EBS Personal Loans Question

Hi

Just wondering, does anyone have any experience with these ?

- at first glance, the rate looks good with a 7.75% APR quoted, but when one commences the application process online, they soon see this message:

The repayment amount shown above is based on a monthly repayment plan, using an APR of 7.75%. Please contact us for more details on the application of the APR and rates that are charged in connection with these loans.

Please note: the rate you will receive on your EBS Personal Loan may range from 7.75% to 12.20% APR.

The actual rate to be charged will be specified at the time of credit decision and will be contained in your loan agreement. The above APR figure is indicative only.

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How does one qualify for the 7.75% APR, or is it at "the descretion" of the lending institution (which I think is actually GE Money ?) ?

Also, any idea if there is a penalty for an early repayment of the loan ?

Cheers

G>

As far as I know this rate only applies to EBS members. Simply Mortgages are offering 7.9%.

Would [broken link removed] be an option for you?

I presume you have looked at the Best Buys forum Garrettod?

I imagine the rate charged depends on your credit rating.

The EBS loan is indeed provided by GE Money.

I don't think anyone on AAM will be able to give you a definitive answer on the rate question-it will depend on the applicant.

Hi

Clubman,
Is a LifeChoice loan secured on your home ? .. if so, not interested thanks, Im just considering a short(ish) term unsecured loan

CCOVICH
Thanks, yes I did look into the Best Buys. The reason I put the original question, is because in the past I've had the likes of MBNA waiste my time by dangling an attractive rate, then find when I finish a 15 minute telephone questionaire, they are offering me a rate higher than they give me on their credit card & I'm no longer interested in entertaining companies with this type of policy

(thankfully, Im in a position where I've an excellent credit record and would qualify for this type of loan just about anywhere I applied )

Thanks

G>

Garrettod said:

Is a LifeChoice loan secured on your home ?

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Not sure - the EBS site is a bit sparse on detailed info about their offerings. I'm sure that there used to me more (including info about Members' Loans) but I can't seem to find it now.