Best Egg Personal Loans Review: Fast Funding & Good Rates
- Max. Loan Amount
- $50,000
- APR
- 7.99% to 35.99%
- Min. credit score
- 640
Our verdict
Best Egg offers fast funding and competitive rates, but it charges origination fees.
Best Egg offers personal loans to borrowers with fair to excellent credit. It’s known for great customer service, but its best rates go to customers with credit scores of 700 or higher, and it charges an origination fee of up to 9.99% of the loan amount. If you have good to excellent credit, you may want to consider a lender that doesn’t charge this fee. But for those who don’t qualify for a no-fee loan, Best Egg is definitely worthy of consideration.
Best for: Borrowers with fair to good credit.
Pros
-
Funding as soon as the next business day
-
No prepayment penalties
-
Rate discounts for secured loans
Cons
-
Charges origination fees
-
Minimum loan amounts are higher in some states
-
Not available in all states
Details
Contact info
| Phone number | 855-282-6353 |
| Customer service hours | Monday - Thursday 8 a.m. to 10 p.m. ET Friday 8 a.m. to 8 p.m. ET Saturday 9 a.m. to 6 p.m. ET Sunday Closed |
| loan_assistance@bestegg.com | |
| @MyBestEgg | |
| Best Egg |
What makes Best Egg shine?
Best Egg is a lender known for its customer service, quick application process and fast funding – often within one business day. Borrowers with fair to excellent credit can prequalify online with a soft credit check only and get offers in minutes, with no obligation.
It offers both unsecured and secured loans up to $50,000. By choosing a secured loan, like its home improvement loan, you could get a 20% discount off its typical rates. For those looking to reduce credit card and other personal debt, it offers a direct payment option on its debt consolidation loan, which may also snag you a lower rate.
Best Egg also gets exceptionally high customer reviews on the Better Business Bureau (BBB) website — which is unusual for a financial services company. It has won numerous awards, including “Best Lending Solution” in the 2023 Benzinga Global Fintech Awards, and was named one of the top 250 fintech companies of 2024 by CNBC World.
Where Best Egg falls short
Best Egg’s main drawback is its origination fee, which ranges from 0.99% to 9.99%. Even if you have excellent credit, you’ll still be on the hook for paying an origination fee, which is deducted from the loan amount.
For example, if you qualify for a $10,000 loan with a 9.99% origination fee, you’ll only get around $9,000 — but still pay interest on the full $10,000. If you have good to excellent credit, you may be able to get a better deal elsewhere.
Is Best Egg Legit?
Best Egg is a legitimate lending platform. It offers loans through its partners, Cross River Bank and Blue Ridge Bank. It has an encrypted website and an industry-standard privacy policy that covers how your information is collected and used.
It has funded over $21 billion to its customers through more than 1.1 million loans. Best Egg has an A+ rating with the Better Business Bureau and very positive customer reviews on both the BBB and Trustpilot. It also offers multiple ways to contact customer service, including phone, email, snailmail, Facebook and Twitter.
Best Egg loan details
| Minimum credit score/credit range | 640 |
| APR | 7.99% to 35.99% |
| Loan amounts | $2,000 to $50,000 |
| Terms | 3 to 5 years |
| Approval turnaround | As soon as the next business day |
| Availability | Not available in: Iowa, Vermont, West Virginia |
| Fees | Origination fees between 0.99% and 9.99% |
| Other fees |
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How to qualify for Best Egg
You’ll need to meet the following criteria to qualify for a Best Egg personal loan:
- Be a US citizen or permanent resident
- Be of legal age to accept a loan in the state in which you live
- Have a minimum credit score of 640
- Provide proof of income
- Have a verifiable checking account
- Have a valid email address
- Have a physical address
How to apply
Best Egg is known for its fast application process. Follow these steps to apply:
- Fill out the online application and prequalify with a soft credit check.
- Review your loan offers.
- Complete your loan application, apply with a hard credit check and provide any requested documents.
- Wait for the lender to verify and approve or deny your application.
- Receive funds typically within one to three business days if approved.
How Best Egg compares to other lenders
Best Egg reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.87 out of 5 stars, based on 3156 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 9,221 customer reviews. |
| Customer reviews verified as of | 31 July 2024 |
Best Egg has been accredited with the Better Business Bureau (BBB) since 2014 and has an A+ rating based on how it handled customer complaints. Best Egg also has an exceptionally high star rating for customer reviews. This is impressive, since most BBB reviews of financial services companies are from customers leaving complaints — not praise.
Best Egg is also highly rated on Trustpilot, with the majority of customers rating the company as “Excellent.” Satisfied customers mention great customer service, fast funding and affordable payments. Less happy customers mention poor communication and frustrations about getting preapproved and later being denied.
Frequently asked questions
How long does Best Egg take to approve a loan?
Best Egg offers prequalification in minutes. Once your application is complete, the funds could be available as soon as the next business day or up to three days in some cases.
What credit score do you need for Best Egg personal loan?
Best Egg states that it requires a 640 credit score to qualify for a personal loan. If your score is a bit lower, you may need to work on boosting your score before applying or look for lenders that accept lower scores.
What rate discounts does Best Egg offer?
Best Egg states that you may be able to get a better rate with a debt consolidation loan or a home improvement loan. It doesn’t offer an autopay discount, but it’s still a good idea to avoid potential late fees.
Is Best Egg a direct lender?
No. Best Egg is a lending platform that reviews and approves loan applications, but loans are funded through its bank partners, Cross River Bank and Blue Ridge Bank.
Can Best Egg pay off my creditors directly?
Yes, Best Egg can pay your creditors directly. This service can save you the effort of sending funds from your bank account.
How do I contact Best Egg?
You can contact Best Egg by calling 855-282-6353 Monday through Thursday, 8 a.m. to 10 p.m. ET, Friday, 8 a.m. to 8 p.m. ET, and Saturday, 9 a.m. to 6 p.m. ET. You can also send an email to loan_assistance@bestegg.com.
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Lacey Finder
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mariaghan Finder
August 14, 2017
Hi Ellen,
As a friendly reminder, we do not represent Best Egg or any of the companies that we feature on our pages.
You may want to contact Best Egg directly should you want to apply for a loan with them.
For other options, you may check our page on Personal Loans.
Cheers!
Maria
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Debbie
April 12, 2017
Does Best Egg report to all 3 credit bureau and if so how often do they report?
Harold Finder
July 09, 2017
Hi Debbie,
Thank you for your inquiry.
While we do not represent any company that we feature on our pages, we can offer you general advice. With regard to this matter, you may want to try to clarify this directly with the lender. Meanwhile, please read more about how you can request your credit score to know more about your creditworthiness.
I hope this information has helped.
Cheers,
Harold
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Ellen
August 14, 2017
I am looking for a loan for $4500. I have fair credit. I have been turned down before for a loan but if granted the $4500 loan it will be paid back to you within the month