- 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 $14 billion in personal loans to upwards of 1 million people. You can use its personal loans for many purposes, including debt consolidation, home improvement projects, and adoption.
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
- What to consider before applying for a Best Egg personal loan
Best Egg interest rates and loan details
Best Egg makes fixed-rate personal loans of $2,000 to $50,000 with repayment terms of two to five years. The company’s rates can be competitive — particularly for borrowers with good credit and income.
|Fixed rates||8.99% - 35.99% APR|
|Loan size||$2,000 to $50,000|
|Loan terms||2 to 5 years|
|Min. credit score||600|
|Time to get funds||As soon as 1 to 3 business days after successful verification|
|Income||Verifiable income must support ability to repay|
|Residency||Not available in DC, IA, VT, or WV|
|Loan use||Debt consolidation, home improvement, moving expenses, major purchases, travel, special occasions, adoption|
|Key benefits||Competitive rates|
|Loan servicer||Best Egg and Blue Ridge Bank|
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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 600 to qualify for a Best Egg loan.
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 8.99%. If you choose a five-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 doesn’t charge prepayment penalties for paying off your loan early.
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 600
- 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; Washington, D.C.; 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 one to three business days. Best Egg says about half of its customers get their money the next day.
Read More: Personal Loan Requirements
You’ll repay a Best Egg personal loan over two to five years. You can make payments online, by phone, or through the mail. If your payment is more than three 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
Here’s how Best Egg compares to similar personal loan lenders:
|Fixed rates||8.99% - 35.99% APR||8.3% - 35.89% APR||5.99% - 23.99% APR|
|Loan Amounts||$2,000 to $50,000||$1,000 to $40,000||$5,000 to $100,000|
|Min. credit score||600||600||660|
|Time to get funds||As soon as 1 to 3 business days after successful verification||Usually takes about 2 days†||As soon as the same business day|
LendingClub’s maximum loan amount is smaller than Best Egg, but its minimum credit score requirement is the same. And while you can borrow up to $100,000 with LightStream, you’ll need a slightly higher credit score to qualify. All three lenders offer fast funding times.
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.
What to consider before applying for a Best Egg personal loan
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.
Before you borrow, it’s a good idea to shop around and compare offers from multiple lenders to find the right loan for you. Credible makes this easy — you can compare your rates from Best Egg and other lenders in two minutes.
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 5.40%-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 10%. 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.
*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable.
The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 8.99% - 35.99% APR . The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate.
You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.