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.
Here are the types of personal loans that Best Egg provides:
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.
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.
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.
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.
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!
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.
|APR||7.99 - 35.99%
|Amount||$2,000 - $50,000
|Term||3 - 5 years
|Origination fee||0.99 - 8.99%
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
|Prequalification: One of Best Egg’s financial services is to provide assessment for borrowers so they know which options they qualify for. They do this without a hard pull, so it won’t impact your credit to find out your eligibility.
||Highly Selective: Best Egg screen borrowers for commendable credit scores and strong cash flow. Loan requirements for applicants to receive the best rates are quite stringent: you ideally need to have a 700 FICO score and an annual income of $100,000 to qualify for Best Egg’s lowest APR rate.
|Quick Application & Turnaround Time: Best Egg processes applications fast. Once an applicant is approved, you can claim the funds shortly after. The whole process from application to funding takes only 1 to 3 business days, on average, and can be done entirely online.
||No Discount on Autopay: Even if you set up Autopay for your loan, you don’t get a discount on your repayment rates.
|Multiple Loans: As long as the borrower qualifies and has a good track record regarding the repayment of their original loan, they can be funded for up to two loans at a time.
||Origination Fee: This is a one-time deduction that ranges from 0.99 - 8.99% of your loan amount. Deductions are taken directly from the loan funds. Not all lenders have an origination fee, so this is something to consider when comparing Best Egg personal loans to other options.
|No prepayment fee: Best Egg doesn't charge a prepayment fee. They even encourage customers to clear their debts early and minimize interest accumulation.
||No joint applications: Applications for loans are for individuals only.
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.
Once your application has gone through the approval process, you can expect to receive the loan funds within one to three days.
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.
Is Best Egg a legit lending company?
Yes, Best Egg is legit. They’re a trustworthy lending platform that is recognized by the Better Business Bureau.
What is the Best Egg customer service phone number?
For personal loans, complaints, and other questions, you can speak to an agent by dialing: 1-855-282-6353
Does Best Egg verify income?
Yes. As part of the application process, applicants must provide proof of income.
Does Best Egg offer flexible payment terms?
Best Egg provides different options for their payment terms. Borrowers may select either 3 - 5 years repayment terms. Borrowers are also allowed to change their payment due date twice during the term of the loan.
Is Best Egg available in all states?
Best Egg is not available in Iowa, West Virginia, Vermont, and the District of Columbia.