Egg Loan APR 7.9

deakn_

Hi im new here but have been reading your helpful posts for sometime. Im not sure if you can help. I have been accepted for a £5000 egg loan to be paid back within 36 months. The total paid back will be over £6500.

Does anyone know if this is a good deal or can i find somewhere cheaper and better before i use the loan. The good thing is Egg have said if the loan is paid off early, there are no additional fees.

danielle21_2

Hi deakn_

I have a £5K egg loan too. I have had other loans & paid them off through egg with no problems. 7.9% is probably an average rate but Northern Rock (5.9%)turned me down so I just got one from Egg.

Hope this helps.

deakn_

danielle21 wrote:

Hi deakn_

I have a £5K egg loan too. I have had other loans & paid them off through egg with no problems. 7.9% is probably an average rate but Northern Rock (5.9%)turned me down so I just got one from Egg.

Hope this helps.

Hi danielle. That does help thank you.:)

jay78

If you can afford to over-pay at times, you'll end up paying less interest.

BullyCornedBeef

jay78 wrote:

If you can afford to over-pay at times, you'll end up paying less interest.

That seems far too generous from a CC company!

mrcow

deakn_ wrote:

Hi im new here but have been reading your helpful posts for sometime. Im not sure if you can help. I have been accepted for a £5000 egg loan to be paid back within 36 months. The total paid back will be over £6500.

Stop right there!!

£5k @ 7.9% apr over 36 months is £5609 total payable.

Are you also paying nearly £1k in PPI?
Are you aware of it and do you want this insurance?

If not, get them to requote without it before you sign up.

wacko911

Good spot MrCow - darn ppi ripp off merchants

BullyCornedBeef

I think you can take out PPI with other companies at better rates? I know it does not have to be with your loan company.

mrcow

BullyCornedBeef wrote:

I think you can take out PPI with other companies at better rates? I know it does not have to be with your loan company.

If you want/need it at all?

Plutos_2

BullyCornedBeef wrote:

I think you can take out PPI with other companies at better rates? I know it does not have to be with your loan company.

If you feel you need PPI:
-Paymentcare
-British insurance
-Post Office

do it at 20% of the price of most loan companies.

This loan definitly has PPI on it. As everyone has said DO NOT TAKE IT. PPI is the biggest financal scandal around at the moment.

I read somewhere that Egg would not be a profitable company if you strip out the contribution that the sale of PPI makes to its bottom line.

jay78

BullyCornedBeef wrote:

That seems far too generous from a CC company!

Well it's in their t&c's.