pros and cons of best egg loans

Best Egg unsecured personal loans are for those with good credit and who are comfortable working online. The average loan amount is between $2,000 and $50,000

Pros

• Competitive interest rates
• Check rate estimates with soft credit
• No prepayment penalty

Cons

• Origination fee
• Lower rates require credit requirements

Here are the facts about a Best Egg personal Loan

Marlette Funding backs Best Egg, an online lender. The company has funded loans in excess of $10 billion since its founding in 2014..

Best Egg loans can be used to consolidate debt, pay off medical bills, and for vacations. Despite the competitive rates, it is essential to be aware of the origination fees, ranging from 0.99% to 5.99%.

Processing, origination, and late fees

Because Best Egg deducts an origination charge from the loan balance, you won’t get the entire amount. However, the bank will deposit the remainder in your account.

If you took out a $15,000 loan with an origination fee of 2.99%, your actual amount would be $14,551.50. When determining how much money is needed for your loan, be sure to consider this.

Remember that not all lenders charge an origination cost. Some lenders provide personal loans with no origination fees — allowing you to borrow more.

You can pay your loan off early if Best Egg does not charge prepayment fees.

Good credit scores get competitive interest rates

Best Egg is a lending option for high-earning people with excellent credit. Best Egg reserves the right to offer its highest rates to those with FICO(r), credit scores of at minimum 700, and an individual income of at most 0,000.

The lender does not approve joint applicants. This means you can’t rely on income from a co-borrower to increase your approval chances or possibly improve your annual percentage rate.

Option for a second loan

Some lenders limit you to one loan per month. Best Egg is not one of these lenders. As long as your combined loan amount doesn’t exceed,000, you can get two Best Egg loans. Best Egg will also take into account your payment history.

Be sure to be able to handle additional financial obligations before you take on more debt.

Who is the Best Egg Loan good for?

Best Egg’s competitive interest rates could be a good choice for you if you have the income and credit requirements. You may still be eligible for loans, depending on your creditworthiness.

Need money fast for an emergency? Best Egg funds loans direct, unlike peer-to-peer lenders who rely on investors. Best Egg claims that half of its customers get their loan proceeds within the next day.

Best Egg does not offer personal loans to residents of D.C. or Iowa.

How to apply for Best Egg Loan

Best Egg will provide a soft inquiry to determine your rate potential. This is done when you apply for prequalification. Prequalification does not guarantee loan approval. Accepting a loan offer will result in a hard credit inquiry that could lower your credit score.

You must be a U.S. citizen, permanent resident, or legal resident of the U.S. to apply for a loan offer.

It’s a smart idea to review your credit before applying for an auto loan through Best Egg. Also, compare other loan offers. Understanding your credit score can help you set expectations.

In general, higher credit scores will lead to higher interest rates. Shopping around will help you find the best terms and loan rates for your situation.

Are you unsure if a Best Egg personal loan is right for your needs? These are some alternatives

• Eloan – Want to avoid the origination fee Eloan may be a better choice for you.
• Marcus by Goldman Sachs – If you want direct payments for debt consolidation, Marcus might be a better choice.

Compare your options

An online calculator such as BFN’s easy loan calculator can help you better understand the cost of personal loans.

A loan calculator will help you calculate your monthly payment and the amount you would pay in interest over the loan term.

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