If you’ve been thinking about taking out a personal loan, Best Egg is one of a growing number of lending platforms worth considering.
Best Egg is an online lending platform that’s developed a sophisticated method of evaluating borrowers to make more than $6 billion in loans to upwards of 450,000 people. Read on to find out more about personal loans offered by Best Egg.
Best Egg personal loans overview
If you’re looking to finance a major purchase or take care of an unexpected expense, a personal loan can be an attractive alternative to pulling out your credit card. Depending on the interest rate you qualify for, a personal loan can even be a good way to pay off existing credit card debt.
But many companies offer personal loans, so it can be tricky finding the right match for your situation — particularly if you have less than perfect credit. Although Best Egg considers your credit score, it says it also looks at more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint.”
That means Best Egg might be more willing to loan you money — or provide a loan at a better interest rate — than more traditional lenders. You may be required to pay an origination fee, which will be reflected in your annual percentage rate (APR) calculation.
If you decide to take out a personal loan with Best Egg, here’s what you should know:
|Types of rates (APR)||Fixed|
|Loan size||$2,000 to $35,000|
|Loan terms||3 to 5 years|
|Loan use||Credit card refinancing, debt consolidation, home improvement, and other uses|
|Key benefits||• Choose your payment date
• Funds transferred electronically to your bank account in as little as 1 business day
• You can have up to two Best Egg loans at the same time
|Residency||Borrower may not be a resident of IA, VT, or WV and must be a U.S. citizen or permanent resident alien|
|Loan servicer||Best Egg Personal Loan
|Loan originator||Cross River Bank|
How to take out a personal loan with Best Egg
Best Egg could turn out to be a great personal loan option for many borrowers. But because many lenders are competing for your business, it’s smart to request rates from multiple lenders rather than settle for the first lender who says “yes.”
You can use Credible to compare multiple personal loan options, including Best Egg. Thanks to Credible’s integrations with credit bureaus and lenders, it only takes about 2 minutes to fill out our short rate request form.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.