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 for consolidating 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. The main reasons for this are its low APRs (which range from 5.99 to 29.99 percent) and long max loan lengths (3 or 5 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 present a manageable payback process that is much better than other credit alternatives.
24-Hour Approval Process
While the application process has its pros and cons, a major pro is having your loan approved the same day you apply. The pre-approval process usually takes only a few minutes. Once you have submitted all of the required verifications, the loan will be approved within 24 hours. Funds are typically dispersed into your bank account the business day after you have been approved. However, this can vary slightly depending on which financial institution you use and any rules/stipulations it has for transferring money.
Clear, Transparent Platform
Best Egg makes repaying your loan a simple process. Customers can make payments by setting up an automatic electronic funds transfer, paying online, or sending a check through the mail. Payments sent in the mail should be given at least 5 to 7 days to reach Best Egg. Customers can also set up a payment at a Western Union office. It is good to keep in mind that there is a fee for each transfer.
- Strict Approval Requirements
- Origination Fees
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 applicants with a credit score over 640 can still qualify for loans from Best Egg, but at higher rates.
Best Egg charges origination fees between 0.99 and 5.99 percent of the total loan amount. The company states 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. It is also considered when calculating the annual interest rate.