Best egg loan review in 2018
Best Egg loan Review: Best Egg provide personal loan since 2014. They served over 270k customers til day and A+ rated with the Better Business Bureau. Best Egg loans are unsecured personal loans issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
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While most people think of using a personal loan for debt consolidation or reducing credit card balances at a lower interest rate, Best Egg personal loan can be used for a wide variety of other expenses. You could save money and pay down balances faster by using a personal loan to cover any of the following expenses: like:-
Review of Best egg financial
They have installment loans with a fixed monthly payment for the life of the loan, but it not secured like a credit card with property such as a house/home or car. so that you don’t have to provide security or bond in order to receive a loan.
According to company offers you can loans up to $35,000 with up to a 5 year term. Your interest rate is determined by your credit history and can range from 5.99%-29.99% with an origination fee ranging from 0.99%-5.99%.
if you have the following then Best Egg is suit for you
- You have a high income. Best Egg says borrowers typically earn an annual salary of $60,000, which is more than the national median of $53,657.
- You have a good credit score and several years of credit history . The minimum required score is 650, but Best Egg’s borrowers have an average score of 700. On average, borrowers have seven years of credit history.
- You want fast funding . The lender says more than half of its loans are funded within a day.
Best egg loan requirements
According to Best Egg loan Review To qualify you need to meet the following eligibility requirements:
- US citizen or permanent resident (Loans are not available in VT, IA, and WV).
- have a Verifiable bank account.
- must be 18 years of age (Residents of Nebraska & Alabama must be 19 years old)
- They will also check your credit score, debt-to-income ratio, and income. Applicants must have a minimum FICO score of 650 and have a verifiable source of income to cover their debt payments.
Best Egg qualification process
- Maximum debt-to-income ratio: Not provided, but typically less than 19-20%
- Minimum credit history: Not provided, but average is seven years
- Minimum credit score: 650, but borrowers’ average is higher
- Minimum gross income: Not provided, but typically high
Best Egg fees and penalties
- Origination fee: 0.99% – 5.99%
- Prepayment fee: None
- Late fee: $15
- Personal-check processing fee: None
- Unsuccessful payment fee: $15
Best Egg loan Review terms
- Time to receive funds: Typically next day
- Loan amount: $2,000 – $35,000 (up to $50,000 available only to pre-selected borrowers)
- APR range: 5.99% to 29.99%; average is 15%
- Loan duration: 3 – 5 years
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Pros and Cons of best egg loans Review
|Pros of Best Egg loans||Cons of Best Egg loans|
|Fast pre-approval and approval process||Higher interest rate and origination fees may not be competitive with other lenders|
|Origination fee deducted from the loan, so no out-of-pocket costs||Origination fees|
|Funds dispersed quickly||Low interest rates require a high credit score and income level|
|Competitive interest rates and low origination fees for borrowers with good credit|
|Fixed interest rates mean fixed, predictable payments|
|Transparent platform, no hidden fees|
If you have already experience with Best egg pleas feel free to do a comment .