Best Egg Review: An Honest Review of It’s Legitimacy (UPDATED)

Finding the best loan provider can be a challenging task, especially when you are in need of quick funds. That’s where Best Egg comes in. Best Egg offers unsecured and secured personal loans to individuals who need quick cash for various purposes. Whether it’s debt consolidation, home improvement, or financing a major purchase, Best Egg has got you covered.

In this article, we will review Best Egg in detail, including its pros and cons, services, and frequently asked questions (FAQs).

Best Egg Pros and Cons

Pros:

• Quick loan processing: Best Egg offers quick loan processing, with funds available as soon as the next business day after loan approval.
• Flexible loan terms: Best Egg offers loan terms ranging from 3 to 5 years, allowing borrowers to choose a term that suits their financial situation.
• No prepayment penalties: Best Egg does not charge any prepayment penalties, allowing borrowers to pay off their loans early without incurring additional fees.
• Online application: Best Egg’s online application process is quick and easy, allowing borrowers to apply for a loan from the comfort of their own homes.
• Competitive interest rates: Best Egg offers competitive interest rates, with APRs ranging from 8.99% to 35.99%.

Cons:

• Origination fees: Best Egg charges an origination fee of 0.99% to 8.99% of the loan amount, which can increase the total cost of the loan.
• Strict credit requirements: Best Egg requires a minimum credit score of 640, which may exclude some borrowers with less-than-perfect credit.
• Limited loan amounts: Best Egg’s loan amounts range from $2,000 to $50,000, which may not be enough for some borrowers with larger financial needs.

Best Egg Services:

Best Egg offers unsecured and secured personal loans for a variety of purposes, including:

• debt consolidation
• Home Improvement
• Major purchases
• Medical expenses
• Moving and relocation
• Vacation and travel

Best Egg loans have fixed interest rates and no hidden fees. The loans are paid back in fixed monthly payments over a period of 3 to 5 years.

What is Best Egg?

Best Egg is a financial technology company that offers unsecured or secured personal loans to individuals through its partnership with Cross River Bank. The company was founded in 2013 and is headquartered in Wilmington, Delaware. Best Egg’s loans are designed to help individuals consolidate debt, make home improvements, finance major purchases, or cover unexpected expenses.

The loan amounts range from $2,000 to $50,000 with annual percentage rates (APRs) ranging from 8.99% to 35.99%. The company offers a fast and easy online application process, and if approved, funds can be deposited into your bank account within one to three business days. It is accredited by the Better Business Bureau with an A+ rating, and it has received positive reviews from customers for its efficient and transparent loan process.

How do I apply for a Best Egg loan?

Applying for a Best Egg loan is a straightforward process that can be completed entirely online. Here are the steps:

1. Visit the website at www.bestegg.com and click on the “Apply Now” button.
2. Enter your personal information, including your name, address, date of birth, and social security number.
3. Provide information about your employment, income, and expenses.
4. Choose the loan amount and term that you want.
5. Review and agree to the loan terms and conditions.
6. Submit your application.

Once you submit your application, Best Egg will review your information and conduct a soft credit inquiry to determine your creditworthiness. If you meet the eligibility criteria and are approved for a loan, you will receive a loan offer that includes the loan amount, term, APR, and any fees. You can choose to accept or decline the loan offer, and if you accept, you will need to provide additional documentation to verify your identity and income. Once your loan is approved, you can expect to receive the funds within one to three business days.

What are the interest rates for Best Egg loans?

Best Egg offers personal loans with annual percentage rates (APRs) ranging from 8.99% to 35.99%. The exact interest rate you qualify for will depend on a variety of factors, including your credit score, income, and debt-to-income ratio. Generally, borrowers with higher credit scores and lower debt-to-income ratios are more likely to qualify for the lowest APRs.

In addition to the interest rate, it also charges an origination fee, which ranges from 0.99% to 8.99% of the loan amount. The origination fee is deducted from the loan proceeds, so you will receive less than the full loan amount you requested.

Best Egg’s personal loans are fixed-rate loans, which means that the interest rate and monthly payment will remain the same throughout the life of the loan. This can make it easier to budget for your loan payments and avoid any surprises down the road. Additionally, it does not charge any prepayment penalties, so you can pay off your loan early without incurring any extra fees.

What are the loan terms for Best Egg loans?

Best Egg offers personal loans with loan terms ranging from 36 to 60 months. The loan term you choose will depend on your individual financial situation and your ability to make monthly payments. Generally, longer loan terms result in lower monthly payments but higher total interest charges over the life of the loan. Shorter loan terms, on the other hand, result in higher monthly payments but lower total interest charges.

Loan amounts range from $2,000 to $50,000, which can provide borrowers with flexibility in how much they borrow. The loan amount you qualify for will depend on a variety of factors, including your credit score, income, and debt-to-income ratio.

The lender offers fixed-rate loans, which means that the interest rate and monthly payment will remain the same throughout the life of the loan. This can make it easier to budget for your loan payments and avoid any surprises down the road. Additionally, it does not charge any prepayment penalties, so you can pay off your loan early without incurring any extra fees.

What are the eligibility requirements for the Best Egg loan?

To be eligible for a Best Egg loan, you must meet the following requirements:

• You must be at least 18 years old.
• You must be a U.S. citizen or permanent resident.
• You must have a valid bank account.
• You must have a minimum credit score of 640.
• You must have a minimum annual income of $35,000.

In addition to these requirements, this lender also considers other factors when evaluating loan applications, such as your debt-to-income ratio, employment history, and credit history. It’s also important to note that meeting the minimum eligibility requirements does not guarantee that you will be approved for a loan, as Best Egg will conduct a thorough review of your application and creditworthiness before making a decision.

If you’re unsure whether you meet the eligibility requirements for a Best Egg personal loan, you can check your credit score for free through a number of online services. Additionally, you can use the loan calculator to get an estimate of the loan amount and interest rate you may qualify for based on your credit score and income.

How quickly can I receive funds from a Best Egg loan?

Once your loan is approved and accepted, it typically disburses the funds within one to three business days. However, the timing of your loan disbursement may vary depending on a few factors, such as the method of payment and whether your bank supports electronic funds transfers.

If you choose to receive your funds via direct deposit to your bank account, the funds will typically be available within one to two business days. If you choose to receive a paper check in the mail, it may take up to seven business days to receive and process the check.

It’s also worth noting that the timing of your loan disbursement may be affected by holidays or weekends. For example, if your loan is approved on a Friday, the funds may not be disbursed until the following Monday or Tuesday.

Does Best Egg charge any fees for its loans?

Yes, Best Egg does charge fees for its loans. These fees may include an origination fee and a late payment fee.

The origination fee is a one-time fee that is deducted from the loan amount when it is disbursed. The fee ranges from 0.99% to 8.99% of the loan amount, depending on your creditworthiness and other factors. For example, if you are approved for a $10,000 loan with an origination fee of 5%, the fee would be $500, and you would receive $9,500 in loan funds.

Best Egg also charges a late payment fee if you fail to make a payment on time. The fee is typical $15, but it may vary depending on your state of residence and the terms of your loan agreement.

It’s important to review the terms and conditions of your loan agreement carefully to understand all fees associated with your loan. Additionally, you should factor in the origination fee when calculating the total cost of your loan, as it will affect the amount of money you ultimately receive.

Can I pay off my Best Egg loan early?

Yes, you can pay off your loan early without incurring any prepayment penalties. In fact, paying off your loan early may be a smart financial move, as it can save you money on interest charges over the life of the loan.

If you decide to pay off your Best Egg loan early, you can do so at any time without penalty. To make an early payment, you can log in to your account on the website or contact customer service for assistance.

When you make an early payment, you have the option to pay off the entire remaining balance of the loan or make an additional payment in addition to your regular monthly payment. Keep in mind that if you make an additional payment, you will still need to make your regular monthly payments until the loan is paid off in full.

What is the minimum credit score requirement for a Best Egg loan?

Best Egg doesn’t disclose a minimum credit score requirement for its loans. Instead, the company considers a variety of factors when evaluating loan applications, including your credit history, income, debt-to-income ratio, and employment status.

While having a good credit score can increase your chances of being approved for a Best Egg loan, it’s not the only factor the company considers. It uses a proprietary algorithm to evaluate loan applications, which takes into account a range of factors beyond just your credit score.

To increase your chances of being approved for a loan, it’s important to have a stable income, a low debt-to-income ratio, and a good credit history. Additionally, you should review your credit report for any errors or inaccuracies that could be affecting your credit score and work to address them before applying for a loan.

Ultimately, the best way to determine whether you are eligible for a loan is to apply and go through the underwriting process. Even if you have less-than-perfect credit, you may still be approved for a loan if you can demonstrate your ability to repay the loan on time.

What types of loans does Best Egg offer?

The lender offers unsecured personal loans and secured personal loans. Unsecured personal loans are not backed by collateral, meaning that you don’t need to put up any assets as security for the loan. Secured personal loans, on the other hand, are backed by collateral, such as a car or home equity.

Both types of loans can be used for a variety of purposes, including debt consolidation, home improvement, major purchases, and more. Loan amounts range from $2,000 to $50,000, and annual percentage rates (APRs) range from 8.99% to 35.99%. The exact terms of your loan, including your APR and loan amount, will depend on a variety of factors, including your creditworthiness and income.

One of the benefits of Best Egg personal loans is that they come with fixed interest rates and fixed monthly payments. This means that you’ll know exactly how much you need to pay each month and when your loan will be paid off. Additionally, Best Egg loans come with no prepayment penalties, meaning that you can pay off your loan early without incurring any additional fees.

Best Egg BBB Reviews

It’s worth noting that Best Egg has earned accreditation from the Better Business Bureau (BBB) and has an A+ rating. This is a testament to the company’s commitment to providing high-quality services to its customers. In the last 3 years, the BBB has received 169 complaints, all of which have been closed. However, it’s important to keep in mind that complaints are not uncommon in the lending industry, and the low number of complaints suggests that it has a good track record when it comes to customer service.

Here are some reviews:

FAQs

Is Best Egg a legitimate loan provider?

Yes, it is a legitimate loan provider that has been accredited by the Better Business Bureau (BBB) with an A+ rating. It is a subsidiary of Marlette Funding, LLC, and makes unsecured or secured personal loans through Cross River Bank.

What is the maximum loan amount I can receive from Best Egg?

It offers unsecured or secured personal loans with loan amounts ranging from $2,000 to $50,000. The loan amount you receive depends on factors such as your credit score, income, and debt-to-income ratio.

Can I use the Best Egg loan for any purpose?

Yes, you can use the Best Egg loan for a variety of purposes, including debt consolidation, home improvements, major purchases, and more.

How do I make payments on my Best Egg loan?

You can make payments on your Best Egg loan online through the company’s website or mobile app. You can also set up automatic payments to ensure that you never miss a payment.

Can I change the payment due date on my Best Egg loan?

Yes, you can change your payment due date on your Best Egg loan by contacting the company’s customer service department. However, keep in mind that changing your due date may affect your payment schedule and the amount of interest you pay.

Will applying for a Best Egg loan affect my credit score?

Yes, applying for the Best Egg loan will affect your credit score. When you apply for a loan, the lender will perform a hard credit inquiry, which can temporarily lower your credit score. However, if you are approved for the loan and make timely payments, your credit score can improve over time.

Can I get a loan from Best Egg if I have bad credit?

Best Egg requires a minimum credit score of 640 for its unsecured or secured personal loans. However, even if you have bad credit, you may still be eligible for a loan if you have a high income or a low debt-to-income ratio.

How long does it take to receive a decision on a Best Egg loan application?

You can receive a decision on your Best Egg loan application within minutes of submitting it online. If approved, the funds can be deposited into your bank account within one to three business days.

What happens if I miss a payment on my Best Egg loan?

If you miss a payment on your Best Egg loan, the company may charge you a late fee and report the missed payment to the credit bureaus, which can lower your credit score. If you continue to miss payments, the company may take legal action to recover the funds. It’s important to make your payments on time to avoid these consequences.

Conclusion

Best Egg is a reliable loan provider that offers quick and flexible loan options to individuals who need quick cash for various purposes. While there are some potential drawbacks to using Best Egg, such as the origination fee and strict credit requirements, the overall benefits outweigh the cons. With competitive interest rates and quick loan processing, Best Egg is a great option for borrowers looking for a loan provider they can trust.

When considering a Best Egg loan, it’s important to keep in mind the loan terms, interest rates, and eligibility requirements. Borrowers with a credit score of at least 640 may be eligible for a loan with a competitive interest rate and flexible repayment options. Additionally, borrowers should be aware of the origination fee, which can add to the total cost of the loan.

Overall, Best Egg is a solid choice for borrowers in need of quick cash. With its easy online application process, competitive interest rates, and flexible loan terms, Best Egg can help borrowers achieve their financial goals.