Best Egg is an online lending platform that has loans for no more than $35,000 and rates less than 5.99%. They’ve made more than $5 billion in loans to over 350,000 borrowers ever since 2014. Additionally, Best Egg allows borrowers to take 2 loans out at a time if they’re eligible to.
Read below for more information on Best Egg loans and what they have to offer.
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About Best Egg
To sign up for Best Egg, you must have a credit score of at least 640 (average if 700). Additionally, you also need to have a minimum of 3 years of credit history with at least 3 open credit accounts. There isn’t a minimum annual income that’s stated anywhere. However, their average is about $80,000. Lastly, their debt-to-income ratio isn’t stated anywhere either, we know it’s no more than 35%. Here are the averages for borrowers listed below:
| Credit Score | 700 |
| Credit History | 7 years |
| Annual Income | $80,000 |
Once you meet Best Egg’s income and credit requirements this will be a great option if you need money fast. Plus, signing up online will need a soft credit check, this won’t damage your credit score at all. Use these funds for anything you want. Furthermore, the rates are fixed for the whole loan term and no early penalties are included. Best Egg also offers their intuitive online utensils that you’ll be able to benefit from as well.
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Advantages of Best Egg
Some of the pros that come with Best Egg are:
- No collateral needed.
- Easy application process. Go online and visit their website to sign up.
- Soft credit check. The initial credit check will not affect your credit score at all. However, if the loan you apply for is accepted, there will be a hard pull on your report. This will hurt your credit score.
- Quick Funding. It’s super fast and will take no more than 1 business day if it’s approved.
- Flexible fund usage. Getting personal loans with them can be used towards debt consolidation, credit card refinancing, home improvement, moving, etc.
- Competitive fixed rate. If you have a good credit score, your APR can be as little as 5.99% and it will not change during your loan period.
- No prepayment penalty. Pay the loan back as fast as possible.
- Intuitive tools. These utensils are designed to have you in control. You’ll be able to customize and manage your loan with several payment choices. It’s user-friendly and will be available at any time.
- Borrow twice. If you need a second loan, Best Egg will make sure your first loan is at least 6 months old and if you haven’t missed any payments. However, keep in mind that the total amount for both loans cannot go over $50,000.
Disadvantages of Best Egg
Here are some cons that come with Best Egg loans:
- This isn’t available in all states. If you live in Iowa, West Virgina, Vermont, Puerto Rico, or Guam you will not be able to sign up for a loan.
- They only offer 2 fixed term lengths. You’ll be limited to a 3 or 5 year term.
- Origination fee. The administration fee can be anywhere from 0.99% to 5.99%.
- Processing fee. There is a $7 fee per payment if you didn’t set up automatic payments.
- Late payment fee. Missing your payment by 3 days or more will result in Best Egg charging you a $15 late fee.
- NSF fee. If your payment is declined, you will have to pay $15 for each transaction that has been rejected.
Terms & Fees
| Loan Amounts | $2,000 – $35,000 (Some customers may receive mail offers for loans up to $50,000) |
| Loan Terms | 3-5 Years |
| Repayment Options | Monthly |
| Origination Fee | 0.99% – 5.99% |
| Funding Time | As little as 1 business day |
| APR | 5.99% – 29.99% |
| Prepayment Fee | None |
| No Autopay Fee | $7 per payment |
| Late Payment Fee | $15 |
| NSF Payment Fee | $15 |
Here’s what a Sample Loan looks like:
| Loan Size | $15,000 |
| Loan Term | 36 Months |
| Origination Fee (3%) | $450 |
| Funds Received | $14,550 |
| APR | 15% |
| Total Interest | $3,719.28 |
| Monthly Payment | $519.98 |
Conclusion
Overall, with Best Egg, they offer many great features and loans to choose from. They are straightforward with their fees and will allow you to have no more than 2 loans open at a time! Not to mention, they are fast, easy to use, and has competitive rates for you. However, there are many fees included and sometimes your payment will not be accepted, resulting to you paying more.
