Best Egg Overview
Marlette Funding’s Best Egg provides personal loans to deserving borrowers. Best Egg loans can be utilized for entrepreneurial or company endeavors, while many clients use them to ease their debt burdens.
Regardless of the intended use, Best Egg loan acceptance is based on your own creditworthiness, not your company’s. Personal loans are typically only advised for startups or very new enterprises because it’s generally not a good idea to mix personal and business funds.
Best Egg focuses on lending to customers with excellent credit; to be eligible for the lowest rates, you must have a credit score of at least 700 and yearly income of at least $100,000. As a result, this lender will only assist a small number of business owners. However, there’s a possibility that you’ll meet Best Egg’s criteria for borrowers.
For those who do meet Best Egg’s requirements, you’ll discover that this lender provides rates that are competitive with those offered by other lenders in the sector. It might be worthwhile to examine your rates since you can obtain an approximate price without incurring any fees. You could, however, be able to find better prices elsewhere else.
Qualification for Best Egg Loans
Your years in business, business income, and other business benchmarks are not taken into account during the underwriting process because Best Egg only provides personal loans, not business loans.
Best Egg will instead take into account your individual profile. Additionally, you must reside in the US and be at least 18 years old.
Although a credit score of 640 is required to qualify for a Best Egg loan, you must have a credit score of at least 700 and earn at least $100,000 per year to be eligible for the lowest rates.
Terms and Conditions
Installment loans with terms of three to five years are available from Best Egg. Like with a conventional installment loan, customers make a set monthly payment until the loan is repaid. Your repayment amount will vary depending on the total amount borrowed, the term, the interest rate, and other elements.
The one-time origination fee that Best Egg levies is subtracted from the loan’s principle before it is given to you, in addition to interest. If you pay off your loan early, the business won’t penalize you.
Processes for Application
The entire application procedure for Best Egg is done online.
You must input some basic details about yourself and your money to start the process. The rates and fees you could be qualified for will be determined using this information by Best Egg, who will then make those offers to you.
Your credit score won’t be impacted because Best Egg doesn’t run a hard inquiry at this time. There are no fees associated with comparing quotes from Best Egg to quotes from other lenders.
You must select the offer that best meets your needs and submit supporting paperwork to the process in order to move further. Furthermore, Best Egg will perform a hard inquiry on your credit, which will impact your rating. Best Egg will transfer your loan (less the origination charge) to your bank account assuming everything goes according to plan.
A typical turnaround from application to funding is one to three business days.