The demand for extra cash can happen anytime. If you are unsure of what type of loan to get, you may want to consider personal loan products. A personal loan term is a type of loan that gives borrowers access to the amount of money they need for whatever purpose it may serve.
These days, applying for a personal loan term is so convenient. People can easily do it in the comfort of their homes. There are many online lending firms in the market today, and one of those financial institutions is Egg®.
Best Egg® is a financial institution providing individuals with a variety of personal loan term options products. While this lending firm has been in operation for only four years, they have already helped many consumers find funding solutions. Whether you urgently need money to complete your home improvement requirements, keep up with your monthly payments or settle your credit card debt, Egg® got you covered. This financial institution offers unsecured egg personal loans to individuals who have good-to-fair credit cards score. Depending on your preference, egg personal loan terms can be payable either in three or five years time. The choice is yours. With Egg®, your application is processed very quickly.
Best Egg® Loan Requirements
Egg personal loans are not for everyone. There are certain requirements one must meet to qualify for anEgg® loan term. While most Egg® borrowers have an average score of 685, the lending firm may still consider individuals with a minimum credit cards score of 640. This is a reasonable average credit cards score. Your application for an egg personal loans has a higher chance of getting approved if you have a good earnings, with at least $60,000 a year. Also, you will need about 10 years of credit cards history behind you. Lastly, Egg® will determine how much money you owe versus how much money you earn. This is called the debt-to-income ratio, and the required ratio is a maximum of 40%. The borrower should be at least 18 years of age (or at least 19 years of age if they are Alabama or Nebraska residents), be a permanent resident of the U.S.A. and have a verifiable bank account.
Borrowers who want to get an Egg® loan term will have to face an interest rate of 15% a year. If you have a credit cards score of above 700 and have an annual earnings of $100,000, you may get a lower interest rate.
How to Apply for Egg Personal Loans?
If you are interested in applying for a loan, here are the steps you need to take:
- Go to their website and enter your email address. Having your own email address is important as this is where most of your communication will take place.
- You will be required to enter basic information about yourself and your finances, such as your employment status, household income, home type, what you pay for your home and others. You will also be asked for the purpose of your loan and the amount you need. Take note that you have to fill out the online application honestly. Completing the online application will only take a few minutes. Moreover, being pre-approved does not affect the applicant’s credit score.
- Select your loan product. The financial institution offers a minimum loan amount of $2,000 and a maximum loan amount of $35,000. They also offer fixed-term loans and fully amortized personal loans. If you are a responsible borrower, you may even qualify for a loan with no prepayment fee. Your Annual Percentage Rate (APR) fee will be based on your credit report, credit cards score and income information. At Best personal loan, you can get an APR for as low as 5.99%.
- The best loan will then review all the information you have provided. Some personal loans are approved right away once all the data are verified to be accurate. If egg perosnal loans needs to check further information, you may send documents either through fax or email. Either way, the financial institution will make sure to keep you informed about your loan status and you will be given a copy of your credit report.
- Once approved, Best Egg® will provide you with various loan options and details. There can be multiple amounts, interest rates, terms and payments to choose from. Read all the options carefully and choose what you think is the great for your situation.
- You will be asked to provide the bank account details where you want your loan to be deposited. Prepare all the necessary information that the lender will need to verify that you are indeed the owner of the provided bank account.
- After thorough investigation, Loans can may approve your loan application products. In some instances, you can get the loan products the next business day.
Best Egg® Loans Pros
- Easy Application Process
Anyone can try to apply for a credit just by logging in to their computers or smartphones. You can even access the website from anywhere you are. Moreover, all their online tools are accessible 24/7. It is simple, convenient and much better than a traditional lending service.
- Borrow Twice
Borrowers are eligible to borrow twice, as long as the second debt is more than 6 months away from their first credit and the total amount is less than $50,000.
- Lower Minimum Loan Amounts
Best banks offers personal loans from as low as $2,000, depending on the state you live in. This prevents individuals from overborrowing. If the amount you require is less than $2,000, you may want to shop for other financial institutions in the market.
- Fast Funding
Once approved, borrowers can get their debt directly into their bank account within one business day. Some applicants may have to wait though for three business days.
- Different Loan Options
Best Egg® can provide you with the financial assistance you need for debt consolidation, moving expenses or major purchases. Moreover, Best Egg® loans can also be used for entrepreneurial or business purposes. No matter what your purpose is, Best Egg® will help you get a loan.
Best Egg® Loans Cons
- Not Having the Best Rates
Borrowers with a credit score of 700 or higher and have an annual income of $100,000 may find better deals from other financial institutions. Unfortunately, Best Egg® does not offer the best rates for their target clientele.
- Origination Fees
Best Egg® charges origination fees that range from 0.99% – 5.99%, depending on the type of loan the borrower has.
- Income Requirements
One of Best Egg®’s requirements is for the borrower to have an income of at least $60,000. This financial institution is best fit for middle to high-income earners.
- No Co-Borrowers
Best Egg® only offers individual loans at this time.
Best Egg® Loan Reviews
Best Egg® has been serving the financial needs of Americans since March 2014. This makes them one of the newest entrants to the online lending industry. This U.S.-based lending firm has provided more than $5.3 billion in loans and has helped more than 300,000 customers. They are powered by a trusted financial services company known as Marlette Funding. That is why Best Egg® loans are guaranteed safe. Unsecured personal loans from Best Egg® are issued by Cross River Bank – a New Jersey State Chartered Commercial Bank, FDIC Member and Equal Housing Lender. Take a look at some of the Best Egg® reviews below.
- Customer reviews from https://www.creditkarma.com/:
Credit Karma is a multinational personal finance company in the U.S.A. They give consumers access to their credit scores, reports and monitoring. Best Egg® has a 4.8 out of 5-star rating from the 351 reviews on Credit Karma.
- Customer reviews from https://www.consumeraffairs.com/:
ConsumerAffairs provides a platform for consumers to air their opinion regarding various companies. The company makes it easy for customers and business owners to interact. Best Egg® is a ConsumerAffairs accredited brand. It has managed to achieve 4.8 out of 5 stars – a clear indication that Best Egg® is a great company.
- Customer reviews from https://www.trustpilot.com/:
One of the world’s largest online review community is Trustpilot. Consumers who had an authentic buying or service experience are free to leave their reviews on this platform. Best Egg® has a 9.5 out of 10 rating based on the 1,700 reviews made on Trustpilot.
- Customer reviews from https://www.lendingtree.com/:
LendingTree has awarded Best Egg® #1 in Customer service Satisfaction in the 3rd Quarter of 2017. By the 4th Quarter of 2017, Best Egg® has remained in the Top 3 list. LendingTree is a top online loan marketplace providing borrowers a way to connect with different lenders in the industry.
- Customer reviews from https://bestcompany.com/:
Another third-party review platform called Best Company also ranked Best Egg® as the #1 Personal Loan provider in the country. The ranking based on average user scores, total number of reviews, price and other factors.
- Customer service reviews from https://www.bbb.org/:
Best Egg® takes pride in having an A+ rating from Better Business Bureau (BBB) – the highest rating achievable. In addition, the lending firm has more than 90% positive reviews from consumers. This means that the customer service satisfaction rate of Best Egg® is really high. A BBB accreditation symbolizes trust, integrity and solid commitment to lending ethics. Ratings are based on complaint resolution, transparency in following best practices and other factors.
There are many financial institutions in the market, and you may want to do thorough research. Best Egg® is one of the highest rated loan providers in the market today. It’s good to know that they welcome anyone, even those with no perfect credit. The best thing about this company is, upon providing all the right information and meeting all their qualifications, they can give you the loan you need in as fast as one business day. From debt consolidation, credit card refinancing to moving expenses or major purchases, you’ll be happy to know that Best Egg® can provide quick financial solutions.