EDF Energy personal loans

Better-known for generating and supplying electricity, EDF Energy now additionally offers personal loans of up to £10,000. So are they shockingly good or a waste of energy?

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compare 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’s teamed up with personal finance specialist Creation to provide personal loans of up to £10,000. That means EDF Energy is 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, an EDF personal loan lets you spread the cost over a maximum of five years with a competitive and flexible fixed-rate loan. You can apply online, receive an instant decision and have the funds in your bank account within five working days.

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.

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.

Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Warning: late repayments can cause you serious money problems. See our debt help guides.

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.

How can I apply?

To complete your personal loan application online, you will need:

  • Your bank sort code and account number for the funds to be transferred to.
  • Your home telephone number.
  • Your address details for the last three years.
  • Your employer’s name and address.
  • Details of your monthly income, rent or mortgage.

EDF Energy will perform a credit check using the details you provide. You will normally receive an approval decision instantly, although there may be times when this isn’t possible. Additional checks may need to be carried out to fully assess your application.

You’ll receive an email with the results of your application, usually within three working days. The funds will then be in your bank account within five working days.

Frequently asked questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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