Egg Flexible Loan

Drunken_Butterfly

Hi,

Does anyone have any experience with an Egg flexible loan?

I'm looking at consolidating to reduce my min monthly payments.

Anyway...

I've had a look through the FAQ and details on the site and I can't see the answer to these:

How is the interest calculated? Is it done daily so if I over pay monthly the amount of interest I will pay drops? Or is the interest front loaded on to the loan and I would still pay the same amount of interest if I pay it off over the full term or if I throw every spare penny at it?


I have both an Egg card and an Egg Money card with a combined limit of £7600! I've got under £2000 on these cards and I'm hoping that these will be clear before I apply for the loan. If they are not they will be cleared with the loan. Should I close down one (or both if poss) of these cards before I apply? Or should I leave them open and let Egg do what they need to do when I apply for the loan? Or I could reduce the credit limit available on the cards? I know they work off the credit available to you - the less the better I would have thought. However, I wondered that if they could see that I already had the sort of credit limit available to me from them they would be happier to transfer this level of credit to a loan along with a bit extra. Its all pretty confusing,

Hope that all makes sense! Any help much appreciated.

I'd give them a call but its a bit late

girltuesday_2

Hi,

I've got an Egg loan, and I've been really happy with it.

As far as I know, interest is calculated daily. Have twice increased my monthly payment amount (due to payrises) and so it will be paid off two years earlier than originally thought without any extra charges or penalties.

I also have an Egg card and an Egg Money card, but I got those after the loan - what I would say though is that when I applied for the Egg card they told me I got a high credit limit partly because I'd always paid my loan on time, had overpaid on occasion, etc etc. So the fact that you already have products with them might work in your favour (assuming you manage the accounts well).

Hope that helps!

Drunken_Butterfly

Hi,

Thanks for the info

Do you know if you can make one off overpayments as and when with out increasing your monthly amount?

Thank You.

Rafter

Have one too and no complaints.

It sits their just like your egg card balance so you can make overpayments at will. I think the amount you repay stays as it was unless you request to change it. I think you can also take payment holidays once you have been making payments for a certain number of months.

Have you also considered something like an M&S &more card? Lower life of balance transfer rate than an Egg loan potentially?

R.

girltuesday_2

I make overpayments quite often, so yes, you can. it just decreases the loan term.

You can take a payment break once you've made six repayments, and can take up to three months holiday in any twelve months. You still pay interest during that period though, and they increase your payment slightly after it to keep the term the same.

Drunken_Butterfly

Thanks everyone. Really helpful.

Hope I get the loan now!