Best Egg Personal Loan Review
NMLS#1136
Read more about how we rated Best Egg.Best Egg — which specializes in online loans — offers funding between $2,000 and $50,000. But before you sign, check out our Best Egg personal loan review to make sure this lender can help you reach your goals.
- Secured loans available: Best Egg offers two kinds of secured loans. With one, you’ll use your vehicle’s equity as collateral. With the other, your home’s permanent fixtures will secure the loan.
- Fast funding: You could get your loan in one to three business days after Best Egg approves you.
- No mobile app for loans: Best Egg’s mobile app only pertains to its credit cards.
- Flexible payments: In most cases, Best Egg will allow you to postpone up to two payments over the life of your loan.
- Mandatory origination fee: No matter your credit, Best Egg charges an origination fee of 0.99% - 9.99%.
- Will directly pay your creditors: Best Egg’s Direct Pay benefit can streamline debt consolidation.
- Best for borrowers with excellent credit and a high annual income: With an annual percentage rate (APR) range of 6.99% to 35.99%, Best Egg may be competitive. That is, as long as your credit score is 700+ and you have an annual income of at least $100,000.
Best Egg pros and cons
Like every lender, Best Egg has its pros and cons — explore them here.
| Pros | Cons |
|---|---|
Can prequalify with a soft credit check Competitive minimum APR Multiple secured loan options Live chat available for customer service | Must have excellent credit and high income to get lowest rates Charges an origination fee No joint loans No discount for automatic payments |
One of this lender’s unique standout features is its secured loans. If you offer your home’s permanent fixtures as collateral, you could qualify for a substantial APR discount. Permanent fixtures could be built-in cabinetry, vanities, light fixtures and the like.
If you’re not a homeowner, you might be eligible for an auto equity loan. But putting up collateral can be risky. If you prefer an unsecured personal loan, Best Egg offers those, too.
Although you might qualify for Best Egg with fair credit, you could be facing an APR as high as 35.99%. Even those with a strong FICO score may find it hard to get Best Egg’s lowest rates thanks to its income requirements.
Best Egg requirements
Before pursuing Best Egg, make sure you’re eligible.
Personal loan requirements vary by lender. Best Egg will review factors like your debt-to-income ratio and credit history. You’ll also need to meet the guidelines below.
| Minimum credit score | 580 |
| Residency | Best Egg loans are not available in:
|
| Minimum income | Best Egg doesn’t disclose its general minimum income requirement, but you must earn at least $100,000 a year for the lowest rates. |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Best Egg does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Best Egg loans CAN be used for… | Best Egg loans CANNOT be used for… |
|---|---|
Debt consolidation Credit card refinancing Home improvement Medical expenses Moving expenses Vacations Taxes Major purchases | Post-secondary education expenses Carrying or buying securities (stocks, bonds or other tradable investments) Illegal activity |
If Best Egg’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
Best personal loan options for:
How to get a loan with Best Egg
Getting a personal loan from Best Egg is straightforward. Here’s how to go about it.
Prequalify
The first thing to do to get a Best Egg loan is prequalify.
Prequalifying for a personal loan is simple. Best Egg will ask for some basic information, such as your name and phone number. You will also need to provide some financial details, like your income.
You need a credit score of at least 580 to qualify for Best Egg. If you’re concerned your credit score will disqualify you, you may want to research ways to boost your personal loan approval odds.
Formally apply
Best Egg should let you know if you passed prequalification in a few minutes. Then, you can submit a formal loan application online or over the phone.
Applying for a loan is similar to prequalification, but more in depth — especially in regards to your finances. For instance, Best Egg will ask how many cash advances you’ve taken in the last six months.
You may also need to send Best Egg documents like a pay stub or utility bill. You can do this via Best Egg’s online portal, as well as by text, email or fax. It may take two to three business days for Best Egg to review your documents, which could impact your funding timeline.
Finally, Best Egg will run a hard credit pull, so don’t be alarmed when it asks for your Social Security number.
Review your offers
If Best Egg approves you, it may send you several loan offers with different terms and loan amounts. Review these carefully. You may want to choose the shortest loan term you can. If you do, you may pay less overall interest.
Sign your loan documents
Once you’ve chosen the right loan for you, it’s time to sign your loan contract. Afterward, Best Egg will send you a welcome email, which will include your account number and payment schedule.
Barring unforeseen circumstances, you should see your loan in your bank account in one to three business days.
How Best Egg compares to other personal loan companies
Even if you believe Best Egg aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Best Egg stacks up against similar personal loan lenders.
| Lender | Best Egg | Upstart | LightStream |
|---|---|---|---|
| LendingTree’s rating | 4.3/5 | 4.5/5 | 4.3/5 |
| Minimum credit score | 580 | 300 | Not specified |
| APRs | 6.99% - 35.99% | 7.40% - 35.99% | 7.49% - 25.29% with autopay |
| Loan amount | $2,000 - $50,000 | $1,000 - $50,000 | $5,000 - $100,000 |
| Repayment term | 36 to 60 months | 36 or 60 months | 24 to 84 months |
| Origination fee | 0.99% - 9.99% | 0.00% - 12.00% | None |
| Funding timeline | Receive funds as soon as the next business day. | Receive funds as soon as the next business day. | Receive funds as soon as the same day you apply. |
| Bottom line | Best Egg has a high maximum APR, so it may be a better fit for those with excellent credit. And while every Best Egg loan has an origination fee, it may be worth it if you’re looking for flexible payments. | Upstart has one of the lowest minimum credit score requirements around. If you have bad credit, Upstart may be an option. However, you could be on the hook for an origination fee even higher than Best Egg’s. | LightStream tends to be more competitive than Best Egg. It also doesn’t charge any fees. However, with a minimum loan amount of $5,000, LightStream won’t make sense if you need a small loan. |
How we rated Best Egg
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Yes, Best Egg is a legitimate online lender. Thousands of LendingTree users have left reviews for Best Egg (and as of this writing, it’s earned five out of five stars).
You could qualify for a Best Egg personal loan with a credit score as low as 600. To get the best interest rate, you need at least a 700 score.
Once you submit an application, Best Egg usually provides an approval decision in just a few minutes. If Best Egg approves you, you could have your funds as soon as the next business day (although some may need to wait up to three business days). Best Egg claims that about half of its borrowers get their loan the next business day.