Best Egg Personal Loans full review

If you’re burdened with up to $50,000 in credit card debt, here’s your solution

Best Egg, founded in 2014, has provided over $11 billion in unsecured personal loans to customers in 47 states. With an A+ rating from the Better Business Bureau (BBB) and excellent client evaluations, it has established itself as a reputable lender.

To secure the best personal loan rates, a minimum FICO score of 700 and an annual income of at least $100,000 are required. However, individuals with credit scores as low as 640 may still be eligible for a loan. Depending on the state, qualified borrowers can borrow up to $35,000 for a variety of purposes, such as debt consolidation, credit card refinancing, and large expenses.

One standout feature of Best Egg is the ability to directly transfer a loan to pay off existing debt, simplifying and expediting the interest renegotiation process.

Continue reading to discover more about the benefits of Best Egg!

Key details about Best Egg Personal Loans

Best Egg offers both secured and unsecured personal loans through Cross River Bank and Blue Ridge Bank, available in loan amounts ranging from $2,000 to $50,000. It’s important to note that different states have varying loan minimums. For example, Massachusetts requires a minimum loan amount of $6,500, while New Mexico, Ohio, and Georgia have minimums of $5,000, and $3,000 respectively.

The APRs for Best Egg loans range from 7.99% to 35.99%, with loan terms spanning from 36 to 60 months. Compared to other leading lenders, Best Egg does not charge prepayment penalties, making it more consumer-friendly. Prospective borrowers generally need a minimum FICO score of 700 and a debt-to-income (DTI) ratio below 36% to qualify. Individuals with strong credit scores are often the best candidates for Best Egg personal loans.

While the maximum APRs offered by Best Egg may be higher than their competitors, creditworthy applicants may still be eligible for the lowest APR. Additionally, Best Egg’s Direct Pay program can help borrowers secure a lower interest rate if it aligns with their specific situation.

Best Egg’s versatile loan usage

Best Egg personal loans can be utilized for various purposes, including debt consolidation, home improvements, medical expenses, moving, vacations, major purchases, and weddings. Through the Direct Pay program, the platform facilitates direct payments to third-party creditors, streamlining credit card bill consolidation.

However, it’s important to note that Best Egg personal loans cannot be used for the following purposes:

• Education costs beyond secondary education
• Purchase or possession of securities
• Unlawful behavior

To be approved for a Best Egg personal loan, potential borrowers typically need a minimum credit score of 700 and a debt-to-income ratio of 36%.

The main advantages of Best Egg Personal Loans

Direct payment to creditors

Best Egg offers the convenience of directly sending loan payments for debt consolidation to creditors. This feature eliminates the risk of diverting funds elsewhere and ensures that borrowers stay on track with their payments.

A wide range of loan amounts

With loan amounts ranging from $2,000 to $50,000, Best Egg provides borrowers with the flexibility to address both small and large expenses, such as moving or home improvement projects.

Secured and unsecured loans

Best Egg offers both secured and unsecured personal loans. The secured loan option functions similarly to a home equity loan, where specific items permanently attached to your home serve as collateral. Upon approval, funds can be received within one to three days. In the event of loan default, Best Egg reserves the right to reclaim the secured items.

Access to credit score

Best Egg personal loan customers gain free access to their credit scores through their Best Egg accounts. This allows borrowers to monitor the long-term impact of timely payments on their credit ratings.

How to apply for Best Egg Personal Loans

If you believe that Best Egg is the right fit for your needs, refer to our article on how to apply for a personal loan with Best Egg for a step-by-step guide.

Written by

Claire Harrison