Egg Loans - Any advice?

sniperpenguin

Im looking for a bit more flexibility on my finances and Im wondering if anyone has had any experience with the current egg loans.

This is my situation:

Car Loan 1 : 3700 (ish)
Car Loan 2 : 3850
Overdraft : 2200 (temp overdraft to allow instant MFI kitchen purchase)

After a quick phone call in MFI I was offered by First Direct 11K over 42mths @ £308/mth (9.9%) which I think is a little high APR wise, but it allowed me the OD to be put in place to buy the kitchen. However, my outgoings would be no higher as the car loans come to £305 anyway. I also believe that I wouldnt need 11K, 10K should be sufficient (therefore less interest).

Although the forms are signed they havent been sent off, and the egg loan appears to have some positives:

1. No early repayment penalty (FD is 59 days interest)
2. Ability to make lump sum payments (not seen this before in a loan, big advantage for me as it would be motivation to pay).

No APR is advertised, but has anyone else tried applying?

Thanks, and apologies for long post!

_Andy_

Not sure what advice you're after - I can only pass on my experience of Egg loans which was positive - nice product, good customer service.

sniperpenguin

Just anyone elses experiences, advice on which "promises" to be careful of etc etc.

Also, rough ideas on what APRs people were offered as a guide would be handy

MABLE

sniperpenguin wrote: »

Just anyone elses experiences, advice on which "promises" to be careful of etc etc.

Also, rough ideas on what APRs people were offered as a guide would be handy

I tried Eggs personal quote online loan calculator and on 15,000 gave an apr of 17.9 percent. I then tried Lloyds and they offered a rate on 15,000 of 7.6 percent.

sniperpenguin

MABLE wrote: »

I tried Eggs personal quote online loan calculator and on 15,000 gave an apr of 17.9 percent.

:eek::eek::eek:

MoneyMuppet_2

Eggs rates are now risk based they may have a typical rate and if they do advertise any "typical" rates it means that these rates are offered to at least 2 3rds of all applicants pls bear in mind that the interest is calculated daily and added monthly as your payment is withdrawn so the quicker you pay it off the less interest you pay



eg a 9.9% over 4 years but paid off in half that would be alot less interest it does show you in the paperwork and you do get a 90 day timeframe from receiving your paperwork to decied (at least i did 3 yrs ago.)

more than happy with mine, i check it online to see the balance going down after each payment. not long now. lol roll on 2012!

Pips_Mum

I have only positive experience of EGG loans too. I also like the convenience(and motivation) of being able to log on and see the amount decreasing with each payment.
The early repayment with no fee is also a good thing as many loans charge a lot for early settlement, not very good for a DFW!!
Dont know how competitive their rate is at moment as I have had mine for nearly a year.

terakris

I have one of these - from next month i'll be increasing my monthly payment by 3 times but if i need to i can always lower it again in the future which is perfect for a loan if you ask me. Pay off more when you can, go back to your default payment when you cant. Even the odd lump sum you can do.

I got mine a little while ago so the rate i have is pretty low compared to todays standards but so far i have had no reason to complain about them.

consumer

Have you considered zopa loans?

I found good reviews about Zopa loans on googling and again there are no early repayment charges.

Interest is calculated daily on outstanding loans and you are allowed to make extra lump sum payments as well.

APR depends on the credit rating assigned by them. Interest rates change few times a day depending on demand/supply ratio and you can choose the interest rate you are comfortable with.

Again, there is £50 refer-a-friend bonus from an existing Zopa account holder and few people including me are ready to share out of that £50 (you can refer to referrals section of MSE), this hopefully should cover £94 charge made for loan application.

Sorry, but I am not proposing that you should take Zopa loans for refer-a-friend bonus and again, I am not publicising refer-a-friend scheme here in this section because I have joined them.

MoneyMuppet_2

terakris wrote: »

I have one of these - from next month i'll be increasing my monthly payment by 3 times but if i need to i can always lower it again in the future which is perfect for a loan if you ask me. Pay off more when you can, go back to your default payment when you cant. Even the odd lump sum you can do.

Please ask about it, i know you can increase your payments to your Egg Loan but you do have a minimum term to do it for.....

I cant remember if its 3 or six months.

Best bet ive found with mine was to set up a standing order alongside my regular payment it has to be credited a few days AFTER your DD but then you can stop and start it as you please.

HTH:rotfl:

soul619

egg is owned by citi bank so there very secure an u can pay bank the loan at any time or make any additional payments you like without incurring extra charges plus the interest is not front loaded