Best Egg: Personal Loans Review

  5,703 Reviews on Trustpilot

Best Egg Snapshot

Best Egg is a completely online lending platform founded upon a sophisticated borrower evaluation method which has served over $8 billion in personal loans to over 500,000 customers.

The company offers unsecured personal loans to borrowers with high-income and fair to great credit. Upon application approval, borrowers will receive funds very quickly, in as little as one day. Since the process is done 100% online, there are fewer operating expenses. Because of the lower costs, Best Egg is able to offer lower interest rates and fewer fees than comparable lenders.

Best Egg’s loans are most ideal for funding major expenses or consolidating debt. If you’re a high income borrower looking for a quick loan with low interest rates, then Best Egg might be right for you.


Best Egg Spotlight

Best For
High income earners who need a small loan quickly

Marketplace or Direct Lender
Direct lender

Loan Types
Debt Consolidation, Refinance, Home Renovations

Loan APR
5.99% to 29.99%

Repayment Terms
Up to 60 months

Summary

Best Egg offers personal loans for borrowers with fair to excellent credit. The minimum credit score required to qualify for a Best Egg loan is 640. One of the advantages for borrowers with an income higher than $100,000 per year with a credit score of 700 will likely qualify for Best Egg’s best rate of 5.99%.

However, one of the major downsides to Best Egg is their higher fees. They charge an origination fee anywhere from 0.99% to 5.99%. And, if you don’t sign up for automatic payments, you could have to pay an extra $7 per month (which could add up to a few hundred dollars over the course of a few years.


Loan Types

Best Egg offers personal loans with rates that are among the lowest around, starting at 5.99%. Their personal loans can be a great choice if you’re looking for funds to renovate your home, consolidate debt, pay off medical expenses, or buy a new car.

Keep in mind that you’ll need a minimum FICO credit score of 640 to qualify for a loan with Best Egg.

On top of your credit score, Best Egg also takes into consideration over 1,500 “proprietary credit attributes” from a variety of sources including external data providers and your “digital footprint”.

That means if you haven’t qualified with a traditional lender, or you’ve simply been given a poor loan rate or term, you’re much more likely to get a better deal working with Best Egg since they consider more factors which could improve your odds of approval.


Personal Loan Rates & Terms

Best Egg offers interest rates on their personal loans from 5.99% to 29.99%. Your specific interest rate will be impacted by a variety of different factors including but not limited to:

  • Your annual income
  • Your expenses
  • Your debts
  • Your credit score
  • Your credit history
  • Your assets

Best Egg’s loans have fixed APRs, so you won’t have to worry about your interest rate hiking up during your loan duration.

Best Egg also doesn’t charge you a penalty if you decide to pay off your loan earlier than the term you signed for. However, it’s important to note Best Egg’s other fees.

Best Egg’s origination fee ranges from 0.99% to 5.99% and will be deducted from your approved loan amount at the beginning of your term.

This means if you secure a $10,000 loan and are charged a 3% origination fee, $9,700 will be transferred to your bank account. When calculating your expenses, keep in mind that you’ll still be paying off a $10,000 loan (plus interest), not a $9,700 loan.

Best Egg also charges a $15 fee for late or returned payments. They may also charge a $7 processing fee for each payment that’s not enrolled in automatic payments. Compared to other direct lenders in the industry, Best Egg has relatively high fees.

However, Best Egg offers relatively higher loan amounts. You can secure a loan anywhere from $2,000 to $50,000. Best Egg offers loan terms between 36 and 60 months, where you can pay online, by phone, or by mail.


Best Egg Pros

  • Competitive rates with fair-credit lenders
  • Secured loan options for homeowners
  • Funds can be transferred within one business day upon approval

Best Egg Cons

  • Charges an origination fee
  • Charges $15 late fee
  • Charges $7 fee for non-auto payments
  • Doesn’t offer direct payments to creditors for debt consolidation
  • Borrowers only have two loan offer options (36 or 60 months)

Best Egg Application Process

Best Egg’s application process is fast and straightforward. Once you enter some basic identity and financial information online, you’ll be asked for your desired loan amount, your individual income and your household income.

Here’s some information you’ll need to provide when applying for a Best Egg loan:

  • Gross annual income
  • Loan amount
  • Home type
  • Annual household income
  • Personal information (name, address, phone number, Social Security number)
  • Debt information (credit card debt, monthly housing payment, personal debts)

Once you’ve filled out this information, Best Egg will perform a soft credit check which won’t negatively affect your credit rating. The entire application and soft check only takes a few minutes.

If you’re approved, you’ll be shown several loan offers with different rates and terms for a 36 month and 60 month loan.

Once you select your loan offer, Best Egg will perform a hard credit check to finalize the loan which will impact your credit rating.

Keep in mind that in order to qualify for a Best Egg loan, you must be a US citizen, be at least 18 years old, and have a valid bank account.


Customer Support

Best Egg offers great customer support with a few different channels.

They offer a variety of free financial education resources including:

  • Blog
  • Guides
  • Videos

They also offer email support for any inquiries about personal loans.

If you need to speak to someone over the phone, you can call Best Egg’s customer service line Monday to Saturday during business hours.


Final Thoughts on Best Egg

So, should you use Best Egg to access a personal loan?

Best Egg is one of the most popular lending companies in the US. However, they may or may not be best suited for you, depending on your situation.

One disadvantage of using Best Egg is the fact that they only offer three of five year terms, so there’s limited flexibility. Another disadvantage includes their wide range of fees: origination fees, late fees, and non-auto payment fees.

However, where Best Egg shines is with their low interest rates. While the average borrower receives an annual percentage rate of 14%, those with better credit may be approved for rates lower than 10%. Best Egg’s lowest rate of 5.99% can be achieved if you have a credit score of over 700 with an income of over $100,000.

Best Egg also has one of the fastest application rates. You’ll find out within minutes what your offer is, then upon approval, you’ll be funded in as little as one business day.

Overall, Best Egg is best suited for high income earners with fair to excellent credit who need a small loan quickly.


FAQ

What does it mean to be pre-approved for a loan?

If you are pre-approved for a Best Egg loan, it means your credit report criteria matches what Best Egg looks for in their customers. This will be verified at the soft credit check process (which doesn’t impact your credit rating).

The pre-approval is a simple way to let you know you’ve been accepted with the information submitted. If you decide to move forward with the loan offer, a further hard credit check will be performed.

What information does Best Egg look for in a borrower to qualify for a loan?

Best Egg looks at a variety of factors including:

  • Information provided on your loan application
  • Information provided by credit bureaus (includes your credit score)
  • How much debt you have compared to how much you earn (your debt to income ratio

Best Egg Customer Testimonials

Excellent   5,703 Reviews

trustpilot-stars

PETER

22 hours ago

trustpilot-stars

Very easy

Very easy, Fast deposit. Would use again!


HUSEYIN KIZILYIL

22 hours ago

trustpilot-stars

missisng informations

credit karma offered me a personal loan. they are working with best egg .high interest with low amount plus when they check your credit score and damage your credit score they want to permanent citizenship id.if they said before the hard inquiry I have never accept the offer because I have only a work permit. now they said we apologize you can not use your loan without a permanent id.this is not fair.


CUSTOMER

18 October, 2021

trustpilot-stars

Fast and efficient

Fast and efficient. Thank you.


EDI DOUGLAS

18 October, 2021

trustpilot-stars

I applied for a loan for more than 3…

I applied for a loan for more than 3 weeks now did my last calling with the number on file since last week finished with all the verification steps but yet my loan still on pending, I'm just sad no one can just feel like collecting a loan from you guys and gt instant verification. Sherry


LILINE

17 October, 2021

trustpilot-stars

I will recommend best egg to anyone

I will recommend best egg to anyone , they solve my problem at the right moment. Thank you


RODNEY

17 October, 2021

trustpilot-stars

Great customer svc

Great customer svc


CLAUDETTE

16 October, 2021

trustpilot-stars

Pay off credit cards

Pay off credit cards


MICHAEL

16 October, 2021

trustpilot-stars

Quick and Easy

I was looking to take a loan out to pay off credit card debt. I came across Best Egg and figured I would give it a shot. The process was very quick and easy! There employees were very helpful! Not only am I satisfied, but I plan on giving them more business in the future! Thank u Best Egg!


VICTOR

16 October, 2021

trustpilot-stars

Their fees are too high

Their fees are too high. They offer lower interest but end up are charging a higher interest and on top a fee for borrowing the monies


MICHAEL KEITT

16 October, 2021

trustpilot-stars

Best egg help consolidate and created…

Best egg help consolidate and created one payment


MICHAEL

16 October, 2021

trustpilot-stars

THREE BIG MISTAKES— management is…

THREE BIG MISTAKES— management is reviewing now!!!!


ABDULILAH

16 October, 2021

trustpilot-stars

Aals

Best service ever


DONNA

15 October, 2021

trustpilot-stars

Great experience

Great experience! Took about 5 minutes and money was in my account in 48 hours. Highly recommend!


MIKE

15 October, 2021

trustpilot-stars

Fast easy process.

Fast easy process.


MINGO

15 October, 2021

trustpilot-stars

Quick

Quick, easy, and satisfying experience


ROB

15 October, 2021

trustpilot-stars

Easy process!

Easy process!


ROCHELLE GILES

15 October, 2021

trustpilot-stars

I had a emergency come up I turned to…

I had a emergency come up I turned to best egg who was quick and easy to work with and helped me get out of this emergency situation


TIM

15 October, 2021

trustpilot-stars

Great experience

I was able to consolidate my credit cards and pay them off thanks to Best Egg. I applied, was approved, and 2 days later the funds were in my checking account. I read all the reviews about how easy and quick the process was and it held true. This was such a nice experience. I have done loans with other companies before and it was so daunting. Have to go in their offices and sign a book of paperwork plus their interest rates were outrageous. I highly recommend Best Egg and will definitely be using them as my only source for loans in the future.


UCBWR

15 October, 2021

trustpilot-stars

Where do I start

Where do I start. The unprofessional rep that I spoke to the first time after being approved. Then told me that it wasn’t approved. I called back the second rep I spoke with told me that the first rep didn’t input everything correctly and that’s why it got denied. They explained we can do a “MOD” and get a different amount approved. Okay fine then they are like we can’t do a mod and then it got submitted to a supervisor just to run my credit again so they can say oh there is too many inquiries. You don’t say you just ran my credentials 3 different times. Y’all put them there. I was told I’d be called within 24 hours I had to reach back out to them. Terrible company. The sad part is I am a returning customer they will not treat you fair and do not care about your business even as a returning customer. I’m lucky I found another company to do my financing with. Do not use this company.


M. YOUNG

15 October, 2021

trustpilot-stars

Seamless process!! Fast and easy!!

The process was so fast, and easy. I applied thru a Pre approval, supplied some basic needed documents, and my loan was approved! Funds were deposited quick and efficiently. Top notch company!!


DAVID

14 October, 2021

trustpilot-stars

Money was there in 2 days

Money was there in 2 days. Consolidated debt.


ROXANNA A

14 October, 2021

trustpilot-stars

Very Helpful

Gave me the much needed money to pay off some debt.


CUSTOMER

14 October, 2021

trustpilot-stars

Very Easy

Rate wasn’t to bad. I’ve never missed a payment in my life and have always had good credit. When my personal bank denied me I was pretty mad. Bestegg approved me and that was all I was looking for. Very easy process and all done from my phone.


FUI

14 October, 2021

trustpilot-stars

Very fast the process

Very fast the process Of application and No too mush problem This is best company To get loan with and Good customer service.


POLLY

14 October, 2021

trustpilot-stars

Best Egg came along at a great time…

Best Egg came along at a great time with helping me out of a situation I am doing so much better now the Best Egg team are great


YAJAIRA

14 October, 2021

trustpilot-stars

Paid off a total of 14 credit cards in…

Paid off a total of 14 credit cards in one sitting with a bit left over to continue paying off accounts this weekend. It is a total relief knowing that instead of 14-16 payments a month, all I have to worry about is making 1 payment.


TAMMY

14 October, 2021

trustpilot-stars

Amazingly Quick and Easy

Amazing. I can’t believe how quickly and easy the entire process was. Please don’t read too much into the poor reviews, those are clear misunderstandings on the part of the consumer. Read before you click, it’s all spelled out, clear and honest. If you need to add a personal loan to your financial profile, or you need to consolidate credit card debt without having to close out your cards, then just go ahead and apply…BestEgg is your best choice as an aid to your Nest Egg 😅


NICHOLAS IBEKWE

14 October, 2021

trustpilot-stars

One of the most racist organization I…

One of the most racist organization I will ever have to deal with in the United States. If you are nationalizing in this country...don't ever hope to get through a loan application. However, they will still run a hard credit on your account. Annoying!


JONATHAN

14 October, 2021

trustpilot-stars

Such an easy process and great customer…

Such an easy process and great customer service!!!


MARIANA V

14 October, 2021

trustpilot-stars

Was my Best and Fast experience

Was my Best and fast experience, I didn't expense a long time by phone or sending documents everything was quickly and also the customer service was excellent very kind and patient most all because my english is not so good!. Thank you very much for give me an opportunity and trust in me! Mariana


GEORGE XANICH

14 October, 2021

trustpilot-stars

Very easy to apply

Very easy to apply, easy repayment options, approval came quickly and funding equally as fast. No rotten egg here….


NELSON GOVANTES PEREZ

14 October, 2021

trustpilot-stars

excellent service

excellent service, speed, customer service, very happy with your help.


CHARBEL TANNOUS

14 October, 2021

trustpilot-stars

Very fast and helpful and professional.

Very fast and helpful and professional.


HELEN MERCINA

14 October, 2021

trustpilot-stars

Easy and fast 😍

Easy and fast 😍


CHERI CERRATO

14 October, 2021

trustpilot-stars

It was quick and easy and reliable with…

It was quick and easy and reliable with no concerns. The money was deposited like promised and it was stress free. I just filled out the application sent in the forms via phone pictures and it was done. Great company to work with and easy process.


DAVID J

14 October, 2021

trustpilot-stars

The loan will be used for home repairs…

The loan will be used for home repairs and debt consolidation. Applying for the loan was and answer back was greag.wonderful place to do business with.All were very wonderful people to have been associated with.Thanks for all your wonderful much appreciated.


LUIS JIMENEZ

14 October, 2021

trustpilot-stars

Maravillosa y útil ayuda para las…

Maravillosa y útil ayuda para las pequeñas empresas.


BRADLEY

12 October, 2021

trustpilot-stars

Great seamless process

Great seamless process. All done online! Took a few extra days to get the money because of a holiday! Would recommend to anyone needing to get a quick loan.


RAMIL

12 October, 2021

trustpilot-stars

Low rate and fast.

Low rate and fast.


EROOT

12 October, 2021

trustpilot-stars

Lenders are not what they used to be.

I do not believe they help those who are working to improve their credit. I have made all my payments on time for over 3 years and was still denied a loan to pay off my credit cards. Even though I was going to have them pay direct payment to the card companies and do auto pay. What a joke. All of these companies need to be reviewed by the government.


MARC

12 October, 2021

trustpilot-stars

This was a quick simple process

This was a quick simple process . Very much appreciated the easiness of the entire process . Rate is very reasonable . Thank you Best Egg


EVERTON

11 October, 2021

trustpilot-stars

The loan was quick and easy

The loan was quick and easy, I cleared up some bills as intended and I am about to replace my roof in a few days.


SHAVON

10 October, 2021

trustpilot-stars

I applied for the loan

I applied for the loan. Had trouble on my end. When I got my paperwork sent it it really took 2 days. They where very nice and understanding. Love them. They also had the best interest. Couldn't beat it. You guys where great.


YAKUBU

09 October, 2021

trustpilot-stars

Fast and quick.very happy with your…

Fast and quick.very happy with your service thank you.


CATHY

09 October, 2021

trustpilot-stars

Very professional

Very professional


CAROLYN

09 October, 2021

trustpilot-stars

BEST EGG WAS THE ONLY ONE THAT GAVE ME…

BEST EGG WAS THE ONLY ONE THAT GAVE ME A CHANCE TO CATCH UP ON MY CREDIT CARDS THE APPLICATION WAS EASY THE MONEY WAS IN MY ACCOUNT IN 2DAYS NOT 3 .I HAD A LOAN WITH THEM AND THOUGHT I COULDN'T GET ANOTHER I LOVE BEST EGG YOU CANT GO WRONG WITH THEM THE LOWWWWW.. MONTHLY PAYMENTS WAS INCREDIBLE THEY SAVED ME A LOT OF MONEY THANKS BEST EGG FOR NOT LETTING ME LOSE HOPE


BAKARY

09 October, 2021

trustpilot-stars

Firstly thank you Best egg

Firstly thank you Best egg. You guys really are the best. Quick approval and Quick money in my bank account. I used some of the money to buy a special gift for someone special in my life. I really appreciate you guys for the loan. I hope to do more business with you in the future. Of course after paying off my loan. Thank you


CHRIS

09 October, 2021

trustpilot-stars

I was given one interest rate and then…

I was given one interest rate and then a crazy 26% interest rate! I was treated like a credit criminal when my credit is outstanding! makes no sense. I called and asked nicely to take me off your mailing list and still get your lying crap in the mail. I will never do business with Best egg, I mean rotten egg again.


DOUGLAS

08 October, 2021

trustpilot-stars

Excellent all around

Quick, fast, and easy process. I had approval following morning and money in my account 24 hours after. I highly recommend Best Egg to anyone needing a loan


LATASHA GALLEGOS

08 October, 2021

trustpilot-stars

I've had a great experience with Best Egg!

I've had a great experience with Best Egg. This has been such a great process and I'm on loan #3 with them. Thanks for trusting in me! You've helped my family consolidate and payoff nearly all of our debt faster.

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