Best Egg is an online lender that offers personal loans to would-be borrowers. Whether you need to consolidate your debt, do some home improvement, buy a new car, or deal with an unexpected expense, contacting Best Egg may be your solution.
Since its founding in 2014, Best Egg has earned a reputation as a reputable lending company. From their headquarters in San Antonio, Texas, Best Egg have lent out more than $11 billion in unsecured personal loans to customers across the United States. Best Egg has an A+ rating with the Better Business Bureau and has brilliant customer reviews on different sites.
How to Qualify for a Best Egg Loan
To qualify for a Best Egg personal loan, you need a minimum credit score rating of 640. However, there is the possibility that the company will consider lower scores once you have submitted an application for review. You have better chances of qualifying for a loan if you have a low debt-to-income ratio.
Your FICO score needs to be at least 700 with a minimum annual income of $100,000 a year to obtain better loan rates. This provision allows those who qualify to borrow up to $50,000. Applicants with reliable credit ratings may receive a pliable borrowing range of between $2,000 and $50,000 and a minimum APR of 5.99%. Once you’ve applied online, you’ll receive the news on the same day (usually within minutes) regarding your approval. Some customers even receive their funds on the following day.
In addition to meeting your credit requirements, you also need the following:
- Proof of U.S. residency
- An occupation
- A valid address
- Photo I.D.
- Proof of income
You must also meet the loan’s debt-to-income requirements.
Best Egg loans are not available to residents in the following states:
- West Virginia
- The District of Columbia
- U.S. Territories
Applicants cannot apply for loans toward postsecondary educational expenses or securities.
How to Apply for a Best Egg Loan
Here are the steps for applying for a loan through Best Egg.
Check Your Rate
Fill out the online application to see what rates you qualify for. This depends on your earnings, work status, and credit history. Requesting a credit check won’t affect your credit score as it is only an introductory inquiry. You’ll need to fill in your contact details, the amount you want to borrow, and information on your financial situation.
Select an Offer
Once you’ve qualified for a loan, select the offer that suits your needs from the list offered to you.
Submit Your Application and Verify Your Information
After you’ve read through the terms of the agreement and submitted your application, it’s considered an official inquiry. The lender may ask for documentation and access to your bank accounts for verification of your details.
Receive the Funds
Once verified, you’ll receive the money in your account. This can take up to three business days.
Best Egg Loan Reviews
Best Egg is a good choice for applicants who are higher earners with above average credit ratings. In these cases the process is fast and convenient. Let’s take a look at some of the reviews and comments about Best Egg loans.
Best Egg won the 2022 Bankrate Award for best lender for borrowers with bad credit.
Best Egg has received good reviews for its fast loan approval and next-day funding. In addition, their minimum personal loan amount of $2,000 is lower than other lenders’ offerings.
Although Best Egg has a minimum APR of just 5.99%, their origination fee can increase your borrowing rate.
The convenience of applying for loans and managing accounts online gives Best Egg good reviews. Their availability both via online chat and phone for six days a week is another plus. Best Egg has also earned so many positive reviews because of the number of satisfied customers it has served. Most of the company’s praise revolves around a responsive customer support team as well as the simplicity of the application process. The company has also been praised for how quickly it processes loans.
However, not all of Best Egg’s former clients have been happy. Several borrowers found it difficult to qualify for a personal loan even after receiving a letter saying they were pre-qualified. Negative reviews also indicated difficulties with income verification, particularly with self-employed candidates.
Pros of Using Best Egg
- Quick approval and funding
- Accessible for most borrowers
- Loans available for a wide range of purposes
- Flexible loan amounts that start at $2,000
- Offers direct payment to third-party creditors
- Does not charge prepayment penalties
- Fully online application process
- Multiple loans allowed
- Competitive interest rates
- APRs up to 35.99%
- Origination fees ranging from 0.99% to 5.99%
- No co-applicants
- No mobile app for customers
- Requires a minimum credit score of 640
- Requires minimum income requirements
Here are a few actual customer reviews from different online platforms.
Credit Karma Member:
“Convenient. I filled out the application, Best Egg reviewed it, found a mistake, called me and helped me fix the issue and I got approved in a few hours from start to finish. Very well oiled team. Thanks.”
David B. via Best Company
“Best Egg enabled me to pay of ALL of my credit card debt and 80% of my wife’s credit card debt as well! My loan amount and interest rate were better than expected and actually got better during the loan process! We now have paid credit cards and a clear path to full payment making payments that are less than what we were paying just making minimum payments. So good to be off the minimum payment hamster wheel. Outstanding customer service throughout the process and we even got fully funded on a Saturday!”
Best Egg loans are ideal for people with good credit. Those who need under $50,000 in funding, those who value customer service and positive reviews, and those who need loan funding quickly. Although their personal loans may come with higher APRs and origination fees, Best Egg’s smooth application process and responsive customer support makes it a good choice.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.