General information
Egg is one of the recent additions (1998) to the online bank market. In 2000, Egg was floated on the London Stock Exchange, and is now largely owned by Prudential Plc. Since its inception, Egg has established a position as the world’s largest purely online bank, with almost 3.5 million customers. It also offers the Egg credit card to its customers.
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Features of the Egg loan
One feature of the Egg loan is that you are not charged for early repayment (known as an early redemption penalty). Many lenders charge the equivalent of up to two months’ interest if you choose to do this, which can often be a successful deterrent. But, if you pay off your Egg loan before the loan term is up, you will save on interest, thus cutting costs.
The Egg loan calculates your interest daily, which will benefit you if you make a lump-sum payment to pay off some of your debt. The interest you pay on the remainder will decrease from the day you make your payment, so you are rewarded for successfully managing your debt. This is not the case with many other lenders.
With an Egg loan, you can also take payment breaks for up to three months in any year, as long as you have already made at least six repayments, giving you greater flexibility. However, while you are on a repayment break, your interest will still mount up. The more repayment breaks, the more you will pay in the end.
Note that the Egg loan offers banded interest rates, so you will be offered one of two rates depending on how much you would like to borrow.
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Comparison of the Egg loan with other UK loans
A1Credit.co.uk offers the personal loan comparison service, a free service that will do the hard work for you – all you have to do is tell it what kind of loan you require. A1Credit.co.uk will search through the small print of available loans in the UK to give you a list of the most appropriate for you. Whether you want a cheap, flexible, convenient or bad-credit loan, A1Credit.co.uk will take your criteria into account and tell you the loans you should consider. A1Credit list many of the lowest rate any purpose personal and secured loans, variable and fixed rate and compare with others. The Egg loan might be top of the list, but you might find one to better suit your circumstances.
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