Best Egg In-Depth Review – Read This Before You Decide
While they say that two-thirds of their customers use their loans for debt consolidation, you can use your personal loan for any reason such as home improvements, medical or business expenses, or credit card and loan refinancing.
Best Egg seems to fall into the middle of the pack when it comes to personal loans.
If you have great credit, there are certainly better options available; however, Best Egg is better than many personal loan companies that cater to those with less than perfect credit.
Let’s dive into the details with an in-depth Best Egg review:
Qualifying for a Best Egg Personal Loan
Best Egg is a personal loan company that falls neatly between those who only offer lines of credit to customers with the best credit and those who offer higher interest rate loans to customers with not-so-great credit.
In order to qualify for an unsecured loan from Best Egg, you’ll need to have a better-than-average credit score and a relatively long credit history.
The average Best Egg customer has a credit score of 700, though they will consider you if your credit score is as low as 640.
The average median income for a Best Egg customer is around $60,000 per year.
Best Egg places a heavier than usual emphasis on credit history.
They prefer that you have up to seven years of credit history, which is longer than many similar companies that offer personal loans.
If you do meet the criteria, however, you can expect an interest rate that is lower than many other companies.
Best Egg Review – Personal Loan
While some financial companies offer different types of loans, such as a mortgage, automobile, or student loans, Best Egg focuses solely on unsecured personal loans.
An unsecured personal loan is a loan that can be used for any reason and is not backed by any collateral.
Best Egg offers them from 3 to 5 years in amounts ranging from $2,000 up to $50,000, though the minimum amount will vary by state.
The interest rates that Best Egg offers are where this lender tends to shine.
While your APR can be as high as 29.99%, they offer personal loans to those with better credit at rates as low as 5.99%.
This is certainly not the lowest APR out there, but it’s pretty good compared to a lot of other companies.
The origination fee, on the other hand, is where Best Egg falls a little short.
An origination fee is a fee charged for processing a loan.
It is a percentage of the total amount of the loan.
In Best Egg’s case, the origination fee is between 0.99% and 5.99% of the loan amount, which is not necessarily high, but some other lenders choose not to charge any origination fee at all.
Make sure you check what Best Egg charges you as an origination fee when they offer you a loan.
Best Egg Personal Loan Process
The process for applying for a Best Egg personal loan is fast and easy.
You can prequalify right on their website by filling out their application form.
Don’t worry, at this point they only do a soft credit check, which won’t affect your credit score.
As long as all the information you provided is accurate the prequalification process will determine pretty closely what amount Best Egg can off and what the terms and conditions will be.
If you accept the terms, Best Egg will then do a hard pull on your credit and finalize the loan.
According to Best Egg, over half of their customers receive the deposit within one business day.
Using Best Egg’s Quick View Tool, you’ll be able to check your balance, verify receipt of previous payments, and see when your next payment is due.
You can also make additional payments with no penalty.
If you choose to make a payment higher than the fixed amount, that amount will be applied to the principal and not the interest.
Best Egg Personal Loan Review Summary
Best Egg is a better-than-average personal loan company for those with better-than-average credit.
While there may better loan options available, you’ll likely need to have great credit to get them.
Best Eggs offers very good interest rates for customers with better credit, but their origination fee can be high while some companies choose not to charge one at all.
Loan approval is fast and easy and can be done right from their website.
While they only offer personal loans, their terms make them a company worth looking into.
The article was originally published here.