Egg APR increase on Loans?

chowster

I just did an online quote for Egg and expected to see 9.9APR but got 13.9APR no matter what amount/term I selected.

Is this the case for everyone now?!

Rafter

Egg is now owned by Citigroup, which despite being one of the largest banks in the world is making big losses on sub-prime, having to raise capital etc. This probably means they don't have much appetite for new loans at the moment, particularly unsecured ones in the UK where there is uncertaintly about unemployment and the economy.

I suggest if you are looking for a loan with no repayment penalties you try a building society maybe? You should be able to beat 13.9% if you credit rating, income and existing debts are all reasonable.

Good luck

R.

chowster

Thanks for the reply Rafter!

Didn't realise Egg had upped there rates, the flexible loan guide on the loans section needs updated if 9.9 isn't available anymore

I've gone with Lloyds so lets see what they say cheers

Rafter

Well - the website is pretty silent about APRs.

Moneyfacts is still showing them at 9.9% though for loans above £5000.

They have to offer 67% of customers the advertised rate, so they might be breaking rules if nobody can get below 14% now. Maybe moneyfacts is just a bit out of date and they have just repriced.

If you still want a repayment penalty free loan, the AA and post office are both showing loans at 7.9% with these features.

R.

chowster

Well I sent a message to Egg asking about the APR on loans and got the following response

"
We no longer offer a typical APR on the Egg Loan. The interest rate is generated as a credit enquiry on your credit report."

As it was I've been accepted for a loan with TSB at 7.9% so Im happy

The_Money_Saver_2

I recently obtained a quote from Egg and was quoted an APR of 13.9%. I too thought that they offered a typical rate of 9.9%. I think Tesco are still offering loans at 8.2% typical.