Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is Best Egg Best For?
A Best Egg personal loan is an excellent lender for borrowers who need a loan to fund quickly in a pinch. About half of Best Egg customers will receive their money the day after applying for the loan.
The company is also best for borrowers with good credit history and a high income — you'll need a minimum 700 FICO score and a minimum annual income of $100,000 to be eligible for the best APR.
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Best Egg Personal Loan Features
- Regular annual percentage rate (APR): 4.60% to 35.99%.
- Minimum credit score: 640
- Loan amount range: $2,000 to $50,000
- Origination fees between between 0.99% and 5.99%
- Term lengths range between three to five years
- Funding as soon as the next business day after approval
- Loans made by Best Egg's lending partners
- Unavailable in Iowa, Vermont, West Virginia, the District of Columbia, or US Territories
Best Egg Personal Loan Pros and Cons
How to Apply for a Best Egg Personal Loan
1. Provide details on Best Egg's website. You'll need to input your email and basic personal information. Then you'll be asked how much you want to borrow and how you plan to use the money. To get you a rate quote, Best Egg will run a soft credit check, which doesn't affect your credit score.
2. Preview different loan offers and choose an option. Best Egg will give you loan offers with a variety of rates and term lengths. Pick one you can fit into your monthly budget.
3. Submit an application and await approval. After you pick an option that makes sense for you, formally submit your application. Then, the company will conduct a hard credit inquiry, which gives it a comprehensive view of your credit history but is likely to temporarily lower your credit score.
4. Receive your funds after signing your agreement. Most customers will get their money within two days after getting a loan with Best Egg.
5. Work loan payments into your monthly budget. Make sure you have enough money to cover all of your financial responsibilities.
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Best Egg Personal Loan Frequently Asked Questions
Yes, Best Egg is a legitimate company that originates its loans from Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC.
Yes, Best Egg charges an origination fee between 0.99% and 5.99% and a late fee of $15.
Best Egg and other lenders do a hard credit pull when you apply for a personal loan. However, you can prequalify for a Best Egg personal loan before applying, which does not have any impact on your credit score.
The loan credit score requirements for Best Egg are as low as 640. However, you'll pay a much higher interest rate than borrowers with credit scores of 700 and above.
Best Egg does not disclose the minimum income requirements for its personal loans. Your income is one of the key factors — along with your credit score and debt-to-income ratio — lenders consider when they evaluate your loan application to see if you can afford to repay it. With lower income, you'll be able to be borrow less and have to pay a higher interest rate.
Best Egg Personal Loan Competitors
Although rates are specific to borrowers, Best Egg interest rates are only a little higher to those offered by other big-name lenders.
Best Egg vs. Discover
You'll pay a late fee with both Best Egg and Discover — Best Egg's late fee is $15, while Discover Bank may charge a late fee of $39. Discover charges no origination fee, while Best Egg's origination fee ranges from 0.99% to 5.99% of your loan amount. Best Egg also has a higher minimum credit score requirement than Discover, so it may not be a better choice if your credit isn't in the best shape. It may take up to seven days to receive your loan funds with Discover, while Best Egg says most customers will receive their money within one to three business days.
Best Egg vs. LightStream
While you'll pay a $15 fee if you're late with a payment on your Best Egg personal loan, LightStream doesn't charge late fees.
You won't have to pay an origination fee with LightStream, either, where you could face one amounting to as much as 5.99% of your loan amount if you borrow from Best Egg. LightStream's minimum credit score is higher than Best Egg's.
Is Best Egg Trustworthy?
Best Egg Personal Loan is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives Best Egg an A+ rating. The BBB evaluates companies by judging a business's responses to consumer complaints, honesty in advertising, and clarity about business practices.
Best Egg does not have any recent scandals. Due to its clean history and top-notch BBB rating, you may decide you're comfortable using Best Egg as your personal loan provider.
However, BBB scores don't guarantee you will have a good relationship with the company and are merely a guideline to help you get started on your search for a personal loan provider.
How to Qualify For a Best Egg Personal Loan
Best Egg offers personal loans for credit scores as low as 640. But you'll need a credit score of at least 700 to get the best interest rates. You can see if you prequalify for a personal loan through a form on Best Egg's website to see if you can prequalify for a personal loan, which will not affect your credit score. However, it is likely to dip temporarily if you then submit a full application and the lender does a hard credit inquiry, which has a negative impact on credit scores.
How We Rated Best Egg
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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