It takes 2 to 4 business days to get money from a Best Egg personal loan, in most cases That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.
How to Get Money From Best Egg as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Best Egg having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Best Egg personal loan once your credit score exceeds the minimum requirement of 640. That will make it easier for Best Egg to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Once you get approved for a Best Egg personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.… read full answer
Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.
But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.
The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.
If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.
Plenty of lenders offer quick personal loans, including Avant, LightStream by SunTrust Bank, and Marcus by Goldman Sachs. They often give application decisions within minutes and provide funding within 1-2 business days of approval. In rare cases, like with LightStream, you may be able to get your loan funded the same day you apply. But you’ll need to have everything in place by a certain time of day.… read full answer
Examples of quick personal loans:
LightStream by SunTrust Bank: Can approve loans in minutes and usually takes no longer than 24 hours. Same-day funding if you sign and verify the agreement by 2:30 p.m. EST on a business day.
Avant: Approval is possible in minutes, and decisions are typically made within 48 hours. Funding 1 business day after approval.
Marcus by Goldman Sachs: Approval is possible in minutes, and most other decisions are made within 2 business days. Funding 1 - 4 business days after approval.
Wells Fargo: Approval is possible in minutes, and decisions usually don’t take longer than 3 business days. Funding 1 business day after approval.
Those are just a few examples. But even though many lenders offer the potential for quick personal loans, some people will still get approved more quickly than others.
People who exceed the credit and income requirements for a personal loan usually have the fastest approval times. Those who just barely qualify may take longer to receive a decision. And if you accidentally input any incorrect information on your application, the lender will have to contact you to verify the actual details, which could delay things by a few days.
So try to apply for loans where you believe you exceed the qualifications – if you’re pre-qualified, even better. And make sure to fill out the application accurately and truthfully.
A quick loan is a loan that offers both approval and funding within a few days of application, as fast as the same day in some cases. In contrast, many personal loans take 7 business days or more to get approved and funded.
Much like all loans aren’t quick, not all quick loans are the same. There are several main types – personal loans, payday loans, auto title loans and pawn shop loans. But personal loans are the only quick loans that are really worth considering because the other types are too expensive.… read full answer
TYPES OF QUICK LOANS:
Personal Loans: It’s possible to get some personal loans as soon as the same day you apply, but usually it takes up to a week. A personal loan is an unsecured loan (meaning there’s no collateral) that you can use for anything. They usually last for 12 to 84 months, offer amounts of $1,000 to $100,000, and have APRs of 6% to 36%. Major personal loans set their credit score minimums at 585 or higher, and you’ll need a score of 660+ to avoid an origination fee.
Payday Loans: You can get a payday loan the same day you apply. A payday loan offers a small amount (usually less than $1,000), which you pay back from your next paycheck in 2 - 4 weeks. You’ll also owe a fee that is equal to having a very expensive APR, often over 400%. Payday loans may not require a credit check.
Auto Title Loans: You can get an auto title loan the same day you apply. Auto title loans are secured by your car, so if you can’t pay them back, the lender will take ownership of your vehicle. They let you borrow 25% to 50% of your car’s worth for 15 to 30 days, in return for finance charges totaling up to a quarter of what you borrow. Auto title loans may not require a credit check.
Pawn Shop Loans: Pawn shops don’t require you to apply and will give you money for your valuable items the same day. You won’t get the item’s full worth, only 20% to 60%. But if you pay that amount back within a certain number of months, along with 2% to 25% interest per month, you’ll get your item back. If not, the shop will sell it.
Another way people get quick loans is by borrowing from friends and family. To get a loan from an individual, you will have to agree upon the terms of lending, such as the APR and payoff timeline. You might be able to get money faster than by submitting an application with a traditional lender. But you should still take time to draw up an agreement and sign it.
Moving forward, you should also start building an emergency fund by setting aside some money each month. That way, you can give yourself a quick loan the next time unforeseen expenses come up.
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