Selected for Egg Loan

DJ1UK

Hi All,

I have had a letter from egg, saying I have been selected for an Egg loan at 7.9% for £6000 over 4 years. I can change this - I prefer £5000 over 3 years (still 7.9%).

Since I am a postgraduate student, working partime and earning only around £7k - this would be a good opportunity for me to consolodate my car loan and credit card bills.

Do they do another search on me - to approve it?

Are there anyother companies that are likely to accept me with my present circumstances.

Thanks for all your help.

DJ

JasonW_2

They havent done a search on you, it would be illegal to do it without your premission. You have been selected to apply which is worth less than the price of the stamp to send it to you, unfortunately. Its a marketing trick where you are meant to feel special that you are "selected" and phone up and take them up on their offer. They credit score you and either turn you down, or tell you you can have the loan, but at a higher APR. There is a slim chance they will agree to the loan of course, but the letter doesnt mean anything until you actually apply.

Im not to sure about getting a loan as a postgrad, Ive never had to do it.