Facebook Twitter Instagram
    Old Mutual Inc
    • Claims
    • Financial Solutions
    • Insurance
    • Investment
    • Lawyers
    • Loans
    • Old Mutual
    • Contact
    Facebook Twitter Instagram
    Old Mutual Inc
    Home»Loans»Best Egg Personal Loans Review 2021 – Forbes Advisor
    Loans

    Best Egg Personal Loans Review 2021 – Forbes Advisor

    peachcodeBy peachcodeDecember 25, 2021Updated:September 12, 2022No Comments5 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Wp Header Logo 116
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Best Egg is an online lending platform that offers unsecured and secured personal loans through Cross River Bank and Blue Ridge Bank. Qualified borrowers can choose from loans between $2,000 and $50,000 and take advantage of services like Direct Pay for credit card consolidation. That said, Best Egg doesn’t provide borrowers many bells and whistles, and customers pay origination fees up to 5.99%.
    Best Egg is a no-frills lending platform that’s best for borrowers who want to consolidate credit card debt. Loan amounts start at just $2,000, so you don’t have to borrow more than you need, and the Direct Pay option can help you qualify for a lower rate while simplifying the credit card refinancing process.
    Applicants should consider having a credit score of at least 640 and a debt-to-income (DTI) ratio under 30% before applying. Keep in mind, however, that Best Egg personal loans are not available in Iowa, Vermont, West Virginia, the District of Columbia or U.S. Territories.
    Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
    Applicants must have a minimum credit score of 640 to qualify for a Best Egg personal loan. However, Best Egg’s lowest APRs are only available to applicants with a credit score of 700 or higher.
    To qualify for a Best Egg personal loan, applicants should have a debt-to-income (DTI) ratio under 30%. This means that a borrower’s monthly debt payments cannot add up to more than 30% of her gross monthly income. As with Best Egg’s credit score requirements, the best APRs are only available to the most qualified applicants—those with a minimum individual annual income of $100,000.
    Best Egg only offers individual loans. Therefore, applicants must qualify for a personal loan based on their own credit score, income and other qualifications.
    Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. Follow these steps to apply for a Best Egg personal loan:
    Best Egg reports that around half of its borrowers receive their loan funds the next day after approval and verification. In general, though, funds are received from one to three business days after verification.
    Best Egg has a 4.6-star rating on Trustpilot based on 5,575 ratings. The lending platform’s ratings on the Better Business Bureau (BBB) website are also positive, and the company has earned a 4.91-star customer rating and A+ BBB rating.
    In general, borrowers report satisfaction with the company’s customer support team and the streamlined application process. Customer reviews also reflect that borrowers are happy with available APRs and the ability to consolidate their debts and cover unanticipated expenses. Still, there is some negative feedback related to the application and verification process, including miscommunication around when a hard credit check is required.
    The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how Best Egg personal loans stack up against other popular lenders:
    SoFi offers personal loans up to $100,000 compared to Best Egg’s maximum of $50,000, and the lender’s APRs only extend up to about 20%—much lower than Best Egg’s maximum rate. Likewise, SoFi’s loan terms are more extensive, with options ranging from two to seven years as compared to Best Egg’s three to five. As with other competitive lenders, SoFi does not charge any origination fees, making it a less expensive borrowing option than Best Egg.
    Related: SoFi Personal Loans Review
    LightStream offers personal loans between $5,000 and $100,000, depending on the purpose of your loan, and APRs starting below 3% with autopay (for some loan purposes). Beyond the higher loan amounts, LightStream’s rates max out at just over 20%—much lower than those offered by Best Egg. That said, LightStream imposes more stringent eligibility requirements than Best Egg, making it more difficult to qualify for a personal loan.
    LightStream also offers a wide range of loan terms extending from just two years to 12 years, depending on the loan purpose. The lender also beats Best Egg when it comes to fees, as LightStream borrowers don’t pay prepayment penalties or origination fees.
    Related: LightStream Personal Loans Review
    Upgrade customers can borrow between $1,000 and $50,000, which is comparable to the loan amounts available through Best Egg. APRs are also similar between lenders, with Upgrade’s rates ranging from around 6% to around 36%. Upgrade does, however, offer more extensive loan terms than Best Egg, with terms between two and seven years, and imposes a lower minimum credit score requirement than Best Egg—just 580.

    We reviewed Best Egg based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Best Egg based on the weighting assigned to each category:
    Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated Best Egg’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

    Investments Loans
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    peachcode

    Related Posts

    How to Get Instant Payday Loans From MulaNow

    December 21, 2022

    Where To Get Low Interest Loans Online

    December 21, 2022

    Which Cannabis Business Social Network is Right For Your Business?

    November 23, 2022

    Leave A Reply Cancel Reply

    Facebook Twitter Instagram Pinterest
    © 2023 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT