Best Egg is best for borrowers with high incomes and fair to excellent credit
Best Egg offers unsecured personal loans to high-income borrowers with fair to excellent credit. While borrowers with FICO credit scores of at least 600 can qualify for Best Egg personal loans, you’ll need a minimum credit score of 700 and an individual annual income of at least $100,000 to get the best rates. Should you qualify, you’ll be able to borrow up to $50,000 at rates as low as 4.99 percent APR.
The process is quick and entirely online, offering approval as soon as the same day and funding in as little as one business day after approval.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
Best Egg offers fixed-rate personal loans that range from $2,000 to $50,000. The following states require higher minimum loan amounts:
- Residents of Massachusetts must borrow at least $6,500.
- Residents of New Mexico and Ohio must borrow at least $5,000.
- Residents of Georgia must borrow at least $3,000.
Loan terms are between three and five years. There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
The quote you receive is based on multiple factors, including:
- Credit score and history.
- Debt obligations.
- Loan amount.
- Repayment term.
The company says that once a borrower is approved, it funds about half of its loans within the same day or within the next business day.
Best Egg issues loans in partnership with Cross River Bank, a New Jersey-based, FDIC-insured bank.
Most lenders don’t charge origination fees, but Best Egg charges between 0.99 percent and 5.99 percent. Origination fees on a loan term four years or longer will be a minimum of 4.99 percent.
Best Egg’s origination fee is an up-front cost taken from the loan amount. For example, if you are approved to borrow $10,000 with a 3.5 percent origination fee, you’ll receive only $9,650. Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor the origination fee in when calculating the total amount you’re looking to borrow.
Late payment and returned payment fees are $15. You won’t be penalized for paying your loan off early.
How to apply for a loan with Best Egg
The application process is straightforward and fast. Enter some basic information in the online application, including the loan amount you want, your annual individual income and your annual household income.
Here’s what you’ll need to apply for a loan with Best Egg:
- Loan amount.
- Gross annual income.
- Annual household income.
- Home type.
- Debt information (includes credit card cash advances and monthly housing payment).
- Personal information (includes address, phone number and Social Security number).
Best Egg will then conduct a soft credit check, which won’t impact your credit rating. The whole process should take just a few minutes, and if you’re approved, the screen will display your offers for both a 36-month and a 60-month loan.
Note that Best Egg will do a hard credit check before finalizing the loan, so, as with all hard credit pulls, your credit score could be affected.
If you agree to the terms of one of the displayed loans, you’ll have to enter your checking account routing number so Best Egg can transfer the funds to your account. You may be asked to upload proof of identity and/or income.
To be eligible, you need to be a U.S. citizen or permanent resident and at least 18 years old (19 in Alabama and Nebraska) and have a valid bank account.
To qualify for the best rates, you need a minimum FICO score of 700 and an individual annual income of at least $100,000. You can still qualify for a loan if you don’t meet those criteria, though your loan terms will carry higher rates.
You must also have a credit history that is at least three years in length and that has at least three open credit accounts. None of those three accounts can have any delinquent payments in their histories.
If you have a bankruptcy on your credit report, if you have a tax lien, or if you are currently working with a credit counselor or a debt management company, your application will automatically be disqualified.
Customers can call Best Egg customer service at 1-855-282-6353. The lender’s customer service hours are:
- Monday-Thursday, 8 a.m. to 10 p.m. Eastern.
- Friday, 8 a.m. to 8 p.m.
- Saturday, 9 a.m. to 1 p.m.
Best Egg was rated highly for its same-day loan approval and next-day funding. And while some lenders require customers to borrow at least $5,000, Best Egg’s minimum personal loan amount is just $2,000.
Best Egg has a low minimum APR of 4.99 percent, but its origination fee can drive up the cost of borrowing.
Customers can apply for loans and manage their accounts entirely online, and customer support is available six days a week via phone and live chat.
Bankrate’s reviews of lenders that offer personal loans are based on Availability, Affordability and Customer Experience, evaluating features like how long it takes borrowers to get approved and get their money, minimum APRs and convenient online applications and account access.
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.