Best Egg: Personal Loans Review

  5,886 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   5,886 Reviews

trustpilot-stars

PAUL

01 December, 2021

trustpilot-stars

2 day process start to finish

2 day process start to finish. Seamless , flawless process and highly recommend.


LEONARD

29 November, 2021

trustpilot-stars

Amazing Job!

Amazing Job!


BOOZER

28 November, 2021

trustpilot-stars

Patience when approved

It was super easy to get everything done! Not a lot of paperwork but it took more than a day to receive funds! Best online access to account and everything was literally, so easy to do! You may get an email saying it’s funded, have access to that your first payment is due in less than 30 days and not have your funds but be patient, it’ll come!! EDITED


IEACSHA

27 November, 2021

trustpilot-stars

My process was simple and easy

My process was simple and easy


SIMON

27 November, 2021

trustpilot-stars

Great people

Great people. Loan got approved in no time.


ROBERT

27 November, 2021

trustpilot-stars

Results

Very easy and no hassle to deal with.


PATRICIA

26 November, 2021

trustpilot-stars

Stress free application

Stress free application, and I received money in my acc in 3 days. Best Egg was so helpful as I paid my bills and even taking a vacation. The staff was very helpful too Thanks Best Egg


MARY

26 November, 2021

trustpilot-stars

I am paying off a credit card!I am so…

I am paying off a credit card!I am so appreciative for the loan! It only took three days for the deposit to reach my bank.The loan process was very quick . Everyone was very professional and very pleasant . Thank You very much for the loan Mary Melvin


INDIRA

26 November, 2021

trustpilot-stars

Loan experience

Made my experience clear fast, I was able to obtain my loan information in writing with all the details that I need to understand. Also the costumer service was truly nice with me with all the questions I asked before I accepted the loan. Thank you Best Egg,


BLAKE

25 November, 2021

trustpilot-stars

Best Egg loans was absolutely the best…

Best Egg loans was absolutely the best experience hands down. From start to finish, from completing the application to money in my account, took 48 hours if that! Best Egg also had far better APR and interest rates when I compared them with other loan services!


GEORGE

25 November, 2021

trustpilot-stars

Process was long and have to yet…

Process was long and have to yet received the loan.


MIGUEL

25 November, 2021

trustpilot-stars

Wow everything was great

Wow everything was great , fast clear and super fast funding . Yes


MO

24 November, 2021

trustpilot-stars

Quick answer easy

Had a great experience, was so smooth it was unbelievable


ROSE

24 November, 2021

trustpilot-stars

This was a seamless experience

This was a seamless experience. Great communication. Applied Saturday and funded Tuesday. Spent Tuesday evening paying off high interest rate credit cards. Very pleased and would recommend.


ARUN

24 November, 2021

trustpilot-stars

Found very easy to apply and very fast…

Found very easy to apply and very fast and efficient. Keep the good work ahead


KAY

24 November, 2021

trustpilot-stars

Thank you so icy

Thank you so much !


ZUBAIDA

24 November, 2021

trustpilot-stars

I must say I was very skeptical about…being truth

I must say I was very skeptical about this bank and the fact that it said I would have my money deposited within 3 days. I applied throughout Credit Karma when it suggested my possibilities were “outstanding”, just a few questions answered and it said I had been approved! Thanks so much, I am truly grateful Best Egg😍


GARY W

24 November, 2021

trustpilot-stars

Very professional and wonderful…

Very professional and wonderful experience. Thank You so much for being there. Fantastic people.


NUVIA REYES

24 November, 2021

trustpilot-stars

Thank you for the opportunity with this…

Thank you for the opportunity with this loan 💵


ADRIANNA

24 November, 2021

trustpilot-stars

Easy Process

Pretty easy process! So far I can’t complain. Lower interest and I now-see a light at the end of the tunnel! Thanks Best Egg!


JULIO VALDEZ

23 November, 2021

trustpilot-stars

DO NOT WASTE YOUR TIME WITH THIS ROTTEN EGG!

This company is the worst I have ever dealt with! They are completely incompetent! After receiving a hundred offer letters, I picked up the phone and spent over half an hour talking to someone to apply. We completed the application, got the email offer, uploaded what I was asked for... Then three days later, after talking two more times for another half hour each time, still nobody seemed to know what they were doing. Their loan agents are never available, they don't follow up and don't even know how to give the basic information. On top of that, they go home before 5 pm, although their listed hours say until 9 pm. They don't understand small businesses at all. DO NOT WASTE YOUR TIME WITH THIS ROTTEN EGG! These people should be closed down by the Federal Government.


RMH

22 November, 2021

trustpilot-stars

Absolutely The Best!!!

Absolutely one of best loan process I have ever seen. Quick approval and funding. If I could give more than five stars, I would. Best Ever!!!


FRANCIS

22 November, 2021

trustpilot-stars

Easy Process

I was pleasantly surprised at how easy the loan process was with Best Egg. The website and loan application were very intuitive and easy to navigate. No phone calls were necessary, which I found very refreshing. Two thumbs up, five stars, would definitely recommend!


BRANDY

21 November, 2021

trustpilot-stars

Great easy process!+

Great easy process!+


JANET STUDER

21 November, 2021

trustpilot-stars

When I was asked to apply for and got…

When I was asked to apply for and got my best egg card, it looked like a fun card with a fun shade of pink in my wallet. It allowed me to withdraw funds at an ATM; no problem. Think there is a little over $212. balance on a 2K limit. SO, this morning I tried to use it at a store and transaction declined. SO I tried to withdraw funds from the same ATM as the first time; card declined. I have no idea what the purpose of getting the damn card to begin with just to be embarrassed at the checkout with card 'declined'. I will no longer use this card and it has gone into a drawer for useless credit cards I no longer want or use. I have 8 other credit cards, but I liked the interest rate and freedom I felt at least in the beginning. I no longer feel 'special' for having been selected to 'apply' for one of 'your' credit cards. Now there will be nothing but me telling everyone I know who tries to apply for best egg credit card and the embarrassment of having to stand in line at a grocery store to have 'card declined' in your face!


CC

21 November, 2021

trustpilot-stars

The process was Fast quick and Easy

The process was Fast quick and Easy. I spoke to a rep who was very informative. Thanks Best Egg


CESAR

21 November, 2021

trustpilot-stars

Thank you very much for loan will be…

Thank you very much for loan will be doing some home remodeling thanks to best egg 😀


WUILFREDO

20 November, 2021

trustpilot-stars

Excellent customer service would…

Excellent customer service would recommend them


MARIA YADIRA

20 November, 2021

trustpilot-stars

Great experience

Great experience! All done online & funds deposited within 1 day. Great rate! Highly recommend!


KWAME D KIRK SR

20 November, 2021

trustpilot-stars

No hassle, fast, easy process

Just applied, got approved, agreed to terms, very reasonable.


JASON BEAM

20 November, 2021

trustpilot-stars

Professional and easy to work with.

Professional and easy to work with.


ANGELA

20 November, 2021

trustpilot-stars

Best 🥚 is “THE BEST”!!

Best 🥚 is “THE BEST”!!! Their customer service representatives are phenomenal. I used my loan for unexpected car repairs. Now because of Best Egg, I am riding with confidence.


KATHRYNKAY

20 November, 2021

trustpilot-stars

Easy application and approval and funds happened fast! The best!…

Best Egg loan application and approval took less than a day and funds in my account in less than 2 days. I would recommend highly. I appreciate you Best Egg!


JEN

19 November, 2021

trustpilot-stars

Very quick response and the money is on…

Very quick response and the money is on my account in just 2 days highly recommended..


RONNIE

19 November, 2021

trustpilot-stars

awesome and timely with getting me the…

awesome and timely with getting me the funds


MICHAEL

19 November, 2021

trustpilot-stars

Quick and easy to get approved

Quick and easy to get approved, but I've been waiting 5 business days and have still not received my funds.


GERRIE SHIND

19 November, 2021

trustpilot-stars

Best thing I ever did!!

I was able to obtain a loan to payoff all my credit cards, my car loan etc. For the first time in many years, I feel like my head is above water and I can breathe again! Thank you, Best Egg, for approving my loan and making this the best holiday season ever!!! Application process was easy, funds in my account the next day! Great experience!!


DJ

19 November, 2021

trustpilot-stars

So easy to do money was there in 36…

So easy to do money was there in 36 hours


ZACHARY

19 November, 2021

trustpilot-stars

I was able to pay off my credit cards…

I was able to pay off my credit cards and some other bills with this long that I got from you I’m actually saving $500 a month


SOLOMON

19 November, 2021

trustpilot-stars

The best service

The best service and fast way of resolving my request. Well done


KAREN

18 November, 2021

trustpilot-stars

The process for looking for a personal…

The process for looking for a personal loan was easy Best Egg shows different rates that will fit your budget and to apply was easy didn't take long to get a response from them so my experience was very good


MATILDE

18 November, 2021

trustpilot-stars

Muy rápida respuesta lo recomiendo

Muy rápida respuesta lo recomiendo


AURA C

18 November, 2021

trustpilot-stars

Very easy to apply no hassle and your…

Very easy to apply no hassle and your money goes directly to your account in one day


RO

18 November, 2021

trustpilot-stars

Filled out the application on line

Filled out the application on line, screen shot some paper work(4 items) funds were in the bank the second day!


AMEE

18 November, 2021

trustpilot-stars

I was able to payoff all my debt and…

I was able to payoff all my debt and just have one affordable monthly payment.


LAURA

18 November, 2021

trustpilot-stars

Easy and user friendly

Easy and user friendly


MARCIN

18 November, 2021

trustpilot-stars

Quick and easy .

Quick and easy .


ROBIN

18 November, 2021

trustpilot-stars

I use my loan with Beat Egg to…

I use my loan with Beat Egg to consolidate bills. It was very helpful, now I can pay one bill with a low payment each month. I am thankful for the quick and easy application process and my funds was in my account the following next day.


CANDES

17 November, 2021

trustpilot-stars

Thanks so much I'm so happy 😊

Thanks so much I'm so happy 😊


SALVADOR

17 November, 2021

trustpilot-stars

I am a senior

I am a senior, living on a fixed income. With Best Egg, I have been able to consolidate my debt into one low monthly payment, making it easier to budget my income in order to meet all of my financial obligations. While the rate could be better, the loan still makes my financial life easier to handle. Thank you, Best, Egg, for your assistance in helping me to achieve my goal, which is to pay all of my debt.

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