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Best Egg Personal Loan 2020 Update: Everything to Know

– Best Egg Personal Loan –

Best Egg Personal Loan: Whether you need money because of an emergency or you’ve planned to borrow some capital for a long-sought expense, taking out debt can be a stressful experience. The simple fact is, you’re going to owe money to a third party, every month, for a fairly long period. It behooves you, then, to do your homework.

 

Best Egg Personal Loan

Ensure you’re getting your loan from a reputable company that meets your financial needs. Some companies are better at some things than others, like lending only to borrowers with good-to-great credit scores, or to those who want to take larger loans.

In this way, Best Egg Personal Loans is no different than any of the other loan providers that you may see advertised. They offer unsecured, personal loans to consumers through their partner, Cross River Bank in New Jersey.

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Best Egg Personal Loan

Best Egg is a good choice for high credit score lenders with high personal income. While Best Eggs offers competitive APRs from 5.99 per cent to 29.99 per cent on its personal loans, you will need a minimum personal credit score of 700 and $100,000 annual income even to be considered at the lowest rate.

Even if you meet those requirements, applying for the highest amount of loan ($35,000) could mean a slightly higher rate.

Loans come in terms of three to five years, but you can pay off your loan more easily if you wish, as there are no penalties for prepayment. Since Best Egg is not a lender on the market, financing is fast— most times as fast as one business day.

Depending on what state you live in, there may be different minimums placed on how much you can borrow through Best Egg. For Massachusetts, Ohio and Georgia Borrowers, loans must exceed a certain amount: $6,000, $5,000 and $3,000 respectively.

Best Egg Loans Offers

Loan products can be confusing so it’s a good idea to review quickly what exactly Best Egg is offering. The company offers:

  • Unsecured loans – this means that the loan you receive is not based on the collateral of any type of property.
  • Loans from $2,000-$35,000 – the wide range allows you to select the right amount for you, no more, no less.
  • Fixed terms – the percent you pay each month will stay the same for the life of the loan.
  • Fully amortized – meaning that each payment you make goes toward both the principal and interest of your loan.
  • No prepayment fee – Why should you pay a fee for being a responsible borrower? You shouldn’t. If a loan provider is trying to charge you additional money to pay off your loan early, consider other options.

Best Egg Personal Loan

Best Egg personal loans can be used for:

  • Consolidation of debt
  • Home improvement projects
  • Moving expenses
  • Vacations and travel
  • Adoption and other child-related expenses
  • Large purchases
  • Special occasions

Repayment

Personal Best Egg loans are paid back over 3 or 5 years. Best Egg’s lending service provider, Systems and Services Technology, accepts payments online, by telephone or by mail.

But if you’re not enrolling in autopay, Best Egg could charge you a monthly processing fee of $7. If your invoice is late for more than 3 days, expect a $15 late fee to be charged.

You will speed up the repayment of your loan without being paid a tax for the prepayment. When you make more than your monthly minimum contribution, the additional funds will be added first to any existing interest accrued from penalties, then to your loan principal.

Best Egg Personal Loan Terms and Requirements

Best Egg personal loans are best suited for borrowers with good credit and annual income. To qualify for the largest loans or the lowest rates, you’ll need to have a six-figure annual salary.

Loan Amount Range $2,000 – $35,000 (up to $50,000 for qualified borrowers)
APR Range 5.99% – 29.99%
Fees
  • Origination fee: 0.99% – 5.99%
  • Late payment fee: $15
  • NSF/returned payment fee: $15
  • No check processing fee
  • No prepayment penalty
Loan Terms 3 or 5 years
Repayment Options Monthly
Direct Payment to Creditors No

Pros and cons of Best Egg Personal Loans

Here’s a breakdown of some of the benefits and drawbacks of Best Egg personal loans.

Pros:

  • Fast approval and funding: Applicants can be approved in as little as one day and receive the funds in as little as one to 3 business day.
  • Low fees: Best Egg keeps fees to a minimum, only charging an origination fee. Late payment and returned payment fees are $15
  • Accessible to most borrowers: While the best terms will go to borrowers with high income and excellent credit, borrowers with at least a 640 credit score can qualify for a Best Egg personal loan.
  • The minimum loan amount is $2,000.
  • Borrowers incur no prepayment penalty.

Cons:

  • Origination fee: Best Egg does charge an origination fee, which varies from 0.99 to 5.99 percent. Most lenders don’t charge this fee.
  • Borrowers need a minimum credit score of 700 and $100,000 in annual income to qualify for the lowest interest rates.
  • Co-signers are not accepted.

Best for:

  • Borrowers with good credit
  • Fast funding
  • Debt consolidation
  • Home improvement

Eligibility Criteria

Best Egg Personal Loan

 

To qualify for a Best Egg personal loan, we recommend that borrowers meet the following criteria:

  • U.S. citizen or permanent resident of any state except Iowa, Vermont, or West Virginia
  • At least 18 years old
  • Annual income of $150,000 or more to qualify for $50,000 loan
  • Credit score of 700 and annual income of $100,000 or more to qualify for 5.99% APR

Best Egg will assess your credit history, facts about your application, the expected use of funds and the ability to repay before accepting a loan offer. Once you have checked your details and have been accepted, Best Egg will deposit your money directly into your bank account within 1 to 3 working days. Best Egg says the next day about half of their customers gets their money.

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How to Get Approved for a Personal Loan

The first step towards getting approved for a personal loan is to apply for a personal loan. When you apply for a loan from any lender, you’ll have to provide a variety of personal information.

The lender will use this information to look up your financial history and to make a decision on your application.

Some of the information you’ll be asked to provide may include:

  • Name
  • Address
  • Date of birth
  • Proof of identity, such as a driver’s license
  • Social Security number
  • Annual income
  • Proof of income, such as bank statements or pay stubs
  • Verification of employment

It can be overwhelming to get all the details and put the paperwork together. Notwithstanding that, doing it properly is very necessary.

If applying for a loan, you want to leave the lender with the clearest possible image of your financial life. If your lender has questions, their chances of getting a loan will be affected. In the worst case, they will reject the demand.

FAQS

How is their Customer Service ?

Best Egg has an A+ rating with the Better Business Bureau and an excellent rating on Trustpilot.

How Does Best Egg Compare to Other Lenders?

If you’re considering a personal loan from Best Egg, it can still be helpful to check your rates at other lenders.

What are the Online Features  Useful For?

Borrowers can get a rate quote check and complete their loan application online. The Quick View tool allows borrowers to view their loan balance and next payment due date. Monthly statements are available online for borrowers who enroll in automatic payments.

When do I get my money?

For approved borrowers, Best Egg aims to have funds in the borrower’s bank account the next business day.

Can I change my due date?

In many cases, yes, you can change your due date. Please call customer service at 855-282-6353. Eligible borrowers will be able to change their due date over the phone. To view your due date, login to the Best Egg Account Portal here.

 

Best Egg Personal Loan

Best Egg could be best for borrowers who are looking to work with a stellar customer reviews company. It has high ratings on both the Better Business Bureau (BBB) and Trustpilot, with many clients praising its fast and easy method of application.

But it’s not the cheapest option out there — you might be on the hook for a steep origination fee. You also can’t borrow more than $35,000 unless you received a prequalification offer in the mail. And it’s harder to qualify if you’re self-employed.

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