Too soon to apply for an egg loan?

jay78

I've had an egg green card for a month and just bt'd £2000 over to it. Prior to the egg card I only had one other credit which now has a balance of £8k on it with an interest rate of 19% approx. I'd like to get an Egg loan to pay it off. How likely are they to give it to me seeing as I've only just had a card with them for a month? Will they do a credit check again?

mrcow

Hi

For sure they'll credit check you as it will be a completely separate arrangement from your cc.

I personally wouldn't see Egg having any problems with them just having arranged a cc for you.

You'll only know for sure by calling them and asking the question.

Couple of tips....(and SORRY if most of this is obvious!)

1.Ask for a quote without PPI. It'll be a lot cheaper and if you do want to insure your loan, there are cheaper places to do it rather than with the lender (you can always take payment breaks with Egg loans anyway if you really need to)

2. Borrow as little as you need to. Don't be tempted to borrow more just so you have "free" cash.

3. Cut up that 19% credit card once your loan money comes through and cancel with the lender.

4. Borrow the money from Egg under the shortest period you can afford as you'll save money long term.

5. Check what APR you've been offered before you sign up just in case you can do better elsewhere.

Take care

BullyCornedBeef

Can I just ask why an Egg loan?

jay78

BullyCornedBeef wrote:

Can I just ask why an Egg loan?

Because it is a flexible loan with a good apr. The best I can get with my bank is 10.1 %. It means I can overpay when I can, pay the loan off earlier and save interest without penalties.