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Best Egg personal loans review

Borrowers love this online lending platform, but watch out for high fees.

finder.com’s rating: 3.85 / 5.0

★★★★★

Bottom line: Customers leave rave reviews of this fast, low-cost personal loan. But it can be difficult to qualify if you work for yourself.

Details

Min. Loan Amount$2,000
Max. Loan Amount$50,000
APR5.99% to 29.99%
Interest Rate TypeFixed
Min. Credit Score600
Origination Fee0.99% to 6.99%
Late Fee$15
Loan Term3 to 5 years
Turnaround TimeAs few as 1 business day(s)
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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

Cons

  • High origination and late payment fees
  • Harder to qualify if you’re self-employed

Best Egg rates, fees and terms

Best Egg isn’t a fee-free experience. APRs range from 5.99% to 29.99%, and you may be required to pay an origination fee of 0.99% to 6.99% — which gets taken from your total loan amount before funds are disbursed.

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How Best Egg compares to other lenders

Here’s how Best Egg holds up to other low-interest personal loan providers for good-credit borrowers.

★★★★★


Finder Rating: 3.8 / 5

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Starting APR

6.99% to 19.99%

Loan term

36 to 72 months

Loan amount

$3,500 – $40,000

Min. credit score

Good to excellent credit

How to qualify

To apply for a loan from Best Egg, you must meet the following eligibility criteria:

  • Must have a 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 also considers your credit score history, debt-to-income (DTI) ratio and other information you provide in your loan application.

Best Egg reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.9 out of 5 stars, based on 2015 customer reviews
BBB customer complaints105
Trustpilot score4.7 out of 5 stars, based on 5,536 customer reviews
Customer reviews verified as of15 July 2021

Best Egg has overwhelmingly positive online reviews. Borrowers love how fast and simple the application process is, though a handful report trouble accessing their online account or getting through to customer service.

A few customers report problems with unauthorized ACH withdrawals, and at least one claims they were accidentally charged the wrong interest rate. But Best Egg has worked to resolve its customer complaints filed with the BBB. On top of this, it gave personalized responses to comments on both its BBB page and Trustpilot, an indicator of strong customer service.

How the application works

You can apply by filling out a form on Best Egg’s website. After you submit your application, Best Egg will process it and notify you of an approval decision within a few minutes.

If you’re approved, you’ll be able to confirm the information about yourself and sign your loan documents. You may receive your loan funds within one to two business days.

You can repay your loan by setting up an electronic funds transfer, through Best Egg’s website, by mail or even through Western Union. Electronic funds transfers come with an autopay option, which can help you avoid missing a repayment. Best Egg charges a $15 late fee.

What sets Best Egg apart?

Best Egg’s low rates and simple application make it a competitive choice, even compared to bank loans. But you’ll need to have a 700 credit score or higher to qualify for the lowest APR. Its fees are also higher than what you might find with similar online lenders — you can even some that don’t charge fees at all.

Is Best Egg legit?

Yes, 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.

Frequently asked questions

Get answers to common questions about Best Egg personal loans.

I got a preapproval letter in the mail. Why doesn’t Best Egg have rates listed for me?

To give you an idea of your rates, Best Egg needs to see current information like your employment history. Since a preapproval offer is based off of a soft credit check, you’ll need to submit more information to see your rates.

Does Best Egg report to the credit bureaus?

Yes, it reports to Experian and TransUnion. This means that making on-time repayments can improve your credit rating — and late repayments can cause your score to drop.

My application was denied. What do I do?

First, you should find out what went wrong with your application. Best Egg doesn’t have many specific requirements, but it still considers several factors during the application process. Try to take steps to improve the areas where you fell short, like improving your credit score or paying off some debts to lower your debt-to-income ratio.

Does Best Egg do a hard credit check?

It does, but not until after you prequalify for a loan. When you submit your application, Best Egg first does a soft credit inquiry, which won’t affect your score.

Is Best Egg a direct lender?

Yes, Best Egg is an online lending platform that works with Cross River Bank to offer personal loans.

See other personal loan options

Use this table to compare Best Egg to more personal loan providers available to you.

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
Varies
700
$20,000 – $200,000
A highly-rated lender with quick turnaround and reliable customer service.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
5.99% to 17.99%
650
$600 – $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
4.99% to 19.63%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Monevo personal loans
1.99% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Tally+ Express
7.9% to 29.99%
660
$2,000 – $30,000

Only available for Line of Credit and Debt consolidation

Upgrade personal loans
5.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Upstart personal loans
6.86% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
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Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Best Egg is a good fit for borrowers looking to work with a company with stellar customer reviews. It has high ratings on both the Better Business Bureau (BBB) and Trustpilot — and many customers praise its streamlined application process.

But while its rates aren’t the highest out there, it’s not the cheapest option, either. You may be on the hook for a steep origination fee. Also, self-employed borrowers may also struggle to qualify.

Not sure Best Egg is right for you? Compare other personal loan options.

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4 Comments

    Default Gravatar
    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

      Avatarfinder Customer Care
      Maria
      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

    Default Gravatar
    Debbie
    April 12, 2017

    Does Best Egg report to all 3 credit bureau and if so how often do they report?

      Avatarfinder Customer Care
      Harold
      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

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