What are Best Egg's requirements for borrowers?

It is not hard to get a personal loan from Best Egg because they offer personal loans for people with credit scores as low as 640+, 700 for best rates. Other Best Egg personal loan requirements include being at least 18 years old, having an SSN or ITIN, and having enough income to afford monthly loan payments.... read full answer

Best Egg Personal Loan Requirements

• Minimum Credit Score: 640+, 700 for best rates credit score
• Minimum Income: $100,000+ minimum annual income for best rates
• Age: 18+ years old
• Residency: U.S. citizen or permanent resident
• Identification Type: SSN, ITIN, passport, valid email address

Once you make sure you've met all the requirements for a Best Egg personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.

You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.

Yes, Best Egg does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Best Egg's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the ... read full answercredit score simulator on WalletHub.

It's worth noting that some people may be uncertain about whether Best Egg does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.

If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans and NetCredit.

To apply for a Best Egg personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a Best Egg Personal Loan... read full answer

1. Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Best Egg personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Best Egg website or WalletHub's pre-qualification tool.
2. Decide which way to apply. You can apply for a Best Egg personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
3. Enter your personal information on the application. Best Egg requires the following personal information on the application: your name, address, date of birth, driver's license or other identifying documents, email address and phone number.
4. Enter your financial information on the application. Best Egg requires the following financial information on the application: your employment status, individual gross annual income, household income and housing status.
5. Double check the application for accuracy. To ensure that your Best Egg personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
6. Submit your application. Best Egg will typically provide a decision on your application within 1 business day.

If you are approved for a Best Egg personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.