Best Egg personal loans review

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

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:

1. Check your rate. Prequalify online with a soft credit check to view your offers.
2. Choose an offer. Review your loan offer(s) and choose the one with payments that suit your budget best.
3. Finish applying. Apply with a hard credit check and provide any requested documents.
4. Wait for funding. Once your application is completed and verified, you could have funds within one to three business days.
5. 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

Go to site

---

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

Go to site

---

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

Go to site

---

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

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.