Personal loans can be restrictive when it comes to amount borrowed and payment terms. Those with good or excellent credit scores will certainly have an easier time with most service providers. That is exactly the case when it comes to Best Egg Personal Loan, that gives some good options for those with credit scores equal or higher than 700.
In case you were wondering, you’ll be able to get great interest rates as well, as long as you have a good score. That’s why we recommend that you work and get a better credit score in the months leading up to a personal loan. It’s the best way to find the best offers around the financial market.
The minimum and maximum loans vary a bit when it comes to Best Egg Personal Loans. It depends a lot on the state you’re in, as well as the availability of some promotional coupons. All of this introduction is here to show that Best Egg could be your go to financial provider in the case you need a good loan.
Keep reading to understand how this type of personal loan could be good for you, its main advantages and cons, as well as payment terms, interest rates and fees.
Best Egg Personal Loan
Minimum $2.000 loan 5,99% – 35,99% APRHow does Best Egg Personal Loan work?
The Best Egg Personal Loan works with services from two financial institutions: Cross River Bank and Blue Ridge Bank. Everything about this loan type is flexible, from the application methods to limits and minimum loans. But there’s something that you won’t be able to change: the fact that it only makes sense if you have a good credit score.
Remember that your debt to income ratio also makes a difference, so if you’d like to get the best interest rates that we’ll mention a bit further ahead, then you should keep this percentage of 30% or less.
After your application, you can get the funds in a day or less. The approval also comes quite quickly, usually within a few minutes after an online application. Now that you understand how this personal loan works, it’s time to check out if it might help you get a bit closer to your financial objectives.
Who is Best Egg Personal Loan for?
Best Egg Personal Loan is the ideal choice for those who already have a good credit score. While people with at least 640 scores might get an approval, the interest rates and payment terms will be severely worse than what you expect.
This company is especially recommended for those who are trying to consolidate credit card debt. As any of us who ended up owing a lot in our balances are aware, these types of payment suffer with high interest rates. That’s where a personal loan comes in, you can pay these off and keep a debt with much lower APR.
Best Egg is a good idea for that because of its low minimum loan. You can start off with as little as $2.000, which means that there’s no need for borrow more than what you actually need.
Other simple debts will benefit from this as well. It can be also used to pay off taxes or home improvement, for example.
Advantages of using Best Egg Personal Loan
There are some pros to using Best Egg Personal Loan. This service offers a minimum loan amount that’s really reasonable for most of the US, $2.000, but that depends a lot on the estate. We’ll talk a bit more about this when it comes the time to describe the payment terms and fees that come with the service.
Others advantages that you might want to check out include:
- Direct payment options for credit card consolidation;
- Available for a variety of uses (more than with most loans);
- Loan funding happens in one to three business days;
- No prepayment penalty;
- Flexible due dates;
- Free FICO score access.
Flexibility is the keyword here. You can borrow as much as you want, no matter if it’s just a few thousand dollars or more than $30.000. There’s also the possibility of doing almost anything with your money. Some types of Best Egg loans are even available for certain education costs.
Cons of using this personal loan
Usually, the fees are the greatest problem when it comes to a personal loan and that’s exactly the case. Users have to pay a 0,99% to 5,99% origination fee just to start with the service from Best Egg Personal Loan. Meanwhile, other lenders for people with similar credit scores usually don’t charge origination fees at all.
You may get a very low interest rate here, but if your credit score isn’t great or the debt to income ratio is high, there’s a chance of paying up to 35.99% APR. That’s why it’s important to go through each step of the application carefully.
Before you start, there’s an option to input the amount you’d like to get for a loan and other personal information. At this moment, the financial services provider will make a soft check on your score and predict the approximate APR paid for this loan, this way, you won’t be caught off-guard.
Terms, fees and payment conditions
Let’s start with the loan amounts, for most states you have to start with at least $2.000, unless you are in one of the following locations:
- New Mexico and Ohio: $5.000;
- Massachusetts: $6.500;
- Georgia: $3.000.
The terms offered are 36 to 60 months, or three to five years. This is quite conventional for personal loans, with just a handful of providers working with 84 months terms. The actual loan term that you’ll get also depends on your credit score and, especially, credit history.
Now, when it comes to fees and interest rates things get a little more tricky:
- From 5,99% to 29,99%, which can go up to $35,99% according to credit history, loan amount and payment term;
- 0,99% to 5,99% origination fees, if you’re applying for loan terms of four years or more, the fee is at least 4,99%;
- $15 returned payment fee.
You can easily apply using Best Egg’s Personal Loan website or using the company’s phone service.
Conclusion
In conclusion, Best Egg Personal Loans offer a flexible and convenient solution for individuals with good to excellent credit scores seeking to consolidate debt, finance home improvements, or cover other personal expenses. With quick approval times, flexible loan amounts starting at $2,000 (depending on the state), and the ability to secure funds within one to three business days, Best Egg stands out as a reliable option in the personal loan market.
Key Benefits:
- Fast and Flexible: Quick approval and funding with adaptable loan amounts and terms.
- Debt Consolidation: Direct payment options for credit card consolidation.
- No Prepayment Penalty: Allows early repayment without additional costs.
- Transparent Process: Prequalification with a soft credit check to estimate terms and rates.
Considerations:
- Origination Fees: Ranging from 0.99% to 5.99%, which could be higher compared to some competitors.
- High APR Potential: Interest rates can be as high as 35.99% based on creditworthiness and debt-to-income ratio.
- Credit Score Requirements: More favorable terms for those with higher credit scores (700+).
For those with strong credit profiles looking for a reliable and flexible personal loan, Best Egg is a compelling option, especially for debt consolidation and various personal financial needs. Always ensure to review the terms, fees, and rates before proceeding to secure the best possible deal tailored to your financial situation.
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