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What Is a Citi Flex Loan?
Cardholders can think of a Citi Flex Loan as a cash advance that is repaid in installments, but without the high cash advance fee and annual percentage rate. Get Credit Card Perks.
With a Citi Flex Loan:
How a Citi Flex Loan Works
A Citi Flex Loan is very straightforward. The cardholder decides on the loan amount up to a limit set by Citi before choosing a loan term. The loan’s fixed APR prevents fluctuating monthly payments because it is fixed. The cardholder still only has to make one monthly payment because Citi adds the monthly Citi Flex Loan payment to the card minimum balance.
When a cardholder obtains a Citi Flex Loan, the loan amount is deducted from the card’s available credit. Any credit that is still available to a cardholder can still be used for other purchases.
How To Get a Citi Flex Loan
Owners of Citi cards can check their online accounts to see if they qualify for a Citi Flex Loan by logging in.
Choosing loan terms is simple. Citi gives cardholders access to the maximum amount they are permitted to borrow. The minimum is $500, and a cardholder can choose a range of amounts between the minimum and maximum. Get Credit Card Perks.
The cardholder has a choice of 12, 24, 36, 48, or 60 monthly payments. The monthly payment and APR will vary depending on the size and length of the loan, and the cardholder can change them to find the loan terms that work best for their financial situation.
After deciding on the loan’s terms, the cardholder can ask for a direct deposit of the money, which could show up in their account as soon as one business day later. They can also request a check by mail.
How Payments Are Applied to a Citi Flex Loan
There is no need to worry about a second payment because monthly Citi Flex Loan payments are added to a cardholder’s minimum monthly card payment. When a cardholder pays more than the required minimum, the additional funds are applied to the balance with the highest interest rate. This might be the balance on your credit card or your Citi Flex Loan.
If the Citi Flex Loan Balance, for instance, is 9, 99% APR and the card has a 21. Any payment over the minimum will be applied to the card balance rather than the balance of the flex loan, which has a 99% APR. Any extra money paid over the minimum monthly payment will instead be applied to the Flex Loan balance if the cardholder has a low APR, such as a 0% balance transfer offer. Get Credit Card Perks.
Citi Flex Loan Eligibility
When logging into their online account, cardholders who have been pre-selected for Citi Flex Loan eligibility may see an offer. If a cardholder wants to know if they qualify for a Citi Flex Loan but does not see an offer in their online account, they can call Citi customer service.
A consumer should compare loan options before taking out any loan to determine which makes the most financial sense. For some customers, a Citi Flex Loan is the best choice. Others may find a cheaper way to borrow.
Some borrowers might benefit more from getting a new credit card with an interest-free introductory period than from taking out a Citi Flex Loan. Check personal loan rates if you need a longer-term loan to make sure you’re not paying more interest than you have to.
FAQHere are some quick answers to popular questions about Citi Flex Plans.
- Some Citi cardholders have access to a credit card feature called Citi Flex Plan, which offers flexible repayment terms and fixed payment options. Citi Flex Pay enables cardholders to pay for eligible purchases in fixed monthly installments. Through Citi Flex Loan, cardholders can borrow money using their available credit at a fixed APR with fixed monthly payments.
- A Citi Flex Loan does not have a prepayment penalty. However, cardholders should choose how payments are applied if they have a balance on both their card and their Citi Flex Loan. Depending on the APRs of the outstanding balances, additional payments may be applied to the regular card balance rather than the Citi Flex Loan balance.
- Depending on when the loan request is submitted and how quickly the receiving bank responds, funds can be received by direct deposit after a Citi Flex Loan offer has been accepted in as little as one business day.
- As specified by the terms of the plan, interest does accrue under a Citi Flex Pay plan.
Information is accurate as of July 27, 2022.
Editorial Note: This content is not provided by Citi. There are no reviews, approvals, or other endorsements from Citi for any opinions, analyses, reviews, ratings, or recommendations made in this article.
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Does Citi Flex loan have prepayment penalty?
Benefits of a Citi Flex Loan You won’t need to go through a drawn-out process or complete a full loan application to get started because you’re already in the Citi system and approved for a line of credit. There are no hidden fees, including no prepayment penalties.
Does Citibank have prepayment penalties?
No origination or prepayment penalties: If you choose to pay off your Citibank personal loan early, you may do so without incurring any fees. Also, you won’t have to pay a loan origination fee.
Can you pay off flex pay early?
You are welcome to make a full payment of your balance in advance.
Does Citi Flex pay hurt your credit score?
The loan amount will lower the amount of credit you have available on the card, increasing your utilization rate and lowering your credit score. You cannot apply without an offer; you must receive one to be eligible. Loans are ineligible for rewards. Citi doesn’t disclose interest rates up front.