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Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.
Best Egg Pros
Best Egg Cons
Types of Personal Loans Offered by Best Egg
A Best Egg personal loan can be used to help achieve life goals like making improvements to your home, going on a vacation, or welcoming a new member to your family. You can also use a Best Egg personal loan to improve your overall financial situation by consolidating your debt or refinancing credit cards.
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Common loan uses |
Prohibited uses |
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Debt consolidation |
Post-secondary educational expenses |
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Credit card refinancing |
Purchasing or carrying any securities |
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Home improvements |
Illegal activity |
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Moving and relocation expenses |
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Vacation |
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Special occasions |
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Baby and adoption |
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Other major purchases |
Best Egg Loan Features
The terms you can get for a Best Egg personal loan will
depend on the loan amount and financial factors such as your income, credit
score, credit history, and other debt obligations.
Available loan amounts range from $2,000 to $50,000 depending on which state you live in. Residents of Massachusetts, New Mexico, Ohio, and Georgia have higher minimum loan requirements. You can take out two loans at once although the total balance can’t be more than $50,000.
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Loan terms |
36 months to 60 months |
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Repayment period |
Varies |
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Loan amount |
$2,000 to $50,000 |
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Loan use limitations |
Multiple loan types offered |
Best Egg Interest Rates and Fees
Annual percentage rates (APRs) for Best Egg personal loans vary, depending on the borrower. The lender does charge origination, returned payment, and late payment fees.
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Borrowing/origination fees |
0.99% to 8.99% |
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Prepayment fees |
None |
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Late payment fees |
$15 |
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Other fees |
$15 returned payment fee |
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Interest rates |
5.99% to 35.99% |
Best Egg Qualification Requirements
Borrowers must meet a number of specifications to qualify for a personal loan with Best Egg. In addition to citizenship and age requirements, borrowers who want to qualify for the lender’s lowest APR must have an annual income of at least $100,000 and a minimum FICO score of 640.
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Membership requirement |
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Minimum credit score |
640 |
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Income requirements |
None |
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Co-signer/joint application requirements |
Co-signers and joint applications not allowed |
Best Egg Application Process
1. Submit your email address and then select the purpose of
the loan and the amount of money you need to borrow.
2. In the second and third steps, Best Egg asks for
information including your name, date of birth, address, and phone number.
3. In the fourth step, you will be asked about your
employment status. You must indicate who you work for and how long you have
worked in your occupation.
If you are self-employed, Best Egg might invite you to apply
with their business financing partner, OnDeck, but you have the option to
decline and continue with your Best Egg personal loan application.
4. Next, Best Egg asks for your individual and household
income and what kind of bank accounts you have. If you have income from other
sources, such as alimony or child support, you can disclose this information
but it is not a requirement.
If your application is approved, funds will be deposited
into your account in one to three business days. Approximately half of Best Egg
borrowers will receive their money the next day.
Best Egg Customer Support
Best Egg personal loan borrowers have various customer
support options :
- Call 1-855-282-6353. Agents are available Monday through
Thursday from 8:00 am to 10:00 pm ET, Friday 8:00 am to 8:00 pm ET, and
Saturday 9:00 am to 6:00pm ET.
- Live chat through the Best Egg Account Portal.
- Email Loan_assistance@mybestegg.com.
The Best Egg Help Center has answers to frequently asked
questions. The Best Egg website also offers personal loan guides and general
information.
Many customer reviews talk about Best Egg’s helpful customer
service and fast turn-around times. One reviewer on Trustpilot states:
- “Looking forward to a long lasting financial relationship
with Best Egg. Great customer service.” - Clint & Moore Ent, Feb 27, 2022
Another recent reviewer reports:
- “Overall the process was quick smooth and satisfying. Even
customer service was knowledgeable and informative. I give two tumps[sic] up.
Thank you guys so much for the opportunity you were able to provide to me and
my family.” - Nikky, Feb 11, 2022
Best Egg Online Reviews
Based on online reviews, it seems the majority of people who
get a personal loan from Best Egg have a positive experience. Best Egg has an
average rating of 4.6/5 stars on Trustpilot based on more than 7,000 reviews.
They have an A+ rating from the Better Business Bureau (BBB) with 4.87/5 stars
based on over 2,000 reviews.
Customers are very happy with how easy the application
process is and how quickly the funds are deposited into their bank account.
Many are thankful that they can pay off or consolidate debt and get themselves
into a better financial situation.
Customers report satisfaction with the competitive interest
rates that Best Egg offers for their personal loans. In many instances, people
share specific stories of how the funds they received from Best Egg helped them
out of a financially tight situation. They used their personal loans to pay
rent, get out of debt, or catch up on late payments.
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The positive reviews are related to |
The negative reviews are related to |
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Quick and easy application process |
Unexpected fees |
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Funds deposited quickly |
Being denied after receiving a pre-approval letter |
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Affordable rates |
Best Egg Perks and Bonuses
Flexibility:
Best Egg offers some flexibility. However, there are
limitations that come with this lender’s personal loans. For example, the
lender does not currently allow borrowers to refinance existing loans. Although
Best Egg is not offering any rewards or discounts for their personal loans at
this time, they do offer payment assistance programs that can include deferring
your payment or temporarily reducing your monthly payment or interest rate.
Transparency:
Best Egg’s website looks professional. It is free of sales
gimmicks and pop-up ads. They provide information in their online Help Center
and FAQs page.Some specific loan term details are listed at the bottom of their
site in fine print.
While Best Egg is BBB accredited, their lending partners are
not. There were 149 customer complaints against Best Egg on the BBB site in the
last three years that have been closed, and 81 complaints have been closed in
the last 12 months.
Customers can login to Best Egg’s Customer Service website
to view their statements and loan progress. The lender does not currently have
a mobile app for managing personal loans. You can pay your loan payments
online, by phone, or by text. In addition, you have the option to sign up for
autopay. Keep in mind, there is no discount for signing up for autopayments.
Best Egg Compared to Other Lenders
There are other online lenders with different loan terms,
loan amounts, interest rates, minimum credit scores, and co-signer
requirements. You can compare these to Best Egg’s personal loan offers.
|
Lender |
Best Egg |
SoFi |
Upstart |
|
Loan Terms |
3 to 5 years |
2 to 7 years |
3 or 5 years |
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Loan Amount |
$2,000 to $50,000 |
$5,000 to $100,000 |
$1,000 to $50,000. Minimum loan amounts vary by state |
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Interest rates |
5.99% to 35.99% |
7.99% to 23.43% |
5.42% to 35.99% |
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Min. credit score |
640 |
680 |
300 |
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Co-signer requirement |
Not offered |
Not offered |
Not offered |
Final Thoughts
Best Egg offers personal loans for various purposes, such as
debt consolidation, major purchases, hospital expenses after giving birth,
adoption fees, home improvement projects, and credit card refinancing, among
others. These loan products can be obtained relatively quickly, and Best Egg
has a good customer service rating.
About half of successful applicants have funds deposited
into their accounts the next day. However, the loans do require payment of
origination fees, and there are no discounts for enrolling in autopay. Despite
these limitations, Best Egg offers flexible loan options with quick timelines
and competitive rates. Great customer service is a nice bonus for working with
Best Egg to secure a personal loan. Best Egg is a good option for qualified
individuals who need anywhere between $2,000 and $50,000 to finance a project,
vacation, or moving expenses.
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