Best Egg is renowned for its reliability in the personal loan industry, achieving an A+ rating with the Better Business Bureau and being rated the #1 Personal Loan by Best Company. This high regard is further supported by over 6,500 reviews, where customers have expressed satisfaction with Best Egg's services. The company emphasizes a path to financial stability by focusing on more than just credit scores, striving to understand each individual's goals and needs. This approach is aimed at building the financial future customers desire, providing no-judgment resources for making informed decisions and taking control of their financial future.
Pros and Cons
Pros
Quick Loan Funding. It usually takes only three working days for loan funds to be delivered to your account. The loan amounts don't affect the speed of loan funds being transferred, thanks to Blue Ridge bank.
Great Personal Loan Rates. Although your personal loan offer will be based on your credit score and many other factors, it's still evident that Best Egg's rates are among the best.
Soft Credit Check. It's possible to gauge your interest rate without negatively affecting your credit score. A soft credit check is always a plus, and this company takes pride in never adversely affecting the credit score during the application process.
No Prepayment Charges. You can settle your Best Egg personal loan earlier, triggering no charges.
The Minimum Loan Amount is $2,000. When talking about the minimum loan sum, it's important to note that it's an advantage that Best Egg's loans are so small. Many borrowers will demand a much larger amount than $2,000.
Cons
Origination Fees. In all cases, the origination fee will be calculated depending on the loan amount and several other components. The fees will range from 0.99% to 8.99% of the full loan sum.
Loan Term is Not Flexible. You have little leeway for choosing the loan term: it's three or five years. Those are the only loan terms Best Egg offers.
It's Backed by Cross River Bank. While there's a lot to praise about this bank, including the speed of the funds transfer, there are still a lot of concerns regarding this financial institution.
Loans are Unavailable in Several States. Best Egg's website will inform you of the states where personal loans are restricted or unavailable.
Hard to Qualify for Minimum APR. Your credit score must be at least 700 or higher, and the minimum annual income is set at $100,000. Of course, qualifying for the Best Egg's maximum APR is easier.
How to Apply for a Best Egg Loan?
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Go To BestEgg.com. Visit the Best Egg official website to start your application process.
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Under “Personal Loans” On The Home Page. Enter your email address in the provided field under the “Personal Loans” section.
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Click “View Offers.” Click the button labeled “View offers” to proceed.
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Input The Desired Loan Amount. Enter the amount you wish to borrow in the specified field.
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Choose A Loan Reason. Select the reason for your loan from the available options.
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Press “Continue.” Click “Continue” to move to the next step.
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Provide Full Name And Date Of Birth. Enter your complete name and date of birth as requested.
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Press “Continue.” Click “Continue” to proceed further.
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Input Address And Phone Number. Fill in your current address and phone number accurately.
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Press “Continue.” Click “Continue” to move forward.
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Review Information. Carefully review all the provided information for accuracy.
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Check Offers. View and compare the loan offers available to you.
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Read The Terms And Conditions. Make sure to thoroughly read and understand the terms and conditions associated with the loan.
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Provide Documentation As Needed. Upload any required documents to support your application.
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Submit Application. Finally, submit your application for processing and await a response.
Conditions and Requirements
Conditions
- Fixed Interest Rates. The fixed interest rates for Best Egg Personal Loans range from 8.99% to 35.99%.
- Loan Amounts. You can borrow amounts ranging from $2,000 to $50,000, depending on your eligibility and needs.
- Loan Terms. The loan terms are flexible, with a minimum term of 36 months and a maximum term of 60 months.
Requirements
- Citizenship. Be a U.S. citizen currently living in the U.S., or a permanent resident currently living in the U.S.
- Legal Age. Be of legal age to accept a loan in the state in which you reside.
- Bank Account. Have a verifiable personal checking account with a routing number.
- Valid Email. Possess a valid email address for communication and documentation purposes.
- Physical Address. Provide a physical address; PO Boxes are not accepted.
- Location Restrictions. Unfortunately, loans are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About Best Egg
- Full Best Egg Account Review
- How to Apply for a Best Egg Loan
- How to Repay a Best Egg Loan
- Best Egg Mobile App
- Best Egg Customer Reviews
- All Best Egg Coupons and Promo for October 2024
