The personal loan approval process has never been easier. In three simple steps, you could get approved and have your Best Egg personal loan in your bank account in as little as one business day. It’s important to understand the loan approval process so you know what to expect when you’re applying. This will help you make the best financial decision.
Best Egg Personal Loan Process Steps
There are three steps to the Best Egg personal loan process:
- Pre-Approval: Pre-approval is not required to get approved, but if you receive a pre-approved offer, it’s a great opportunity to check your rate, with no impact to your credit score
- Apply: Next, apply for a loan online. To apply for a Best Egg personal loan, you will need to have some information nearby, including your contact info and some important financial information.
- Get Approved: The last step in the loan approval process is to get approved and funded. You may need to verify your information during this final step.
Step 1: Pre-Approval
Pre-approval is a good way to find out if you qualify for a loan. Personal loan pre-approval is determined by key financial factors that creditors identify as good indications that you are a responsible borrower.
You do not need to be pre-approved to be able to get a Best Egg personal loan, but pre-approval is a good indication that you may qualify. Sometimes pre-approval can help streamline the personal loan process because you know a creditor thinks you may qualify for their personal loan approval process.
Even if you are pre-approved, you may not be approved. If you are pre-approved for a Best Egg loan, you will receive a letter in the mail that details your pre-approved offer.
Step 2: Apply
To apply for a personal loan, you will need some basic information such as:
- Your name
- Your reason for applying for a personal loan
- Your contact information including your address, phone number and email
- Date of birth
- Your social security number (note that Best Egg uses a “soft pull” credit inquiry and this will not impact your credit score)
The Best Egg personal loan process also requires some important financial information such as:
- Your employment status (Salary, Retired, Self-employed, etc.)
- Whether you rent or own your home
- How much your monthly housing payment costs
- Your individual income
- Your household income (Your individual income plus any other income to be considered, such as alimony or child support)
- Other financial information like how many cash advances you may have had in the last six months
Step 3: Get Approved
The final step in the loan approval process is to get approved. When you apply for a Best Egg personal loan online, you can find out if you have offers within a few minutes. Once you select an offer, make sure you read all of the information and disclosures.
The loan approval process may also require you to verify the information you entered when you applied for a personal loan. The quickest way to get approved is to have information like a pay stub, bank statements, and a W-2 handy. Once, approved, congrats!
Upon approval for a Best Egg loan, you will be sent an email with all of the important loan details. After that, you can expect to have the money deposited into your bank account in as little as one business day. That’s right, it could take as little as one business day to get a personal loan from Best Egg.
Once you have your money, mark your calendar for your first monthly due date. You can expect your first monthly payment to be 30 days after you’ve been funded. Your Best Egg Welcome Email will detail your official first due date.
Where Can I Get A Personal Loan?
There are two main ways to apply for a Best Egg personal loan:
- Apply online: You can apply for a Best Egg personal loan online through a brief application. This is the fastest way to see if you qualify for a Best Egg loan (learn more about a Best Egg loan today!)
- Apply over the phone: You can also apply for a personal loan over the phone when you chat with a Best Egg Agent. You will still need to select your offer online
Frequently Asked Loan Approval Questions
- Will the approval process impact my credit score?
- Getting approved and funded for a personal loan from Best Egg may impact your credit score. Checking your rate for a Best Egg loan does not impact your credit score as only a soft credit inquiry is generated. However, upon loan acceptance, the soft credit inquiry is converted to a hard credit inquiry, which may impact your credit score.
- Are there pre-payment penalties?
- There are no penalties or fees for paying your Best Egg personal loan off early.
- Are there any fees associated with a Best Egg loan?
- Personal loan fees may differ based on where you apply, but for Best Egg, there may be a one-time origination fee that is included in the principal loan amount and is deducted from the amount deposited into your bank account which ranges from 0.99% -5.99% of the total loan amount.
- Will I need to submit documentation to verify my application?
- When you apply for a personal loan, you may need to submit specific documents to verify your information during the loan approval and funding process.
- Can I be approved for more money than I requested?
- Yes! When you apply for a Best Egg personal loan, you may be presented with an offer for more money than you asked. The most important part about the loan approval process is that you make the best financial decision for you and your money
How Long Does it Take to Get A Personal Loan from Best Egg?
Applying for a Best Egg personal loan may take under five minutes online. The entire Best Egg personal loan approval process usually takes 1-3 business days to apply, get approved, and be funded. In some cases, customers could be approved and funded on the same day, but most customers can expect the personal loan process to take just a few days. If approved, your money will be deposited into your bank account. After that, the money is yours to consolidate debt, refinance credit cards, make home repairs, or use for almost anything else!
How Long Does it Take for a Loan to Process?
On average, it can take anywhere between 1 and 3 business days to process your Best Egg personal loan. The best way to help your loan process as quickly as possible is to have important financial information and documents nearby so you can quickly refer to them if you need to. Once your loan is successfully approved and processed, your money will be sent and deposited into your bank account.