Best Egg has been offering personal loans since 2014. Since then, it has funded over $2.5 billion in loans. Most Best Egg personal loans are used to consolidate high-interest debt. Other common uses include home improvement, business expenses, household expenses, moving or relocating, travel or vacation, credit card refinancing, or financing for other major purchases.
- Great for High-Interest Debt Consolidation
- 24-Hour Approval Process
- Clear, Transparent Platform
Great for High-Interest Debt Consolidation
Best Egg personal loans can be a great option for applicants looking to consolidate debt or pay off high-interest credit cards, primarily due to its low APRs (which range from 5.99 to 29.99 percent) and long max loan lengths (three or five years). Best Egg also gives its borrowers the opportunity to pay off their loan faster than is scheduled without being charged any additional fees. These terms provide a manageable payback process that is typically much more effective than other credit alternatives.
24-Hour Approval Process
With Best Egg's application process, loans can be approved on the same day the application was completed. In fact, the pre-approval process usually only takes a few minutes. Once the potential customer has submitted all of the required verifications, the loan will be approved within 24 hours. Funds are typically dispersed into the borrower's bank account the business day after they have been approved. However, this can vary slightly depending on which financial institution the borrower uses and any rules or stipulations it has for transferring money.
Clear, Transparent Platform
- Strict Approval Requirements
- Origination Fee
Strict Approval Requirements
Best Egg has strict approval requirements that can be difficult for subprime applicants to meet. In order to have the best chance of qualifying for Best Egg's lowest 5.99 percent APR, applicants should have at least a 700 credit score and an annual individual income of at least $100,000; however, it should be noted that any applicant with a credit score over 640 is eligible to qualify for a loan from Best Egg, but at a higher rate.
Best Egg charges an origination fee between 0.99 and 5.99 percent of the total loan amount. The company states that any five-year loan will have an origination fee of at least 4.99 percent. This fee is deducted from the loan when funds are deposited into your bank account, and is considered when calculating the annual interest rate.