Are you someone with a bad credit score or no credit history at all? Are you in urgent need of money? Has the bank denied your loan request? If yes, then you do not need to worry, Best Egg Loan has got your back. They will lend you money for all your emergency needs, irrespective of your credit score. In this write-up, we are going to give you an honest review of this loan. We will discuss its APR, required credit score, pros and cons of Best Egg Loans, and basically, everything that you need to know. So now let’s get started.
What is the Best Egg Loan?
Best Egg is a lending service in the U.S.A. that provides both secured and unsecured loans to people with average to good credit scores and high incomes. They provide loans of up to $50,000. To get a loan from Best Egg, you will need to have a credit score of at least 600 points. If you have an annual income of $100,000 or more then you can get a loan at an APR of as low as 8.99%.
It is one of the fastest lending services in the U.S.A. and deposits the loan amount in your bank account within 1 to 3 business days. To get this loan, you do not need to run to their office and get tangled in the paperwork. You just simply need to go to their official website and apply for the loan by filling out the application form. After checking your credit score and other details, they will deposit the loan amount in your bank account.
- Preferred Credit Score: 600 and above
- Loan Amount: $2,000 to $50,000
- APR: 8.99% to 35.99%
- Loan Repayment Term: 36 to 60 months (Up to 5 years)
- Minimum Annual Income Required: $3,500
- Orientation Fee: 0.99% to 8.99%
- Returned Check Fee: $15
- Funding Period After Approval: 1 to 3 business days
- Non-Service States: Not available in Washington, D.C., West Virginia, Vermont, and Lowa
- Easy approval process.
- You can apply for pre-qualification.
- After approval, they deposit the loan amount in your bank account within 1 to 3 business days.
- Good for average credit score holders.
- If you need a loan for debt consolidation, they make direct payments for a debt.
- Online application.
- Long loan repayment period.
Best Egg Loan Top Features
1. Tools to Check Your Credit Score for Free
As you get a loan, you can use your best egg account to check your credit score for free, until you completely repay your loan. You also get extra rewards for paying the loan on time.
2. Secured Loans are Also Available
The best part about the Best Egg Credit Loan is, they provide both secured and unsecured loans. But to get a secured loan from them, you will have to provide a permanent fixture from your home. It can be anything including your A.C., water heater, or fan. In case you fail to repay the loan on time, they will take away the permanent fixture from your home.
3. Direct Payment for Debt Consolidation
If you need a loan to repay any older loan then you can move to Best Egg. Instead of depositing the money in your account, they will directly deposit the money for your debt consolidation. This will prevent you from using the deposited loan amount for some other purpose. Also, it avoids the delay and debt money is paid on time.
4. High Maximum Loan Amount
Best Egg provides a loan of up to $50,000. You can get a minimum loan of up to $2,000. So be it small expenses like a car repair or home repair or big expenses like medical bills or debt consolidation, you can always go for Best Egg Personal Loan.
Best Egg Loan Downfalls
1. High Orientation Fee
They apply an orientation fee of 0.99% to 8.99%. This means that if your credit score is just 600, you will have to pay an orientation fee of up to 8.99%. Where there is no orientation fee for other loans, here, you will have to pay the orientation fee, before the loan amount is deposited in your bank account.
2. Mobile Application is Not There
One of the major problems with this loan service is, that there is no mobile application. So for all the small things like checking the approval update or the next repayment date, you will have to go to their website and log into your account.
3. No Discount
Where other lenders offer discounts for auto payment, this loan service does not have an option for auto payment, so there are no discounts. Because of this, you might also miss the repayment date, so if you go for this loan, you will have to set a reminder in your phone or laptop to remind you about the repayment date.
Qualifications for the Best Egg Loans
In order to get a loan from Best Egg, there is a criterion that you will have to qualify. If you check all the points, then only you will qualify for the loan. Here is the list of all the Best Egg Loan requirements.
- You should be a citizen of the U.S.A. or a permanent resident of the U.S.A.
- Your age should be at least 18 (19 years of age is required if you live in Nebraska or Alabama)
- You need to have a valid bank account.
- A credit score of 600 or above.
- Your annual income should be at least $3,500.
- You need to have your own Social Security Number.
- You will have to provide income proof.
- A credit history of at least 3 years is required.
- You need to have at least 3 credit accounts.
- Your debt-to-income ratio should be at least 40%.
You will have to pass all these qualifications, then only you will get a loan from Best Egg. Other than this, if you have been through bankruptcy, or you work at some debt management company then Best Egg will not approve your loan application.
Best Egg Loan Rating
We would like to give Best Egg Loan an overall rating of 4.7/5
1. Availability – 4.8/5
If you are someone with a bad credit score then this loan is not for you. You would not even qualify for this loan. But if you are someone with an average to good credit score and your credit score is 600 or above then there is a high chance that you will qualify for this loan.
2. Affordability – 4.6/5
In order to qualify for the lowest APR, you need to have a credit score of 700 or more and an annual income of $100,000 or more. Otherwise, you will have to pay a high APR which can be a bit difficult to afford for people with a low annual income.
3. Customer Service – 5.0/5
We are giving such a high rating in this category because their customer service is really great. There are thousands of positive best egg loan reviews online and all those reviews indicate that their customer service is up to the mark.
Things to Take Care of Before Applying for the Loan
Before applying for a loan at Best Egg Credit Loans, you will have to take care of the following things.
1. Check Your Credit Score
Before applying for a loan at Best Egg Credit Loans, check your credit score. Only apply for the loan if your credit score is 600 or above. Because if you apply for the loan without checking your credit score and your credit score is less than 600 points then you will have to face unnecessary credit pull. Because they conduct a hard inquiry of your credit, and if your credit score is not enough then the credit pull would not be worth it and you will end up losing some of your precious credit points.
2. Calculate Your Debt-to-Income Ratio
Make sure that you calculate your debt-to-income ratio, and only apply for the loan if it is 40%, otherwise, you would not qualify for the loan. Also, there is no logic in getting a loan where you have to degrade your lifestyle. Also, if your annual income is less than $100,000, then you will have to pay higher interest on this loan.
3. Plan the Repayment
Plan your repayment well. Keep a room for your emergency expenses. Balance your expenses in such a way that you can manage all your expenses, repay the loan and save up some money for the emergency.
4. Keep All Your Documents in Hand
Before applying for the loan, make sure that all your important documents like income proof, age proof, official identity card, and other required documents are ready. So that when you apply for the loan, you can fill up the application and attach all the required documents without any unnecessary delay.
How to Apply for a Loan at Best Egg Loan?
If you want to apply for a loan at Best Egg Credit Loan, you will have to follow the procedure given below.
1. Go to the Best Egg Official Website
To get a loan, first of all, you will have to go to their official website and credit your account. To create your account, you will have to provide some of your personal details like name, address, age, annual income, social security number, etc.
2. Check Out All the Offers
Once you create your account, just log in to your account by going to their official website, and there you will find all the offers that you can get. Check out all of them and see which one will suit you better according to your money requirements, annual income, and expenses.
3. Prepare a Plan for the Repayment
Once you figure out the perfect loan for yourself, find out your debt-to-income ratio. See if you would be able to repay the loan with your current income and expenses. Just keep in mind that cutting your expenses is okay but degrading your lifestyle too much would not be worth it.
4. Send Your Application
Once you have figured out all the things mentioned above, apply for the loan. Make your Best Egg Loan Login using your username and password and go to the “Apply for Loan” Tab. Click on it and fill in all the required information, mention which loan you want to go for, and attach all the required documents. If your loan application is approved, you will get the loan amount in your bank account within 1 to 3 business days. To check the progress of your loan application, you can log in to your Best Egg Credit Loans account.
Some Other Lending Services
If you think that Best Egg Loan is not a good option for you then you can also go for any of the lending services mentioned below.
If you have a credit score of 630 to 719, you can also go for Prosper Lending services. They offer loans to fair credit holders. It has somewhat similar qualifications to the Best Egg Credit Loan, and after the loan approval, they deposit the loan amount in your bank account within 3 business days. At Prosper, you can also apply for a joint loan. They also allow you to change your payment date.
- Minimum Credit Score: 560
- APR: 6.99% to 35.99%
- Orientation Fee: 1% to 5% of the loan amount.
- Loan Amount: $2,000 to $50,000
- Funding Period: 1 to 3 business days
- Repayment Period: 2 to 5 years
- Easy loan application
- Fast funding
- Easy loan approval
- Option for a joint loan
Marcus is also a really good lending service that provides loans to the people of the USA. The best part is, there is no orientation fee and they also offer discount rates on early repayment of the loan and autopay option. The loan approval and loan funding process is also very fast.
- Minimum Credit Score: 740
- APR: 6.99% to 24.99%
- Orientation Fee: No fee
- Loan Amount: $3,500 to $40,000
- Funding Period: 1 to 4 business days
- Repayment Period: 3 to 6 years
- No orientation fee
- Comparatively low APR
- Discount on autopay
- Pre-qualification is available
FAQs: Frequently Asked Questions
Q1. Is it easy to get the Best Egg loan?
Yes. It is very easy to get this loan. Their application and approval process is very easy and fast. But you will only get this loan if your credit score is above 600 and you qualify for all their criteria.
Q2. What type of loan is the Best Egg?
Best Egg Loan is a lending service in the U.S.A. that provides both secured and unsecured loans to the residents and citizens of the U.S.A. For a secured loan, you will have to provide collateral in the form of a fixture in your house. In case of non-repayment of the loan, they will take away the fixture.
Q3. How fast can you get a loan from Best Egg?
Once you create your account and apply for the loan, they will approve your loan application within 1 to 4 business days. As soon as your loan application is approved, the loan amount will be deposited into your bank account within 1 to 3 business days.
Q4. Does Best Egg require collateral?
Yes, but only for secured loans. If you apply for a secured loan, then you will have to provide a permanent fixture in your house as collateral. So in case you fail to repay the loan on time, they will take away your fixture.
Q5. Does Best Egg do a hard pull?
Yes. If you apply for a pre-qualification, they will conduct a soft inquiry of your credit which will not result in a hard pull, but if you send an application for the loan then they will conduct a hard inquiry of your account which will result in a hard pull. This will decrease your credit score by 10 to 20 points.
Q6. Who owns Best Egg loans?
Best Egg Loans is owned by Marlette Holdings Inc. It was founded in the year 2014, with the main intention to provide financial aid to people with average to good credit scores as well as a high annual income.
Q7. Is Best Egg a good loan company?
Yes. There is no doubt that Best Egg is a very good, well-known, and well-reputed loan company. They have thousands of positive ratings and reviews online and that is why we have given them a solid overall rating of 4.7/5.
- Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and CreditCards.com. With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.
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