Are you looking for a personal loan with a competitive interest rate that you can apply for online?
Since Best Egg launched in 2015, more than 200,000 borrowers have taken out Best Egg personal loans, with the total amount in loans offered over $3 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.
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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.
Unlike peer-to-peer lenders who have to wait for investors to fund your loan, Best Egg has investors who are ready to fund your loan immediately. This is why 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. The minimum you can borrow through a Best Egg loan is $2,000. The maximum is $35,000. The minimum you can borrow in Massachusetts is $6,000. In Georgia, you have to borrow a minimum of $3,000.
- Loan term. You get to choose from two loan terms: years and 5 years.
- Interest. Best Egg loans come with annual percentage rates (APRs) from 5.99% p.a.. However, you will need a FICO score of at least 700 and a minimum annual income of $100,000 to qualify for the lowest rate.
- Fees. Best Egg loans charge loan origination fees ranging from 0.99% to 5.99%. Late payments attract a penalty fee of $15.
- 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.
How you can apply for a Best Egg loan
Click on the web site if you wish to apply for a Best Egg personal loan. To apply, you have to meet some eligibility criteria:
- Meet your state’s minimum age requirement.
- Be an American citizen or permanent resident of the US.
- Have a verifiable bank account.
- Have a regular source of income.
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.
Frequently asked questions
Can I make additional payments?
Yes, you can make additional payments at your convenience with NO prepayment fees or penalties. Prepaying your loan will reduce future interest payments.
I got a pre-approved letter in the mail. Why don’t you have rates for me?
When you check your rates, you also have to provide info such as income and employment status. Because several weeks pass between the pre-screening process and the application, they also request updated information from the credit bureaus in the form of a “soft” credit inquiry.
Is my information going to be safe?