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Egg loans online explained

by Jim ONeil on October 26, 2010

in high street loans

With unsecured loans becoming rapidly popular in the UK, there are a large number of banks, financial institutions and lenders on the internet that offer these loans on easy terms and conditions.

The online lenders especially offer unsecured loans to borrowers of all kinds at very easy terms and conditions and lenient eligibility criteria. One of the most well known loan provider online is Egg which had been formed in the year 1998.

Since then, the company has grown to the largest online bank in the world and offers several kinds of banking and financial products and services.

Loans offered by Egg

Egg offers a wide range of insurance, savings and borrowing loans as well as services which includes their unsecured personal loans. With these unsecured loans, borrowers would not have to pay any fee at all for repaying the loan early. Borrowers also have the opportunity to take a repayment break whenever they are low on funds. Once three payments have been made consecutively, the borrower would be able to take a payment holiday for 3 months once in a year.

Another great convenience offered by the company is that the borrower would be able to change the repayment amount any time he/she wants. For those who already have a credit card given by the company, the funds can be transferred to the account within a day of the approval. The company also offers an instant decision when the borrower applies over the phone. The repayment term offered for the unsecured loans is from 6 months to seven years. The interest calculation is done on a daily basis which can help save some money for the borrower. Along with unsecured personal loans, the company also offers top up loans to the existing clients.

Benefits of the Egg loans

Egg provides several benefits to borrowers with their unsecured loans. One of the biggest benefits is that the typical APR offered currently is 6.9% which is much lower than the competitors currently. The company offers unsecured loans of GBP 5000 to 25,000. The application process is quite simple and takes only around a minute to fill up and submit. Like with most other online lenders, the company offers instant decisions on the loans and fast loan processing which can be quite helpful to borrowers who are in an urgent requirement for funds.

With Egg loans, the borrowers get the benefit of complete flexibility and ease of payment. The repayment amount can be changed as per the convenience of the borrower at any time at all. Also, since there are no early repayment fees, the borrower would be able to pay off the loan  in full without any charges and save a considerable amount of money. Egg unsecured loans offer borrowers quite a lot of good benefits.

Ruth mondey

Need a loan but what the repayment plan

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