Egg Loans - any good?

Devo

Just wondering whether anyone has any experiences with Egg loans I know they have a higher APR - 7.9%, but they allow early repayment with no penalties, allow payment holidays and allow you to increase your monthly payment if you want... this all sounds pretty good to me, but does anyone have any experience with their loans? I have my Egg card and Egg Money account - and have never had any hassle with Egg

James240

Devo never had any problems with egg at all.

Ive Found them very flexible and there customer services to be brilliant justdont take out the PPI insurance.

Even whenu want to take payment breaks there is never any problems.

Thourghly recommend them!

James

HelenR_3

Devo wrote:

Just wondering whether anyone has any experiences with Egg loans I know they have a higher APR - 7.9%, but they allow early repayment with no penalties, allow payment holidays and allow you to increase your monthly payment if you want... this all sounds pretty good to me, but does anyone have any experience with their loans? I have my Egg card and Egg Money account - and have never had any hassle with Egg

remember when you take payment breaks , the interest doesnt stop and so when you resume your monthly payment will go up slightly

Jazzking

James240 wrote:

Devo never had any problems with egg at all.

Ive Found them very flexible and there customer services to be brilliant justdont take out the PPI insurance.

Even whenu want to take payment breaks there is never any problems.

Thourghly recommend them!

James

Seconded, no problems with them at all. One of the few totally flexible loans out there with no penalties, and the option to increase or decrease monthly payments as and when.

OK, they're not the best APR around, but they seem very generous when taking your application into account and I think that combined with the flexibility makes them better than other loans of say 5.9% with no flexibility, I paid off £5000 in 7 month thanks to overpayments

Devo

I'm not too hot on the maths of APRs etc - can someone estimate how much interest I would pay on a £6000 Egg Loan if I got it at say 6.9%

I'm intending to pay off approx £250 a month to start with, although will increase that when I get my payrise in approx 3 months :j

lady_noluck

Egg are great. Never had a problem with them and James240 is right, customer service is excellent. Much better than thieving HSBC!!!

WSO

I have had 2 loans with Egg over the last 18 month (one was refinanced 3 months after setting it up). For me they were helpful and understanding when my my refinancing went to underwriting and one 20 minute phone call in response to their invite to "top up" got me the result I wanted (more money and cheaper APR) even though we were obivously too close for comfort and had to explain where the overpayments came to (renting left us with a comfortable surplus).

Had an issue where OH paid £400 to original Egg loan that didn't exist thus putting payment in limbo - Egg were helpful and offered a wide range of options of getting the money back, could have been a bit quicker with the credit tho and not sure how long it would have taken them to ask what I wanted to do with it if I hadn't gotten in touch with them.

Overall I am very happy with the service... however, there is one little thing that niggles me and that is the fact that there is no record of previous transactions - so if you are one for making extra payments or just like to know what the interest was, you have to work it out through watching the balance.

Also, if you make overpayments in the hope of reducing your payments, just be aware that they bring the final payment date forward by default - I guess you could call them to reduce the payments if you really wanted to - but I never did...

burbs_2

As everyone who has an Egg loan says they really are excellent. I had one when i set up my business, i had no spare funds as it all went into business so wanted a bit of cash. Their customer service was second to none and they cannot do enough to help you. As you say their APR is slightly higher, i was paying 10.4% on a £1700 loan and i had PPI as i was worried the application wouldnt go through if i didnt take the insurance but with overpayments it really is an excellent loan.

Devo

Can someone please help me work out how much interest I will be paying on a 6k loan at 7.9% - paying approx £200 a month

I just want to be sure of the interest figures before I take out the loan :j

Jazzking

hi Devo,

http://www.whatsthecost.com/loan.aspx will help you here.

The bottom line, is that this loan for £6,000.00, over 33 months, will cost you £202.88 a month.

In taking out this loan, you'll pay a total of £694.98 in interest. The true cost of this loan is £6,694.98

Egg actually has a calculator on it's site which will give you the monthly payments - hope that helps!

~Alex~