Best Egg is an online financial institution that understands the importance of having access to personal loans when you need them the most. Whether you’re facing unexpected emergencies, planning a major financial obligation like moving, or looking to consolidate debt, Best Egg has got you covered.
Review summary: Pros & cons
Best Egg is known for offering one of the best personal loan options in the market, providing loan amounts ranging from $2,000 to $50,000. However, to access higher amounts, you may need to provide security. Best Egg also offers flexible loan terms, allowing you to tailor a loan that suits your needs. The only downside is that you don’t have the option to choose your initial payment date.
- Fast funding, with the possibility of receiving funds as early as the next day.
- Direct payments to creditors for convenient debt consolidation.
- Wide range of loan amounts available, up to $50,000 or more.
- No option to choose your own initial payment date.
- Option for a secured loan for a larger amount.
Best Egg makes the application process simple and convenient. You can apply for a loan online, receive an answer online, and submit required documentation electronically. The prequalification process allows you to check your loan offers without impacting your credit score.
Interest rates
Best Egg offers competitive annual percentage rates (APR) for unsecured loans, ranging from 8.99% to 35.99%. For secured loans, rates are even lower, between 5.99% and 29.99%. To qualify for the best rates, it’s recommended to have a credit score above 700. The final interest rate will be determined after completing the loan application.
How to get approved
To get approved for a Best Egg loan, you need a credit score of at least 640. Best Egg will verify your identity, income, and evaluate your debt-to-income ratio, which should be under 30%. You may need to provide documents such as a driver’s license, passport, or bank account statements. Best Egg offers a prequalification process with a soft credit check, providing approval within minutes and funds delivered within one to three business days.
Loan types
Best Egg offers various types of personal loans, including:
- Debt consolidation and credit card refinancing.
- Home improvements.
- Moving expenses.
- Major purchases.
- Special occasions and events.
- Vacations.
- Adoption.
For those considering a debt consolidation loan, Best Egg provides the convenience of direct payment to creditors.
It’s important to note that personal loans generally cannot be used for educational purposes or student financing. However, Best Egg offers secured loans such as home equity loans or HELOCs, which may have lower interest rates compared to other financial institutions.
Loan amount
Best Egg offers loan amounts ranging from $2,000 to $35,000, with the possibility of borrowing up to $50,000. Loan terms range from 36 to 60 months.
Charges and penalties
Best Egg does not charge prepayment penalties, but they do have an origination fee. This one-time fee is deducted from the loan amount deposited into your account. Additionally, there is a $15 returned payment fee if your check bounces or if there are insufficient funds in your bank account.
How Best Egg stacks up
When comparing the best personal loans available, it’s essential to consider multiple financial institutions. Best Egg stands out with its competitive APR, flexible loan terms, and availability of different loan amounts. Take the time to compare the features, estimated APR, loan terms, and available amounts to find the best fit for your needs.
TIME Stamp: Best Egg is a good choice if you want to borrow a moderate amount to meet a financial goal.
Best Egg offers a variety of personal loan options, allowing you to access funds for purposes such as home improvements, adoption, and moving expenses. They even offer direct payment to creditors for debt consolidation loans. With flexible terms and competitive rates, Best Egg provides the financial support you need to achieve your goals.
Frequently asked questions (FAQs)
Can I use a Best Egg loan for any purpose?
Personal loans offered by Best Egg are versatile, allowing you to use them for various purposes such as debt consolidation, vacations, special events, large purchases, and home improvements. However, they cannot be used for educational purposes or student financing, as specific loans are designed for educational expenses.
Where does Best Egg operate?
Best Egg is available in most states. Unfortunately, if you reside in Iowa, Vermont, West Virginia, or the U.S. Territories, you are unable to access a Best Egg personal loan.
What are Best Egg loans best for?
Best Egg loans are ideal for debt consolidation, offering the opportunity to consolidate your debt into one manageable payment with a potentially lower interest rate. Additionally, they can be used for major purchases or unexpected expenses, providing the financial flexibility you need.
Remember, it’s crucial to carefully evaluate your options before deciding on a loan. Best Egg is an excellent choice, but make sure to compare it with other financial institutions to find the best fit for your financial needs.
For more personal finance tips and advice, visit Personal Finances Blog.