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Citi Flex loan questions?

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Jojo567
Valued Member

Citi Flex loan questions?

Can I pay it off early without a fee?

 

Does citi look at it as a cash advance? Or is there no negative damage to relationship? 

 

Any downsides to it?

Message 1 of 7
6 REPLIES 6
CaptJOB
Regular Contributor

Re: Citi Flex loan questions?

Pretty sure you can pay off early with no penalty.

 

Not a cash advance. Likely has a lower APR than just charging on the card. Looks like normal credit utilization to the credit bureaus($15k flex loan against a $20k credit limit shows as 75% utilization assuming no other balances on the card).

 

 

Message 2 of 7
trant3
Established Contributor

Re: Citi Flex loan questions?

Can pay it off early, ive done it several times no issues. Its not treated as a cash advance.

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Message 3 of 7
M_Smart007
Legendary Contributor

Re: Citi Flex loan questions?


@trant3 wrote:

Can pay it off early, ive done it several times no issues. Its not treated as a cash advance.


THIS^^^^^

Message 4 of 7
RobertJ
Established Contributor

Re: Citi Flex loan questions?


@Jojo567 wrote:

Can I pay it off early without a fee?

 

Does citi look at it as a cash advance? Or is there no negative damage to relationship? 

 

Any downsides to it?


The only downside is that it will count as UTIL against your CL and TCL, but other than that there is no fee for early payoff.  It's not considered a cash advance, because it's setup as an installment loan in addition to or in lieu of your minimum monthly payment.  There's nothing to keep you from making additional payments though.

 

We used it for my wife's business, and it worked great.  The interest rate at the time was under 8%, and we paid it off a couple of years early.




Message 5 of 7
MyLifeStory2023
New Visitor

Re: Citi Flex loan questions?

Beware of using the Flex Loans and Credit card at the same time. My payments have more than doubled even though I carry a $100 balance on the credit card portion of my card. My flex loan payment is $60 and my minimum monthly payment is now $160 which requires me to pay off my credit card every month. 

Message 6 of 7
gingerflower
Valued Contributor

Re: Citi Flex loan questions?

@MyLifeStory2023 

I totally agree with you because this is the same situation DH is dealing with Citi Bank. The Flex loan is ok as long as you don't have  a balance on the Cc at time of doing the Flex Loan.

Message 7 of 7
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