Best Egg Personal Loans Reviews
Best Egg is an online lender that specializes in personal loans for those with fair to good credit.
The amount of a Best Egg personal loan ranges from $2,000 to $50,000 (though various jurisdictions have varying minimum amounts), with three or five-year repayment schedules. Borrowers might use their loan to consolidate debt or restructure credit cards, but they can also use it to pay off huge bills. On debt consolidation loans, it provides direct payment to creditors: For customers who opt in, Best Egg delivers debt consolidation loan payments directly to creditors. This feature relieves borrowers of the burden of repaying particular creditors and prevents the temptation to spend the money elsewhere.
Merits of Best Eggps
Personal loans, both unsecured and secured, are available via Best Egg. The secured loan is similar to a home equity loan, but instead of your entire house, it uses fixtures permanently attached to your home as collateral, such as your water heater, ceiling fans, or window shutters. You can expect to get funding in one to three days after being authorized. If a borrower defaults on the loan, Best Egg has the right to seize the collateral.
Customers with personal loans may view their credit scores for free through their Best Egg account, allowing them to observe how on-time payments affect their credit ratings over time.
Best Egg transfers loan payments directly to creditors on debt consolidation loans for borrowers who choose to participate. This feature relieves borrowers of the burden of repaying particular creditors and prevents the temptation to spend the money elsewhere.
Borrowers can take out loans ranging from $2,000 to $50,000, giving them the flexibility to cover smaller or larger costs associated with events such as relocating, home renovation projects, or weddings.
Demerits of Best Eggs
Best Egg does not give an additional rate savings for setting up autopayments, unlike some other lenders. To encourage borrowers to adopt autopayments, other lenders often lower interest rates by 0.25 to 0.5 percentage point.
Best Egg charges an origination cost that ranges between 0.99 percent and 5.99 percent. Although not all lenders impose an origination fee, Best Egg’s fee is reasonable when compared to those charged by other lenders.
There is no mobile app: To handle your loan, Best Egg does not provide a mobile app. Many online lenders offer smartphone apps that allow borrowers to make payments and track their loans’ progress.
How to qualify for a Best Egg personal loan
Minimum credit score: 600.
Minimum annual income: $3,500.
Minimum debt-to-income ratio: 40%, or 65% including a mortgage.
Employment: Must provide proof of income; part-time employees are eligible.
- Must provide valid U.S. address and Social Security number.
Loan Approval Process
- You fill in the loan application form.
- You hand it over to the bank or lender.
- Bank or lender checks with CIBIL for credit score and credit report.
- Low credit score leads to rejection of the loan.
- High credit score leads to eligibility check based on the documents you have submitted.