- 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.
|Rates||Fixed: 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|
|Minimum credit score||
|Time to get funds||1 to 3 business days|
|Loan use||Debt consolidation, home improvement, moving expenses, major purchases, travel, special occasions, adoption|
|Key benefits||Competitive rates|
|Residency||Not available in Iowa, Vermont, or West Virginia
|Loan servicer||Systems and Services Technologies (SST)|
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 loan you money — or provide a loan at a better interest rate — than more 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 it with another lender 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. Best Egg’s loan servicer, Systems and Services Technologies, accepts payments online, by phone, or through the mail. But if you don’t enroll in autopay, Best Egg may charge you a $7 monthly processing fee. 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
Time to get funds
Time to get funds
Time to get funds
|Rates||Fixed: 5.99% - 29.99% APR||Fixed: 5.99% - 24.99% APR||Fixed: 6.98% - 35.89% APR|
|Loan Amounts||$2,000 up to $35,000||$5,000 up to $35,000||$1,000 up to $50,000|
|Get Rates||Get Rates||Get Rates|
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. Credible makes it easy to request rates from Best Egg and other vetted lenders, without affecting your credit score.
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 lenders. 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 lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.