Best Egg: Personal Loans Review

  6,123 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   6,123 Reviews

trustpilot-stars

CAROL

6 hours ago

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!


BARRY

13 January, 2022

trustpilot-stars

Was able to pay off a couple of…

Was able to pay off a couple of loans!!! Awsome process!!!


CHIQUISHA

13 January, 2022

trustpilot-stars

I really like this company the rep…

I really like this company the rep explained every detail step by step and they answer every question that I asked in a nice a professional manner with no hesitation. The rep told me when I will have my funding and it was in my account on that day. I recommend this company because they are very polite, inexpensive and they have a fixed rate.


ELUDE SYLVAIN

13 January, 2022

trustpilot-stars

The process was painless and your money…

The process was painless and the money was in my bank account in less than 2 days.


AUDREY

13 January, 2022

trustpilot-stars

Thanks to the best egg loan

Thanks to the best egg loan, I was able to pay for college! Now all my classes are paid for with little to no worry.


ROGER

13 January, 2022

trustpilot-stars

Easy loans

Very fast very simple. Staff is very curious. I am more than pleased


RICHARD

13 January, 2022

trustpilot-stars

Super easy and fast!

Super easy and fast!! Great rates for great credit


HILDA

13 January, 2022

trustpilot-stars

Excellent job

Excellent job


STEVANDREW RUMENSER

13 January, 2022

trustpilot-stars

Awesome!

Very easy process and awesome customer service for help and guidance.


ALICIA

13 January, 2022

trustpilot-stars

I had an excellent experience from every rep I ever spoke with

I had an excellent experience from start to finish. Customer Service was of the highest standard, and I felt like I was dealing with a company that was helping me reach my goals, not just trying to reach their own. I am one HUGE step closer to being debt-free. Thank you Best Egg!


JARED

13 January, 2022

trustpilot-stars

Paid down my remaining high interest debt

My monthly debt payments will be slightly lower, but a ton more of my payment is going toward principal now. I feel like I'm finally moving forward toward paying my debt from college life off.


DENNIS LEMASTER

13 January, 2022

trustpilot-stars

Had a great experience

Had a great experience. Very easy application and money deposited within 2 days. I'm happy.


ALBERT

13 January, 2022

trustpilot-stars

Fastest loan I ever received.

Wanted to get a personal loan to knockout some high interest credit cards. Amazing how fast I was approved and received funds within two days.. Much appreciated for the fast results.


EDDY

13 January, 2022

trustpilot-stars

Used to the loan to pay off some higher…

Used to the loan to pay off some higher interest credit cards. This loan saves me about $300 a month and I pay it off in 5 years not 15 years if I was to continue to pay on the credit cards.


MARY

13 January, 2022

trustpilot-stars

Peace of Mind

Great Service ..any questions you have they are there to help.Fast and Friendly. Than You Best Egg Mary


ADAM LOMAN

13 January, 2022

trustpilot-stars

awesome to work with

Very fast, pleasure to work with


ANNALIESJE TREES

12 January, 2022

trustpilot-stars

Worst experience ever!!

The worst experience that I have ever had as far as getting a loan!! They were so unorganized!! No communication on loan status!! I had to call everyday and had to explain everything each time to someone new. And yes, it does make your credit go down!! Last conversation I had with the last agent is just start a new application and start over!! I cannot believe how much time I wasted on this crappy company!! What a wast of time!!!!! A lot more companies to get a loan from, don’t waste your time on these people!!


MANUEL

12 January, 2022

trustpilot-stars

Unbelievably fast process

Unbelievably fast process. All online. Funded within 48hrs.


DAVID

12 January, 2022

trustpilot-stars

Very efficient process

Very efficient process! Great service


ANITA

12 January, 2022

trustpilot-stars

Awesome place to borrow

Easy, fast and amazing services


MIKE DENNIS

12 January, 2022

trustpilot-stars

The Best Egg process was wonderful

The Best Egg process of getting a loan was so easy and professional. Every one I spoke to at Best Egg was kind and patient and helpful. I'm thrilled beyond expression at what the Best Egg loan has freed me up to be able to do when before Best Egg I didn't see a clear path to handle my credit card debts. Thank you very much.,


TATYANA

12 January, 2022

trustpilot-stars

Thank you

Thank you. Good service.


LENORA DAVIS

12 January, 2022

trustpilot-stars

Best Egg should be called Rotten Egg

Best Egg should be called Rotten Egg. My loan process was awful. They requested so many documents for a 2500.00 loan and then wanted proof that I was depositing my pay in my bank by requesting my bank statement. With all the hassle I requested them to cancel my application. They cancelled alright by sending me a letter stating they could not offer me a loan. They are slick, I cancelled not them. why can't they be truthful in the matter. I will never deal with them again.


VICTORIA

12 January, 2022

trustpilot-stars

After not being approved for personal…

After not being approved for personal loans over and over I was ready for another when applying. Best egg was so quick and simple and approval for the dollar amount I needed was so easy. The staff called to see if they could be of assistance while filling out the application.


KEVIN

12 January, 2022

trustpilot-stars

Used the money to pay off spousal…

Used the money to pay off spousal support and also got to take my kids on a little vacation to Disney land. My kids and I had a awesome time which was needed badly since the Covid and their Mom and I getting Divorce after 13 years of marriage we neede this vacation. Thanks


MICHAEL

12 January, 2022

trustpilot-stars

I used the best egg loan to refinance…

I used the best egg loan to refinance my car. I went from a 400 dollar car payment to 239. I couldn't be happier. Thank you best egg!!!


YUSUANY

12 January, 2022

trustpilot-stars

There to help when no one else would.

I have been looking through many places in order to get a loan for debt consolidation and no other place would approve me. Then I stumbled across BestEgg and almost immediately after doing the application I was approved. I'm now free of my credit card debts and thankfully I'm only making a small monthly payment to BestEgg. Definitely would recommend.


STEVEN

12 January, 2022

trustpilot-stars

Very easy to apply staff very…

Very easy to apply staff very professional would highly recommend


GEORGE

12 January, 2022

trustpilot-stars

Loan was easy and quick

Loan was easy and quick Applied on Saturday and funded on Tuesday


LUIS

12 January, 2022

trustpilot-stars

Fast, Easy and Straight to the point

Super fast, super easy and straight to the point. Thank you best egg for helping my family.


JEFFERY

10 January, 2022

trustpilot-stars

application process was very smooth and…

application process was very smooth and flawless transaction and direct deposit was there before i expected.


DANITA

09 January, 2022

trustpilot-stars

Such an easy process!

Such an easy process!! When requesting a larger loan ($5,000+) approval time usually takes days, I received mine within minutes and funds were sent in less than 24 hours! Hopefully I will never have to get a loan to consolidate again, but if I do, I will return and get another Best Egg Personal Loan!

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