How to obtain a personal loan through Best Egg
Obtaining a personal loan from Best Egg is quite easy. Here’s how you can do it.
Prequalify
Prequalifying for a personal loan with Best Egg is a breeze. They will request some basic details, including your name and phone number. Additionally, you’ll need to share some financial information, such as your income.
To qualify for Best Egg, you need a credit score of at least 580. If you’re worried that your credit score might disqualify you, consider taking steps to improve your chances of getting approved for a personal loan.
Formally apply
Best Egg will inform you if you’ve passed the prequalification process within a few minutes. After that, you can complete a formal loan application either online or via phone.
The application process is similar to prequalification, but you’ll be required to provide more detailed information about your finances. For example, Best Egg will inquire about the number of cash advances you’ve taken in the past six months.
You might also need to submit documents to Best Egg, such as a pay stub or a utility bill. This can be done through Best Egg’s online portal, or via text, email, or fax. It may take two to three business days for Best Egg to review your documents, which could affect your funding timeline.
Lastly, Best Egg will conduct a hard credit pull, so don’t be surprised when it requests your Social Security number.
Review your offers
If you are approved by Best Egg, they may send you multiple loan offers with varying terms and amounts. Take the time to review these offers carefully. Opting for the shortest loan term available might help you pay less interest overall.
Sign your loan documents
Once you’ve selected the loan that suits you best, it’s time to sign the loan agreement. Following this, Best Egg will send you a welcome email containing your account number and payment schedule.
Unless there are unexpected issues, you should see the funds from your loan in your bank account within one to three business days.
How Best Egg measures up against other personal loan providers
Even if you think Best Egg fits your needs for a personal loan, it’s always a good idea to explore and compare other lenders. Here’s a look at how Best Egg compares to other similar personal loan companies.
| Upstart | Best Egg | Upgrade | |
|---|---|---|---|
| Minimum credit score | 300 | 580 | 580 |
| APRs | 6.60% – 35.99% | 6.99% – 35.99% | 7.99% – 35.99% (with discounts) |
| Loan amount | $1,000 – $75,000 | $2,000 – $50,000 | $1,000 – $50,000 |
| Repayment term | 36 or 60 months | 36 to 60 months | 24 to 84 months |
| Origination fee | 0.00% – 12.00% | 0.99% – 9.99% | 1.85% – 9.99% |
| Funding timeline | Funds may be received within just one business day. | Funds may be received within just one business day. | Funds may be received within just one business day. |
| Bottom line | Among the three options, Upstart has the most flexible eligibility criteria and the best chances of getting approved. On the downside, it does impose a higher origination fee and provides only two repayment options. | Best Egg needs a higher credit score compared to Upstart, but fair credit is sufficient. If your credit is excellent, Best Egg offers some of the most attractive rates available in the market. | Upgrade shares many features with Upstart, but it allows you to include a co-borrower on your loan. Additionally, it provides two discounts on rates, one of which is available for enrolling in automatic payments. |
How we evaluated Best Egg
To establish our star rating for personal loan providers, LendingTree analyzed 22 data points across three main categories:
- Accessibility: We focused on whether lenders provided loans to nontraditional borrowers, including those without top-notch credit scores. We also examined if lenders conducted soft credit pulls and if they were clear about eligibility criteria beyond just credit scores.
- Rates and terms: We aimed to find out if the rates, terms, amounts, and fees from lenders were not only clear but also competitive.
- Repayment experience: This category was based on the lenders’ reputations, the availability of customer support, and any unique benefits they offered.
The data points encompass every stage of the process to shop for, apply for, borrow, and repay personal loans. For example, a five-star lender has adaptable eligibility requirements, allows you to prequalify without any obligation, and assists you in eliminating your balance.
The 22 data points, gathered directly from the lenders, shape the overall rating. We consistently score lenders, occasionally giving partial points, so you can make direct comparisons while shopping around.
LendingTree does not receive payment for these reviews, and lenders do not influence their content. Through our reviews and ratings, we strive to provide our users with the unbiased and comprehensive information they need to make informed decisions.
FAQ
Is Best Egg Financial a legitimate company?
Yes, Best Egg is indeed a legitimate online lender. Many users of LendingTree have shared their experiences with Best Egg personal loans, and as of now, it holds an impressive rating of 4.9 out of five stars.
What credit score is required for a Best Egg personal loan?
You can qualify for a Best Egg personal loan with a credit score starting at 580. However, to secure the most favorable interest rate, a score of at least 700 is recommended. You can easily check your credit score for free through LendingTree Spring.
How quickly does Best Egg approve a loan?
After you submit your application, Best Egg typically gives you an approval decision within just a few minutes. If approved, you might receive your funds as early as the next business day, although some borrowers may have to wait up to three business days. Best Egg reports that around half of its borrowers receive their loans the very next business day.
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