Yes, you can pay off Best Egg personal loans early, which is a smart idea because it will save you money on interest. Best Egg does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Best Egg Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
It is not very 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
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.
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.
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.
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.
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.
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.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.