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- Borrowers with good credit
- Fast funding
- Debt consolidation
- Home improvement
Best Egg is an online lending platform that’s developed a sophisticated method of evaluating borrowers to make more than $8 billion in personal loans to upwards of 500,000 people.
In this post:
- Best Egg interest rates and loan details
- Best Egg personal loans review
- How Best Egg compares to other lenders
- How to take out a personal loan with Best Egg
- How Best Egg can improve
Best Egg interest rates and loan details
Best Egg makes fixed-rate personal loans of $2,000 to $35,000 with repayment terms of 3 or 5 years. The company’s rates can be competitive — particularly for borrowers with good to very good credit and income.
|Fixed rates||5.99% - 29.99% APR|
|Loan size||$2,000 to $35,000
(offers up to $50,000 may be made through the mail)
|Loan terms||3 or 5 years|
|Min. credit score||640|
|Time to get funds||As soon as 1 - 3 business days after successful verification|
|Income||Verifiable income must support ability to repay|
|Residency||Not available in Iowa, Vermont, or West Virginia|
|Loan use||Debt consolidation, home improvement, moving expenses, major purchases, travel, special occasions, adoption|
|Key benefits||Competitive rates|
|Loan servicer||Best Egg|
Best Egg personal loans review
Best Egg’s advertised rates are among the lowest around, which could make the company a good choice for debt consolidation or home improvement loans. Just keep in mind that you’ll need a minimum FICO score of 700 and individual income of at least $100,000 to qualify for the lowest advertised rate. If your credit score is below 700, expect to pay higher rates.
In addition to your credit score, Best Egg also looks at more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint.” That means Best Egg might be more willing to work with you — or provide a loan at a better interest rate — than traditional lenders.
But keep an eye on origination fees, which range from 0.99% to 5.99%. If you choose a 5-year repayment term, Best Egg says your origination fee will be at least 4.99%. The origination fee helps protect Best Egg if you decide to refinance with another company or pay your loan off early. Best Egg does not charge prepayment fees or penalties.
Read More: How Personal Loans Affect Your Credit Score
How to qualify
To qualify for a personal loan from Best Egg, you’ll need:
- A minimum credit score of 640
- Verifiable income that supports your ability to repay your loan
- To be a U.S. citizen or permanent resident of any state except Iowa, Vermont, or West Virginia
Once your information has been verified and you’ve been approved, Best Egg can deposit your money directly into your bank account within 1 to 3 business days. Best Egg says about half of its customers get their money the next day.
Read More: Personal Loan Requirements
Best Egg personal loans are repaid over 3 or 5 years. You can make payments online, by phone, or through the mail. If your payment is more than 3 days late, expect to pay a $15 late fee.
You can accelerate your loan repayment without being charged a prepayment penalty. If you make more than your monthly minimum payment, the additional funds will first be applied to any applicable accrued interest from fees, then to your loan principal.
How Best Egg compares to other lenders
|Fixed rates||5.99% - 29.99% APR||6.95% - 35.89% APR||3.49% - 19.99% APR|
|Loan Amounts||$2,000 to $35,000||$1,000 to $40,000||$5,000 to $100,000|
|Min. credit score||640||580||660|
|Time to get funds||As soon as 1 - 3 business days after successful verification||Usually takes about 3 days†||As soon as the same business day|
How to take out a personal loan with Best Egg
To take out a personal loan with Best Egg, you can apply through the company’s website. It’s always a good idea to check rates with the best personal loan companies to make sure you’re not overpaying.
Best Egg isn’t currently offering loans through Credible. But you can still check your rates with other vetted personal loan lenders with Credible — all without affecting your credit score.
|Lender||Fixed rates||Loan amount|
|9.95% - 35.99% APR||$2,000 to $35,000**|
|6.49% - 29.99% APR||$5,000 to $35,000|
|15.49% - 35.99% APR||$2,000 to $25,000|
|3.49% - 19.99% APR||$5,000 to $100,000|
|6.99% - 19.99% APR1||$3,500 to $40,0002|
|5.99% - 24.99% APR||$5,000 to $35,000|
|6.95% - 35.99% APR||$2,000 to $40,000|
|5.99% - 17.53% APR||$5,000 to $100,000|
|7.99% - 35.97% APR||$1,000 to $35,000
($3,005 minimum in GA; $6,005 minimum in MA)
|8.13% - 35.99% APR4||$1,000 to $50,0005|
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
1Rate reduction available for AutoPay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa.The minimum loan amount in MA is $7,000. The minimum loan amount in OH is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
How Best Egg can improve
Best Egg earns high marks from reviewers and provides competitive rates on personal loans, particularly to borrowers with credit scores of 700 or above. But Best Egg could improve by:
- Providing an autopay rate discount: Best Egg could reward borrowers who elect to make automatic payments, rather than penalizing those who don’t
- Lowering (or getting rid of) origination fees: Borrowers taking out 5-year loans pay an upfront fee of 4.99%
- Upping its loan limits: Best Egg offers loans of up to $50,000 to select borrowers through the mail, but the company’s $35,000 limit for online applications falls short of other lenders
Read More: Where to Get a $50,000 Loan
The company above is one of Credible’s approved partner lending platforms. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lending platforms. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.