Thu. Dec 3rd, 2020

Best Egg is a national online lender that offers a personal loan starting at $ 2,000 for various purposes. The loan can be funded in as little as one business day.

  • It usually takes one to two business days to approve loan funding.
  • The minimum loan amount is $ 2,000.
  • Borrowers have no prepayment penalty.

  • The best egg charges a origination fee of up to 5.99%.
  • Borrowers require a minimum credit score of 700 and $ 100,000 in annual income to qualify for the minimum income rate.
  • Co-signers are not accepted.
  • There are no joint personal loans available.

What personal loan option offers the best eggs?

The best egg can be used for personal loans:

  • Debt consolidation
  • Home improvement projects
  • Running expenses
  • Holidays and travel
  • Adoption and other child-related expenses
  • Big purchase
  • Special Occasion

Is Best Egg a legitimate company?

Best Egg is supported by Marlet Funding, a financial services company with banking and technology experience. Best Egg was developed by its consumer finance division as a personal loan platform. Best Egg has provided more than $ 5.3 billion in loans since March 2014 and has served more than 300,000 customers. Cross River Bank in New Jersey is a member of Best Egg Partners and Federal Deposit Insurance Corp.

Does the best egg affect your credit score?

The Best Egg does a soft credit check to prequalify you for a personal loan, so there is no impact on your credit score until you formally apply for the loan.

The best egg loan has fixed interest rates with fixed repayment terms ranging from 36 to 60 months. The minimum loan amount is $ 2,000, and the specific maximum loan amount is $ 35,000. Loan limits vary by state, and special offers are sometimes available, so you may qualify for more. Borrowers can take two of the best egg loans simultaneously, but they have to see a six-month gap between the origin of the first and second loans. The total outstanding balance cannot exceed $ 50,000.

There is no prepayment penalty or application fee in these loans. Loan origination fees range from 0.99% to 5.99%. Best Egg also charges a $ 15 late fee and a $ 15 return payment fee.

The best egg looks at information including your debt-to-income ratio and your credit score from credit bureaus. The lender offers a DTI Tools To give you an idea of ​​where you stand with money versus how much money you make. You may be asked for a pay stub as a proof of income or utility bill to confirm your address. Loans are limited to US citizens and permanent residents of legal age. The company does not disclose a minimum gross monthly income to obtain a loan, but the best rate is reserved for applicants with an annual income of $ 100,000 or more and a FICO credit score of at least 700.

The Best Egg has an A + rating with the Better Business Bureau, which has an average customer review of around five stars.

Best Egg also has an excellent rating on Trustpilot. In 2019, the Consumer Financial Protection Bureau received 20 personal-loan-related complaints about Best Egg’s parent company, Marlet Funding. The complaints are centered around unexpected fees or charges, problems in obtaining and paying off loans. All but one complaint received a timely response.

Borrowers can go online to get a rate quote, complete a personal loan application and close the loan once it is approved. The Quick View tool allows borrowers to see their loan balance and next payment due date. Monthly statements are available online for borrowers enrolling in automatic payments.

  • Borrowers who have at least 640 FICO credit score.
  • People who value customer service and positive reviews.
  • People who need loan funding soon.

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