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Best Egg Personal Loans Review

Best Egg offers flexibility when it comes to personal loans. The online lender offers a wide range of loan amounts with low, fixed APRs. Best Egg personal loans are available for an assortment of uses. Additionally, Best Egg customers have written many positive reviews about their experiences.

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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

Reviewed by: Carrie Pallardy, Freelance Writer and Editor

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 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.

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 and 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 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.

Loan terms

36 months to 60 months

Repayment period

Varies

Loan amount

$2,000 to $50,000

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.

Borrowing/origination fees

0.99% to 8.99%

Prepayment fees

None

Late payment fees

$15 

Other fees

$15 returned payment fee

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.

Membership requirement

  • Be a U.S. citizen or permanent resident

  • 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

640

Income requirements

None

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. 5. Next, Best Egg asks about your living situation. If you rent or have a mortgage, the lender will ask you what your monthly payments are. 6. Next, the application asks if you have taken any credit card cash advances in the last six months. 7. Finally, Best Egg will ask whether or not you want to be enrolled in autopay. The initial stage of the Best Egg personal loan application process is quick, with just eight simple steps. 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. 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.

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 a pre-approval letter

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

Loan Amount

$2,000 to $50,000 

$5,000 to $100,000

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


Interest rates

5.99% to 35.99%

7.99% to 23.43%


5.42% to 35.99%

Min. credit score

640

680

300

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.


About the Author

Jason Steele

Written by: 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
Somer G. Anderson Ph.D., CPA

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

More about me
Carrie Pallardy

Carrie Pallardy

Freelance Writer and Editor

Carrie Pallardy has six years of experienceas as a dedicated freelance writer and editor. She covers a wide variety of topics, including personal finance, insurance, and cybersecurity. Carrie has written for Investopedia, Policygenius, and more.

More about me