifts. The average interest rate on most personal bank loans is between 12% and 18% at the present time. As many of you know most credit cards have a higher interest rate then this level.
If you are very good with numbers and you know how to use spreadsheets very well then it might be a good idea to apply for one of these loans to pay off high interest rate credit cards. Make sure that you completely understand how much money you will be saving by getting a low interest rate on a personal loan and putting that money towards a high interest credit card.
If this does not sound like an easy task for you then I would not suggest you do it. If you are not good with numbers then this process could put you further in debt. You do not want to borrow money if you have no idea where that money is going or what interest rate is on it. If this is the case it would be a good idea to put your hard work and effort towards paying off your high interest credit cards.
Citigroup has worked very hard to promote their personal loans business and they are likely to benefit from this by gaining new customers. If you are looking to get a personal loan it is a good idea to check out some of the competition as well. Wells Fargo and Capital One also offer personal loans and they could give you a competitive interest rate.
Author: Alan Lake
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