Our Thoughts on Best Egg Personal Loans
MarketWatch Guides Rating: 3.8 out of 5 stars
Best Egg earned top marks for its fast funding time, with loans funded in as little as 24 hours. It was also comparable to other loan providers in terms of both borrowing threshold and repayment terms, including how long you’ll have to repay your debt.
Unfortunately, its highest advertised rate was above what some other providers offer, and the lender lost points for charging an origination fee when many competitors don’t. (Best Egg did not respond to request for comment.)
Best Egg’s high maximum annual percentage rate (APR) of 35.99% is likely due to the lender’s willingness to offer loans to borrowers with low credit scores. Those looking for an easier qualifying process or who wish to explore both secured and unsecured personal loan options should give Best Egg a look.
Pros and Cons of Best Egg Personal Loans
There are benefits and disadvantages of borrowing with Best Egg. Here are some of the pros and cons to consider.
Who Are Best Egg Personal Loans Best For?
Best Egg personal loans are a good option for borrowers who don’t have perfect credit. Not only does this lender look beyond credit score in determining loan approval, but it also offers secured loans. Secured loans use fixtures in your home as collateral, and they can be much easier to get approved for since there’s less risk for the lender.
Borrowers with strong credit credentials, on the other hand, may prefer a lender that does not charge an origination fee and has a lower starting APR.
How To Get a Best Egg Personal Loan
Best Egg’s three-step application process is straightforward:
- Research loan options: Get preapproved, learn more about Best Egg’s personal loan process or read customer reviews at their site.
- Apply online: Gather your financial information, including income and housing expenses, and enter it on Best Egg’s website.
- Review loan offers: The lender will reach out with offers, often within minutes. Review the terms and disclosures and accept an offer if it suits your needs.
To best prepare for the application process, there are several things to keep in mind.
Application Process
You have two options to start a loan application:
- Apply online by clicking the Apply Now button in the top right corner on Best Egg’s website.
- Contact customer service during operating hours to get support.
You will need to provide some basic information during the process, including your name, address, birth date, employment status and Social Security number. You will get personalized rate offers within minutes after a soft credit check and can decide whether to move forward.
Approval and Funding
Once approved, you may receive your funds the next business day following successful verification. Around half of all Best Egg customers get their funds within a day. The remaining borrowers generally receive their borrowed money directly deposited into their bank account within one to three business days.
Be sure to provide correct information when submitting your loan application so Best Egg can quickly verify your data and contact you if necessary.
Best Egg Personal Loans Reviews
Best Egg received an A+ rating from the Better Business Bureau (BBB) and earned an average of 4.87 out of 5 stars among reviewers on the BBB site. It earned a similar 4.9 out of 5 stars on ConsumerAffairs as well.
Reviewers commented frequently on the lender’s easy application process, praising the speed and simplicity of replying.
“Everything was done through Best Egg’s website, which was super easy. The way that it was all set up is very easy to understand. They ran my eligibility right there without no effect to my credit score, which was amazing. It was based off of my credit score and my accounts that I already had. I was able to get approved or denied right then and there. And they made their offer. They told me the APR and loan length. Once I got approved, I got my funds within two days, and I was good to go. Out of all the loan companies I’ve dealt with, they are the best.“
— Haley, El Centro, Calif., Aug, 1, 2023, ConsumerAffairs
Many reviewers were also pleased with the rates they received.
“I was trying to pay off a personal loan with an interest rate that was quite high. I reached out to Best Egg to see if they could improve upon the interest rate, and not only was the interest rate substantially lower, but it also lowered the payment. So, I was able to get out from a 29.5% loan to somewhere around 13%. The whole process took me less than 35 minutes. That was extraordinarily fast and easy. The lady I spoke to was very to the point and very explanatory about what the rate and payment would be.“
— Greg, Scottsdale, Ariz., March 31, 2023, ConsumerAffairs
However, other borrowers were frustrated by the application process.
“Best Egg seemed fast and easy to use but required so many documents only to not approve me. I would not have released all those important documents to them if they had made it clear that the loan was not approved. I feel they misrepresented the fact that it was a pre-approval process by making me give them my bank information as well as other confidential documents. I would definitely not recommend them if you are the type of person that doesn’t want their information floating around or only releases private documents when absolutely necessary. Very dissatisfied!”
— Maria R., Aug. 27, 2023, Better Business Bureau
Best Egg did not respond to a request for comment.
Eligibility Requirements for Best Egg Personal Loans
Best Egg has certain qualifying requirements borrowers must meet to be approved. The following are factors you should consider to increase your chances of securing a loan from this lender.
Credit Score and Financial History
Best Egg looks beyond your credit score when determining if you will be approved for a loan, so even borrowers with fair credit or poor credit may be eligible for loans. However, the most competitive rates are reserved for well-qualified borrowers. In fact, you would need an income of $100,000 or more per year and a 700 FICO score to be eligible for the lender’s lowest advertised rate.
Credit score and financial history are important to any lender, as your track record of on-time payments can help a lender assess your risk of default.
Income and Employment
Best Egg does not specify a minimum income for loan approval, although borrowers are required to have a verifiable personal checking account with a routing number. If you want to qualify for the lender’s lowest advertised rate, you would need an annual income of at least $100,000 per year.
Best Egg Personal Loans Usage Rules
Best Egg personal loans cannot be used to buy or carry securities, to cover postsecondary educational expenses or for illegal activities. Outside of these exclusions, they can generally be used for anything you’d like. The lender indicates loan funds are commonly used for the following:
- Debt consolidation
- Refinancing credit card debt
- Paying for home improvement projects, including upgrades or repairs
- Covering medical expenses
- Moving or relocation costs
- Vacations
- Paying taxes
- Financing other large purchases
Best Egg Personal Loans Fees and Penalties
There are certain costs associated with a Best Egg personal loan beyond the interest you pay each year. Here’s what you need to know about the lender’s fees.
Loan Origination Fees
Borrowers will pay an origination fee between 0.99% and 8.99% of the loan amount when borrowing. This is a one-time fee deducted from the loan balance before the remaining funds are deposited into your bank account. This fee does make borrowing with Best Egg more expensive, and many lenders do not charge an origination fee.
Early Repayment Penalties
Best Egg does not charge for early repayment of debt. You can pay off your loan on your desired schedule without worrying about incurring penalties for making extra monthly payments or paying your loan in full ahead of your planned date.
How Best Egg Compares to Other Lenders
Best Egg is just one of many personal loan lenders you can choose from if you want to borrow. Here’s how Best Egg stacks up against some other options.
LightStream is an alternative to Best Egg that is often a better fit for borrowers with solid financial credentials.
LightStream approves loans only for borrowers with good to excellent credit (typically 680 or above), while Best Egg offers more options for borrowers with lower scores. LightStream also charges no origination fees, and its Rate Beat Program ensures borrowers the lowest rate available. Further, its maximum borrowing limit of $100,000 is double what Best Egg offers.
SoFi also differs from Best Egg in important ways. SoFi charges no origination fees and provides loans up to $100,000, while Best Egg’s maximum borrowing limit is much lower at $50,000. SoFi also offers unique member benefits that Best Egg doesn’t provide, including assistance finding a new job if left unemployed as well as discounts on multiple loans and members-only financial workshops.
SoFi’s minimum borrowing limit of $5,000 is considerably higher than the minimum Best Egg puts forth, though, at $2,000. That said, while SoFi’s lowest advertised interest rate is comparable with Best Egg’s, SoFi’s maximum advertised rate is much lower, at 25.81%.
Sofi made our list of the best savings accounts of 2024.
Unlike Best Egg, PenFed is a credit union. Those who want to borrow would need to be a member of the credit union. Membership is available to those who open a savings account and make at least a $5 deposit. Best Egg doesn’t impose this added stipulation to borrowing.
PenFed does offer lower advertised rates than Best Egg, however. And the minimum qualifying credit score of 580 means PenFed is also open to borrowers with less-than-ideal credit.
The Bottom Line
Best Egg is a good option for many borrowers, but it is important to find a lender that caters to borrowers with your financial credentials.
While those without perfect credit may find Best Egg to be the right option, better-qualified borrowers may benefit from the larger loan limits and lower rates that competitors may offer.
How We Rate Best Egg Personal Loans
Our team put together a comprehensive 100-point rating system to evaluate personal loan companies. We gathered data points from 28 of the most prominent lenders in the U.S. and analyzed disclosures, licensing documents, sample loan agreements, marketing materials and websites. Our rating system takes into account four broad categories.
- Affordability (35%): How expensive each company’s loans are to pay back.
- Loan features (35%): The breadth of loan terms and features available to prospective customers.
- Customer experience (20%): Ease of application, prequalification and customer service interactions.
- Company reputation (10%): An exploration of lenders’ Better Business Bureau files, customer reviews and outstanding regulatory actions.
| Affordability | 22/35 |
| Loan features | 21/35 |
| Customer experience | 15/20 |
| Company reputation | 10/10 |
| Total | 68/100 |
Our top-rated lenders may not be the best fit for all borrowers. To learn more, read our full personal loans methodology.
Frequently Asked Questions About Best Egg Personal Loans
Best Egg looks beyond your credit score to consider your entire financial picture. This makes more options available to borrowers without excellent financial credentials. The lender also offers secured loans, which tend to be much easier to qualify for because the lender takes on less risk when you use assets as collateral.
Best Egg does not publish its minimum credit scores, but the lender does indicate that credit score is not the only qualifying factor it considers. This means more borrowers should be eligible than with a lender that requires good or excellent credit for approval. Best Egg’s secured loans also offer more borrowing opportunities to borrowers who do not have the best credit.
You can get a personalized rate offer within minutes from Best Egg, and around half of all borrowers get their funds the next business day. In some cases, it can take one to three business days for funds to be deposited into your bank account after loan verification.
Best Egg urges borrowers unable to make payments to connect with customer service through the Best Egg account portal. If you do not make payments and go into default, your entire loan balance will become due, and collections activities will be initiated. If you have a secured loan, Best Egg would have the right to repossess fixtures from your home.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have questions about this page, please reach out to our editors at editors@marketwatchguides.com.