From debt consolidation and credit card refinancing to home improvements and vacations, Best Egg promises to get you the money you need at a fair rate while providing intuitive tools and friendly service. Additionally, Best Egg joins other lenders in their efforts to increase the speed with which customers can access cash. Best Egg loans can be funded in as little as one day.
Currently, Best Egg boasts a variety of awards, including LendingTree’s No. 1 Personal Loan for Q3 2017 and the Best Overall Score by BestCompany.com.
|Rates (APR)||5.99% – 29.99%|
|Loan Terms||3 – 5 years|
|Loan Amounts||$2,000 – $35,000|
|Fees||Origination fee: 0.99% – 5.99%|
How to Get a Best Egg Loan
The application is brief and can be completed within in minutes, which is a common expectation in the online personal loan realm. Applicants will need to provide standard information including their Social Security number as well as their individual gross annual income and household income. Applicants may also be required to share additional information depending on the reason for the loan.
Approval requires that the applicant have at least a 640 credit score. Though typical borrowers have a 680, only applicants with a 700 or higher FICO score and an income of at least $100,000 may qualify for lowest rates.
The Basics of Best Egg Loans
Best Egg loans are available for a minimum of $2,000, with a maximum of $35,000. However, qualified borrowers who receive an offer code in the mail may be eligible for $50,000, though this will require the applicant to have an income of at least $150,000 a year.
The annual percentage rate (APR), which is dependent on credit scores, income, existing debt, and the desired loan term and amount, can range from 5.99% to 29.99%. It may include an origination fee, which is deducted from the loan proceeds, of up to 5.99%. Additionally, repayment terms are available for between three and five years, and there is no prepayment fee.
Best Egg has a simple and intuitive website, which makes application and loan management easier than some of its competitors. Additionally, Best Egg offers competitive rates, and borrowers with good credit may find this lender to be worthy of their solid reviews.
Though mentioned above, it’s also worth noting that Best Egg might appeal to people who want a personal loan fast, as the funds are available quickly.
Though Best Egg does have many benefits, there are some negatives, specifically the origination fee, which isn’t necessarily commonplace with other major competitors like SoFi. Borrowers who don’t have good credit but still qualify for a Best Egg loan might find that they are paying an APR close to 30% for a loan.
Additionally, if you’re interested in alternative repayment plans, Best Egg may not be the best match, as it only offers three-year and five-year terms. This might not work for you if you were hoping for shorter terms or if you need longer than five years to repay.
Ultimately, if you have great credit and are looking for a reliable and quick loan, then Best Egg loans might be the right choice for you. If your credit is on the lower end of their acceptable range, you might find that you’re bogged down with high rates and unnecessary origination fees.
Best Egg Disclosures
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99% that is deducted from loan proceeds. Any origination fee on a loan term 5-years or longer will be at least 4.99%. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank’s policies. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Author: Jeff Gitlen
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