Personal loans offered by Best Egg are simple. You can also use these loans for a wide range of options, including home improvement, major purchases, vacation loans and special occasions loans, amongst other things. Checking your eligibility for a Best Egg personal loan is done by a soft credit pull, so it does not affect your credit rating. Loans issued are funded quickly, and many people have the funds in their accounts within a day.
Best Egg Personal Loans Terms & Requirements
Best Egg personal loans come with the following requirements:
Loan Requirements
- A minimum credit score of 600
- Debt to income ratio of lower than 40%, or 65% if you have a mortgage
Loan Terms
- Typical APR rates range between 8.99% and 35.99%
- Loan amounts range from $2,000 to $50,000
- Origination fees of 0.99% to 8.99%
- No prepayment fees
Repayment Terms
- Loan terms range from 36 months to 60 months
- No prepayment fee is charged for early repayment of a loan
Prospective borrowers can use Best Egg personal loans for a variety of reasons, including debt consolidation, home improvements, moving expenses, major purchases, vacation loans, and special occasion loans.
Nonetheless, the loan terms and requirements for a Best Egg personal loan are not the best in the market. The origination fee is high, as is the APR if your credit score is near the minimum of 600. However, not having a prepayment fee is a plus, as is the speed of obtaining the loan.
How to Apply
We applied for a Best Egg personal loan online. Unlike many loan providers, the first information we had to enter was our email address after clicking on the ‘Check My Rate’ button on the homepage.
The website then prompted us to enter how much we wanted to borrow and the reason for wanting to take out a personal loan. This was followed by entering our personal information
After this, we entered our address, employment status, and income details. We then inputted our savings details as well as our household status. Finally, before the credit check started, we were asked whether we wanted to enroll in Autopay before agreeing to the terms and conditions. This initiated the soft credit pull.
Following the soft credit pull, we were notified that we were eligible for a Best Egg personal loan. At this stage, we had to provide personal information to verify what we had entered during the soft credit pull process. This process included providing proof of income and proof of address. Yet, this is a standard process for anyone wanting to obtain a personal loan.
After doing this, it was simply a case of agreeing on the loan amount and rates. We did this by signing the Loan Agreement and Terms and Conditions. We received the loan funding the next day!
Application Steps & Time Frames
Applying for a Best Egg personal loan was easy and quick. The initial application process took us five minutes, and uploading and verifying our personal data took a further 5-10 minutes. This section can take a while, so make sure you have your verification documents to hand. We then received the funding within 24 hours. The process was as quick as any of the leading competitors in the personal loan market.
State Availability
Available -
Alabama,
Alaska,
Arizona,
Arkansas,
California,
Colorado,
Connecticut,
Delaware,
Florida,
Georgia,
Hawaii,
Idaho,
Illinois,
Indiana,
Kansas,
Kentucky,
Louisiana,
Maine,
Maryland,
Massachusetts,
Michigan,
Minnesota,
Mississippi,
Missouri,
Montana,
Nebraska,
Nevada,
New Hampshire,
New Jersey,
New Mexico,
New York,
North Carolina,
North Dakota,
Ohio,
Oklahoma,
Oregon,
Pennsylvania,
Rhode Island,
South Carolina,
South Dakota,
Tennessee,
Texas,
Utah,
Virginia,
Washington,
Wisconsin,
Wyoming,
Not Available -
Iowa,
Vermont,
West Virginia,