The importance of loans can be seen in many different ways, including the ability to borrow money and invest it with interest rates, the ability to borrow funds from other businesses or individuals so that they can start their own business or expand their business with more capital and the ability to provide loans so that small businesses can grow and create jobs.
There are many different types of loans that are available for people who need money. However, some loans have higher interest rates and are more expensive than others. Like secured loans which offer a low interest rate and require collateral to secure the loan.
Unsecured loans, however, offer a lower interest rate, but they don’t require collateral to secure the loan. Moreover, unsecured loans can be good for people who want quick cash in an emergency situation and don’t want to risk their collateral or their home in case they default on the agreement.
Best Egg is one of the many lending companies that offer secured and unsecured personal loans. The company also offers a variety of benefits to the borrower, such as low interest rates, flexible repayment options, and quick loan processing time. Also, the loans they have is perfect for both secured and unsecured purposes. It is a fast, easy, and convenient way to borrow money.
Who is Best Egg best for?
Best Egg is for borrowers who want to consolidate credit card debt and need a low-interest loan. The company offers a low-interest loan with flexible repayment options, and they also provide a range of helpful tools to help borrowers manage their finances.
Best Egg Personal Loan is also the perfect financial solution for people who need quick cash. They provide small loans to people and charge a small fee on the loan. To know more about it, keep reading.
What are the purposes of Best Egg personal loans?
Best Egg Personal loans are a good way for people to borrow money for general expenses. These loans can be used for buying furniture, paying bills, or even starting a business. The Best Egg personal loan is also a great option for people who want to borrow money from an online lender. This loan offers flexible repayment options and is easy to apply for. Other purposes of Best Eggs personal loans are:
- Debt consolidation and credit card refinancing
- Home improvements
- Moving expenses
- Auto repairs, medical bills, and other major expenses
- Travel and special occasions
- Baby and adoption
It is undeniable that Best Egg Personal Loans allows its borrowers to use loan proceeds for different, helpful purposes. However, they restrict them to use it for:
- Post-secondary education expenses
- Purchasing or carrying any securities such as insurance or investments
- Illegal activities
Even if there are some restrictions, a lot of people are still fond of acquiring Best Egg Personal loans because of the flexible payments and low minimum credit score needed.
Best Egg Personal Loan Details
Personal Loan Amount: The loan amount of Best Egg is a minimum of $2,000 and a maximum of $35,000. But there are some loan offers that can go up to $35,000. There are also some restrictions that vary between states. For example, in Massachusetts, the minimum borrowing amount should be $6,500 while in Mexico and Ohio should at least be $5,000.
Loan Terms: Best Egg Personal Loans offers 36 to 60 months’ loan terms to their borrowers – making it a flexible reimbursement period compare to other online lending companies that only offer 12 to 24 months.
Best Egg Personal Loan Interest Rates and Fees
Interest Rate: The interest rate of Best Egg personal loan ranges between 5.99% to 29.99%, but that can rarely be extended up to 35.99% depending on the credit score, credit history, and requirements submitted by the borrower.
Origination fees: Best Egg charges high origination fees which are 0.99% to 5.99% of the loan. Just like the interest rate, this fee is charged depending on the credit score, history, loan term, and income of the borrower.
Returned payment fees and prepayment fees: A returned payment fee of $15 is charged to borrowers that made returned payments and checks due to insufficient funds. Prepayment fees, on the other hand, are not charged to borrowers.
Advantages and Features
Flexible due dates: When a Best Egg personal loan is availed, flexible payment date is one of the features you can acquire. This means that the borrowers can change their preferred payment dates so it can be a better fit for their needs.
Direct payment for debt consolidation: Since one of the major purposes of Best Egg Personal Loan is to carry the debts of the borrower, they offer a feature of direct payment for it. This means that there is less hassle when it comes to paying credit card debts if a borrower uses loan proceeds from Best Egg.
Access to FICO Score: Borrowers of Best Egg can view a six-month FICO score trend and the top factors through their accounts.