The terms of Best Egg Personal Loans include the following:
- Principal: The original amount of money borrowed.
- Interest Rate: The fixed percentage charged on the principal.
- Term Length: The time you must repay the loan (varies by loan 24-72months).
- Payment Schedule: How often you make payments (monthly).
- Monthly Payment Amount: The amount you must pay for each billing cycle. (includes both principal and interest)
- Total Repayment Amount: How much you’ll end up paying in total over the life of the loan (principal + interest + origination fee).
- Fees: Origination fee
- Collateral (if applicable for our secured loan products)
- Default Terms: What happens if you miss payments or can’t repay the loan.
For example:
| Term | Details |
|---|---|
| Loan Amount (Principal) | $20,000 |
| Interest Rate (Simple) | 10% per year |
| Loan Term | 60 months (5 years) |
| Origination Fee | 8.99% of loan amount |
| Origination Fee Amount | $1,798 (included in principal loan amount) |
| Amount You Receive | $20,000 - $1,798 = $18,202 |
| Interest (Simple) | $10,000 |
| Total Repayment | $20,000 (principal) + $10,000 (interest) = $30,000 |
| Monthly Payment | $500 |
| Total Cost of Loan | $11,798 (includes origination fee and interest) |
Keep in mind, checking your rates has no impact on your credit score. Click here to get started.
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