Citibank has revealed plans to offer personal loans for people with bad credit for unexpected expenses, a vacation and debt consolidation, despite of weak economic and poor money market.
The bank reported that the loan offering, amounting from $300 up to $15,000, are unsecured and for a term longer than one month. The bank’s personal loans also require a credit check, but the interest rate is much lower, compare to same day payday loans.
Meanwhile, Wells Fargo, which also offers personal loans and personal lines of credit, announced that applicants can easily get a little as $3,000 within the day, but they usually fund the next business day.
However, Wells Fargo’s personal loan is quite different from its line of credit, as the personal loan will get easily approve within hours but line of credit will be approved within one to two days, making it more ideal for people with fluctuations in their income.
The bank also noted that their terms will not change and encouraged consumers to go with their easy and hassle-free application process.
