Personal Loan Approval Process

After working through these three simple steps, you could have money deposited into your bank account in as little as one business day. Since understanding the personal loan approval process will help you make the best financial decision for you, here’s what to expect when you apply for a Best Egg loan.

Best Egg Personal Loan Process Steps

There are three main steps to our personal loan process.

Step 1: Find your best fit

Whether you’re pre-approved for an offer or are simply shopping around, take some time to learn about your options first. Evaluate your budget to find out what you need, check out customer reviews to learn more about us, and become familiar with our suite of loan types. This way, you’ll know what you’re aiming for when you begin your application.

Step 2: Apply for your loan

To apply for a personal loan, you’ll need to provide some personal information including:

• Your name, date of birth, and social security number
• Contact information like your address, phone number, and email
• Your reason for applying for the loan

In addition, we’ll ask for financial information such as:

• Your employment status, individual income, and household income
• Whether you rent or own your home, how much the monthly payment costs
• The number of cash advances you’ve taken in the last six months

Step 3: Get offers

The final step in the personal loan approval process is to get your offers. When you apply for a Best Egg loan online, you can find out if you have offers within a few minutes. Once you choose one that suits your needs, be sure to review the details and disclosures before moving on.

If you’re approved, you’ll receive a welcome email with important loan information like your account number, monthly payment amount, and due date. After your loan is processed, money could be deposited in your account in as little as one business day.

How do I apply for a personal loan?

There are two main ways you can apply for a Best Egg personal loan—online or over the phone. To apply online, click “View offers” in the top-right corner of bestegg.com and enter your email address to begin an application. To apply by phone, call us at 855-282-6353. Our loan specialists are available Monday through Thursday 8:00 am—10:00 pm, Friday 8:00 am—8:00 pm, and Saturday 9:00 am—6:00 pm to assist you.

Frequently Asked Personal Loan Approval Questions

Will the personal loan approval process impact my credit score?

You can check your rate and apply for an offer with no impact on your credit score, but if you choose to accept an offer after being approved, a hard inquiry will be placed on your credit report. This hard inquiry could impact your credit score.  

Are there pre-payment penalties?

No. There are no penalties or fees for paying your personal loan off early.

Are there any fees associated with a Best Egg loan?

Yes. There’s a one-time origination fee included in the principal loan amount. This fee is automatically deducted from the amount deposited into your bank account.

Will I need to submit documentation to verify my application?

Potentially. Some applicants may need to submit specific documents to verify personal and/or financial information during the application process.

Can I be approved for more money than I requested?

Yes. You may receive an offer for more money than you requested, but you’re always free to select the loan amount that best fits your needs.

How long does it take to get a personal loan from Best Egg?

The entire process from applying to funding usually takes around 1 to 3 business days. If you’re approved, your money will be deposited directly into your bank account once the loan is processed. Then, you’ll be free to use it to consolidate debt, refinance credit cards, make home repairs, or almost any other purpose.

Have additional questions we didn’t cover here? Visit our Personal Loans page to learn more.

This article is for educational purposes only and is not intended to provide financial, tax or legal advice. You should consult a professional for specific advice. Best Egg is not responsible for the information contained in third-party sites cited or hyperlinked in this article. Best Egg is not responsible for, and does not provide or endorse third party products, services or other third-party content.