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Best Egg personal loans: 2024 Review

Updated on March 21, 2024

At a glance

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Check rate with Bankrate
4.6
Rating: 4.6 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.2 stars out of 5
4.2
Customer Experience
Rating: 4.5 stars out of 5
4.5
Transparency
Rating: 4.6 stars out of 5
4.6

About Bankrate Score

Bankrate's take: Best Egg is a solid choice for good credit borrowers who are looking for a midsize loan. It offers secured options in addition to unsecured, which is a unique perk for those looking to lower their interest rate by providing collateral.

Lender Details

Moneybag

Loan amount

$2,000 – $50,000

Rates

APR from

8.99% – 35.99%

Clock Wait

Term lengths

36 to 60 months

Credit Good

Min Credit Score

600

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Bankrate User Stats

Bankrate users taking out personal loans from Best Egg have followed the below trends and stats:

  • Average funded loan amount: $18,718
  • Funded loan range: $2,000-$50,000
  • Average funding time: 2.5 days
  • Average APR of funded loan: 19.31%
  • Amount of loans funded through Bankrate since 2022: 2,864
  • Popular loan purpose trends: 46.2% of Best Egg borrowers on Bankrate take out personal loans to consolidate debt, more than any other loan purpose.

Best Egg is best for variety of secured and unsecured personal loan options

Best Egg gives people more secured and unsecured personal loan options than many other similar lenders. Its debt consolidation loan features an option that directly sends payment to your creditors at potentially lower rates than regular debt consolidation products. 

Secured loan options include a vehicle equity loan that allows you to borrow up to 250 percent of your car’s value and a loan secured by the fixtures in your home — like cabinets and vanities — with a potential APR discount of 20 percent versus an unsecured personal loan. 

Best Egg personal loan purposes

You can use funds from a Best Egg personal loan for just about any purpose including adoption, moving expenses and home improvements.  Best Egg’s vehicle equity loan doesn’t require you to use the funds for an auto purchase — you’re free to use the cash as needed. 

If you’re currently renting, you may be able to spread your payment out over the month with Best Egg’s flexible rent program if your property management group supports it. For a monthly fee, the lender will pay your rent in smaller amounts throughout the month. Your payments are reported to credit bureaus, which could boost your credit score.

Best Egg personal loan funds can’t be used for higher education expenses or speculative investing. 

Where Best Egg stands out

  • Impressive mix of secured and unsecured loan options: In addition to offering a standard array of unsecured loan options, Best Egg is one of very few personal loan lenders to offer a loan that can be secured by your car or home. 
  • Low rates for high earners with good credit scores: If you have a credit score over 700 and make over $100,000, you may be eligible for the lowest rate the lender offers — currently 8.99 percent. 
  • Unique loan that’s a good alternative to home equity loan products: Best Egg’s secured home loan is different from a home equity loan — it’s secured by fixtures in your home, rather than the entire home. The 20 percent potential homeowner rate discount is a major perk. For example, bad credit borrowers might be offered a rate of 15.99 percent for a secured personal loan, instead of the 35.99 percent maximum. 

Where Best Egg falls short

  • LImited term options: You’ll need to choose a term between 36 months and 60 months. That’s more limiting than the one to seven year terms offered by other personal loan lenders. 
  • Potential to tie up assets: Using your car or home fixtures as collateral for a loan puts you at risk of losing them if you can’t repay the loan. You could have difficulty selling or refinancing your home if you can’t repay the loan before the sale is completed. 
  • High origination fees: Best Egg charges an origination fee of 0.99 percent to 9.99 percent of your loan amount, which would reduce the amount of cash you pocket when the loan funds. 

Best Egg customer experience

Customer support

Phone support is available Monday through Thursdays from 8 a.m. to 9 p.m. ET and Friday from 8 a.m. to 7 p.m. The company also provides an email address for support. 

Digital experience

Best Egg doesn’t have a digital app for its personal loan products. The website features a help center with a variety of frequently asked questions and a resources section with several informational articles about personal loans. Best Egg also offers a prequalification option with a soft credit pull so your score isn’t affected. 

What people are saying about Best Egg 

Best Egg has received 5-star ratings from 88 percent of reviewers on Trustpilot as of March 19, 2024. Most reviews were positive about the quality of the customer service and the speed of the loan process. Best Egg also has an A+ rating with the Better Business Bureau. 

Negative reviews mostly expressed concerns with delays in funding, all of which were addressed by Best Egg representatives. 

How this lender compares

logo
Rating: 4.6 stars out of 5
4.6
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
7.80% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 or 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
7.49%-25.49% *with AutoPay
Loan Amount
$5,000-$100,000
Term Length
24 to 84 months
Min Credit Score
695

Best Egg vs. Upstart

Best Egg may be a better fit if you prefer a secured loan option which Upstart doesn’t offer. Best Egg’s fees are also significantly lower, capping out at 8.99 percent compared to up to 12 percent at Upstart. 

Upstart advertises a lower APR of 7.80 percent compared to the 8.99 percent minimum offered by Best Egg. If you need a loan amount below Best Egg’s $2,000 minimum you can borrow as little as $1,000 at Upstart. 

Read a full comparison of Best Egg vs. Upstart

Best Egg vs. Lightstream

Best Egg beats Lightstream when it comes to offering both secured and unsecured loan options. Lightstream only offers unsecured loans. You can’t borrow less than $5,000 at LightStream, while you can borrow as little as $2,000 at Best Egg. 

LightStream provides a much wider range of terms than Best Egg. You can pay a loan off in 24 to 72 months, compared to the 36 to 60 months you’re limited to at Best Egg. You can also borrow more at LIghtstream with a maximum loan amount of $100,000 versus Best Egg’s $50,000 limit. 

Read a full comparison of Best Egg vs. LightStream

Do you qualify for a Best Egg personal loan? 

The application process is standard with requirements that include documenting your income, employment and a credit pull. Approval requirements for a Best Egg loan include:

  • At least a 600 credit score.
  • A 700 score and proof of $100,000 income for the lowest rates.
  • Information about your car if you choose a secured vehicle loan. 
  • Details about the fixtures in your home for the secured home loan.
  • You are not a resident of Iowa, Vermont, West Virginia, Washington, D.C. or U.S. territories.

How to apply for a personal loan with Best Egg

  1. Get a quote: Prequalify online without any impact to your credit score. Simply provide some basic information about yourself and your credit.
  2. Add information and finalize your application: Have pay stubs and tax returns on hand when you go to fill out the full application. You'll also need to collect information about your home or car if you plan to apply for one of Best Egg’s secured loan options.
  3. Review the loan details: Check the final figures and make sure you know how much the origination fees are. Also understand how your car or home fixtures are secured if you choose the secured equity loan options. If everything checks out and you agree to the loan you may receive your funds within one business day.

How Bankrate rates Best Egg

Overall Score 4.6 Explanation
Availability 5.0 Great variety of secured and unsecured loan options at competitive interest rates.
Affordability 4.2 Low rate options available for borrowers with high incomes and good credit scores.
Customer Experience 4.5 Access to support five days a week with frequently asked questions featured on the website’s help center.
Transparency 4.6 Rates and fees are disclosed in the fine print at the bottom of the personal loan product pages.

Methodology

Bankrate's trusted personal loans industry expertise

57

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.