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Best Egg offers personal loans for a variety of purposes. The company has a simple application process and provides clear terms and rates. It also offers pre-qualification to help you determine your approval odds before you submit an application.
The lender requires a credit score above 640 and can fund approved applications within one business day. It also requires a debt-to-income ratio that is less than 30%. It also offers homeowner-secured and auto-secured personal loans.
Rates
In addition to a variety of personal loan options, Best Egg offers mortgages and auto loans. It also allows you to check your credit score for free before you apply. However, it may not be the best choice for borrowers who have very poor credit. It does a hard inquiry to determine eligibility, which can cause your credit to fall by a few points. The impact should subside within a year.
Many customers say that they are happy with the rates offered by Best Egg. They also appreciate the company’s ease of use when managing their 5000 loan online accounts. However, some complain about a slow application process and difficulty making payments. Others have experienced unexpected APR increases when refinancing their loan.
The company offers a wide range of loan amounts, from $2,000 to $50,000. This is a good range for those looking to cover unexpected expenses. It also offers a debt consolidation feature that can help people pay off their existing debts. The lender also allows borrowers to repay their loan balances early without penalty.
Best Egg’s rates depend on the type of loan, creditworthiness, and other factors. Its rates start low and climb higher for borrowers with poor credit. They can also increase for borrowers who use the loan to buy a home or consolidate debt. It also charges a one-time origination fee of 0.99% to 9.99%, which is deducted from the initial loan disbursement.
Requirements
You can check your rate without affecting your credit score by prequalifying through Best Egg’s website. It’ll perform a soft inquiry to see if you meet its qualifications and let you know whether you’re likely to get approved. You’ll need to provide your income, employment status, residence and more before receiving a final quote. If you’re a good candidate, you can choose to formalize your application and accept the terms.
Getting a personal loan from Best Egg is similar to getting any other loan. It requires verifying your identity and financial information, including income, rent or mortgage payments and recent credit card cash advances. You’ll also need to submit documents like pay stubs and utility bills. You can do this through Best Egg’s online portal, by text or email and by fax.
The company reports your payments to the credit bureaus, so making on-time payments can help you build or maintain your credit score. However, late payments may hurt your score. The lender also charges a late fee of $15, which is higher than some competitors. It’s important to consider your budget before taking on a new debt. You can use your Best Egg loan for a variety of purposes, such as debt consolidation, home improvement and major purchases. It’s also possible to have multiple loans from the company, though your total balance can’t exceed $100,000.
Fees
Best Egg offers personal loans for debt consolidation, home improvement and other expenses. The lender also offers a variety of online resources and loan calculators. Customers report satisfaction with the company’s customer service and easy-to-use portals. However, borrowers should be aware that Best Egg may request additional information to verify creditworthiness, and a hard credit inquiry will affect their credit score.
Borrowers can get a prequalification without impacting their credit score by submitting basic information to Best Egg. The company then reviews their credit and offers loan terms based on the borrower’s credit profile. Borrowers are encouraged to shop around and choose the best terms for their budgets. They can also apply for multiple loans at once, but the total combined amount cannot exceed $100,000.
Best Egg offers a wide range of loan amounts from $2,000 to $50,000. Its loan process is streamlined, and the company promises to have funds in a borrower’s account within one business day. Its online application is simple and secure, and it can be completed from any device.
Borrowers can use their Best Egg personal loans to cover a variety of expenses, including debt consolidation, home improvements and vacations. The lender also offers a financial health tool that allows borrowers to track their credit scores, monitor spending and set a budget. It also includes a library of articles on financial topics.
Customer service
Best Egg offers a variety of personal loans, including debt consolidation. It has a reputation for customer service that is reliable and attentive, according to reviews. However, its restrictive loan terms and high origination fee may not be the best option for some borrowers.
To get a quote, you can prequalify online without affecting your credit score. You’ll need to provide some basic information to verify your identity and income. You can also add information to increase your chances of approval. You can expect to receive your funds within one business day of approval.
During the application process, Best Egg will run a soft inquiry to check your credit profile. Then, it will perform a hard inquiry when you pick a loan offer. This will affect your credit score for a short period of time, but it will help you determine whether or not you qualify for the loan you want.
You can choose a fixed or variable rate for your personal loan. You can also add a co-borrower to your account to increase your chances of being approved. The co-borrower will share responsibility for the loan, and if they have better credit, you may be able to negotiate lower rates or a higher loan amount.
You can also pay off your Best Egg personal loan early without any penalties. This flexibility can help you reduce your overall interest payments and save money.