Finding an unsecured debt consolidation loan from a reputable source might be a bit of a challenge, unless you decide to go through a bank. Many banks do offer unsecured loans to those with good credit ratings - these are also known as signature loans.

One of the major banks who does offer unsecured debt consolidation loans is Citibank. Unsecured loans are generally used for those who do not own any property like a house or a vehicle to use as collateral - basically only needing a good credit rating and a signature to get one. If you use a secured loan, you will most likely use your home as collateral and if you default on any payments, they can foreclose on your house.

Citibank offers a wide range of secured loans, but only one type of unsecured loan, an unsecured personal loan. With this loan, you are able to consolidate your debts and pay off your bills. Citibank offers a home equity loan as well, but it depends on how much equity you actually have in your home in order to get the loan. You also must use your home as collateral for the loan.

In order to qualify for an unsecured loan with Citibank there are some requirements you must meet. You must be at least 18 years of age, have a social security number, possess a valid driver’s licence or state identification card, have a valid United States address and you must have good credit as well as a job and references.

Applying for a loan with Citibank is easy; it takes applying in person at a Citibank Financial Center, online or over the phone. It’s an easy process and once you are approved for a loan, you can have your money within days. In order to complete the application process, you will have to sign the forms and understand the terms, rates and re-payment schedule. Once you have your funds in hand, you are able to pay off your debts.

Citibank offers a flexible re-payment plan with low interest rates per month. An option you have is, you can have your payments automatically debited from your Citibank account as well - making it easier to repay the loan. An advantage to using Citibank is you do not have to pay an application fee to apply for a loan either.

Like with any loan, be aware if you miss a payment or default on it, Citibank can report this to the credit bureaus and it will affect your credit rating.