April 10, 2021 4:00 PM PT

Best Egg Personal Loan Review

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Best Egg has personal loans starting at just $2,000. You need good (or great) credit, but Best Egg has a lot to offer if you qualify.

Best Egg Promotions
Personal Loans

Overall Score

3.5

Eligibility

3.0

Fees

3.5

Interest Rates

4.0
5-point scale (the higher, the better)

Pros and Cons

  • No collateral required
  • Decent rates for fair to good credit
  • Quick application process
  • Only two terms available
  • Won't pay creditors directly
  • Not good for low credit

Bottom Line

Unsecured personal loans with lower rates for fair-to-good credit borrowers

Need money in a pinch? Best Egg offers personal loans in as little as 1 business day.

But does their fast turnaround come with higher interest rates?

Find out if Best Egg is a good pick for your personal loan in this review. Plus, review the minimum required credit score and which services they don't offer.

What Is Best Egg?

Best Egg is an online personal loan lender. They offer unsecured personal loans from $2,000 - $35,000 to borrowers with fair to good credit.

Borrowers take out loans from Best Egg for various reasons, including home improvement, debt consolidation, travel, and major purchases.

Keep in mind: Best Egg loans cannot be used for post-secondary educational expenses, purchasing or carrying any securities, or illegal activity.

How Best Egg Works

Best Egg provides personal loans based on your credit, income, and debt load. They offer loans up to $35,000, but the amount you can borrow (and your term) depends on your qualifications.

Best Egg only offers loans for 3 to 5-year terms. The shorter the term, the higher the payment, but the less risk you pose to Best Egg.

Make sure you can afford the higher payment before taking it on, though. It's tempting to take the shorter term to get the attractive APR, but your principal payments are higher on shorter-term loans.

Once you complete the application process and receive approval, Best Egg processes and funds loans fast. Some borrowers receive funds as soon as the next day, but Best Egg says, on average, loans fund within two to three business days.

How long does Best Egg take to approve a loan? After you finish the online application, Best Egg will either approve or deny you within a few minutes. If they approve you, you'll receive a few offers to choose from and can get funded within just 1 business day.

Who Is Best Egg Good For?

Best Egg is best for borrowers with good-to-excellent credit who want money quickly.

They save their best rates (5.99% APR) for applicants with a 700+ FICO score and at least $100,000 annual income.

Best Egg requires a minimum score of 640. However, some applicants with scores as low as 550 have been approved (with much higher rates.)

Keep in mind, if you need the loan for debt consolidation, Best Egg won't pay your creditors directly - the responsibility falls on you. Only choose this option if you can trust yourself to pay the debts off yourself.

Who Isn't Best Egg Good For?

If your credit score is lower than 620, or you have a low income, Best Egg may not be a good option. They'll charge you higher origination fees, higher interest rates, and give you a lower loan amount.

If you want a lender to pay off your creditors directly, you'll have to look elsewhere since Best Egg doesn't offer that feature.

How to Apply for a Best Egg Personal Loan

Best Egg has one of the fastest application processes of all personal loan lenders. You complete the application online and get an answer almost instantly.

  1. First, fill out the application online. It asks about your income, debts, and assets. You'll disclose your gross annual income, current debt payments, current housing payment, and home type.

  2. Best Egg will then ask what loan amount you need, comparing it to your personal or household income and current debts.

  3. When you check your rate, they do a soft credit check. This doesn't hurt your credit score or show up as an inquiry on your credit report.

  4. If you qualify for a loan, Best Egg will usually offer both a 36-month and 60-month loan to choose from.

  5. Once you choose, Best Egg will proceed with a hard credit pull (this shows up as an inquiry on your credit report). They also ask for checking account information to send the funds.

Some borrowers will need to upload proof of their qualifications and/or income before finalizing your approval.

Who Is Eligible for a Best Egg Personal Loan?

Best Egg has flexible guidelines, but they reserve the best rates and terms for borrowers with great credit.

In general, you must meet the following to qualify:

  • Be a U.S. citizen or permanent resident
  • Be at least 18 years old
  • Have a valid checking account

Best Egg also looks at your credit history - not just your credit score. They want at least a 3-year credit history and three open accounts when applying for the personal loan. If you only have three accounts open, they must all have a positive payment history (no late payments).

Best Egg will not approve loans for anyone with a previous bankruptcy or tax lien. They also won't work with anyone currently in credit counseling. Review their application requirements before applying.

What Are the Fees and Penalties

Best Egg charges an origination fee on every loan, which is a percentage of your loan amount. Best credit customers get the lowest origination fee of 0.99%, and the riskier borrowers pay as much as 5.99% - borrowers who take a 60-month term pay at least 4.99% on an origination fee.

Origination fees come off the top of your loan proceeds. For example, if you borrow $10,000 and have a 4.99% origination fee, you'd receive net proceeds of $9,501.

Other Best Egg fees include:

  • Late payment fee: $15 if you don't pay within the 3-day grace period of your due date
  • Returned payment fee: $15 if your money does not get processed due to returned checks or insufficient funds

Pros & Cons

Like all lenders, there are good and bad sides to the Best Egg personal loan.

Pros

  • Simple application process with answers in minutes
  • Fast funding, with funds arriving as soon as three business days, but usually earlier
  • Decent rates for fair credit and great rates for good credit
  • No collateral is necessary to secure a loan

Cons

  • The origination fee decreases your loan proceeds
  • Best Egg doesn't discount your rate if you opt into auto-pay
  • You have only two terms to choose from
  • Best Egg won't pay your lenders directly for debt consolidation

How Does Best Egg Compare to Other Personal Loans?

You have many options when shopping for an unsecured personal loan. Here's how Best Egg compares to the top personal loan lenders.

SoFi
SoFi offers personal loans up to $100,000 and requires a 680 credit score. SoFi is best known for its no-fee loans, including no origination fee and no late fees. They offer repayment terms of 24 months to 84 months, giving you a few more options when choosing the right loan.

Upstart
Upstart is a better option for borrowers with low credit scores but who have great earning potential. Upstart looks not only at your current financial situation but at what your future holds.

Like Best Egg, Upstart doesn't offer a rate reduction for auto-pay, but they will pay your creditors directly if you need debt consolidation. Borrowers have two term options (3 and 5 years) and loan amounts of $1,000 - $5,000.

Lending Club
Lending Club allows co-signers, which is rare in the personal lending industry. This makes it easier for borrowers with less than perfect credit to qualify for a loan. Lending Club's APRs start higher than Best Egg, and they lend $1,000 - $40,000 on a minimum 600 credit score.

Lending Club charges origination fees and late fees, but is a great option for borrowers trying to build credit.

Bottom Line

Best Egg can be a good option for borrowers with great credit or those looking for fast funding. As we mentioned in our Best Egg personal loan review, watch out for the origination fees, and don't expect Best Egg to pay off your creditors for you.

If you meet the minimum credit score requirements, have at least three tradelines, and need money fast, Best Egg may be a good option as you shop around for the best personal loan.

Write to Sam Hawrylack at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Read Next:

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