Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
EDF Energy personal loans
Better-known for generating and supplying electricity, EDF Energy no longer offers personal loans, but you can compare alternatives here.
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Important: EDF Energy no longer offers personal loans, but this page has been preserved for historical purposes. You can compare other personal loans here.
What is EDF Energy?
EDF Energy, the UK’s biggest producer of low-carbon energy, says it’s had a long-held mission to make British homes more efficient. Now it aims to do the same with your finances.
It teamed up with personal finance specialist Creation to provide personal loans of up to £10,000. That meant that EDF Energy was effectively acting as a broker, not a direct lender. Creation, part of global banking group BNP Paribas, is behind some of the UK’s leading loyalty card, personal loan and retail finance programmes.
Whether you’re doing up the house or buying a new car, a personal loan lets you spread the cost, usually between 1 to 5 years, with a competitive and flexible fixed-rate.
How do EDF loans compare against the competition’s?
Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.
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Late repayments can cause you serious money problems. See our debt help guides.
Key features of EDF Energy personal loans
- Borrow over 1 to 5 years. Choose a repayment term to suit you. Remember that the longer you borrow for, the more you’ll pay in interest. Aim to keep the loan term as short as possible while ensuring monthly repayments are affordable.
- Loans from £1,000 to £10,000. The amount EDF Energy agrees to lend you will depend on factors like your credit score, income and expenditure.
- Get a quick quote. EDF Energy aims to give you an instant decision on a loan. However, this sometimes isn’t possible and you may be required to provide additional information.
- No arrangement fee. EDF Energy won’t charge any mysterious “admin” or “set-up” fees for taking out a personal loan.
- Fixed monthly repayments. You’ll pay the same amount each month, helping you to budget. This also means that the overall cost of the loan will be clear from the start.
- Repay your loan early at any time. If you repay early, you will pay back both the outstanding capital and any accrued interest.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for an EDF Energy personal loan?
You should only apply for an EDF loan if you’re certain you can meet the repayment terms. You must also
- Be aged between 23 and 70, at the time of application.
- Have been resident in the UK for at least 3 years.
- Have an income of at least £10,000 (gross) per year.
- Have a bank or building society current account.
- Not have a history of bad credit such as missed or late payments, county court judgements (CCJ) or bankruptcy.
Our verdict
EDF Energy offered loans of up to £10,000. When you’re approved for a loan, it is important to note that the interest rate offered may not be the same as the advertised rate. It will depend on your personal circumstances such as your credit history.
You can see how EDF Energy compares to its competitors above.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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