Best Egg is an excellent option for those with fair credit who are open to using collateral to secure better rates. For borrowers with outstanding credit and high earnings, Best Egg offers attractive starting rates, even if they don’t provide collateral.
Secured loans available: Best Egg provides two types of secured loans. One option allows you to use the equity in your vehicle as collateral, while the other secures the loan with your home’s permanent fixtures.
Fast funding: Best Egg is known for offering some of the fastest loans available. Once approved, you could receive your loan within one to three business days.
No mobile app for loans: The Best Egg mobile app is limited to making payments on Best Egg credit cards only.
Flexible payments: Generally, Best Egg permits you to defer up to two payments throughout the duration of your loan.
Mandatory origination fee: Regardless of your credit situation, Best Egg imposes an upfront origination fee ranging from 0.99% to 9.99%. This fee is deducted from your loan amount before it is disbursed to you.
Will directly pay your creditors: With Best Egg’s Direct Pay feature, debt consolidation can be made easier.
Best for borrowers with excellent credit and a high annual income: While Best Egg offers competitive starting rates, qualifying for them requires a credit score of 700 or higher and an annual income of at least $100,000.
Best Egg pros and cons
As with any lender, Best Egg comes with its advantages and disadvantages — discover them here.
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One of the most notable features of Best Egg is its secured loans. By using your home’s permanent fixtures as collateral, you may be eligible for a significant APR discount. Permanent fixtures can include built-in cabinetry, vanities, light fixtures, and similar items.
If you don’t own a home, you can still use your car as collateral through an auto equity loan. However, be aware that failing to make payments on a secured loan could result in losing your collateral.
For those who prefer an unsecured personal loan, Best Egg provides those options as well.
While Best Egg does offer loans for individuals with fair credit, you might encounter an APR that goes up to 35.99%. Even applicants with a solid FICO score may struggle to secure the lowest rates from Best Egg due to its income criteria.
