EBS Personal Loans Question

G

GreatDane

Registered User
Messages
681
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.

Click to expand...



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%.
 
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 ?
Click to expand...
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.
 
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