Personal Loans Blog and Resources

Although Best Egg was only founded in 2013, and is a relatively young company in the personal loan industry, it has proved that it understands consumers and their needs, consistently ranking as number one on our Best Personal Loan Companies list. Best Egg offers quick, simple, and easy personal installment loans for a variety of borrower needs ranging from completing home renovations to consolidating debt. Understanding that each potential borrower is different, both in their current needs and financial background, Best Egg works with each individual to ensure the best borrowing experience possible.  And this isn’t just us saying this. This is what real customers have to say about their experience with Best Egg. We wanted to understand why 92 percent of customers give Best Egg a five-star review, and we have found some common denominators among these positive reviews that help us understand why Best Egg is a top-ranked personal loan company. Let’s take a closer look. The infographic above includes information taken from a sample size of 400 reviews, and the following review breakdown is taken from the same sample size. Best Egg has more than 7,000 reviews on our website. From this sample size, we can see that the majority of customers have been pleased with how quick and easy it was to work with Best Egg, in addition to having positive experiences with customer service. Quick and easy process Seventy-six percent of sampled four-star or five-star reviews noted how quick and easy the application and funding process was with Best Egg. It is clear from these reviews that Best Egg’s promise of making “money accessible through fast, simple, and easy personal loans,” is a reality for the majority of borrowers. If you are looking for money fast, perhaps for an emergency, Best Egg could be a great option for you, as approval and funding can be completed in just a few days. In a similar vein to quick and easy service, various customers mentioned being approved for a Best Egg loan when they couldn’t get approved by any other lender.  "My experience with Best Egg was very positive. They gave me a loan when others wouldn't." — Janet, October 11, 2020 Each personal loan lending platform will have specific criteria which must be met in order to be approved for a loan, one of the most important factors being a borrower’s credit score. Best Egg’s minimum credit score requirement is lower than the industry average, but it may be difficult for subprime borrowers to be approved for a Best Egg personal loan. Learn more about Best Egg’s eligibility requirements. Superior customer service For online lenders, customer service is not only very important, but also a unique challenge as borrowers can’t visit physical branch locations with concerns or questions.  Twenty-one percent of sampled reviews made mention of Best Egg’s superior customer service. Through Best Egg’s Help Center, customers can search through featured topics or speak with a company representative directly by calling the listed phone number. Of the reviews that highlighted customer service, customers often noted that they received helped quickly and that the process was very professional and helpful. Generally speaking, most people do not like calling customer service. Often people complain about long wait times in addition to impatient or unkind representatives with various companies in a variety of industries. Therefore, it is a relief to see from these reviews that such is not the case with Best Egg. As is made clear in the above review, customers can be confident that they will receive respectful and efficient service when working with Best Egg’s customer service. Speaking to Best Egg’s commitment to superior customer service and offering customers the best experience possible, Bobby Ritterbeck, Best Egg CFO, adds: “Beyond our great customer service, I’d say one of Best Egg’s main differentiators is that we do our best to ensure flexibility is a core component of our customer experience. As you can imagine, a decent percentage of our customers were impacted by the COVID-19 pandemic over the last year. Our team was not only able to develop flexible payment programs for these folks, but we proactively reached out to them as well — asking if these programs would help take a bit of stress off their minds. The response was overwhelming. It just feels good knowing we could play even a minor role in helping people get through this tough time, and to me, that’s one of the many things that makes Best Egg great.” This proactive response to customer needs is highlighted on our website, as Best Egg generally responds to all reviews, speaking to its commitment to connect with customers and address concerns when needed. Great rates When looking for a personal loan, one large consideration for borrowers is interest rates. Best Egg offers fixed rates as low as 5.99 percent APR, which is far below the national average of 9.41 percent APR. Multiple reviews sampled made mention of Best Egg’s competitive rates, which were often lower than other lenders. "Very expedient results, I had my cash very fast to consolidate debt and improve my home. Very reasonable rates compared with other loan companies and fees were not high as well. Highly recommend this BEST company!!" — Charles, September 26, 2020 Although many customers were pleased with the rates they received, some customers felt that the rates were too high. It is important to note that interest rates on personal loans will vary from borrower to borrower, as they usually depend on the borrower’s credit score and financial background. Best Egg has a minimum credit score requirement of 640, which is low in the industry. But, having that credit score does not mean that you will qualify for the lowest rates. Generally, excellent credit scores of 700+ are required to receive the lowest offered rates in addition to a substantial income. Trustworthiness and transparency Of sampled 4-star and 5-star reviews, a mere 5 percent mentioned how they felt like Best Egg was transparent and trustworthy. Five percent may seem small, but it is noteworthy that customers bring this up in reviews. "The ease in obtaining this loan was outstanding. I was initially afraid to get a loan from an online company, however this company proved to be trustworthy." — Linda, February 12, 2020 As an online lender it is important for Best Egg to establish their trustworthiness as a company and lender, and it accomplishes this by being transparent and up front with all relevant loan information. When you make an account with Best Egg your account information is available to you: loan balance, payment due date and amounts, late payment information, and your payoff amount.  Best Egg also has a clear and transparent privacy policy that is easy to find on its website. This policy outlines how customer information is protected. Detailed review responses Many reviews left by Best Egg customers are short and sweet, remarking on a positive experience. However, some reviews leave greater detail of their experience and circumstances, enabling us to infer that Best Egg personal loans are a great option for multiple needs and financial circumstances. Many reviews also remarked that they were approved for a Best Egg loan when they weren’t able to be approved elsewhere. In addition, Best Egg generally responds to all reviews left on BestCompany.com. It is noteworthy that they take the time to read and respond to customers, positive or negative. In response to negative reviews, Best Egg is respectful and takes steps to resolve concerns. Most responses are similar to this, allowing the customer to take further action if they feel that their concerns still haven’t been resolved. Best Egg frequently asked questions What is the credit score requirement for a Best Egg personal loan? Does Best Egg have additional personal loan application requirements? Will my credit score be affected if I apply for a personal loan with Best Egg? What is the interest rate I would receive on a Best Egg loan? How much can I borrow from Best Egg? How long will it take for me to receive my funding for my Best Egg loan? What can I use my Best Egg loan for? Does Best Egg have any fees? Are Best Egg reviews positive? How does Best Egg compare to other personal loan lenders? What is the credit score requirement for a Best Egg personal loan? Best Egg’s minimum credit score is 600. This is very low in comparison to the national average of 660. However, to qualify for the lowest rates and most agreeable terms, a credit score of 700+ would likely be required. If you have bad credit, you may not be approved for a personal loan with Best Egg. Does Best Egg have additional personal loan application requirements? In addition to a good credit score of 600 or above, Best Egg also requires borrowers to have a low debt-to-income ratio, as well as a verified annual income. These three factors are required for the Best Egg application process. Will my credit score be affected if I apply for a personal loan with Best Egg? Best Egg performs a soft credit check when you submit a pre-qualification application. However, if you are happy with your loan offer and choose to complete your application and finance a loan with Best Egg, a hard credit check will be performed. What is the interest rate I would receive on a Best Egg loan? As of June 2020, Best Egg’s fixed interest rate ranges from 5.99 percent to 29.99 percent APR. The national average interest rate for a personal loan is 9.41 percent; thus, if you have an excellent credit score you have a good chance of qualifying for significantly low rates in the industry. How much can I borrow from Best Egg? Best Egg offers loan amounts from $2,000 to $50,000. How long will it take for me to receive my funding for my Best Egg loan? The initial Best Egg application takes only minutes to complete. After approval and verification, funding can be dispersed in as soon as one business day. What can I use my Best Egg personal loan for? Best Egg personal loans can be used for a variety of reasons: debt consolidation, credit card refinancing, home improvement, moving loans, vacation loans, special occasions, etc.  Some lenders have a stipulation that you must use funding for the reason specified in your application, but Best Egg allows you to use funding for whatever reason you see fit. Does Best Egg have any fees? Best Egg keeps fees low, but there are a few to be aware of: An origination fee of 0.99%–5.99% will be deducted from the loan amount deposited into your bank account. The late fee is $15. You will be charged a $15 return fee if payments can't be processed due to insufficient funds, bank account closures, etc. It is important to note that Best Egg does not charge a prepayment penalty fee. Thus, borrowers are free to pay off their loan earlier than the termination of the loan term without consequence. In addition, there are some personal loan lenders that do not charge a loan origination fee Are Best Egg reviews positive? Best Egg reviews are overwhelmingly positive — 92 percent of reviews are five stars. Customers consistently highlight how quick and easy the application and approval process is, in addition to great customer service. Many customers say that they would recommend Best Egg to their friends and family. How does Best Egg compare to other personal loan lenders? Many online lenders offer similar services to Best Egg and have many positive reviews. Differences between lenders generally comes down to the small details: credit score requirements, rates and terms, and fees.  Best Egg’s minimum credit score is low in comparison to its competitors, and many online lenders do not charge any fees, including an origination fee. Best Egg also does not allow cosigners or joint applications, which could make it difficult for borrowers with poor credit to be approved. Many other lenders offer a cosigner option. However, Best Egg’s rates are competitively low and the company offers superior customer service that many customers highlight.  Best Egg Personal Loans Learn more about Best Egg and its personal loan offerings, as well as read additional customer reviews. Learn More

Life is full of unexpected twists and turns; medical emergencies, car repairs, home renovations, or repairs. It is important to be as financially prepared as you can for these circumstances when they arise, but it isn't always possible. Fortunately, emergency loans are available for when those unexpected expenses come up. An emergency loan is any loan or amount of money that you can borrow on short notice. To cover unexpected expenses, there are various options available, including personal loans, payday loans, credit card cash advances, title loans, or simply asking a friend or family member to provide you with a loan. Maybe you've found yourself in this position: "I need an emergency loan, today!" You may need money immediately, or at least as quickly as possible. Personal loans are one of the most reliable and sure-fire ways to get money quickly and easily. Depending on the lending company, you can receive same-day approval and funding for your emergency loan. It is important to note that personal loan lenders will conduct a credit check, and lower rates are only available to those with good credit scores. But there are other options for those with bad credit scores in the form of payday loans. Payday loans are a good option for those with bad credit scores, generally providing up to $500 almost immediately. However, payday loans often come with high interest rates and must be paid back in two to four weeks, or before your next payday. On the other hand, personal loan lenders conduct credit checks and typically require a good credit score to qualify. A better credit score means that you could qualify for a larger loan, if needed, and receive lower interest rates. Applying for a personal loan is also a safer process with no required collateral, although that varies with each lender. Therefore, it is important to do research on multiple personal loan companies before choosing one for your emergency loan. Luckily, we’ve done some of that research for you already. Based on fees, services, comparison, and customer reviews, we’ve created a list of the top five personal loan companies for emergency loans. 1. Best Egg Minimum credit score: 600 APR range: 5.99%–29.99% Great customer reviews With an instant decision process, you could receive money in as little as one business day if you are approved and submit the required documentation. However, it is important to note that Best Egg has a loan origination fee between 0.99 percent and 5.99 percent of the total loan amount. This fee is taken directly from the loan before being added to a bank account. Customers generally have nothing but good things to say about working with Best Egg for their personal loans, highlighting the speedy approval and funding process, as well as great customer service. Read Full ReviewVisit Site Best Egg Customer Review: Gordon from Ocean Shores, Washington "Quicker and the interest rate is cheaper than payday or other personal loans. I needed emergency dental work and could not be without my two front teeth...thank you Best Egg." 2. FreedomPlus Minimum credit score: 620 APR range: 7.99%–29.99% Good customer reviews With a lower minimum credit score requirement than most other lenders in the industry, FreedomPlus offers same-day lending decisions on personal loans ranging from $7,500–$40,000; a great option if you have some unexpected expenses that come up.  FreedomPlus doesn’t have any application fees or prepayment penalty fees, but there is an origination fee of 0 percent to 4.99 percent on personal loans. This fee is lower than other personal loan lenders, but there are some companies in the industry that don’t have an origination fee. If you have any questions as you’re applying for an emergency personal loan, FreedomPlus will quickly connect you with  a customer service representative or loan consultant that will help answer your questions and make the loan process as simple as possible. Here’s what customers have to say about their experience with FreedomPlus: Read Full ReviewVisit Site FreedomPlus Customer Review: Nancy Jones from Nenana, Alaska "I felt very comfortable working with FreedomPlus. They were very responsive and helpful. They let me know step by step what I needed to do to help them get me approved for the emergency funding I needed." 3. Upstart Minimum credit score: 620 APR range: 8.94%–35.99% Good customer reviews Upstart is a great option for those with little to no credit history, such as young professionals and recent college graduates, a group that might have a harder time making ends meet when unexpected expenses arise. But, even if you aren’t a recent college graduate, Upstart won’t just look at your credit history for approval, but will take things such as your job history and income into consideration, making it easier for you to get an emergency loan. Although APR rates are higher with Upstart than most other lenders in the industry, it does have low fees, a competitive maximum loan repayment term (five years), and a quick application process that can get money in your pocket as fast as one day after approval. Many of Upstart’s customer reviews are positive, speaking to its quick and easy approval process. However, there are many negative reviews as well, stating that the company makes a borrower jump through a lot of hoops, and customer service was difficult to work with. Read Full ReviewVisit Site Upstart Customer Review: Jo Temp from Belton, South Carolina "The quickest loan I have ever received, money was deposited in 2 days, unbelievable wow!" 4. OneMain Financial Minimum credit score: varies APR range: 18.00%–35.99% OK customer reviews OneMain Financial has been around for a very long time (108 years, to be exact), and knows its way around personal loans.  Loans from $1,500–$20,000 are available with a variety of term lengths. If you apply for a personal loan with OneMain Financial by noon on a business day, you could receive funds as early as that same day. In addition, loans have fixed rates and fixed payments, so you can feel confident and secure in your repayment, because your rates and monthly payments will not increase. OneMain Financial doesn’t have a minimum credit score requirement; therefore, if you have a poor credit score, you could be approved for an emergency personal loan. Customers are generally satisfied with service through OneMainFinancial, highlighting a simple loan application process and quick payment. Read Full ReviewVisit Site OneMain Financial Customer Review: Jess Patton "When I had a medical emergency and could not work, I got a loan from them, using my old car as collateral. It was fast and easy, no hassle, and in two days it was deposited into my account. I have auto payments pulled from my account twice a month, on the days I chose, and I never have to think about it. It was perfect, and easy! And a life saver!" 5. LightStream Minimum credit score: 680 APR range: 2.49%–19.99% Negative customer reviews If you are in need of a large loan, fast, LightStream is a good option, offering personal loans from $5,000–$100,000. Because it offers a much higher maximum loan amount than most other lenders, LightStream requires a higher credit score to qualify. However, cosigners and joint applications are accepted, which would increase your chances of qualifying if you have a poor credit score. However, if you need money as quickly as possible, finding and working with a cosigner may not be in your best interest. LightStream offers same-day funding after your application is approved. This is great, especially for funding emergencies, and there are no origination fees or prepayment penalty fees. It is important to note that if you receive a loan through LightStream, you must use it for the reason stated in your application. The majority of LightStream customer reviews are negative, with many saying that the guidelines are difficult to follow and that loan acceptance rates are very low, even with an excellent credit score. LightStream may be one of the fastest options for an emergency loan, but these are also important things to consider. Read Full ReviewVisit Site LightStream Customer Review: Douglas Jennings "Very very impressed. Went very smooth and fast response to approval. I will tell others. Repeat customer right here for sure. Thanks again LightStream." Other types of emergency loans Credit card cash advances are the easiest and most immediate way to get money for an emergency. Borrowers simply stop at the bank or at an ATM and withdraw cash from their credit card, which must be paid back. However, interest begins to accrue immediately, increasing the amount of money owed over time. Specific to car repairs and emergencies, title loans are short-term secured loans, requiring borrowers to put up their car title as collateral. This is a risk because borrowers could lose the title to their cars if unable to pay off the loan. Home equity loans can provide more funds than a personal loan because the loan amount is based on the value of your house relative to your mortgage balance. Depending on your circumstances, the ability to secure a larger loan might be the best option, but it is important to keep in mind that you risk foreclosure on your home if you’re unable to pay the loan back, which could create greater financial hardship for you overall. If you have an emergency that needs an immediate financial solution, turning to your friends and/or family members for a loan may be a good option. Because they are close to you and may know the situation you are facing they could be sympathetic and willing to front some money with little to no interest. Be patient and do your homework Make sure you do some research before jumping into any type of loan or cash advance options. You don’t want to create greater financial hardship for yourself in an attempt to pay for the emergency that has come up in your life. Securing funding in an emergency can be stressful, and you may feel a need to rush. However, if possible, take some time to slow down and weigh the options available to you. Various personal loan lenders can approve and provide funding quickly, but not all lenders are equal in what they offer. Another option might be better for you in the long run. Top Personal Loan Companies Learn more about personal loans by looking at the top-rated companies and their offerings, and verified customer reqviews. Learn More

These awesome companies have earned a coveted spot on Best Company's top five best personal loans companies list for 2021. After factoring in each of the companies' overall services and over 10,300 customer reviews, you'll know why these personal loan companies are the best. Discover which of these personal loan companies may be the best option for you: 1. Best Egg What to expect Best Egg is known for having some of the speediest and easiest loan approvals in the industry — often times in as little as one business day. For customers that are in need of a quick loan approval, Best Egg is a great option. Director of Content & Mass Media for Best Egg, Sarah Zangrilli, lays out what makes Best Egg a standout personal loan company: “[Best Egg has an] amazing culture, top notch customer service, and quickly funded loans.” Read Full ReviewVisit Site Customer sentiment criteria Value for your money — 4.5/5 Quality of product or service — 4.5/5 Customer service — 4.5/5 Company trustworthiness — 4.5/5 2. FreedomPlus What to expect FreedomPlus has unique debt consolidation loan options and benefits. If you are wanting to pay down your credit card debt, FreedomPlus will exclude that debt from your debt-to-income ratio, helping you to qualify for more money and possibly better rates. Senior Director of Marketing for FreedomPlus, Archuna Jagota, highlights two of FreedomPlus's strengths: “Unmatched customer service — FreedomPlus offers a quick and easy online application process with a focus on personalized customer service via the phone. Our knowledgeable loan consultants make the application process informative, efficient, and easy for borrowers.  Smarter loan solutions — We go beyond the credit score to understand a customer’s full financial situation. We reward consumers through lower rates for doing responsible things like paying off debt with a FreedomPlus loan, adding a co-applicant who has income, and saving for their retirement. FreedomPlus has helped thousands of customers find a personal loan solution to fit their budget and goals.”  Read Full ReviewVisit Site Customer sentiment criteria Value for your money — 4.5/5 Quality of product or service — 4.5/5 Customer service — 4.5/5 Company trustworthiness — 4.5/5 3. SoFi What to expect If you are wanting to borrow a large sum of money, SoFi is most likely your best option. Most other lenders cap their personal loans at around $40,000; however, SoFi will lend approved borrowers up to $100,000. Affiliate Manager for SoFi, John Wong, explains more about why SoFi is different:“We pride ourselves to be one of the top prime lenders on the market. We provide our over 900,000 members with the tools they need to borrow, save, spend, invest, and protect their money—all from the SoFi mobile app. Read Full ReviewVisit Site Customer sentiment criteria Value for your money — 4.5/5 Quality of product or service — 4.5/5 Customer service — 4.5/5 Company trustworthiness — 4.5/5 4. Upgrade What to expect Most personal loan companies require a credit score around 650. Upgrade has one of the lowest credit score minimums in the industry with a minium requirement of 600. For those that have poor credit and are having trouble finding approval for a personal loan, Upgrade may be worth looking into. Marketing Manager for Upgrade, Kyle Wood, shares two additional characteristics that differentiates Upgrade from others: "Fast funding — Applicants can get approved and receive their funds in as little as one day.  Co-applicants — We offer joint applications to our borrowers.”  Read Full ReviewVisit Site Customer sentiment criteria Value for your money — 4.5/5 Quality of product or service — 4.5/5 Customer service — 4.5/5 Company trustworthiness — 4.5/5 5. Upstart What to expect Upstart has high approval odds, taking into consideration a number of different factors, such as education/area of study, job history, credit score, years of credit. For those with little to no credit history, but have a quality college degree or a high-paying job, you are likley to qualify for a personal loan from Upstart. Head of Communications for Upstart, Diana Adair, expands on Upstart's unique personal loan qualification criteria: “Upstart believes you are more than your credit score. Your education and job history help us understand more about your future potential. Upstart is the leading AI lending platform partnering with banks to expand access to affordable credit. More than two-thirds of Upstart loans are approved instantly and are fully automated. In addition, Upstart's patent-pending platform is the first to receive a no-action letter from the Consumer Financial Protection Bureau related to fair lending.”  Read Full ReviewVisit Site Customer sentiment criteria Value for your money — 2.5/5 Quality of product or service — 2.5/5 Customer service — 2.5/5 Company trustworthiness — 2.5/5  

Pleasant Grove, UT - January 7, 2019 - Best Egg has been named the 2019 Consumer's Choice Award recipient in the personal loans industry by BestCompany.com, an independent consumer review site. Best Egg was selected to receive this recognition from among 70 other personal loan companies based on a comprehensive market index score and the feedback of verified customers through reviews. "We wish to recognize Best Egg with the Consumer’s Choice Award for 2019. They've earned it,” said BestCompany.com CEO Landon Taylor. “Our hope is that this recognition will highlight a company that is doing business the right way by taking care of its customers and always looking for ways in which it can improve." Best Egg distinguished itself from its competitors by offering a simple application process, a quick decision process, relatively low APRs, and no prepayment penalties. That, combined with an extremely high customer review score of 4.9 out of 5 based on more than 4,400 real customer reviews, propelled Best Egg to an impressive overall score of 9.0 out of 10, the highest in the industry. “We are proud to receive the BestCompany.com Consumers Choice Award,” said Jeffrey Meiler, CEO at Best Egg. “This award further validates our commitment to delivering outstanding experiences for our customers in line with our overall mission to make money accessible quickly and without hassle so our customers can enjoy life.” To read consumer reviews for the top-rated personal loan provider, view Best Egg’s profile on bestcompany.com. For additional information and comparisons, access the full list of personal loan companies considered for this award, as well as their respective scores and customer reviews. About Best Egg Best Egg makes money accessible through quick, simple personal loans. Whether individuals need funds for debt consolidation, home improvement, vacation, a major purchase, or an unexpected expense, Best Egg can help get them the money they need to keep their finances on track. For those who want to make a change in their lives, Best Egg can be a simple solution to achieving your financial goals, as well as make the process of applying for, getting approved, and servicing a personal loan seamless and hassle-free. To date, Best Egg has served hundreds of thousands of customers and provided more than $6 billion in funding. Visit the company’s website to learn more about Best Egg. About BestCompany.com BestCompany.com ranks and reviews companies across hundreds of different industries. Unlike many other review sites, companies listed on BestCompany.com cannot buy their position, nor is a company’s ranking manipulated or inflated by BestCompany.com for financial gain. Instead, a company’s ranking is based on BestCompany.com’s proprietary Best Rank algorithm, which is powered by verified customer reviews and an objective set of ranking criteria. For more information on how BestCompany.com scores and ranks companies, please visit our How We Rank page.