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Best Egg Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.5 stars out of 5
4.5
Customer Experience
Rating: 4.7 stars out of 5
4.7

About Bankrate Score

Founded in 2014 and headquartered in Wilmington, Delaware, Best Egg has made a name for itself as a reputable and affordable online lender. Best Egg has funded over 788 thousand customers and funded over 1 million loans.

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
This lender is best for borrowers with high incomes and fair to excellent credit.

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 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 8.99 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 pros and cons

 

PROS

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    Fast approval and funding

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    Accessible to most borrowers

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    Direct payments for debt consolidation available

CONS

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    Loan origination fee

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    Loan terms not disclosed on website

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    No autopay discounts

Do you qualify?

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 600 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 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.

What Best Egg doesn't allow loan funds to be used for

Best Egg restricts the use of personal loan proceeds to purchase or carry securities, engage in illegal activity or cover post-secondary educational expenses.

Best Egg: in the details

What we like and what we don’t like

Best Egg offers a few key benefits that could make it a viable option to get the cash you need, but there are also drawbacks to consider.

What we like 

  • Pre-qualification available. You can get pre-qualified and check your rate without impacting your credit score. 
  • Accessible to most borrowers. The minimum credit score is 600, which is lower than what many other lenders are willing to accept. 
  • Direct payments for debt consolidation. Best Egg will pay your creditors directly if you use the loan proceeds to consolidate debt. This simplifies the debt payoff process and ensures you use the funds as you initially intended. 

What we don’t like

  • Loan origination fee. You’ll pay a loan origination fee between 0.99% and 8.99%. But some lenders offer personal loans with no origination fee.  
  • Loan terms not disclosed on the website. Best Egg does not list rates and terms on its website. Instead, you’ll have to get pre-qualified to access this information.
  • No autopay discounts. Many lenders offer to lower your interest rate by 0.25 to 0.5 percent if you enroll in automatic payments.

How to contact Best Egg

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.

How Bankrate rates Best Egg

Overall Score 4.7 Explanation
Availability 5.0 A low minimum credit score requirement and low starting amount make Best Egg accessible for many borrowers.
Affordability 4.5 Best Egg has a low minimum APR of 7.99 percent, but its origination fee can drive up the cost of borrowing.
Customer Experience 4.7 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.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three 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.

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.