Best Egg- Loan Company Complete Review!

Best Egg, founded in 2014 and located in San Antonio, Texas, has established itself as a trusted and reasonable online lender. Best Egg has financed over 788 thousand consumers, over one million loans, and has an A+ rating with the Better Business Bureau. Best Egg provides personal loans to help with debt consolidation, credit card refinancing, home repair, relocating, vacations, special events, baby and adoption expenditures, and other large purchases. 

Best Egg also provides a credit card and a Financial Health account, both of which give tools and assistance for your financial development. Best Egg offers personal loans with a wide borrowing range of $2,000 to $50,000 and a minimal APR of 5.99 percent to customers with good credit. If you're searching for an online lender for a personal loan, Best Egg provides a quick and simple experience that might be ideal for you.

Best Egg is a good option for consumers with high salaries and acceptable to outstanding credit. Best Egg provides high-income customers with good to exceptional credit with unsecured personal loans. While applicants with FICO credit scores of at least 600 can qualify for Best Egg personal loans, the best rates require a credit score of at least 700 and an individual yearly income of at least $100,000. 

If you meet the requirements, you might borrow up to $50,000 at rates as low as 5.99 percent APR. The procedure is simple and fully online, with approval as soon as the next business day and money as soon as one business day after approval. Personal loans from Best Egg are great for debt consolidation or paying large costs. Borrowers cannot utilize their loans to purchase stocks or pay for postsecondary education.

Lending terms

Best Egg provides fixed-rate personal loans ranging in size from $2,000 to $50,000. The following states have higher loan minimums:

  • Massachusetts residents must borrow at least $6,500.
  • Borrowers in New Mexico and Ohio must have a minimum of $5,000.
  • Residents of Georgia are required to take out a loan of at least $3,000.
  • Loan lengths range from three to five years. There are no prepayment penalties, so you may pay off the loan early without incurring additional expenses.

The quotation you receive is determined by a number of factors, including:

  • Credit score and history.
  • Income.
  • Debt obligations.
  • Loan amount.
  • Repayment term.

According to the firm, after a borrower is authorized, almost half of its loans are funded the same day or the following working day. Best Egg makes loans in collaboration with Cross River Bank, an FDIC-insured bank situated in New Jersey. Most lenders do not impose origination fees, but Best Egg does, ranging from 0.99 percent to 5.99 percent. The origination charge on a loan with a duration of four years or more will be at least 4.99 percent.

The origination fee charged by Best Egg is an upfront expense deducted from the loan amount. For example, if you are accepted for a $10,000 loan with a 3.5 percent origination charge, you will only receive $9,650. However, keep in mind that you will be making payments on the whole $10,000. When determining the total amount you want to borrow, you need to account for the origination charge.

Late and returning payment costs are both $15. You will not be punished if you pay off your loan early.

How to Apply for a Best Egg Loan?

The application process is simple and quick. In the online application, provide some basic information such as the loan amount you desire, your yearly individual income, and your annual household income. What you'll need to apply for a loan with Best Egg is as follows:

  • Loan amount.
  • Gross annual income.
  • Annual household income.
  • Personality type: at home.
  • Information on debt (includes credit card cash advances and monthly housing payment).
  • Information about you (includes address, phone number, and Social Security number).

Best Egg will then do a mild credit check, which will have no effect on your credit score. The entire procedure should take no more than a few minutes, and if you're authorized, the screen will show you options for both a 36-month and a 60-month loan. Best Egg will do a hard credit check before confirming the loan, thus your credit score may be damaged, as with any hard credit pulls.

If you accept the conditions of one of the loans presented, you must input your checking account routing number so that Best Egg can send cash to your account. You may be required to provide confirmation of identification and/or income. You must be a U.S. citizen or permanent resident, at least 18 years old (19 in Alabama and Nebraska), and have a valid bank account to be eligible.

To qualify for the best rates, you must have a FICO score of at least 700 and an annual income of at least $100,000. You can still qualify for a loan if you don't fulfill those requirements, but your loan terms will be more expensive. You must also have a credit history of at least three years and at least three open credit accounts. There can be no overdue payments in any of the three accounts' histories.

If you have a bankruptcy on your credit record, a tax lien, or are actively working with a credit counselor or a debt management business, your application will be immediately rejected.

How do we rate Best Egg?

a. Availability

Best Egg received good marks for same-day loan approval and next-day financing. And, unlike some lenders, Best Egg's minimum personal loan amount is only $2,000.

b. Affordability

Best Egg has a low minimum APR of 5.99 percent, but its origination charge might raise borrowing costs.

c. Customer Experience

Customers may apply for loans and manage their accounts fully online, and customer service is available through phone and live chat six days a week.

d. Methodology

Our assessments of personal loan lenders are based on Availability, Affordability, and Customer Experience, weighing factors such as how long it takes customers to get accepted and get their funds, minimal APRs, and easy online application and account access.


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