Finimpact

Best Egg Review: Personal Loans and Debt Consolidation

Best Egg offers flexibility when it comes to using their personal loans. There are a wide range of loan amounts available that can be borrowed for an assortment of uses. Additionally, Best Egg customers have written many positive reviews about their experiences.

Best Egg review hero image
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3.9
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Min. Credit Score
Min. Credit Score Undisclosed
Loan Amounts
Loan Amount $2K-$50K
Est. APR
Loan Repayment 36-60 months
Jason Steel
Written by:Jason Steel
Personal Finance Journalist

Best Egg offers personal loans for a variety of uses including moving and relocation expenses, vacations, debt consolidation, credit card refinancing and more. Best Egg personal loans are best for borrowers with fair to good credit who want to consolidate their debt at a lower rate. Unfortunately, loans are not available for those who live in Iowa, Vermont, West Virginia, the District of Columbia or U.S. Territories.

Summarized Rating

This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Best Egg gets a fairly average 3.5 for Loan Features. This reflects the loan aggregator’s standard term lengths and loan limits. The absence of any loan use limitations provides a boost to the rating.

Best Egg Pros
Wide range of loan amounts available
Can use loan for a range of different uses
Highly rated customer service
Direct payments to creditors as an option
Fast application process
Funds deposited quickly into bank account
Best Egg Cons
Charge an origination fee
No discount for enrolling in autopay

Types of Personal Loans Offered by Best Egg

A Best Egg personal loan can be used to help achieve life goals like making improvements on your home, going on a vacation, or welcoming a new member to your family. They can also be used to improve your overall financial situation by consolidating your debt or refinancing credit cards.


Common loan uses

Prohibited uses

Debt Consolidation

Post-Secondary Educational Expenses

Credit Card Refinancing

Purchasing or Carrying any Securities

Home Improvements

Illegal Activity

Moving and Relocation Expenses


Vacation


Special Occasions


Baby & Adoption


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 your personal financial situation 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. The repayment periods are between 3 years and 5 years.


Loan terms

Depends on the loan amount, income, credit score, credit history and other debt obligations. Loans can be prepaid without penalty

Repayment period

Minimum 36 months (3 years). Maximum 60 months (5 years)

Loan amount

$2,000 - $50,000. Residents of certain states have higher minimum loan requirements: $6,500 for Massachusetts residents, $5,000 for New Mexico and Ohio residents and $3,000 for Georgia residents

Loan Use Limitations

Multiple loan types offered

Best Egg Interest Rates and Fees

Best Egg loans have fixed Annual Percentage Rates (APRs) that are 5.99% to 35.99%. Origination fees range from 0.99% to 5.99% and will be subtracted from your original loan amount. Thankfully, there is no penalty for paying back your loan ahead of schedule. Best Egg does not currently charge late fees but that is subject to change. They do charge a $15 returned payment fee.


Borrowing/Origination Fees

0.99% – 5.99%

Prepayment Fees

None

Late Payment Fees

None at this time

Other fees

$15 returned payment fee

Interest Rates

5.99% – 35.99%

Best Egg Qualification Requirements

You must be a U.S. citizen or permanent resident with legal identification and a social security number in order to apply for a Best Egg personal loan. In addition, you must be of legal age in your state to accept a loan. Best Egg does not mention on their website a minimum credit score or income qualification for taking out a personal loan. However, they do state that in order to qualify for their lowest APR the applicant must have an annual income of at least $100,000 and a minimum FICO® score of 700 to qualify for their lowest APR. Finally, joint loans are not available at this time


Membership Requirement

  • Be a U.S. citizen or permanent resident and must be currently living in the U.S.
  • Must have an active social security number
  • Be of legal age in your state to accept a loan
  • Must have legal identification such as drivers license or passport

Minimum Credit Score

Not reported

Income Requirements

None

Co-signer/Joint Application Requirements

Joint loans are currently unavailable

Best Egg Application Process

The first step of the application after submitting your email address is to tell them why you need the loan and the amount of money you need to borrow.
best egg review

In the second and third steps, they ask for some personal information including your name, date of birth, address and phone number.
best egg review

In the next 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 this and continue with your Best Egg personal loan application.
best egg review

Next, Best Egg asks for both your individual along with your 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.
best egg review

Best Egg then asks the status of your homeownership. If you rent or have a mortgage, they’ll ask you what your monthly payments are.
best egg review

Next the application asks if you have taken any credit card cash advances in the last 6 months.
best egg review

Finally, Best Egg will ask whether or not you want to be enrolled in Autopay.
best egg review

The initial stage of the Best Egg personal loan application process is quick and only has eight simple steps to complete. Best Egg states that submitting an application will not affect your credit score. Applicants may be asked to provide documentation, such as pay stubs or utility bills, to verify the information submitted. If your application is approved, funds will be deposited into your account in one to three business days.

Best Egg Customer Support

Best Egg Personal Loan customers have various options to get support from an agent:

  • Speaking on the phone by calling 1-855-282-6353. Agents are available Monday through Thursday from 8:00am - 10:00pm ET, Friday 8:00am - 8:00pm ET and Saturday 9:00am - 6:00pm ET
  • Live chatting through the Best Egg Account Portal
  • Emailing Loan_assistance@mybestegg.com

In addition, the Best Egg Help Center has answers to their most common question and there are personal loan guides and general information available on their website.

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 Best Egg personal loan 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 6,000 reviews. They have an A+ rating from the Better Business Bureau (BBB) with 4.89/5 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 with their loan from Best Egg, 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 and get back on the right track. They used their personal loans to pay rent, get out of debt or catch up on late payments.


The positive reviews are related to

The negative reviews are related to

Quick and easy application process

Unexpected fees

Funds deposited quickly

Being denied after receiving pre-approval letter

Affordable rates

Best Egg Perks and Bonuses

Flexibility:

Best Egg offers some flexibility, however there are limitations. For example, they do not currently allow refinancing of 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 which can include deferring your payment or temporarily reducing your monthly payment or interest rate.

Transparency:

In terms of transparency, Best Egg’s website looks professional and is free of sales gimmicks and pop-up ads. They provide information in their online Help Center and FAQs page, however some specific loan term details are listed at the bottom of their site in fine print. And while Best Egg is BBB accredited their lending partners are not. There were 131 customer complaints against Best Egg on the BBB site in the last 3 years that have been closed, 60 complaints have been closed in the last 12 months.

Technology:

Customers can login to Best Egg’s Customer Service website to view their statements and loan progress, however a mobile app is currently not available 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, however, there is currently 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

Depends on the loan amount, income, credit score, credit history and other debt obligations. Loans can be prepaid without penalty. 3 - 5 years for repayment

Repayment periods between 2 - 7 years. No origination or prepayment fees.

3 or 5 years. No prepayment penalty

Loan Amount

$2,000 - $50,000. Residents of certain states have higher minimum loan requirements

$5,000 minimum in most states up to $100,000

Between $1,000 and $50,000. Minimum loan amounts vary by state

Interest Rates

5.99% – 35.99%

As low as 5.74% APR will all discounts to 21.78% APR

5.22% - 35.99%. Varies by state

Min Credit Score

Not Reported

680

A consumer reporting agency must report




your score is 300 or above

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.

According to Best Egg, 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 on quick timelines and with competitive rates to meet the needs for many different applications. 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.

About the Author

Jason Steele

Jason Steele

Personal Finance Journalist

Jason Steele is one of the nation’s leading personal finance journalists, specializing in credit cards, consumer credit and travel rewards. Since 2008, his work has appeared in over 100 outlets including The Points Guy, Money.com, CreditCards.com, SlickDeals and Business Insider.

More about me