What You Will Get At Glance
Obtaining a personal loan can be a confusing process. Interest rates, loan terms, fees, and approval requirements all vary widely between lenders.
Best Egg is one of the top online lenders in the US, known for providing quick, flexible loans with competitive interest rates.
If you want a straightforward loan experience and affordable payments, this guide will help you understand how to get a low interest loan from Best Egg, what to expect during the process, and alternative lenders to consider if Best Egg isn’t the right fit.
At Beem, we make it easy to compare multiple lenders and get personalized loan offers, ensuring you find the best rate for your financial situation.
What is Best Egg
Best Egg is an online lending platform that offers unsecured personal loans for various purposes, including debt consolidation and home improvements.
Loan amounts typically range from $2,000 to $50,000, with repayment terms ranging from 36 to 72 months.
The platform is ideal for borrowers with fair to excellent credit. It offers fast prequalification without impacting your credit score, transparent fees, and a fully online application process.
This makes it easier for people who need funds quickly without the hassle of visiting a physical bank.
Why Choose Best Egg
Many borrowers face challenges when applying for personal loans, such as:
- High interest rates from traditional banks for fair credit scores
- Long approval times and cumbersome paperwork
- Limited loan amounts or strict eligibility requirements
Best Egg addresses these issues by offering competitive APRs, fast approvals, and clear repayment plans. Borrowers can view their rates upfront and select the loan that best fits their budget, thereby avoiding surprises or hidden fees.
Read related blog: Best Egg Personal Loan Quotes: Compare Offers to Find Your Best Fit
Steps to Get a Low Interest Loan from Best Egg
Check Your Credit Score
Your credit score affects the interest rate you receive. Best Egg favors borrowers with scores above 640, though applicants with slightly lower scores may still qualify. Review your credit report to identify and correct errors, and reduce high balances before applying.
Determine Loan Amount and Term
Decide how much you need and how quickly you can repay the loan. Shorter repayment terms usually result in lower interest costs but higher monthly payments, while longer terms reduce monthly payments but may increase total interest paid.
Prequalify Online
Best Egg offers soft credit check prequalification, which does not affect your credit score. Prequalification gives you a snapshot of potential rates and loan amounts before submitting a full application.
Prepare Documents
Please have your identification, proof of income, and bank statements ready. This ensures a smoother approval process and faster access to funds.
Submit the Application
The full application is available online and can be completed in just a few minutes. Best Egg may request additional documentation to verify income or identity.
Review Loan Terms
Before accepting, review the APR, monthly payment, fees, and total repayment amount. Best Egg loans have no prepayment penalties, allowing for early payoff without additional costs.
Tips for Securing the Lowest Rate from Best Egg
Improve Your Credit Score Before Applying
One of the most effective ways to secure a low interest rate is by improving your credit score. Best Egg evaluates your credit history, payment patterns, and debt-to-income ratio when determining your rate.
Paying down high balances, avoiding new credit inquiries, and fixing errors on your credit report can make a significant difference. Even a small boost in your score can lower your interest rate and reduce the total cost of your loan.
Borrow Only What You Need
Taking out more money than necessary increases both your monthly payment and the total interest you’ll pay over time.
Carefully assess your financial needs and borrow the minimum amount required to cover your expenses. Borrowing responsibly keeps your payments manageable and ensures you don’t pay extra in interest for unnecessary funds.
Consider a Co-Signer if Your Credit Is Fair
If your credit score is fair or borderline, adding a co-signer with a stronger credit profile can help you qualify for a lower interest rate.
A co-signer gives lenders more confidence in your ability to repay and may increase your chances of approval. This can be especially helpful if you are seeking a larger loan amount or want to secure the most competitive terms.
Compare Multiple Lenders at Beem
Even after prequalifying with Best Egg, it’s wise to compare offers from other lenders. Beem allows you to view personalized loan offers side by side, helping you identify the lowest APR and the best repayment terms. Download the app now!
Comparing multiple options ensures you don’t settle for a higher rate than necessary and can save you a significant amount over the life of your loan.
Opt for Autopay to Potentially Lower Your Interest Rate
Enrolling in automatic monthly payments can help reduce your interest rate with Best Egg. Autopay ensures payments are made on time, prevents late fees, and results in a slightly lower overall interest cost.
It’s a simple step that combines convenience with financial benefit, helping you save money and maintain a positive repayment history.
Read related blog: How to Get a Fair Credit Loan from Best Egg
Alternatives to Best Egg
If Best Egg isn’t suitable, several other lenders offer competitive personal loans with different eligibility requirements, loan ranges, and features.
Here are some of the best egg alternatives:
SoFi
SoFi offers personal loans ranging from $5,000 to $100,000, featuring fixed and variable interest rates, no origination fees, and no prepayment penalties. It’s ideal for borrowers with good to excellent credit who want larger loans or additional perks, such as financial planning tools and unemployment protection.
Applications are digital. Prequalify to see estimated rates, then submit proof of income, identification, and banking details. Funds are typically deposited within a few business days. SoFi is perfect for debt consolidation or long-term financial planning.
OppLoans
OppLoans targets borrowers with fair or poor credit, offering installment loans from $500 to $4,000. APRs are higher than those of prime lenders but significantly lower than those of payday loans.
It’s a great choice for emergencies or short-term financial gaps. Applications are fully online. Submit identification, income verification, and bank account information. Approved funds are usually deposited the same or next business day, and timely repayment can help improve your credit score.
Upgrade
Upgrade offers loans ranging from $1,000 to $50,000 with fixed APRs and online account management tools. The platform caters to borrowers with fair to good credit who need clear repayment terms.
Many borrowers use Upgrade for debt consolidation or larger expenses. Prequalify online to see potential rates, then submit your full application. Funds are typically deposited within a few days. Autopay can reduce interest costs and simplify repayment.
MoneyKey
MoneyKey offers short-term loans ranging from $500 to $5,000, primarily for borrowers with fair or poor credit. Loan terms are flexible, and same-day funding is often available.
It’s perfect for urgent expenses or bridging temporary gaps. Apply online with identification, proof of income, and banking details. Prequalification allows you to check eligibility without affecting your credit score. Repayments are managed online for convenience.
Universal Credit
Universal Credit offers loans up to $2,500 with fast approval and fully digital processing. It’s ideal for small emergencies or urgent bills.
Applications require identification, income verification, and bank details. Funds are often deposited the same day, and borrowers can track repayment schedules online.
Reach Financial
Reach Financial offers loans ranging from $1,000 to $10,000 with moderate APRs, catering to borrowers with fair credit. Loans are structured to avoid predatory rates and help borrowers manage their repayment schedules effectively.
The application is online. Submit proof of income, identification, and banking information. Funds are deposited quickly, and online tools allow for repayment tracking. Responsible borrowing may improve your credit score.
Elevate
Elevate offers small personal loans from $300 to $5,000 for short-term needs. Loans are installment-based and fully managed online.
It’s useful for emergencies or bridging income gaps. Apply online with identification, proof of income, and bank information. Funding is often available on the same day, and repayment can be managed digitally.
OneMain Financial
OneMain Financial provides loans from $1,500 to $20,000 with fixed APRs. They offer both online and in-person applications, giving borrowers flexibility and convenience.
Co-signers are permitted to assist in securing lower rates. After submitting identification, proof of income, and bank details, funds are deposited quickly. Repayment can be managed online or at a branch.
Braviant
Braviant offers installment loans ranging from $500 to $5,000 to meet short-term needs. Applications are available online, and funding is provided quickly.
Borrowers often use Braviant for emergencies or temporary financial gaps. Repayment schedules are clear, and borrowers can manage payments through the platform.
Mariner Finance
Mariner Finance offers personal loans from $3,000 to $25,000 for borrowers with fair to good credit. Loans have fixed APRs and flexible repayment schedules.
Applications can be submitted online or at a branch. Funds are deposited promptly, and repayments can be managed either digitally or in person. Responsible repayment can help improve your credit score.
FAQs on Getting a Low Interest Loan from Best Egg
What loan amounts are available from Best Egg?
Best Egg offers personal loans from $2,000 to $50,000, allowing you to cover emergencies, consolidate debt, or fund major expenses.
Who is eligible to apply for a Best Egg loan?
Borrowers with fair to excellent credit are generally eligible. Lenders also consider income and current debts to ensure repayment is manageable.
How quickly will I receive my funds?
Once approved, funds are typically deposited into your bank account within one to two business days, providing fast access to your cash.
Are there any prepayment penalties?
No. You can pay off your Best Egg loan early without incurring any fees, which can help reduce the total interest you pay over time.
Does Best Egg charge any fees?
Best Egg may charge a small origination fee, but it does not have any hidden fees. Your monthly payment is transparent and straightforward.
Can I prequalify without affecting my credit score?
Yes. Best Egg offers a soft credit check prequalification, allowing you to view potential rates and loan amounts without impacting your credit score.
What documents are needed to apply?
To complete your application efficiently, you will need proof of identity, income verification, and banking information.
How long are the repayment terms?
Repayment terms range from 36 to 72 months, depending on your loan amount and credit profile.
Can I use the loan for any purpose?
Yes. Best Egg loans can be used for debt consolidation, home improvements, medical bills, major purchases, or other personal expenses.
How do I apply for a Best Egg personal loan?
Start by prequalifying online to check estimated rates. Submit your full application with all required documents, and funds are typically deposited within 1–2 business days after approval.
