Best Egg personal loans review
- Max. Loan Amount
- $50,000
- APR
- 8.99% to 35.99%
- Min. credit score
- 600
Our verdict
A highly-rated lending platform for fair to excellent credit borrowers, but origination fees apply.
Best Egg offers personal loans to borrowers with fair to excellent credit. It’s known for great customer service, but its best rates go to customers with credit scores over 700, and it charges an origination fee. If you have good to excellent credit, you may want to consider a lender that doesn’t charge this fee. But for those who don’t qualify for a no-fee loan, Best Egg is definitely worthy of consideration.
Best for: Borrowers with fair to good credit.
Pros
-
Prequalify in minutes with a soft credit check
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Offers both secured and unsecured loans
-
Discounts may be available on certain loan types
-
Multiple repayment methods, including Western Union Quick Collect
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Stellar customer reviews from Trustpilot and the BBB
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No prepayment penalties
Cons
-
Charges an origination fee
-
Harder to qualify if you're self-employed
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Loan maximums vary by state
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Not available in all states
Details
Product details
Min. Loan Amount | $2,000 |
Loan Amount | $50,000 |
APR | 8.99% to 35.99% |
Interest Rate Type | Fixed |
Min. credit score | 600 |
Origination Fee | 0.99% to 8.99% |
Late Fee | $15 |
Loan term | 3 to 5 years |
Turnaround Time | As soon as one business day |
Contact info
Phone number | (855) 282-6353 |
Customer service hours | Monday - Thursday 8 A.M.–10 P.M. Friday 8 A.M.–8 P.M. Saturday 9 A.M.–1 P.M. Sunday Closed |
@MyBestEgg | |
@MyBestEgg |
What makes Best Egg shine?
Best Egg is a lender best known for its customer service, quick application process and fast funding – often within one business day. Borrowers with fair to excellent can prequalify online with a soft credit check only and get offers in minutes, with no obligation
It offers both unsecured and secured loans up to $50,000. And by choosing a secured loan, like its home improvement loan, you could get a 20% discount off its typical rates. For those looking to reduce credit card and other personal debt, it offers a direct payment option on its debt consolidation loan, which may also snag you a lower rate.
Best Egg also gets exceptionally high customer reviews on the Better Business Bureau website – which is unusual for a financial services company. It was named “Best Lending Solution” in the 2023 Benzinga Global Fintech Awards and has won other awards in the past for its customer service.
Where Best Egg falls short
Best Egg’s main drawback is its origination fee. Even if you have excellent credit, you’ll still be on the hook for paying an origination fee which gets deducted from your loan amount. For example, if you qualify for a $10,000 loan with a 0.99% origination fee, you’ll receive around $9,900 – but still pay interest on the full $10,000. If you have good to excellent credit, you could get a better deal elsewhere.
Best Egg loan details
Minimum credit score/credit range | 600 |
APR | 8.99% to 35.99% |
Loan amounts | $2,000 to $50,000 |
Terms | 3 to 5 years |
Approval turnaround | As soon as one business day |
Availability | Not available in: Iowa, Vermont, West Virginia |
Fees |
|
Other fees | Not stated |
How to qualify for Best Egg
While Best Egg doesn’t specifically state what its minimum credit score requirement is, you’ll likely need a credit score of 600 or higher. You’ll also need meet the following criteria:
- Be a US citizen or permanent resident currently living in the US
- Be of legal age to accept a loan in the state in which you live
- Have a verifiable personal checking account
- Have a valid email address
- Have a physical address
In addition to these requirements, you’ll also need to provide proof of income and other documentation as needed.
How to apply
Best Egg is known for its fast application process. Here are the steps to get started:
- Check your rate. Prequalify online with a soft credit check to view your offers.
- Choose an offer. Review your loan offer(s) and choose the one with payments that suit your budget best.
- Finish applying. Apply with a hard credit check and provide any requested documents.
- Wait for funding. Once your application is completed and verified, you could have funds within one to three business days.
- Follow your repayment plan. Make monthly payments over three to five years. You can also pay your Best Egg loan off early with no penalty to save on interest.
How Best Egg compares to other lenders
Best Egg personal loans
★★★★★
Finder rating 3.8 / 5
APR
8.99% to 35.99%
Loan term
3 to 5 years
Loan amount
$2,000 to $50,000
Min. credit score
600
LightStream personal loans
★★★★★
Finder rating 4.8 / 5
APR
7.49% to 25.99%
Loan term
24 to 144 months
Loan amount
$5,000 to $100,000
Min. credit score
Good to excellent credit
PenFed Credit Union personal loans
★★★★★
Finder rating 3.6 / 5
APR
7.99% to 18%
Loan term
1 to 5 years
Loan amount
$600 to $50,000
Min. credit score
580
Best Egg reviews and complaints
BBB accredited | Yes |
---|---|
BBB rating | A+ |
BBB customer reviews | 4.87 out of 5 stars, based on 2696 customer reviews |
Trustpilot Score | 4.6 out of 5 stars, based on 8,544 customer reviews |
Customer reviews verified as of | 03 January 2024 |
Best Egg has been accredited with the Better Business Bureau (BBB) since 2014, and has an A+ rating business rate for how it handled customer complaints. Best Egg also has an exceptionally high star rating for customer reviews. This is impressive, since the majority of BBB reviews for financial services companies are from customers leaving complaints – not praises.
Best Egg is also highly rated on Trustpilot, with the majority of customers rating the company as “excellent.” Satisfied customers mention great customer service, fast funding and affordable payments. Less happy customers mention poor communication and frustrations getting preapproved and later being denied.
Is Best Egg legit?
Best Egg is a legit lending platform. It offers loans through its partners, Cross River Bank and Blue Ridge Bank. It has an encrypted website and an industry-standard privacy policy that covers how your information is collected and used.
It has funded over $15 billion to its customers through more than 1.1 million loans to date. It also offers multiple ways to contact customer service — including phone, email, Facebook and Twitter.
Frequently asked questions
Is it hard to get a loan with Best Egg?
While Best Egg doesn’t have a stated minimum credit score requirement, online sources suggest it’s around 600 or higher. However, you can always prequalify with Best Egg – regardless of your credit score – without dinging your credit.
How long does Best Egg take to approve a loan?
Best Egg offers prequalification in minutes. Once your application is complete, funds could be available as soon as the next business day, or up to three days in some cases.
What rate discounts does Best Egg offer?
Best Egg states that you may be able to get a better rate with a debt consolidation loan or a home improvement loan. It’s not clear if it offers an autopay discount, so be sure to ask when setting up your loan.
Is Best Egg a direct lender?
No. Best Egg is a lending platform that offers personal loans through its bank partners, Cross River Bank and Blue Ridge Bank.
Can Best Egg pay off my creditors directly?
Yes, Best Egg can pay your creditors directly. This can save you the effort of having to send funds out of your bank account.
How do I contact Best Egg?
You can contact Best Egg by calling (855) 282-6353 Monday to Thursday, 8 a.m. to 10 p.m. ET, Friday 8 a.m. to 8.p.m. ET, and on Saturday from 9 a.m. to 6 p.m. ET. You can also send an email to loan_assistance@bestegg.com.
Your reviews
Bethany Finder
Writer, Banking and Loans
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mariaghan Finder
August 14, 2017
Hi Ellen,
As a friendly reminder, we do not represent Best Egg or any of the companies that we feature on our pages.
You may want to contact Best Egg directly should you want to apply for a loan with them.
For other options, you may check our page on Personal Loans.
Cheers!
Maria
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Debbie
April 12, 2017
Does Best Egg report to all 3 credit bureau and if so how often do they report?
Harold Finder
July 09, 2017
Hi Debbie,
Thank you for your inquiry.
While we do not represent any company that we feature on our pages, we can offer you general advice. With regard to this matter, you may want to try to clarify this directly with the lender. Meanwhile, please read more about how you can request your credit score to know more about your creditworthiness.
I hope this information has helped.
Cheers,
Harold
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Ellen
August 14, 2017
I am looking for a loan for $4500. I have fair credit. I have been turned down before for a loan but if granted the $4500 loan it will be paid back to you within the month