Best Egg: Personal Loans Review

  6,154 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   6,154 Reviews

trustpilot-stars

RAVITEJA

21 hours ago

trustpilot-stars

Great service

Great service . Hassle free process and funds deposited with in a day .


JOHN

24 January, 2022

trustpilot-stars

Very fast and easy to do

Very fast and easy to do. Highly recommend them!


CARLOS

24 January, 2022

trustpilot-stars

user friendly application online

user friendly application online, very efficient and once Income is verified and identity .. funding is immediate.


JEFFERY

24 January, 2022

trustpilot-stars

Haven't received any money yet

Haven't received any money yet. Already getting text about reminding me of the payment due date before I receive any money. Will update my rating if I ever receive my loan


ANONYMOUS

23 January, 2022

trustpilot-stars

It’s was relatively fast and simple to…

It’s was relatively fast and simple to apply and I got my money within a few days! I was able to get a lower interest rate with best egg compared to other offers I had as well. ! Thanks for the quick help to get me out of a bind!


JAMES

23 January, 2022

trustpilot-stars

They were very quick on processing the…

They were very quick on processing the application for a loan.


LEESHA

23 January, 2022

trustpilot-stars

This process has been so easy fast and…

This process has been so easy fast and reliable. I am still in shock but with money in my account thank you bestegg


JOSEPH

23 January, 2022

trustpilot-stars

My first request was for more money…

My first request was for more money than I needed-and it was approved at an interest rate higher than I wanted to pay. I called and talked to a helpful person and submitted a new request for a little less than I needed at a better interest rate. I called back and talked to another helpful person and modified the request for slightly more money and she told me over the phone it had been approved at a slightly higher interest rate and I accepted it. The timing and service was great!


RALPH JUSTIN

23 January, 2022

trustpilot-stars

They were fast easy and very helpful I…

They were fast easy and very helpful I would highly recommend them


MICHAEL

23 January, 2022

trustpilot-stars

Applying for everything was super easy

Applying for everything was super easy. Just make sure you have your bank info handy. My interest rate is more than I’d like, but reasonable.


PARRISH

22 January, 2022

trustpilot-stars

Best Egg was fast and easy

Best Egg was fast and easy. Getting a loan was hassle free and the representatives are friendly and thorough. I definitely recommend.


VALUED CUSTOMER

22 January, 2022

trustpilot-stars

The most helpful company ever !!!

The most helpful company ever !!! Thank you so much Everyone has to check with Best Egg first.


SHAV

22 January, 2022

trustpilot-stars

Best Egg has really been the best

Best Egg has really been the best. I received my loan in less then 72 hour. They have the fastest and easiest process.


JON

22 January, 2022

trustpilot-stars

Got a 20k loan in less than 24hours…

Got a 20k loan in less than 24hours with a very competitive rate. Seriously impressed.


ALICE

21 January, 2022

trustpilot-stars

This was very easy affordable payments

This was very easy affordable payments


MARIA

21 January, 2022

trustpilot-stars

Best Way to Apply for a Personal Loan!

Easy way to apply for a loan! It was easy, fast and secured to apply for a personal loan to pay off a higher interest loan. Best Egg made it easy to fund the loan by sending the money directly to the other lender. thank you!


BRITTANY L. OLIVER ATTORNEY AT

21 January, 2022

trustpilot-stars

Persistent

best egg communicated with me daily and assisted with every process of getting a debt consolidation loan with reminders of documents that I needed to send in. However it was getting hard to remember another document so I didn’t get my loan. But they’re great with customer service, and I’m hopeful they give me another chance as I have the document now they requested.


LOURDEZ

20 January, 2022

trustpilot-stars

Excellent very good service thanks you

Excellent very good service thanks you


NILANJANA DAS

20 January, 2022

trustpilot-stars

Very good service

Very good service. Thoroughly pleased.


CLEVELAND

20 January, 2022

trustpilot-stars

They helped me when I needed it the…

They helped me when I needed it the most. Approval was fast.


JOHN PETTY

20 January, 2022

trustpilot-stars

The process was very easy and once I…

The process was very easy and once I pay this off I'm going to deal with them again. 5 STARS ALL THE WAY.


AN

20 January, 2022

trustpilot-stars

Easy process and fast

Easy process and fast


DONALD

20 January, 2022

trustpilot-stars

Great company very easy process

Great company very easy process! Will refer people to Best Egg. 5 🌠🌠🌠🌠🌠


CHRIS

20 January, 2022

trustpilot-stars

Best egg is not a good company

Best egg deceives you by approving you for a loan offer and then changing the terms afterwards. They also increase the interest rate compared to what you initially qualified for. Their customer service is poor.


MIKE

20 January, 2022

trustpilot-stars

Best egg is a deceptive company

Best egg is a deceptive company. They approve you for a loan and then call you to give you a another offer with higher interest rates and fees. I had a bad experience with them due to poor customer service and spurious tactics they employed. I was approved for a loan and then they called me on my phone to retract the agreement; only to give me a higher interest rate. I will be writing to consumer protection.


BK

20 January, 2022

trustpilot-stars

They make offers and then modify them…

They make offers and then modify them to give a higher interest rate than the original. They do this after you have been approved for a loan offer so they try to reel you in by initially approving customers. They are misleading and I do not recommend doing business with them. I previously applied for a loan through upstart and received the loan amount within 1 day. I think upstart is a better company compared to best egg.


BARRY

20 January, 2022

trustpilot-stars

Needed alittle help

My wife and I decided that we wanted to get new floors, the problem was some are floor joists was damaged from previous owner,so that repair had to take place first, this best egg loan came through as a recommendation from Credit Karma I was able to get a loan for just enough money for the cost of repair is what we needed to fix our floor joist before we can install are new hardwood floors! Oh the most important thing the money came fast!!!! Thanks Best Egg 🖐


JUNIOR

20 January, 2022

trustpilot-stars

Easy and fast delivery of funds

Easy and fast delivery of funds


BAGLEYGIRL

19 January, 2022

trustpilot-stars

Applying and approval was so fast I was…

Applying and approval was so fast I was surprised! I received a text about 15 minutes after I applied with approval. Funds were deposited the next business day and interest rates were lower thank other companies. I like the fact you can see if your approved without a hit to your credit Would definitely recommend


KARLA

19 January, 2022

trustpilot-stars

Good Experience.

Good Experience.


STEVE PAUL

18 January, 2022

trustpilot-stars

Very fast and simple process and rates…

Very fast and simple process and rates better than many other lenders I checked with. All done completely online in a few steps.


CAROL

18 January, 2022

trustpilot-stars

APPROVED

I couldn't believe what I saw "APPROVED " the application was easy and short, I plan to have my lanai windows replaced. THANK YOU!!! CLB


DORIS

17 January, 2022

trustpilot-stars

Have been able to pay off all my charge…

Have been able to pay off all my charge cards and loose those high interest rates. Thrilled!!!!!


SYD K

16 January, 2022

trustpilot-stars

Best egg Sent offers for using their…

Best egg Sent offers for using their loan service and after being accepted they called and retracted the offer and tried to give me higher interest rate and a lower loan. The customer representative was not helpful and took away the initial loan offer that I qualified for. I will make a complaint to consumer protection for running being misleading


ANGELA

16 January, 2022

trustpilot-stars

Totally Easy!

Initially, I didn't take this company serious. And had actually put them out of my mind. But as my credit card debt mounted, I decided that some changes had to be made. I decided to look at all of the offers, did some calculations, and decided that this would fit within my budget. So, I decided to apply, and OMG the process was SUPER easy. As a matter of fact, the process was so easy that I was able to apply, and was approved while I sat in traffic. I was super impressed, and am grateful for some relief, thanks Best Egg, you're truly a hidden treasure.


ORLANDO

16 January, 2022

trustpilot-stars

Awesome company

Awesome company! Thank you for the excellent customer service and support.


ALBERT

16 January, 2022

trustpilot-stars

Easiest loan to get

Easiest loan to get, ever.


SEBASTIAN BENITEZ

16 January, 2022

trustpilot-stars

Best personal loan

Super easy super fast Best personal loan BEST EGG!!!


EVERETT

15 January, 2022

trustpilot-stars

Fast and easy

Crazy how fast the process was and quick funding. Much easier than a normal bank. If I ever need a business loan again I’ll definitely come back.


HASSAN K

15 January, 2022

trustpilot-stars

Misleading and disavowed commitment

Have been sending me promotional offers through mail but changed terms and conditions of loan. Not customer friendly and rescinded loan offer after making phone call asking for personal information.


DANIEL

15 January, 2022

trustpilot-stars

Process was fast

Process was fast, clear and perfect. Applied on line in the afternoon, money was in my account the next day! I was able to refinance two debts at a lower interest rate. This will enable me to be out of debt completely up in three years when I will retire!


SAIM AL

15 January, 2022

trustpilot-stars

Best egg sent me a promotional offer…

Best egg sent me a promotional offer through mail and when I entered the code I was given a loan option. I filled out application and then received a call where they changed the terms of loan and gave me only one option which had lower loan amount and a higher interest rate. They did this after a hard inquiry on my credit. I was misled and terms were changed after the phone call. I have taken other loans and have never received phone calls as such asking about information. This is a red flag. I will advise not to do business with this company.


MICHAEL

15 January, 2022

trustpilot-stars

It was easy with no hassles

It was easy with no hassles, we paid all of our high interest cards off and we are in a better financial state now.


KAREN

15 January, 2022

trustpilot-stars

Best experience ever!!!

Best experience ever!!!! Thanks Best Egg👍🏽


MARC

15 January, 2022

trustpilot-stars

Such a great place got a loan within 5…

Such a great place got a loan within 5 minutes, and in my account within 36 hours. Got to pay my back taxes from 3 years ago. And saved like 900.00 dollars since I payed it in full. Thank you BEST EGG.


VT

15 January, 2022

trustpilot-stars

When other lenders think your not good…

When other lenders think your not good enough, bestegg comes through. Quick and smooth process with great follow up team member.


TERRANCE

15 January, 2022

trustpilot-stars

GREAT!!!

GREAT THEY HELP THANK😊😊😊


SHANIKA

14 January, 2022

trustpilot-stars

Such a simple process!

Such a simple process!


MANUEL E. PADILLA

14 January, 2022

trustpilot-stars

I’m very glad there is an opportunity…

I’m very glad there is an opportunity like the one Best Egg offers to consolidate a personal debt with such a low Interest rate. Once they check my credit score the approval and funds delivery was very fast. Thank you very much and keep up the good service and work!


BUYMAN

14 January, 2022

trustpilot-stars

I applied

I applied, was approved, funds where deposited. I don,t think an entire workweek went by, literally four days from "poke the button" to funds being in the bank. truly a seamless process!

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