Personal loans help people pay off debt or pay emergency bills when there are no other options to receive money. People use personal loans for car repairs, repairs to their homes, or to pay for medical bills. If a person’s car breaks down, and they needs their car to get to work and take their children to school, they may seek a personal loan from the bank as their only option to receive the money that they need. Many people either do not have family members who can provide financial help or their family members are struggling financially and cannot afford to help during emergencies. Therefore, going to a bank and getting a loan may be an option, particularly if the person has collateral and can make enough money to repay the loan.
Responsible people usually do not get loans to pay for frivolous expenses like getting a new hairstyle or buying a new wardrobe. Citibank is only one financial institution that offers loans. The personal loans range from $300 to $7,500. However the more then loan amount, the more likely a person would be asked for collateral to make sure that they can repay the loan. A personal loan may have various loan terms, depending on the financial institution that grants the loan. The Citibank personal loan, for example, is termed from a year to three years. Because borrowing money from a financial institution is such a big decision, financial institutions like Citibank allow people to change their decision within two weeks without any penalties. They need to only return the money, according to the Citibank website.
Personal loans can be awarded online or in person. Many people prefer to apply for the money using face to face interactions. Likely, they feel more comfortable asking for a loan to an individual working in the bank. They could easily ask the person questions about repayment and ask questions related to completing the paperwork for the loan. People who do not prefer the face-to-face interaction would rather apply for the loan online. When applying online, the applicant doesn’t have to see the banker’s face, and perhaps the experience isn’t as unpleasant if the applicant is turned down for the loan.