Best Egg was founded by a group of former Barclays PLC bankers in 2013, and began offering personal loans in 2014. They originated through Cross River Bank in New Jersey, but customers don’t have to be New Jersey residents to qualify. Today, the company has distributed over two billion dollars’ worth of personal loans for unsecured debt. With Best Egg, personal loans are approached in a unique way, and consumers don’t need to provide collateral.

While the company does not offer consolidation services or a consolidation program, Best Egg offers personal loans that are often used for debt consolidation. Customers can have funds transferred into their account electronically in as little as one day. The company does not seem to hold any accreditations, and costs and fees are not explained on the website.

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The Good

Personal Loan For Consolidation

Best Egg does not offer a specific debt consolidation program, or debt consolidation services. Instead, the company offers a personal loan that is often used for debt consolidation and debt reduction. To see our review of Best Egg’s Personal Loan, click Here.

Applying is completely free, and one does not have to pay until they actually get a loan.
The loan can get approved sometimes the same day, and funds can be transferred into one’s account in as little as one day. The company boasts being different from other companies; Best Egg does not make customers post their loan and wait for investors to fund it. Instead, customers could potentially get a decision in a few minutes. One can apply online, and likely has to upload documentation to verify finances before their loan is finalized.

Loan Specifics

Loans range from $2,000 to $35,000, and come in three- and five-month repayment plans. However, people can choose to repay the loan quicker than their plan, with no prepayment fees. In fact, paying ahead of time will reduce future interest payments. Interest rates range from 5.99 percent to 29.99 percent fixed APR, depending on credit score.

Customizable Payment Options

Best Egg boasts that its online tools put the customer in control. Customers can customize their loan experience, and choose what kind of payment method works best for them. Additionally, customers can pay for their loan in a variety of ways, including: electronic fund transfer, mail, online at anytime, or through Western Union Quick Collect (through a Western Union office).

Self-service is easy and available 24/7.

Reasonable Eligibility Requirements

Eligibility requirements are not rigid. Customers must be a US citizen or permanent resident, at least 18 years old, and have a verified bank account. Alabama and Nebraska residents must be at least 19 years old.

The company looks at more aspects than just one’s credit score. Best Egg also considers the information from one’s loan application, credit bureaus, credit score, and how much money one owes compared to how much they earn. One’s income and overall debt is considered before making any approval decisions.

The Bad

No Consolidation Program

Unfortunately, the company does not offer a consolidation program or consolidation services, but instead offers a loan to help with debt consolidation. The website does not specify whether Best Egg offers customers a free consolidation consultation, like what is standard in the industry.

According to a Best Egg phone representative, the company does not provide loan services to Kansas residents. However, there is no clear list online of which states the company does not service.

Loan amounts are from $2,000 to $35,000. The maximum is a smaller amount than many companies in the industry offer. All Best Egg loans must exceed $6,000 in Massachusetts, $5,000 in Ohio, and $3,000 in Georgia.

No Accreditations

The company does not seem to hold any important consolidation accreditations, which is disconcerting.


The company does charge origination and late fees. Origination fees are deducted from one’s starting loan proceeds, and range from 0.99 percent to 4.99 percent.

Late fee payment is $15. Many top companies in the industry do not charge these fees.
The website does not explain whether or not Best Egg charges upfront, monthly, or cancellation fees. It is also unclear whether or not their services include any kind of money-back guarantee.

Need an Offer Code to Apply

Applying for Best Egg can be slightly frustrating because applicants first need an offer code. The offer code is used to pre screen each applicant, and is received by mail. Those who don’t have an offer code could potentially fill out a preliminary application, to see if there are any offers that could fit one’s needs.

Any origination fees on Best Egg’s five-year repayment term will yield at least a 4.99 percent origination fee.

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The Bottom Line

Best Egg provides personal loans that can help people with debt consolidation, or receive debt relief. Interest rates for the loans are largely based on credit score, and range from 5.99 percent to 29.99 percent fixed APR. People can choose their payment method, and online services are accessible 24/7.

The company does charge late and origination fees. It is a positive thing Best Egg is so upfront with its fees, but some top companies in the industry don’t charges these fees. Best Egg lacks accreditation, and the fact customers need to have an offer code before applying can get frustrating.

This company is best fit for someone looking for a personal loan to help with their debt situation, has at least a 700 credit score, and makes over $100,000 each year. Otherwise, we recommend looking into different options to assist with debt consolidation.

Want to see the top rated Debt Consolidation Companies? Click Here

Frequently Asked Questions

Consolidation or Personal Loan?

Best Egg does not offer consolidation services or a consolidation program. Instead, the company offers a personal loan that is often used by customers for debt consolidation.

What Is The Monthly Fee?

Monthly fees are 5.99-29.99 percent of the origination fees.

Are There Any Upfront Fees?

While it is free to apply and customers do not pay until they actually get the loan, Best Egg does charge 0.99 percent to 4.99 percent origination fees.

What Is The Cancellation Policy?

Best Egg does not provide any information on a cancellation policy, cancellation fees, or a money-back guarantee.

Can I Get a Free Consultation?

The company does not seem to offer a free consultation, and the website does not provide any information on a financial analysis. However, Best Egg does let customers check their rate online by putting in their email address, and mentions that customers are free to call customer service to learn more about the loans.

More Information

About Best Egg

Best Egg seems to only offer loan services, and no debt settlement or debt consolidation programs. The company offers personal loans for qualified applicants than can be dispersed in one’s bank account within 1 day. Origination fees of 0.99 percent to 4.99 percent do apply, and people can choose between three- and five-month repayment terms.

Best Egg does not provide loan examples, but people can get a $2,000 to $35,000 loan with a 5.99 percent to 29.99 percent fixed APR. Loans are provided to help one meet their financial goals, and a majority, if not all of Best Egg’s services are worked through online.

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    October 8th, 2015 San Diego, CA

    Absolutely ridiculous , 20% interest rate with a score of 710, I am sorry I put my information out there.

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