Hi All, I received a "pre-selected" offer for a $5,000 - $7,500 personal loan from Citifinancial yesterday. I am tempted to take it because $5000 will pay off all my outstanding CC debt and pay off my motorcycle. It will also help by establishing some more loans on my credit report since my motorcycle is a revolving acount. There is no prepayment penalty and a fixed interest rate. Is there anything else to be carefull of in these kind of loans, besides the interest rate?
Sounds like a decent offer - but remember it's only a "pre-selected" offer. If you send in the application for this they will access your credit reports. And watch out, Citibank is really quick to pull the trigger now, one late payment, and they'll forward the account to a collection agency.
As with any contract, be sure to read ALL the fine print. Make sure you understand all the terms and conditions. Call Citi if you have any questions. Also, be wary of the "fixed rate", often there is fine print which says this is subject to your credit status.
