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Best Egg Personal Loan Review

Loan Amount: $2,000 - $35,000
Minimum Credit Score: 640
APRs From: 5.99% - 29.99%
Funding Speed: As soon as same day

Features of Best Egg Personal Loans

Pros

  • Low Fees
  • Fast fund and approval
  • Accessible to most borrowers

Cons

  • Carries an origination fee

About Best Egg Personal Loans

Best Egg’s unsecured personal loans are available to borrowers with fair to high credit along with a high-income. Eligible borrowers are entitled to quick funding through Best Egg, in some cases in as little as one day. Because a digital application process, Best Egg carries few underwriting costs. As a result, they might be able to borrowers more competitive rates along with fewer fees as compared to other lenders.

Best Egg Personal Loan Snapshot

Loan Amount:

$2,000 - $35,000

APR:

5.99% to 29.99%

Minimum Credit Score:

640

Time to Funding:

As soon as same day

Pros and cons of Best Egg Personal Loans

Before signing up for a loan with Best Egg, take a look at this breakdown of some of its benefits and drawbacks.

Pros:

Available to most borrowers: While borrowers with high income and excellent credit will be offered the most competitive rates, Best Egg is able to lend to individuals who are above the 640 credit score range.

Quick approval and funding process: Approved borrowers may be approved in as fast as one day. Accepted borrowers can receive their funds in as little as one business day.

Minimum fees: Best Egg keeps fees low, the only fees attached are an origination fee. Other fees are not attached to the loan but include late payment and returned payment fees, which costs $15.

Cons:

Origination fee: An origination fee is attached to Best Egg personal loans, the origination fee varies from 0.99 to 5.99 percent of the amount of the loan.

Loan Terms

Best Eggs application process is simple and can be completed completely online. To get started simply enter your basic information in the application found on their website. You will also be asked the amount of money you are looking to borrow, your annual individual income and your annual household income.

Here’s some information you'll need when applying with Best Egg:

  • Your Annual Income
  • Loan amount
  • Annual household income (if applicable)
  • Housing situation (renting, own your home, own your home with a mortgage)
  • Debt information (includes credit card cash advances and monthly housing payment).
  • Personal information (phone number, address and Social Security number (to make a credit check) ).

Best egg conducts a soft credit check. This will not won’t impact your credit score and should only take a few minutes. The whole approval process should take just a few minutes, once approved, you will be display your loan offers.

Keep in mind that Best Egg does conduct a hard credit check before the loan is finalized, with a hard credit check your credit score could be affected.

If you agree to the terms of one of the displayed loans, you’ll will be prompted to enter your checking account routing number. This is necessary so that Best Egg can transfer the funds directly to your account.

In order to eligible, you must be at least 18 years old and a U.S. citizen (19 in Alabama and Nebraska) with a valid bank account.

Fees and penalties

As stated above, the  origination fees vary from 0.99% to 5.99%. Origination fees on a loan five years or longer will at minimum be 4.99%.

The origination fee is an upfront fee taken off the amount borrowed. a quick example of a origination is a follows:

Ff you are approved to borrow $20,000 with a 4% origination fee, you’ll receive only $19,200 of that $20,000 loan. That $800 taken off your loan is known as the origination fee, you’ll also still be expected to make payments on the entire $20,000.When borrowing from a lender that charges an origination fee, it is important to calculate the origination fee in the total amount you’re looking to borrow.

According to Best Egg, once approved, they are able to fund nearly half of those loans within the same or next business day.

The following states require minimum loan amounts:

  • Massachusetts residents must borrow over $6,000.
  • New Mexico and Ohio residents must borrow over $5,000.
  • Georgia residents of must borrow over $3,000.

Late payment and returned payment fees are $15. There is no penalty for paying off your loan early.

How to get a Personal Loan with Best Egg

You can apply for an unsecured personal loan from PNC through its website, by phone or in person at a branch. The fastest way to start the process is by using its online application.

In order to apply online, you’ll need to provide your full name, Social Security number, date of birth and a photo ID. Applicants also need to include their previous address, annual income and the amount they’d like to borrow. Those applying with a co-applicant will need to provide their co-applicant’s information as well.

While information about the approval process is scarce, borrowers in some states may need to visit a branch to sign final loan documents before receiving funding.

If you have questions about your loan options, customer care consultants are available at 1-888-762-2265 from 7 a.m. to 10 p.m. ET Monday through Friday and 8 a.m. to 5 p.m. ET Saturday and Sunday.