Are you eyeing a personal loan to consolidate your credit card debt, fund a significant purchase, or manage unexpected expenses? Best Egg might just be the lender you’re looking for. Known for catering to a wide range of financial needs, Best Egg stands out in the personal loan landscape, particularly for those with good to excellent credit.
In this detailed review, we’ll dive into what Best Egg offers, from debt consolidation to loans for home improvements, travel, or even business expenses. With competitive interest rates and a promise of savings on interest and fees for creditworthy borrowers, Best Egg positions itself as a strong contender in the personal loan market.
Whether you’re looking to streamline your finances with a single monthly payment or seeking funds for a major expenditure, understanding the ins and outs of Best Egg’s personal loan offerings is crucial. Let’s take a closer look at who qualifies for these loans and what to expect when borrowing from Best Egg.
Overview of Best Egg’s Personal Loan Options
Best Egg offers a spectrum of unsecured personal loans, tailor-made for various financial goals. Borrowers can access funds starting from $2,000, scaling up to $35,000.
In a special scenario for highly qualified individuals, loan amounts can even reach up to $50,000, provided you receive an exclusive mail offer. This range ensures that whether you’re consolidating small debts or financing a large project, there’s a loan size that fits.
Fixed Interest Rates for Predictable Repayments
Interest rates are a crucial factor in any loan decision, and Best Egg offers fixed APRs ranging from 5.99% to 29.99%. This fixed nature means your monthly payment remains constant, aiding in financial planning and budgeting. The assurance of no fluctuations in payment amounts throughout the loan term can be a significant relief for borrowers.
Understanding the APR and Origination Fees
The Annual Percentage Rate (APR) at Best Egg isn’t just the interest rate but also includes an origination fee. This fee is a percentage of the loan amount and varies based on your credit profile, ranging from 0.99% to 6.99%.
The lower your credit risk, the lower the fee. Conveniently, this fee is deducted from the loan amount before you receive the funds, eliminating the need for additional upfront cash.
Repayment Terms to Suit Your Financial Plan
When it comes to repayment, Best Egg offers flexibility with choices of either a three-year or five-year plan. This option allows you to align your loan repayment with your financial situation and goals. Additionally, Best Egg encourages early repayment by not imposing any prepayment penalties, offering you the opportunity to settle your loan sooner if your financial circumstances improve, without incurring extra costs.
Best Egg tailors its personal loan offerings to borrowers with strong financial profiles. To access the most favorable loan terms, a higher credit score is advantageous. Ideally, applicants should aim for a FICO score above 700, although the minimum requirement is set at 640. Achieving a score above this threshold enhances your chances of receiving lower interest rates and better loan conditions.
The financial strength of Best Egg applicants is further underscored by income requirements. For the lowest interest rates, such as the coveted 5.99% APR, an annual income of at least $100,000 is typically necessary.
While this figure surpasses the national average, it reflects Best Egg’s focus on borrowers with a solid financial foundation. Additionally, a robust credit history, averaging around 10 years, is another hallmark of Best Egg’s borrower profile, indicating a track record of financial responsibility and stability.
For those whose financial credentials are on the lower end , securing a loan may be challenging. However, for individuals with strong credit scores and substantial incomes, Best Egg presents a viable and potentially beneficial lending option. This is particularly true for those who meet or exceed the baseline criteria for their lowest APR loans.
Applying for a Best Egg Personal Loan
One of the benefits of applying for a Best Egg loan is that the full application process only entails a soft credit check. A soft inquiry on your credit report won’t affect your credit score. You’ll eventually have a hard credit check performed, but not until you’ve accepted the loan.
To apply online, enter your email address to get started. You can also input an offer code if you’ve received a pre-qualification offer in the mail. Next, fill out some basic personal information like your address, phone number, and Social Security number, which takes no more than a few minutes.
You can then compare loans offers with three-year and five-year terms, plus see the loan amount you qualify for. Once you select the loan you want and provide some additional documentation for verification purposes, you can sign the loan agreement. Finally, Best Egg runs a final credit check, and then you’re ready to get funded.
Post-Approval: Getting Your Best Egg Loan
With Best Egg, you’ll receive funds quickly and efficiently upon loan approval. You can get the loan funds deposited into your bank account in as little as one business day, making it a feasible option to consider for financial emergencies. All you have to do is provide your preferred bank account information for the deposit to go through.
Once you start your loan payments, be sure to make them on time each month. If you fail to do so, you’ll be charged a $15 late fee. You can also incur a separate $15 fee for unsuccessful payments. Best Egg reports payments to all three major credit bureaus, so timely payments will help build your credit score, but late or missed payments will hurt it.
For example, if you set up an automatic payment from your checking account and don’t have the funds available, you’ll be charged extra. Also, if you want to pay any other way besides an automatic electronic funds transfer, you’ll have to pay a $7 processing fee for each payment. That can add up quickly!
Unique Advantages of Choosing Best Egg
One unique perk with Best Egg is that you can take out two personal loans simultaneously. Of course, you must meet a few requirements, but it’s nice to know you have more financing options with a company you’re already familiar with.
Here’s what you’ll need to qualify. Your first loan must be at least six months old before you can apply for a second one. After that, the only other hard requirement is that the two Best Egg loans together may not exceed $50,000.
A Brief History of Best Egg’s Loan Services
Best Egg issues personal loans in partnership with Cross River Bank, a New Jersey-based, FDIC-insured bank. In the three years since Best Egg opened its virtual doors, they have funded more than $3 billion in personal loans for a total of 200,000 customers. According to a recent survey of borrowers, 9 out of 10 clients reported being satisfied with Best Egg.
Best Egg Reviews: Customer Insights and Ratings
When it comes to choosing an online lender, customer reviews are invaluable. They offer unfiltered insights into the lender’s services, customer support, and overall reliability.
Best Egg’s reputation is notably strong, as evidenced by its A+ rating with the Better Business Bureau (BBB). This rating is a testament to their commitment to customer satisfaction and service excellence. Further insights can be gleaned from various review platforms online, where a multitude of customer experiences with Best Egg are shared.
Evaluating if Best Egg is the Right Choice for You
Determining whether a Best Egg loan is suitable for your needs involves a careful assessment of your financial situation. Primarily, ensure you meet the income and credit score criteria. While Best Egg is popular for debt consolidation loans, particularly for paying off high-interest credit cards, their loans are versatile enough to cater to various other financial needs as well.
A significant advantage of applying for a Best Egg loan is their initial soft credit inquiry, which does not impact your credit score. This feature is especially beneficial for those cautious about preserving their credit rating during the loan shopping process.
However, it’s crucial to plan your repayment strategy in advance. Given the higher fees for non-automatic fund transfers, opting for automatic payments is financially prudent. If this isn’t feasible, it may be worth considering other lenders or payment methods to avoid additional fees over the loan term.
Best Egg stands out in the personal loan market with its strong customer service record, flexible loan options, and borrower-friendly features, like soft credit checks. While it caters well to those with strong credit scores and higher incomes, it’s important for potential borrowers to review their financial status and repayment strategies thoroughly.
Best Egg’s loans offer a robust solution for various financial needs, but as with any financial decision, it’s essential to weigh all factors to ensure it’s the right fit for your unique circumstances.
Check out our other personal loan reviews below to continue exploring your options.