Best Egg: Personal Loans Review

  5,916 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   5,916 Reviews

trustpilot-stars

ADELE

05 December, 2021

trustpilot-stars

Consolidated credit cards

This was the easiest personal loan I have ever experienced..thank u for your help.


AISSATOU

05 December, 2021

trustpilot-stars

Thank you Best Egg!

Thank you Best Egg!! You are truly the best.


GERALD

05 December, 2021

trustpilot-stars

I’ve been able to catch up

I’ve been able to catch up, and the monthly due isn’t bad.


MAX

05 December, 2021

trustpilot-stars

Best egg says I have received my funds

Best egg says I have received my funds, but I have not.


TYLER

04 December, 2021

trustpilot-stars

Reliable and quick!

While I’m still early in my loan, the application process was surprisingly easy! I was rejected by my bank that I’ve been with for 9 years but Best Egg approved me quick and I received my loan the next day!


DAVID PETRI

04 December, 2021

trustpilot-stars

Quick

Quick, easy and great friendly customer service!


BOB

04 December, 2021

trustpilot-stars

Best Egg saved me from the mortgage…

Best Egg saved me from the mortgage pirates! Don't believe that insane No upfront Charges as the tie it on the end of your loan! Let's say you want to borrow $30k You already owe 100k When they get through you will now owe $139K+! So, they stuff $9k in their Pockets!


QUENTEN

03 December, 2021

trustpilot-stars

The application and approval processes…

The application and approval processes were incredibly fast, about 60 seconds! I have completed 3 separate loans with Lending Club and for some reason Best Egg has an APR that's half that of Lending Club.


SCOTT DERBY

03 December, 2021

trustpilot-stars

Professional

Professional, Quick and Easy, from Rate to Money extremely professional. I would highly recommend Best Egg for your personal loan needs.


YASMIN

03 December, 2021

trustpilot-stars

Seamless Process ! P

This process was very seamless . Honestly the easiest I’ve ever been through. Very happy and grateful


ANGELA

03 December, 2021

trustpilot-stars

Incredible! Very happy to work with.

I highly recommend Best Egg because of their easy & quick process to obtain a loan. Plus, their customer support is outstanding! Thank you.


LEONARD

03 December, 2021

trustpilot-stars

As a first time customer they took a…

As a first time customer they took a chance on me. I was able to get the funds I ask for, and was able to pay off all my debt. I would recommend Best Egg to anyone that's why they're 5 stars in my book.


TRACEY

03 December, 2021

trustpilot-stars

Great organization used more than once…

Great organization used more than once and they saved me a lot of money !!!


ALVARO

03 December, 2021

trustpilot-stars

Great Customer Service

Great Customer Service. Sonia is great!


NBBAILEY

03 December, 2021

trustpilot-stars

Paid off high interest credit cards and…

Paid off high interest credit cards and paid off a personal loan


RHONDA

03 December, 2021

trustpilot-stars

Applied and got approved same day and…

Applied and got approved same day and funds were available next day. Highly recommend


ADRAIN

03 December, 2021

trustpilot-stars

Blessed

Came at a great time! Helped me with my relocation to a different state and deposit on my new place! Appreciate it so much!!


ALEXANDER

02 December, 2021

trustpilot-stars

Great service quick and easy would…

Great service quick and easy would recommend to anyone looking for a loan. Would do again.


KIMBERLY

02 December, 2021

trustpilot-stars

Friendly loan representative very fast…

Friendly loan representative very fast it was a very easy process if I need another loan I will definitely do business with best egg thank you for helping me


SONYA

02 December, 2021

trustpilot-stars

Best and easiest experience ever

Best and easiest experience ever, received funds within 24 hours. Thank you!!!!


LILLIE

02 December, 2021

trustpilot-stars

Very easy process getting approved!

Very easy process. The approval was streamlined and efficient. Funds received fast and efficient. The staff was awesome. All questions answered. Clear communication. No hassle and hidden fees. Very easy to work with!


MATTHEW

01 December, 2021

trustpilot-stars

The easiest loan process I have ever…

The easiest loan process I have ever gone through. Thank you so much.


GREGORY

01 December, 2021

trustpilot-stars

Very good company

Very good company, I highly recommend it, good interest rate and good payment options, I received the money in 1,2,3


WALAK

01 December, 2021

trustpilot-stars

Very hepful i recommend 👌

Very hepful i recommend 👌


KING

01 December, 2021

trustpilot-stars

Excellent service

Excellent service . Money in account fast. Thanks


DEBRA

01 December, 2021

trustpilot-stars

Very quick response

Very quick response. Easy to sign up!


PAUL

01 December, 2021

trustpilot-stars

Easy process!

Easy process!! Money in the bank in 1 day!! Good rates!!


CARMEN BOOKER

01 December, 2021

trustpilot-stars

I must say Best Egg is really…

I must say Best Egg is really wonderful. The process is very simple and the approval process is quick. I've been able to get rid of a higher interest loan with affordable payments through Best Egg. Thank you for the follow-up and the professionalism.


SCOTT

01 December, 2021

trustpilot-stars

I have used Best Egg 2 times and have…

I have used Best Egg 2 times and have had excellent experiences both times. The application process was easy to navigate thru and I had the money in one day. Thank you.


RENE

01 December, 2021

trustpilot-stars

Application process easy and simple

Application process easy and simple, no need to provide financial documentation or income! Received my money within 24 hrs and direct payments made within 48 hours! Interest rate is higher than I wished but under my circumstances it was the best rate I could find. Thank you!


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!

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