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.
- 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
- 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.
Determine your potential monthly repayment with the calculator below:
Monthly repayments calculator
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|Loan terms (in years)|
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.
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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 customer reviews||4.9 out of 5 stars, based on 2015 customer reviews|
|BBB customer complaints||105|
|Trustpilot score||4.7 out of 5 stars, based on 5,536 customer reviews|
|Customer reviews verified as of||15 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?
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.
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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.
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.