Best Egg Personal Loan Review
- APR
- 6.99% to 35.99%
- Eligibility and access: 5/5
- Cost to borrow: 3.2/5
- Loan terms and options: 5/5
- Repayment support and tools: 5/5
- Both secured and unsecured loans are available: Eligible homeowners can use permanent household fixtures (like built-in cabinetry and light fixtures) as collateral to get lower rates, longer loan terms and improve their approval odds.
- Fast funding: Best Egg offers some of the quickest loans on the market. You could get your loan within one to three business days after Best Egg approves you.
- 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 score, Best Egg charges an upfront origination fee of ranging from 0.99% - 9.99%. Best Egg takes this fee out of your loan before sending the money to you.
- Will directly pay your creditors: Best Egg’s Direct Pay benefit can streamline debt consolidation.
- Best for using collateral to get a lower rate: If you opt for a secured loan from Best Egg, that can be a less risky option than a home equity loan since it uses your home’s built-in features (rather than your entire house) as collateral.
Best Egg pros and cons
Like every lender, Best Egg has its pros and cons — explore them here.
Pros
- Can prequalify with a soft credit check
- Competitive starting rates
- Can use collateral to get lower rates
- Live chat available for customer service (for Best Egg account holders)
Cons
- Charges an origination fee
- Can’t apply for a loan with another person
- No discount for automatic payments
One of Best Egg’s 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 include built-in cabinetry, vanities, light fixtures and similar interior items.
If you prefer an unsecured personal loan, Best Egg offers those, too. The rates and terms displayed in this review reflect Best Egg’s unsecured loan option, which it refers to as a debt consolidation loan.
Although Best Egg offers loans for fair credit, you may pay an APR as high as 35.99%. This is typical for many online lenders, but it’s still important to use a personal loan calculator to see if the cost of borrowing is worth it if you have a lower credit score.
Best Egg requirements
Before pursuing Best Egg for a personal loan, 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.
| Age | Be of legal age to accept a loan in your state (typically age 18 or older) |
| Minimum credit score | 620 |
| Residency | Best Egg loans are not available in:
|
| Administrative | Have a valid email address, checking account and physical address (not a PO Box) |
| 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’ll likely need to tell Best Egg how you plan to use your personal loan. While Best Egg does allow borrowers to use loan money for a variety of purposes, there are certain ways you can’t use the money.
Best Egg loans CAN be used for…
- Debt consolidation
- Credit card refinancing
- Home improvement
- Medical expenses
- Moving expenses
- Vacations
- Taxes
- Major purchases
Best Egg loans CANNOT be used for…
- College or graduate school 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.
How to get a personal loan with Best Egg
Getting a personal loan from Best Egg is straightforward. Here’s how to go about it.
Prequalify
Prequalifying for a personal loan with Best Egg is simple. The lender will ask for some basic information, such as your name and contact information. You will also need to provide some financial details, like your income.
You need a credit score of at least 620 to qualify for Best Egg. If you’re concerned your credit score will disqualify you, you can work on boosting 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, via its mobile app or over the phone.
Applying for a loan is similar to prequalification, but you’ll need to provide more information about 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 a few business days for the company to review your documents, and 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 selected the right loan for you, it’s time to sign your loan contract. Afterward, Best Egg will send you a welcome email that includes your account number and payment schedule.
Barring unforeseen circumstances, you should see your loan in your bank account within one to three business days. Overall, the whole process could impact how long it takes you to get a personal loan, but Best Egg is known for fast funding.
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 options. Here’s how Best Egg stacks up against similar personal loan lenders.
| Best Egg | Upstart | LightStream | |
|---|---|---|---|
| LendingTree’s rating | 4.4/5 | 4.4/5 | 4.4/5 |
| Minimum credit score | 620 | None | Not specified |
| APRs | 6.99% – 35.99% | 6.20% – 35.99% | 7.24% – 24.89% (with autopay) |
| Loan amounts | $2,000 to $50,000 | $1,000 to $75,000 | $5,000 to $100,000 |
| Repayment terms | 36 to 60 months | 36 or 60 months | 24 to 84 months |
| Origination fee | 0.99% – 9.99% | Varies | 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 is a lending platform that partners with lenders that may accept bad or no credit. However, you could be on the hook for an origination fee. | LightStream’s rates tend to be more competitive than Best Egg’s. 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
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Yes, Best Egg is a legitimate online lender. Thousands of LendingTree users have left Best Egg personal loan reviews (and as of this writing, it’s earned 4.9 out of five stars).
You could qualify for a Best Egg personal loan with a credit score as low as 620, but expect to pay a higher APR than someone with a better score. If you aren’t sure where you stand, you can check your credit score for free with LendingTree.
Once you submit an application, Best Egg usually provides an approval decision in just a few minutes, and you could have your funds as soon as the next business day (though funding can take up to three business days). Best Egg claims that about half of its borrowers get their loan the next business day.
Once you submit an application, Best Egg usually provides an approval decision within minutes, and funds can arrive as soon as the next business day. It’s worth noting, though, that some borrowers may wait up to three business days.
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