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Best Egg personal loans review
Borrowers love this online lending platform, but fees are on the higher end.
finder.com’s rating: 3.85 / 5.0
★★★★★
Bottom line: Customers leave rave reviews of this fast, low-interest personal loan. But it can be difficult to qualify if your credit score is less than perfect.
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$50,000
Max. Loan Amount
8.99% to 35.99%
APR
600
Minimum credit score
Details
| Min. Loan Amount | $2,000 |
|---|---|
| Max. Loan Amount | $50,000 |
| APR | 8.99% to 35.99% |
| Interest Rate Type | Fixed |
| Minimum credit score | 600 |
| Origination Fee | 0.99% to 8.99% |
| Late Fee | $15 |
| Loan term | 3 to 5 years |
| Turnaround Time | 1 to 2 business days |
Pros
- Loan amounts up to $50,000
- Stellar customer reviews from Trustpilot and the BBB
- Multiple repayment methods, including Western Union Quick Collect
- Available in most US states
- Ranked #1 loan company in 2021
Cons
- High origination and late payment fees
- Harder to qualify if you’re self-employed
- Not available in IA, DC, VT, WV, PR, or GU
Our take on Best Egg
Best Egg is an online lending platform that works with Cross River Bank to offer personal loans.
Best Egg’s low rates and simple application make it a competitive choice — but you’ll need to have a 700 credit score or higher to qualify for the lowest APR. Applicants also need a credit score above 600 to be considered.
Aside from personal loans, Best Egg has other products including debt consolidation and credit card refinancing.
In 2021, Best Egg was named the “#1 Consumer’s Choice for Personal Loans,” based on over 13,000 reviews. Best Egg has stellar reviews on third-party platforms as well.
Best Egg rates, fees and terms
Best Egg isn’t a fee-free experience. APRs range from 8.99% to 35.99%, and you may be required to pay an origination fee of 0.99% to 8.99% — which gets taken from your total loan amount before funds are disbursed. Just like with other lenders, the rates you’re offered depend on your credit score and loan terms.
How Best Egg compares to other lenders
Best Egg has great reviews, but its not your only option. Compare Best Egg to other lenders and lending marketplaces.
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Best Egg reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.88 out of 5 stars, based on 2149 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 7,188 customer reviews |
| Customer reviews verified as of | 15 August 2022 |
Best Egg has been accredited with the Better Business Bureau (BBB) since 2014. It has a A+ rating, meaning the BBB believes it meets or exceeds expectations in rating standards. Shockingly, Best Egg also has a 4.88-star rating for customer reviews. This is particularly impressive, since the majority of BBB reviews for other lenders or lending marketplaces are notoriously low. Typically, people go to the BBB to complain, not to praise.
Best Egg is currently holding a 4.6-star rating on Trustpilot — also high for the industry. Only 4% of the reviews are one-star. Common complaints revolve around poor communication and frustrations with getting a pre-approval then later being denied. However, the majority of reviews (86%) are 5-star, citing a user-friendly experience with knowledgeable staff, easy application and quick turnaround times.
How to qualify
To apply for a loan from Best Egg, you must meet the following eligibility criteria:
- Credit score of 600 or higher
- Be a US citizen or permanent resident
- Must not reside in IA, DC, VT, WV, PR, or GU
Best Egg needs to see current information like your employment history. Since a pre-approval offer is based on a soft credit check, you’ll need to submit more information to see your rates. A soft credit check doesn’t affect your credit score, but if you move forward with a full application after the pre-approval, expect a hard credit pull that can impact your score.
Best Egg doesn’t have many specific requirements aside from what’s listed above, but it still considers several factors during the application process.
How the application works
Apply by filling out a form on Best Egg’s website. After you submit your application, Best Egg processes it and notifies you of an approval decision within a few minutes.
If you’re pre-approved, you can confirm the information about yourself and sign your loan documents. You may receive your loan funds within one to two business days.
Set up an electronic funds transfer through Best Egg’s website, by mail or even through Western Union to make your repayments. Electronic funds transfers come with an autopay option, which can help you avoid missing a repayment. Best Egg charges a $15 late fee.
Is Best Egg legit?
Best Egg is a legit lender. It has an encrypted website and an industry-standard privacy policy that covers how your information is collected and used.
But while it has multiple ways to contact customer service — including Facebook and Twitter — it doesn’t have a customer service email listed. You’ll either have to call or reach out through social media for questions or help with your account.
On the fence about Best Egg? Compare more personal loan options or read our guide to sites like Best Egg to find a lender that better suits your needs.
Ask an expert
4 Comments
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
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
April 12, 2017
Does Best Egg report to all 3 credit bureau and if so how often do they report?
July 9, 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