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Best Egg – About The Lender
Best Egg, established in 2014 out of Wilmington, DE, is a newer online lender but they boast lending over $6 billion to over 420,000 customers.
They focus on borrowers with good credit histories and pride themselves on the speed at which they can get customers their money. They have very high ratings with Consumer Affairs and the Better Business Bureau from many satisfied customers.
Upgrade has a deep executive bench with the goal of providing an online lending platform at a lower cost and with a better customer experience than traditional banks. Upgrade seeks to help borrowers understand their credit potential and secure cheaper credit in the long run using credit monitoring.
- Loan amount range: $2,000 -$35,000
- Interest rate rage: 5.99% – 29.99%
- Terms: 36-60 months
- Origination fee: 0.99% – 5.99%
- Late payment fee: $15
- Returned payment fee: $15
- Prepayment fee: None
- Non Auto pay: $7 a month
- Minimum credit score: 640
Best Egg Loan Pros & Cons
What Can a Best Egg Personal Loan Be Used For?
Best Egg can be used for consolidating debt, credit card refinancing, vacations, special occasions, baby-related costs and adoption fees, home improvements, moving expenses or large purchases. It cannot be used for any post-secondary education expenses, investments, or illegal activities of any kind.
Best Egg debt consolidation takes one or more loans or bills and pays them off with the new Best Egg loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan with Best Egg is that the payment and term are fixed so you know your monthly payment.
Best Egg credit card refinancing pays off one or more credit card bills. If you pay just the minimum required payment on your credit cards it could take years, if not decades, to pay off your balances. Best Egg credit card refinancing will make those many credit card payments into one fixed payment with an end date.
A Best Egg home improvement loan is for home repairs or renovations. The advantage of using a Best Egg home improvement loan is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home. You can use a Best Egg loan to start your home improvement project immediately. Or you may need it for a major, urgent repair requiring immediate funding, such as a tree damaging your roof.
The Best Egg application process only takes a few minutes. You will fill out a short form with some basic questions about yourself, including your full name, contact information, date of birth, and income. You will need to consent to Credit Profile Authorization, allowing Best Egg to check your credit.
Then Best Egg does a soft credit pull and you’ll be presented with loan options for which you are pre-qualified. You can get an idea of how much you’ll be paying before they do a hard pull inquiry on your credit. You may get a notification that the application has been declined. If you decide to move forward you will need to answer more verification questions, and allow a hard credit pull.
If Best Egg approves your credit application you will also need to provide verifiable banking information and possibly some documentation to verify your information. The process is relatively quick – the average turnaround time for Best Egg is 1 to 3 days. Once the information has been verified you will need to sign loan documents.
Best Egg Loan is Best for..
Best Egg is very competitive for borrowers with excellent credit and high income. If you don’t have those characteristics, or have average credit there is no real advantage to using Best Egg. You should take advantage of the soft pull to see what they can offer you. For those with average or bad credit, there may be more competitive rates available elsewhere. Take into consideration that Best Egg has high origination fees, which will increase your overall cost.