Moving from 1 loan company to another

webby1983

Hi everyone,

I'm pretty new on here after being told about it by a friend and have gotta say it's absolutely brilliant with so much information and advice.

I have a question though:

I currently have a personal loan with Egg for about £9000 which is being charged at 14.9% but I want to try to reduce this interest charge so as I can start to make a bir of a dent on getting it paid off in full.

Does anyone know if I can simply change to another loan company like I have changed bank accounts? If so then can anyone recommend me a good cheap company?

Thanks very much
Lee

YorkshireBoy

Read up, and compare here...

http://www.moneysavingexpert.com/banking

and here...

https://www.moneyfacts.co.uk

and here...

https://www.moneysupermarket.com

Rafter

Lee,

A lot will depend on your credit rating, income and other debts as to whether you can get a better loan rate. 14.9% does seem high though.

The advantage I think you have with Egg is that it is a fairly flexible loan and there are no repayment penalties. You will need to double check with them your exact terms and conditions though.

You may find you can use 0% or 'life of balance' deals on credit cards to reduce your interest bill further too.

As yorkshireboy says, have a look on the comparison sites and particularly the articles on here which are constantly updated for best buys etc.

Remember though, that the best rates aren't available to everyone and making multiple applications can harm your credit rating. Take things slow and you should be able to reduce both the rate of interest you are paying, and the speed at which you can pay off the loan.

Good luck.

R.