Best Egg Personal Loans of November 2024 Review

Best Egg Review

Need a personal loan to finance your next major life event or purchase? We review Best Egg’s loan services to see if this lending platform is right for you.

These days, there are tons of online lending platforms to help people manage their everyday finances. These companies provide personal loans, tools, and resources to help their clients in different situations. So whether you’re making home improvements or getting out of credit card debt, there are personal loans to help you.

In 2014, Best Egg was established in Wilmington, Delaware, by Jeffrey Meiler as a licensed lending company. The company has a reputation for lending money quickly and caters to customers with excellent credit scores.

As of 2021, Best Egg has funded over 788 thousand loans and lent over $14 billion to its US customers. They have a 95% customer satisfaction rating, and the Better Business Bureau has rated them A+.

Best Egg Loan Types

If you’re looking to take out a personal loan, you might want to consider Best Egg, as they have a wide variety of them. You can borrow any amount from $2,000 - $50,000.

Repayment terms can be either 3 - 5 years and come with a fixed APR of 7.99 - 35.99%, depending on your credit score. You can also check your funding options without impacting your credit score, as Best Egg only does a soft pull on your credit to give you an estimate of your monthly payment and APR.

Another benefit is that you can easily apply and get approved for a loan online, but it is a good idea to understand their full range of offers to decide which is suitable for you.

Here are the types of personal loans that Best Egg provides:

Debt Consolidation

Combining multiple debts into one is called debt consolidation. With debt consolidation, you can pay off medical bills, credit card bills, and other unsecured obligations to get a lower interest rate. This alternative is a good idea, especially if you’re currently paying a high rate or have repayment terms that are liable to change in the future.

Best Egg’s debt consolidation loans allow you to avoid having individual terms with separate interest rates.

Credit Card Refinancing

Credit card refinancing is another type of debt consolidation offered by Best Egg. Use this to minimize your expenses by combining multiple credit card balances into one easy payment.

Alternatively, if you have a single credit card with high-interest rate payments, you can refinance the debt through Best Egg and enjoy lower rates while you repay the balance.

If you want to know exactly what your monthly payment and APR will be, you can use their personal loan calculator to find out.

Home Improvement

Looking to remodel your old bathroom? Best Egg allows you to apply for a personal loan to fund any home-related repairs, renovations, or improvements. Even if you’re going to be doing the renovation work yourself, Best Egg can help finance your project.

Moving Loans

Also known as Relocation Loans, this loan type is designed specifically for people who need to move to a new house. The costs associated with moving are high and can seriously impact your finances. This loan type can help you get through it by helping cover costs, like:

• Hiring a moving company
• Moving van rentals
• Temporary accommodation

Other Major Purchases

This is a loan that offers a solution if you need emergency funds immediately. Apply for this loan in the instance of events that involve high, unexpected expenses, such as hospitalization, surgery, or car repairs.

Plus, you can pay down your balance early to help minimize interest fees.

Vacation Loans

Best Egg also offers a personal loan to fund your vacation expenses. Instead of saving for months, you can take out a loan to go on a vacation whenever you want.

Like the other Best Egg personal loans, their vacation loans feature a simple application process and quick funding.

Special Occasion

This loan type is best for personal events, such as family reunions, weddings, and birthday parties. This personal loan can help you finance these special occasions without the added stress of compounding interest payments.

Baby & Adoption

If you're looking to start a family, you probably already know that the expenses can really add up. That’s why Best Egg offers financial aid for adopting and covering the costs of having and raising a newborn - because diapers, bottles, and baby clothes aren’t cheap!

Loan specifications

You can apply for the following types of loans:debt consolidation, credit card refinancing, home improvement, moving loans, other major purchases, vacation loans, special occasion, baby & adoption.

As you can see from the table the maximum loan amount is $50,000, and the APR starts at 7.99% for the best graded borrowers. The loan period varies from 3 to 5 years.

Best Egg Loan: Pros and Cons

Applying for a Best Egg Loan

Best Egg has a few general loan requirements applicants need to meet. According to the website, these are the requirements for potential applicants:

• Verifiable identity and address
• A minimum credit score of 640
• A debt-to-income ratio under 36%

The application takes only a few minutes. The applicant will fill out a short form online to provide their information, such as full name, date of birth, and proof of income. As part of the assessment of your credit score, applicants must also consent to credit profile authorization. Once Best Egg performs a soft credit pull, the applicant will be given options of loan terms they are pre-qualified for.

The pre-qualification gives the applicant an idea of how much they must pay for a particular loan. If the application hasn’t already been approved, they may have to answer more questions and authorize a hard credit pull if they wish to pursue a loan. Once approved, the applicant provides verifiable bank details and possibly supporting documents to verify the information provided.

Once your application has gone through the approval process, you can expect to receive the loan funds within one to three days.

Conclusion

Best Egg provides several types of personal loans and is ideal for those who urgently need financing and have good credit scores. Their application process is quick, and borrowers can receive the fund in just one to three business days.

Apart from the quick service, borrowers can also have multiple loans simultaneously, as long as they qualify. And, if in the event a borrower wants to pay off their debt early, Best Egg doesn’t charge prepayment fees.

However, screening for applicants is highly selective, and only individual applicants are allowed. Best Egg also has an origination fee, and their loan rates are fixed, regardless of the amount you borrow. This means you won’t experience a sudden increase in your repayment rate. With that being said, the company is also known for its exceptional customer service, so it’s a reliable option for those with the appropriate credit history to qualify.