Best Egg is a lending company striving to make borrowing simple. It offers personal loans that can be used for consolidating debts, repaying credit card bills or for any other personal use. The company is headquartered in Delaware, USA.
Best Egg Unsecured Personal Loans
The company offers unsecured loans, which means you will have to pay fixed monthly payments for the entire loan tenure. This further means that you need not provide any collateral in the form of a car or a house in order to be approved for a loan.
Loans are offered up to $35,000 for a period of five years. It promises competitive interest rates for those in good credit. The rate of interest depends on your credit history and can be anywhere between 5.99% to 29.99%. It also charges an origination fee of 0.99% to 5.99%.
Application Process and Approval of Best Egg Personal Loans
The application process is entirely online. Customers need to complete the online form and enter all the required information. Once the form is submitted, Best Egg officials would evaluate the information and credit rating.
The lender then gives several options of personal loans and interest rates. It is up to the customer to choose the loan as per his/her financial requirements. Customers will have to send a soft copy of their documents and the last step of signing the loan is done using ‘Click-to-Sign-Online’.
Once all formalities are complete, funds are wired to the customer’s account. You can reach Best Egg’s customer service through phone during business hours. Loan officials would even help you to fill up your application online.
Debt Consolidation with Best Egg Personal Loans
Best Egg personal loans suit those who have high credit card bills and wish to opt for a lower rate of interest. Customers can consolidate all their other debts and bring them into a single piece of debt. Doing so would remove the hassle of paying several monthly payments.
This product can help you pay off your medical bills, home improvement expenses, expensive holiday or even a vehicle purchase. It not only promises you a low interest rate but also helps you save more over a period of time.
Best Egg Personal Loans for Bad Credit
The company claims to have a minimum credit score of 640, but on average it seems that the existing customers of Best Egg have a credit score of 700. This means that the lender may not approve your loan if your credit history is not up to the mark.
Lenders often have a varying interest rate that differs from one customer to the other. Here is where the customer’s credit score plays a crucial role. Higher the credit score, lower will be the interest rate and vice versa. Best Egg applies the same formula and offers personal loans at lowest rates possible to those with excellent credit.
The Final Say
Looking at all the terms and conditions laid by the lender it seems that Best Egg personal loans suit those who have the discipline to pay off their debts. The lender applies $15 as late fee even if you miss your single payment. This would not only increase your interest rate but may also affect your credit score.
Some of the positives of Best Egg are its quick approval process, clear and transparent platform and one of the best way to consolidate other debts. However, its strict approval requirements can make it difficult for subprime applicants to qualify for a personal loan. Best Egg can be the right choice only if you agree to their terms and conditions and also pay off your debts on time.
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