Everything you need to know about Best Egg Personal Loans

Best Egg was founded in 2014 in the city of San Antonio, Texas. Since then, the company has become known for providing affordable loans completely online, becoming a company with a good reputation in this medium. As a lender, the lending institution has funded approximately 800,000 customers with a total of 1 million loans of various amounts. It also has an A+ rating with the Better Business Bureau.

The company is dedicated to offering loans to individuals for the purpose of debt consolidation, refinancing credit card bills, moving house, vacations, emergency expenses, and for all other existing purposes. In addition to the financing service, the company is also known for the Financial Health account offered to its customers that, along with a credit card, assists its users in the process of financial growth.

However, the lending institution, like any other lender, values customers with good credit scores. To apply for a loan with Best Egg it is recommended to have a good credit profile, with 700 points or more. Thus, the company makes flexible loans available to its applicants, ranging from $2,000 to $50,000, with a minimum APR of 7.99%. In this way, Best Egg’s loans can represent a great alternative, especially because of the flexibility presented to its customers.

Its requirement, however, does not prevent customers with a lower credit score from applying for loans with Best Egg. In order for the credit application to be accepted by the institution, the applicant must have a minimum credit score of 600 points. However, in order to obtain the best rates offered by the company, the customer must have a credit profile of at least 700 points, in addition to an individual income of $100,000 per year. These customers are in turn eligible for loans of a maximum of $50,000 with an APR rate of 7.99%.

Rates

The process for applying for a loan with Best Egg is entirely online, with an approval time of no more than 24 hours. Also, once the application is approved, the funding takes approximately one business day to be deposited into the customer’s account. Despite benefiting customers with a good credit score, the lender is considered one of the best credit options for applicants with a poor credit profile.

This is because the loans made available by the institution are recommended for debt consolidation and financing expenses.

Thus, the credit institution offers loans ranging from $2,000 to $50,000. However, in some states of the United States of America, the minimum loan amounts are different. For customers residing in Massachusetts, the minimum is $6,500. For the states of New Mexico and Ohio, the minimum amount customers can borrow is $5,000. In Georgia, meanwhile, the floor is $3,000.

The repayment period for loans can also vary from three to five years. The company does not establish any kind of penalty fee for prepayments. Thus, the client can pay back the amount of the loaned credit before the established deadline without any penalty.

However, before any type of personal loan is approved by Best Egg, a lot of information is taken into consideration. Thus, data such as credit score, debt history, income, amount of loan requested, and the time frame for repayment of the credit. Thus, if the request is approved, the institution undertakes to provide 50% of the amount on the same day, or the next business day.

The loans issued by Best Egg are also arranged in partnership with the Cross River Bank in New Jersey.

Disadvantages of Best Egg Loans

A disadvantage of the personal loans offered by Best Egg are the origination fees. The vast majority of lenders do not currently offer any similar fees, making Best Egg one of the only companies to set such fees. Best Egg therefore charges between 0.99% and 8.99% origination fees. For loans of four years or more it will be at least 4.99%.

These fees are charged as soon as the financing reaches the customers, and act as an initial discount from the total amount of the loans. So if, for example, you take out a loan for $5,000.00 total from Best Egg, with an origination fee of 3.5%, then you will receive the amount of $4,825.00 for the loan amount. The payments for the origination fee and the loan itself is, however, for the total amount borrowed, based on the $5,000.

Despite having no penalties for early payment of the loan, the company, like any other lending institution, has late fees, of $15.00.

Applying

The application process for Best Egg loans is known to be extremely simple and fast: just enter the information required by the company in the fields indicated.

Thus, one needs to fill out a form with the amount of the loan to be requested, individual or family annual income, type of residence, debt history, and personal information including telephone number, Social Security number, and the applicant’s address.

After this, the institution will perform a credit evaluation, in order to assess the customer’s credit profile. This process usually takes a few minutes and has no impact, positive or negative, on the customer’s credit profile. If the application is approved, the institution will offer loans for terms of 36 and 60 months.

So if you are happy with an offer, you have to give your account number to the bank so that the bank can transfer the contracted amount to your account. In addition, the company may also require your identity and income details once again.

However, to be eligible to apply for a loan with Best Egg, you must be a US citizen and be of legal age according to the rules of your region (18 in other states, and 19 in Alabama and Nebraska).

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