Best Egg Personal Loans Review for 2023

If you want to consolidate credit card debt at a lower interest rate with one monthly payment, a Best Egg personal loan is a great option. But, debt consolidation loans are not all that they specialize in. You can also apply for a loan to help finance any major purchase. This includes home improvement, moving costs, travel, or even business expenses.

Best Egg

You’ll need to have good to excellent credit to qualify for the best interest rates possible. But, if you do, you can benefit from some substantial savings on interest and fees. Keep reading to find out who qualifies for Best Egg’s personal loans and what to expect when you borrow from them.

Best Egg Personal Loans

Best Egg is an online lender offering unsecured personal loans. Loan amounts range from $2,000 to $35,000, with loan terms of 36 to 60 months. Certain qualified individuals may borrow as much as $50,000, but you must receive an offer in the mail to take advantage of such a high loan amount.

APRs start at 5.99% and go up to 29.99%. Interest rates are fixed, so you can avoid worrying about your monthly payment amount changing over time.

Your annual percentage rate (APR) includes an origination fee, which can be as low as 0.99% of the loan amount for the strongest borrowers and go up to 6.99% for less creditworthy borrowers. The origination fee is deducted directly from the loan proceeds before you receive them, so you don’t need to have additional cash on hand to cover this expense.

When choosing a loan from Best Egg, you can select either a three-year or five-year repayment plan. In addition, there is no prepayment penalty, so you can always make extra payments without incurring any fees.

Borrower Profile

You’ll get the best loan term with Best Egg if you meet higher credit score requirements. For example, while the minimum credit score requirement is 640, borrowers are more likely to have a FICO score of over 700.

In fact, you’ll need at least a 700 to qualify for the lowest interest rate, along with a minimum annual income of $100,000. Of course, not all borrowers earn that much, but they do typically earn well over the national average. They also have a good credit history, with an average length of 10 years.

If you don’t meet these standards, you may find yourself having trouble getting approved for a Best Egg personal loan. But if your income and credit scores are strong, it is certainly a good option to explore. This is especially true if you meet the bare minimum requirements for the 5.99% APR loan.

Best Egg Personal Loan Application Process

One of the benefits of applying for a Best Egg loan is that the full application process only entails a soft credit check. A soft inquiry on your credit report won’t affect your credit score. You’ll eventually have a hard credit check performed, but not until you’ve accepted the loan.

To apply online, enter your email address to get started. You can also input an offer code if you’ve received a pre-qualification offer in the mail. Next, fill out some basic personal information like your address, phone number, and Social Security number, which takes no more than a few minutes.

You can then compare loans offers with three-year and five-year terms, plus see the loan amount you qualify for. Once you select the loan you want and provide some additional documentation for verification purposes, you can sign the loan agreement. Finally, Best Egg runs a final credit check, and then you’re ready to get funded.

Once You’re Approved

With Best Egg, you’ll receive funds quickly and efficiently upon loan approval. You can get the loan funds deposited into your bank account in as little as one business day, making it a feasible option to consider for financial emergencies. All you have to do is provide your preferred bank account information for the deposit to go through.

Once you start your loan payments, be sure to make them on time each month. If you fail to do so, you’ll be charged a $15 late fee. You can also incur a separate $15 fee for unsuccessful payments. Best Egg reports payment to all three major credit bureaus, so timely payments will help build your credit score, but late or missed payments will hurt it.

For example, if you set up an automatic payment from your checking account and don’t have the funds available, you’ll be charged extra. Also, if you want to pay any other way besides an automatic electronic funds transfer, you’ll have to pay a $7 processing fee for each payment. That can add up quickly!

Best Egg Special Features

One unique perk with Best Egg is that you can take out two personal loans simultaneously. Of course, you must meet a few requirements, but it’s nice to know you have more financing options with a company you’re already familiar with.

Here’s what you’ll need to qualify. Your first loan must be at least six months old before you can apply for a second one. After that, the only other hard requirement is that the two Best Egg loans together may not exceed $50,000.

Best Egg's Website

Best Egg History

Best Egg issues personal loans in partnership with Cross River Bank, a New Jersey-based, FDIC-insured bank. In the three years since Best Egg opened its virtual doors, they have funded more than $3 billion in personal loans for a total of 200,000 customers. According to a recent survey of borrowers, 9 out of 10 clients reported being satisfied with Best Egg.

Best Egg Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

Best Egg has maintained an A+ rating with the Better Business Bureau (BBB). So, it’s safe to say that they have excellent customer service. You can find more Best Egg reviews at other review sites as well.

Who should take out a loan with Best Egg?

For starters, make sure you meet the income and credit score requirements. While most people do take out debt consolidation loans with Best Egg to pay off high-interest credit cards, it is by no means the only option available. There’s no sense in limiting your financing choices when you don’t need to.

Best Egg doesn’t perform a hard credit inquiry until you sign your loan agreement. That means that your credit score won’t be affected by your application, and there won’t even be an inquiry for the application. So if you’re looking to protect your credit score, Best Egg is a safe bet.

Before taking out a Best Egg loan, think about how you plan to pay your bill each month. Because the fee is so high for any method other than an automatic funds transfer, you should explore other options if the preferred method isn’t possible for you.

If you don’t use the automatic transfer, you’ll end up paying an additional $84 each year—that’s $420 over the course of a five-year loan. So, either get yourself set up to meet Best Egg’s preferred payment method or look around for other options.

Still Searching?

Check out our other personal loan reviews below to continue exploring your options.