If you’re in need of fast funds, Best Egg could save the day. This lender promises to deliver a personal loan to your bank account as soon as one day after you apply. Whether you’re looking to consolidate debt or make a big purchase, Best Egg offers a secure, easy way to take out a personal loan in minutes.
Read on to learn why more than 200,000 people have chosen to borrow through Best Egg.
Most Best Egg reviews praise the company
Since it started in 2014, Best Egg has funded over $3 billion in personal loans. For the most part, customers have excellent feedback about their experience with Best Egg.
Over 550 Best Egg reviews on Consumer Affairs gave the company a five-star rating, and the company has an A+ rating with the Better Business Bureau. So why do customers like Best Egg so much? Here are some of the main pros, according to Best Egg loan reviews.
- Fast, easy application process. Best Egg has a clear, user-friendly website and a fast personal loan application process. You can log back into your Best Egg account at any time to check on your application or manage your loan.
- What you see is what you get. Best Egg is upfront about its loan terms and fees. You don’t have to worry about the fine print — there really isn’t any.
- You can use the personal loan for just about anything. Although Best Egg focuses on debt consolidation, you can also take out a personal loan for home improvement, travel, or any other major expense.
- Fixed interest rates and monthly payments. All of Best Egg’s personal loans have fixed rates, so you have a clear sense of the costs of borrowing right off the bat.
- You don’t need to put up collateral. Best Egg’s personal loans are all unsecured.
- You can check your rates with no impact on your credit score. After you fill out a few pieces of basic information, Best Egg will run a soft credit check to bring you loan offers. It will only run a hard credit check after you select a loan and finalize your application.
- You can get funds in as little as one day. Assuming all the verification checks go through, you could get money in your bank account just one day after you apply.
- It’s easy to make extra payments with no fee. Best Egg never charges a fee for prepayment, so you can pay off the loan ahead of schedule.
Some Best Egg loan reviews also reveal a few cons
Not every company is perfect, and Best Egg loan reviews also reveal a few drawbacks. Here are a few cons of borrowing with Best Egg.
- Loans have a 0.99 to 5.99 percent origination fee. Best Egg charges a fee to process the loan. Let’s say you take out $25,000: A 0.99 percent origination fee is $248, and a 5.99 percent fee is $1,498. Some lenders don’t charge any origination fee for personal loans.
- There’s no clear cutoff for credit score or income. Although Best Egg states that your credit history and income are important factors in approving you for a loan, it doesn’t share what you need to qualify.
- You can’t get a repayment term longer than five years. Best Egg sets repayment terms between three and five years, so you must be able to pay off the loan within that period.
- Best Egg doesn’t offer any APR discounts. Some lenders will reduce your rates if you sign up for autopay or make a qualifying purchase. Best Egg doesn’t offer any rate cuts.
- Alternative payment methods come with a fee. If you want to pay by mail, rather than online autopay, Best Egg might charge a $7 processing fee.
As with most lenders, there are pros and cons to borrowing with Best Egg. Overall, Best Egg is a reputable, secure lender with competitive interest rates and fees. Plus, its fast rate quote gives you the chance to compare offers from other lenders to find the right loan for you.
Best Egg products
Best Egg is primarily a personal loan lender. You can take out a loan to pay for just about anything, including:
- Credit card refinancing
- Debt consolidation
- Personal loan refinancing
- Home improvement
- Moving or relocation
- Medical expenses
The company encourages customers to use a personal loan to consolidate and pay off high-interest debt. For instance, you might have credit card debt with a 15.00% interest rate. You could take out a personal loan to pay off that debt, then pay back the personal loan with an interest rate as low as 5.99%.
By refinancing high-interest debt with a lower-interest personal loan, you could get out of debt faster. Then, you could focus your attention on building your nest egg for retirement.
Using the Best Egg online platform
Are you curious what kind of Best Egg loan you could qualify for? It’s easy to find out with the company’s online application. Just head to the Best Egg website and click on “Apply Now.”
After entering your email, you’ll head to the first page of the loan application. It asks for a few basic pieces of information, such as the loan amount, loan purpose, and your address. You’ll also enter a password so you can sign back into your account later.
On the second page, you’ll indicate your employment status, gross income, and household income. You’ll also provide your housing payment and whether you’ve taken any credit card cash advances in the past six months.
This page also asks for your Social Security number. Remember, you don’t have to worry about a hard credit check at this point. Best Egg will run a soft credit check to verify your information and show you loan offers.
After you fill out this second page of the application, you’ll get to see your loan offers. APRs might vary based on the repayment term you choose, along with other factors.
Once you see your loan offers, you can choose one that appeals to you. You’re under no obligation to choose a loan at this point. If you do decide to proceed, you’ll provide a few more pieces of information and consent to a hard credit check.
Assuming everything goes through, you could have the funds in your account within the day. You can also set up autopay so you can start making fee-free monthly payments toward your personal loan.
Interest rates and fees on a Best Egg personal loan
As you read above, all interest rates and monthly payments on a Best Egg personal loan are fixed. They vary based on the loan amount and repayment term.
You can take out between $2,000 and $35,000 and choose a repayment term between three and five years. Some states have their own requirements — in Massachusetts, for instance, you must borrow a minimum of $6,000.
APRs on a Best Egg personal loan range between 5.99 and 29.99%. Origination fees to process the loan range between 0.99 and 5.99% of the principal.
Online autopay is free, but Best Egg might charge a $7 processing fee for alternative payment methods, such as a check or Western Payment Quick Collect. Best Egg also charges a $15 fee for late payments.
Best Egg eligibility requirements
To qualify for a Best Egg personal loan, you must meet a few basic eligibility requirements:
- You’re a U.S. citizen or permanent resident.
- You’re at least 18 years old. If you’re a resident of Alabama or Nebraska, you must be at least 19 years old.
- You have a verifiable bank account.
In addition to these requirements, Best Egg considers your income and credit history when reviewing your loan application. According to the company, it looks at these factors:
- Information on your loan application
- Information provided by the major credit bureaus
- Your credit score
- Your income and debt-to-income ratio
Although Best Egg doesn’t publicize specific minimums, you likely need a strong credit score. All of Best Egg’s personal loans are unsecured, so you need to show a solid history of debt repayment, as well as sufficient income, to qualify.
Contact Best Egg’s customer service
If you have questions about a Best Egg personal loan — or simply want to share your own Best Egg reviews — you can call customer service at 1-855-282-6353 or send secure messages through your online account.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|5.99% – 24.99%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|