December 12, 2018

Best Egg Review

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Simple. Thrifty. Living.

Best Egg is an online lender that gives personal loans to individuals. The company has been providing its services to consumers since 2014 when it was started with backing from Marlette Funding.

If you’re interested in getting a personal loan, you should learn more about Best Egg and other online lenders before accepting an offer.

Best Egg Loans Review

Best Egg website

Best Egg Loans Review image
  • Best For: Best Egg is good for personal loans and debt consolidation. They offer financing for those with above-average credit scores and loans can be transferred in less than a day.
  • Interest rates: Rates will depend on the type of loan and other factors, such as credit score. Rates vary from 5.99%-29.99% APR.
  • Loan types: Debt consolidation, credit card refinancing, home improvement loans, moving costs and other personal loan needs.
  • Qualifications: Best Egg requires that borrowers be at least 18 and a U.S. citizen or permanent resident. The minimum credit score required is 640, but lendees with a credit score of 680 or higher will get the best terms.
  • Customer Service: Best Egg’s custome service staff gets strong reviews for quality and responsiveness.

Unlike many online lenders, Best Egg funds loans instead of seeking funds from other financial institutions. When you complete an application for a Best Egg personal loan, the information only goes to Best Egg.

You can request loan amounts between $2,000 and $35,000. Interest rates range from 5.99% to 29.99% APR. You also have to pay an origination fee of 0.99% to 5.99%.

The advantage of working with a self-funded lender is that you can get your money quickly. Some online lenders require several days to secure funding and deposit money into your account. Best Egg can often your funds electronically transferred to your bank account within one business day.

Most of Best Egg’s customers have positive things to say about the company and its services. People describe the lender as fast, reliable, and easy.

Positive comments about Best Egg often point out that the company:

  • Let’s borrowers take more than one loan at a time.
  • Has a minimum loan amount of just $2,000.
  • Can process most applications within one business day.

As with all online lending services, though, there are some complaints about Best Egg. Negative feedback usually focuses on:

  • Best Egg’s loan origination fee.
  • The $50,000+ income requirement.
  • Lower interest rates offered by other lenders, especially for high-income borrowers.
  • The three-year credit history requirement.

Best Egg works best for people who have good credit and above-average incomes. If you make more than $60,000 per year and have a credit score of 660 or higher, then you will probably qualify for a personal loan from Best Egg.

You can use Best Egg’s personal loans for:

  • Debt consolidation.
  • Refinancing credit cards.
  • Home improvements.
  • Adoptions.
  • Moving expenses.
  • Vacations.
  • Most major purchases.

Before you accept a loan from Best Egg, you should compare offers from several lenders. The more offers you request, the more likely it is that you will find a low-interest option that matches your needs.

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