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BestEgg Review

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Nathan J. Lee
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Briefly About BestEgg Lender

Loan Amount
$2,000 - $35,000
Loan Length
24 - 60 months
Loan Rate
5.99% - 29.99% APR
Better Business Bureau Rating
A+
Time to Funding
Same day - 1 business day

Table of contents

    BestEgg Installment Loans Review

    Best Egg Loans, founded by ex-Barclays Bank employees, specialize in providing debt consolidation loans to high-earners with minimal debts. A large number of the 600,000 loans they've already issued have been used to repay high-interest credit cards in particular, and Best Egg Loans claim that they have funded US$9bn in loans in their history to date. The company is associated with a New Jersey-based bank called Cross River Bank, though their operation is largely online-only, so it helps for customers to be internet-savvy.

    The Best Egg application process is geared to deter frivolous applications, requiring a minimum 640 FICO credit score ("average") and a rare upfront application or origination fee of 0.99% - 5.99%. Customers looking for the best installment loan poor credit are likely to be declined at a pre-application stage, via the website's loan calculator. Best Egg installment loans and their terms are designed to adjust to customers' present needs too and have some light flexibility.

    Many Best Egg loan reviews note that the lender commands a nearly perfect approval rating from TrustPilot (4.8/5) and Credit Karma (4.9/5) customers. The company is accredited by the Better Business Bureau (A+) and has received a number of workplace-orientated awards, including from American Banker and the Delaware News Journal.

    BestEgg Website lobby

    Why get an Installment Loan from BestEgg?

    Best Egg installment loans are designed to assist with large purchases, debt consolidation or another potentially life-altering financial goals, such as adoption or a vacation. Best Egg loan reviews so far speak for themselves, with many commentators praising Best Egg's simple application process, which usually takes just a few minutes, and the speed that loans are deposited (one business day). The company's variable interest rate rewards cautious spenders.

    Best Egg Loans offer flexible monthly repayment dates and the initial application only requires a 'soft' FICO credit check. Customers have the option of 36 or 60-month terms but loans can be paid back early to save on interest rates with no pre-payment fee, according to Best Egg lending reviews. Also, for nervous or confused applicants, Best Egg provides educational resources that serve to explain complex financial matters like good debt vs. bad debt, debt-to-income ratio, and how to make debt reduction plans.

    What does BestEgg offer?

    Best Egg Loans offer unsecured installment loans averaging US$15,000 per successful applicant, though sums between US$2,000 to US$35,000 are available. Most loans can be funded within a day of application.

    The provider has variable interest rates depending on income and credit rating too but Best Egg loan rates of 5.99% are available only to six-figure earners with a strong "good" credit rating (700 minimum). Most applicants will pay a 14% interest rate. All customers are held to one single monthly Best Egg payment over three to five years.

    Loans from Best Egg have fixed terms and are amortized – the money you pay back will go towards paying off your loan and loan interest and nothing else. The company utilizes advanced underwriting techniques to provide lower rates to customers, relying on algorithms and AI to match applicants to products appropriate for their financial needs and goals.

    Eligibility Criteria

    Best Egg loan reviews recommend that applicants have the below criteria before they try to get an auto loan. Figures are approximate, however, and personal circumstances could result in different requirements for acceptance. Eligibility criteria are also subject to changes in the future.

    • A FICO credit score in excess of 640. Higher figures in the region of 700 will return lower interest rates.
    • The personal debt-to-income ratio should be as low as possible, with a 40% maximum.
    • Credit history of at least three years.
    • Total annual income approaching the Best Egg customer average of US$80,000.

    Pros & Cons

    Pros

    • Flexible monthly payment dates
    • No charge for early loan repayment
    • Loans usually funded in one business day
    • Online application and help desk
    • Soft FICO credit check

    Cons

    • High credit, credit history, and income requirements
    • Origination fee applies
    • Late and return fees of US$15 apply
    • APR can be high (29.99%)

    How to apply for a BestEgg Installment Loan

    Applying for Best Egg installment loans is easy but new customers are advised to use the loan calculator before submitting their details. Simply press the Apply Now button in the top right corner of the website and enter your email address. This will be your Best Egg customer login for the duration of your loan repayment period. Fill in the required details on the application form and submit it online for approval. Be aware that your credit score will be soft checked, but many Best Egg loan reviews note few issues from applicants with the requisite credit score and income.

    Rates, Terms and Fees

    Best Egg loan rates vary according to the applicant's credit rating and personal income. The lowest rate of APR is 5.99%, which is usually offered to new or existing customers with an annual income in excess of US$100,000 and a credit score of 700 minimum. For people who earn less than this amount, rates can climb to as high as 29.99%, though the average Best Egg payment APR that customers report is 14% for a credit rating of 640. Recipients will also have to pay an origination fee of 0.99% – 5.99% of the total loan amount requested, which is deducted from monies received.

    The amount that customers can borrow is US$2,000 – US$35,000, though a second Best Egg loan can increase lending to a maximum of US$50,000. There are extra limitations for residents of certain US states with minimum loan requirements, namely, in Massachusetts, where the smallest amount that can be borrowed is US$6,500, Georgia (min. US$3,000), Ohio (min. US$5,000), and New Mexico (min. US$5,000). Late and returned payment fees apply too and cost $15 per incident. Best Egg installment loans do not charge an early repayment fee to loans closed before the agreed final payment date.

    Bottom line

    Despite its relatively high barriers for acceptance, Best Egg loan reviews are almost unanimously in favor of the company's business model. Best Egg favor careful customers with a well-established credit and income history and prefer to lend their money to goal-orientated people chasing financial freedom or a particular life goal.