Best Egg Personal Loans

Best Egg is an online lender that offers loans of up to $50,000 with terms of 36 or 60 months. Annual percentage rates (APRs) start at 5.99% and extend up to 35.99%—comparable to many of the lender’s competitors. Borrowers can qualify for a Best Egg personal loan with a fair credit score of 640 or higher, but borrowers must have a score of at least 700 to qualify for the most competitive rates.

Best Egg reports that around 80% of its customers use personal loans to consolidate debt, and borrowers can select a Direct Pay option that streamlines this process. For that reason, we recommend Best Egg for borrowers with fair to excellent credit who want to consolidate their credit cards or other high-interest debt with a personal loan.

Pros

• Loans amounts are flexible
• Provides ample customer support resources
• Minimum credit score is just 640

Cons

• Not available in Iowa, Vermont, West Virginia, the District of Columbia, or US Territories
• Origination fees range from 0.99% to 8.99% of the loan amount
• Competitive rates require a high credit score and income

Best Egg Personal Loan Features

Best Egg offers unsecured and secured personal loans from $2,000 to $50,000 that are issued by Cross River Bank or Blue Ridge Bank. Funds can be used to pay for everything from debt consolidation and credit card refinancing to vacations, special occasions, and adoptions. Borrowers can have two Best Egg loans at a time, but the balances cannot exceed $50,000.

The lender does not offer a refinancing option but is reportedly testing the feature. Best Egg personal loans are not available to borrowers who live in Iowa, Vermont, West Virginia, the District of Columbia, or US Territories.

• Loan amounts: Personal loans are available from $2,000 to $50,000 in most states. Loan minimums are higher in Massachusetts ($6,500), New Mexico ($5,000), Ohio ($5,000), and Georgia ($3,000).
• Terms: Best Egg borrowers can choose from 36- or 60-month loan repayment terms.
• Rates: APRs start at 5.99% for the most creditworthy borrowers and extend up to 35.99%. This rate includes the loan interest rate and origination fee. The APR a borrower qualifies for depends on the borrower’s credit score and loan term.
• Fees: Best Egg charges origination fees ranging from 0.99% to 8.99% of the total loan amount. Origination fees for loan terms that are four years or longer are at least 4.99%. The fee is included in the lender’s advertised APRs and is subtracted from the loan proceeds at disbursement. Borrowers are not charged prepayment penalties for paying off their loans early.
• Funding speeds: According to Best Egg, around half of its borrowers receive their loan funds the next day after loan verification. In general, though, funds are deposited within one to three days post-verification.
• Direct payment of creditors. Best Egg makes it easier to consolidate debt with its Direct Pay feature that sends loan funds directly to third-party creditors.

Qualification Requirements

Before applying for a Best Egg personal loan, review the lender's qualification requirements to evaluate your approval odds. Like many online lenders, Best Egg also offers a prequalification process that makes it easy to see what rate you’ll qualify for without a hard credit inquiry. That said, this process requires providing your email address.

• Credit score: Best Egg requires borrowers to have a minimum credit score of 640 to qualify. However, applicants must have a score of at least 700 to qualify for the lowest APR.
• Income: The lender does not publish its minimum income requirements. However, prospective borrowers must demonstrate an annual income of at least $100,000 to qualify for the most competitive APRs.
• Co-signers: Best Egg does not allow consumers to qualify for a personal loan with a co-signer or co-applicant.

How To Apply for a Best Egg Personal Loan

Follow these steps to apply for a Best Egg personal loan:

1. Use Best Egg’s personal loan calculator. Best Egg offers prospective borrowers a personal loan calculator that lets you see your likely monthly payment based on the loan amount, term, and credit score range. The calculator also shows you the range of rates you may qualify for, without providing your Social Security number.

2. See what rate you’ll qualify for. If you’re ready to see a more accurate rate estimate, navigate to the “Check My Rate” button on the Best Egg homepage. Then provide your email address and follow the application wizard to begin the prequalification process with just a soft credit inquiry.

3. Review available loan offers. Best Egg provides loan offers based on the information you provide, including loan amounts and other terms. Choose the offer that best suits your needs to move through the formal application, verification, and underwriting process. At this point, Best Egg performs a hard credit check that will be reflected on your credit report.

4. Verify your application information. Depending on your borrowing needs and qualifications, Best Egg may request additional documentation to verify your identity or income. This may include a pay stub, utility bill, or other relevant documents. If additional documentation is necessary, the request will show up on your user dashboard and information can be submitted online. Once everything is finalized, sign your loan agreement.

5. Await funds. Borrowers typically receive loan funds via direct deposit within one to three days after verification. However, funding may occur as soon as the next day. If you signed up for Direct Pay, the funds will be sent to your other creditors.

Customer Support

Applicants and current Best Egg borrowers can contact customer support via phone and email. Loan representatives are available Monday through Thursday from 8 am to 10 pm Eastern time, Friday from 8 am to 8 pm ET, and Saturday from 9 am to 6 pm ET. Customers can also get assistance by logging into their account portal, or by visiting Best Egg’s blog or other online resources.

Customer Reviews

Best Egg has an A+ rating from the Better Business Bureau (BBB) and a 4.87-star rating based on 2,160 customer reviews. Reviews are also largely positive on Trustpilot, where Best Egg has a 4.6-star rating based on 7,234 customer reviews.

Negative reviews are focused primarily on poor customer service and lack of communication during the application and verification process. Other consumers report receiving a preapproval letter and then being denied for a loan.

Best Egg vs. Upstart

Like Best Egg, Upstart offers loan amounts up to $50,000—though Upstart borrowers can limit their loans to just $1,000, rather than $2,000 with Best Egg. APRs are also similar, with Upstart’s rates starting at 5.6% (compared to Best Egg’s 5.99%) and both lenders peaking at 35.99%.

Both Best Egg and Upstart offer borrowers repayment terms of 36 or 60 months, and neither lender imposes prepayment penalties. Upstart’s origination fees range from 0% to 8% and Best Egg’s fees are about a point higher, ranging from 0.99% to 8.99%.

How Best Egg Stacks Up