Are you looking for a personal loan with a competitive interest rate that you can apply for online?
finder.com’s rating: 4.8 / 5.0
Since Best Egg launched in 2014, more than 350,000 borrowers have taken out Best Egg personal loans, with the total amount in loans offered over $5 billion.
You can borrow $2,000 to $35,000 through a Best Egg loan. The term of the loan can be up to 5 years, but available offers will vary by customer.
|Product Name||Best Egg Personal Loans|
|Min Loan Amount||$2,000|
|Max. Loan Amount||$35,000|
|Interest Rate Type||Fixed|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
|Requirements||Must have a FICO® score of 640+ and be a US citizen or permanent resident. Not available in IA, WV, VT, PR, or GU.|
- Must have a FICO® score of 640+
- Be a US citizen or permanent resident
- Must not reside in IA, WV, VT, PR, or GU
First, do I qualify?
To qualify for a personal loan from Best Egg, you must:
- Have a FICO® score of 640+.
- Be a US citizen or permanent resident.
- Live in an eligible state.
- Best Egg personal loans are not available in Iowa, Vermont, West Virginia, Puerto Rico and Guam.
- Self-employed applicants will have a hard time qualifying with Best Egg. If you’re self-employed, compare other personal loan options.
How does borrowing from Best Egg work?
You apply for a Best Egg loan online. Soon after you apply, you’ll receive the status of your application. If approved, you get a loan contract that you need to review and sign. Once you accept the contract’s terms and conditions the approved funds transfers into your bank account automatically.
You can get the required money in your bank account in as little as one business day.
When you take a Best Egg personal loan you get different options for repayments, and you can make additional repayments towards your loan at anytime.
Best Egg personal loan features to compare
Here’s what you need to know about Best Egg personal loans:
- Use funds for different reasons. You can save money by getting a Best Egg loan to consolidate existing credit card debt. You can use proceeds from this loan for home improvement, business expenses, making major purchases, moving, traveling, or buying a vehicle.
- Minimum and maximum loan amount. Generally, you can borrow between $2,000 and $35,000, although the minimum can vary from state to state. Customers who’ve received an offer code in the mail might be able to qualify for a loan up to $50,000.
- Interest. Best Egg loans come with annual percentage rates (APRs) from 5.99%–29.99%.
- Processing time. After you complete all the required paperwork and accept the loan contract you can potentially get your hands on the money within one business day.
- Repayment methods. You can sign up for electronic funds transfer at the time you apply (or later if you wish), or you can make one-time repayments online. The options to send checks and money grams via regular mail also exist. You can even make repayments through Western Union Quick Collect.
What to watch out for
- Not available in all states. Best Egg doesn’t operate in Iowa, Vermont, West Virginia, Puerto Rico or Guam
- Tougher requirements for best rates. Borrowers need a FICO® score of 640+, and Best Egg considers your debt-to-income ratio when evaluating your application.
- Fees. Best Egg loans charge loan origination fees ranging from 0.99% to 5.99%. Late and returned payments attract a penalty fee of $15. And if you don’t sign up for autopay, you’ll have to pay a $7 fee per repayment.
- Hard to apply if you’re self-employed. You could have trouble meeting Best Egg’s eligibility criteria if you work for yourself.
- Loan term. Best Egg offers two loan terms: 3 year(s) and 5 year(s), but available offers will vary by customer.
What does the Internet say about Best Egg?
Best Egg has overwhelmingly positive online reviews as of October 2018. It’s been accredited with the Better Business Bureau (BBB) since 2014, which gives it an A+ rating based factors like business and advertising practices. Out of nearly 1,800 customer reviews, most gave it five out of five stars.
It gets a similarly high 9.5 out of 10 rating from over 1,800 Trustpilot reviewers, 89% of which rated it as “Excellent.” Customers loved how “quick,” “easy” and “simple” the application process was, though a handful had trouble accessing their online account or getting through to customer service.
A few customers reported problems with unauthorized ACH withdrawals and at least one was accidentally charged the wrong interest rate. But Best Egg has worked to resolve all 123 customer complaints filed with the BBB. On top of this, it gave personalized responses to comments on both its BBB page and Trustpilot, an indicator of strong customer service.
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Is it safe to apply?
Yes. You can easily access its website’s SSL verification certificate by clicking on the Secure GlobalSign icon at the bottom of the page. It states that all information sent to its site is encrypted and that GlobalSign has verified Best Egg’s physical location and legal existence— meaning that it’s legit.
It only shares your personal information for everyday business purposes like transferring your money and maintaining your account. It also might share information about your transactions and creditworthiness with affiliates for everyday business and marketing purposes, though you have to opt out of having your information shared for marketing.
Best Egg has served over 300,000 customers and funded over $5 billion in loans.
How to apply for a Best Egg loan
To apply for a Best Egg loan, click on the Go to site button on this page.
- Enter your email address and any offer codes you might have and click Check Your Rate.
- Fill out the required fields with information about how much you’d like to borrow and your personal information. Read and agree to the E-Sign Act Consent, the privacy notice and credit report authorization before clicking Continue.
- Complete the remaining fields and click Check my rates.
- You should be taken to a page displaying different offers you qualify for. Click View to learn more about each of them.
- If you’re satisfied with an offer, read it over carefully and all other documents before clicking Accept and Submit. You should be able to receive your funds in as little as one business day.
Step-by-step application with screenshots
- Have a FICO® score of 640+.
- Meet your state’s minimum age requirement — 18 in most states.
- Be a US citizen or permanent resident.
- Have a verifiable bank account.
- Live in a state other than IA, VT, WV, PR or GU.
Best Egg also considers your credit score and history, your debt-to-income ratio and other information you give in your loan application.
Completing the application successfully requires that you submit some basic information:
- Your full name and contact information.
- Your Social Security number and date of birth.
- A valid form of identification such as your driver’s license, passport or state-issued ID.
- Details about your employment status and annual income.
I got a loan from Best Egg. Now what?
You can repay your loan by setting up an electronic funds transfer with your account, through its website, by mail or even through western union. Electronic funds transfer comes with an autopay option, which tends to make repayment less of a hassle — one less thing to remember. If you don’t choose to use autopay, electronic funds transfers come with a $7 fee each timeAnd if you’re late on a payment, no matter which method you use, Best Egg charges a $15 fee.
My application was denied. What do I do?
First: Find out what went wrong with your application. Best Egg doesn’t have specific income, credit or debt-to-income requirements but it still considers them during your application process. Try to take steps to improve the areas where you fell short, whether it involves improving your credit score or paying off some debts first to improve your debt-to-income ratio.
You might want to also consider looking at other lenders before you apply for your loan. Continue looking online, but also consider credit unions, which tend to offer competitive rates and have less strict requirements than some other lenders.
*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%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. 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 the lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than the lowest advertised rate. You need a minimum FICO® score of 640+ to qualify.
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. 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. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. 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.
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