Best Egg offers unsecured personal loans to high-income borrowers with fair to excellent credit. Qualifying borrowers will receive quick funding, often in as little as one day. Because the process is entirely online, there are fewer underwriting costs. As a result, Best Egg may be able to offer better interest rates and fewer fees than other lenders.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward educational expenses.
Borrowers — especially high-income borrowers — looking for quick loans will find a competitive lending platform in Best Egg.
Best Egg snapshot
|Loan amount||$2,000 – $35,000|
|APR||5.99% – 29.99%|
|Minimum credit score||640|
|Time to receive funds||As soon as one day|
Pros and cons of Best Egg personal loans
Here’s a breakdown of some of the benefits and drawbacks of Best Egg personal loans.
- Fast approval and funding: Applicants can be approved in as little as one day and receive the funds in as little as one business day.
- Low fees: Best Egg keeps fees to a minimum, only charging an origination fee. Late payment and returned payment fees are $15
- Accessible to most borrowers: While the best terms will go to borrowers with high income and excellent credit, borrowers with at least a 640 credit score can qualify for a Best Egg personal loan.
- Origination fee: Best Egg does charge an origination fee, which varies from 0.99 to 5.99 percent. Most lenders don’t charge this fee.
Best Egg offers fixed-rate personal loans that range from $2,000 to $35,000. Some qualified borrowers may be able to borrow up to $50,000.
Loan terms are generally 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 (36 vs. 60 months).
Best Egg issues loans in partnership with Cross River Bank, a New Jersey-based, FDIC-insured bank.
Fees and penalties
Best Egg origination fees vary from 0.99 percent to 5.99 percent. Origination fees on a loan term five years or longer will be a minimum of 4.99 percent.
Best Egg’s origination fee is an upfront cost taken off the top of the loan. 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 charge when calculating the total amount you’re looking to borrow.
The company says that once approved, it funds about half of its loans within the same or next business day.
The following states require minimum loan amounts:
- Residents of Massachusetts must borrow over $6,000.
- Residents of New Mexico and Ohio must borrow over $5,000.
- Residents of Georgia must borrow over $3,000.
Late payment and returned payment fees are $15. You won’t be penalized for paying off your loan 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 then will 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 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 that 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 together 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, 9 a.m. to 9 p.m. Eastern.
- Friday, 9 a.m. to 7 p.m.
- Saturday, 10 a.m. to 5 p.m.
How Bankrate rates Best Egg
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.