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Loan amounts and interest rates
At Best Egg, loan amounts vary from $ 2,000 to $ 35,000, but limits may vary by state. With a special offer code, you may be able to get a loan of up to $ 50,000. The minimum amount you need to borrow varies by state.
Depending on your credit score and your annual income, your APR will vary from 5.99% to 29.99%. The lower range of these interest rates is roughly comparable to other major competitors, like Goldman Sachs’ Discover and Marcus, both of which start their loan APRs at 6.99%.
Advantages and disadvantages
How the best egg works
Best Egg Personal Loans are unsecured personal loans made by Cross River Bank, a licensed commercial bank in the State of New Jersey (FDIC member). An unsecured personal loan does not require any collateral, like a house or a car. Personal loans can be used for a variety of purposes and come with decent interest rates.
Best Egg mentions on their website that they offer loans in most states. To find out if you are eligible for a loan in your state, you must complete a loan application.
The minimum loan term is 36 months, while the maximum term is 60 months. Best Egg Loans can be repaid at any time without a prepayment penalty.
About half of Best Egg’s customers receive money the next day after a successful verification process, but it can take one to three business days to see the money deposited into your account.
Best Egg does not have a customer service email address, but you can reach the company by phone Monday through Thursday, 8:00 a.m. to 9:00 p.m. ET, Friday 8:00 a.m. to 7:00 p.m. ET, and Saturday 9:00 a.m. to 9:00 p.m. ET. 6 p.m. ET.
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What credit score do you need?
You will need a credit score closer to the upper end of “fair” to be eligible for a loan. Credit scores vary between 300 and 850, and you will need a minimum credit score of 640 to qualify for a Best Egg personal loan.
To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report for free once a week until April 20, 2022. Although you will not receive your credit score on this report, you will get information about your credit and payment history. By examining your credit report, you can spot errors and determine where you can improve.
You can get your score for free on your credit card statement or online account. You can also buy it from a credit reporting agency.
Here’s how the scores break down, according to FICO:
- Very poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Exceptional: 800 to 850
Checking your rates won’t impact your credit score, as Best Egg only generates a soft credit request.
The company will do a credit check after you accept the loan offer, which will likely affect your credit score. Thorough investigation gives the lender a complete picture of your credit history, but can negatively impact your credit score as a result.
While Best Egg advertises an APR as low as 5.99%, you will need a minimum FICO score of 700 and a minimum annual income of $ 100,000 to be eligible for the lowest APR. If your credit score or income is below this minimum, you may find a lower rate from another loan company.
Is Best Egg trustworthy?
Best Egg Personal Loan is accredited by the Better Business Bureau, and the BBB, a nonprofit focused on consumer protection and trust, gives Best Egg a Note A +. The BBB rates businesses by judging a company’s responses to consumer complaints, honesty in advertising, and clarity in business practices.
Best Egg has no recent scandal. Due to its clear history and top-notch BBB rating, you may decide that you are comfortable using Best Egg as your personal loan provider.
However, BBB scores do not guarantee that you will have a good relationship with the business and are only a guideline to help you start your search for a personal loan provider.
How Best Egg Stacks Up
Although the rates are specific to borrowers, Best Egg’s interest rates are comparable to those offered by other reputable lenders. Here’s how Best Egg stacks up against the competition.
You’ll pay a late fee with Best Egg and Discover – Best Egg’s late fee is $ 15, while Discover may charge a late fee of $ 39. Discover does not charge any set-up fees, while Best Egg’s set-up fees range from 0.99% to 5.99% of your loan amount.
You will not pay any fees with Marcus, including late fees. Instead, you’ll earn more interest if you pay late, so your final payment will be bigger.
Marcus is offering an “on-time payment reward”. If you pay off your loan on time and in full every month for a year, you can skip a month of payments and interest won’t accrue during that time. Your loan will then be extended for one month.
Although Marcus does not have an official minimum credit score requirement, the company recommends a minimum credit score of 660 in a information post on its website. So if you don’t have at least a 660 credit score, Best Egg is probably the best bet. At the same time, the lower your credit score, the more likely you will have to pay a high APR.
Best Egg also has a lower minimum credit score requirement than Discover, so it may be a better choice if your credit is not at its best. It can take up to seven days to receive your loan funds with Discover, while Best Egg says most customers will receive their money within one to three business days.