9.9
Overall Score
Author: Kaitlyn Short
Best is an online lending platform focused on personal loans. The company has helped fund over $7 billion in personal loans since its founding in 2014. Most Best Egg personal loans are used as debt consolidation loans to pay off high-interest debt, like credit cards, but you can use them for a variety of expenses. The company offers competitive rates through its second partner bank, Blue Ridge Bank.
With an exceptional consumer star-rating on BestCompany.com, Best Egg loan reviews indicate a quality company with exceptional service. These reviews offer a comprehensive look at the pros and cons of borrowing money through this service through the lens of people like you.
Highlight: Best Egg rates and terms
Continue reading for a full review of the company, as well as verified Best Egg reviews.
Are you looking to consolidate your debt with a personal loan?
Best Egg personal loans can be an excellent option for applicants looking to consolidate debt or pay off high-interest credit card debt, primarily due to its low annual percentage rates (APRs*) ranging from 8.99 percent to 35.99 percent, and loan terms ranging from three to five years.
Best Egg also gives borrowers the opportunity to pay off their loan faster than is scheduled, without being charged any prepayment penalties. These loan terms provide a manageable payback process that is typically much more effective than many other debt relief or consolidation companies.
Because Best Egg is an online lending platform, the loan application process is quick and easy, making it simple for consumers to apply and receive funds.
After submitting any documents for verification, customers could have money in their bank account in as little as one business day. Nearly all customers will receive funds within three business days after final approval, depending on their banks' policies.
It is important to note that most personal loan lenders have an online application, but some will also require applicants to speak with a company representative over the phone to complete the process. A entirely online application can save you more time and get you funding much faster, as is the case with Best Egg.
Best makes repaying loans simple, with several options to make payments:
Borrowers don't have to worry about a payment processing fee. Customers can also set up monthly payments at a Western Union office. Keep in mind that there is a fee charged for each transfer.
Best Egg is transparent when it comes to sharing information with customers and provides clients with loan terms, including fixed interest rates and monthly payment amounts. Best Egg also provides an easy-to-find, clear privacy policy on its website with information detailing how it limits the sharing of clients' personal information.
Best Egg's website is easy-to-use and transparent and has the majority of information you will need with answers to common questions you may have. Your personalized Best Egg login also has your account information listed, including account balance, payment due date and amount, late payment info, as well as your payoff amount. Having all of this readily available to you makes it simple to manage your personal loan and ensure you stay up-to-date with payments and important changes to your account.
Best Egg does not charge a prepayment penalty fee if you decide to make extra payments or repay the loan faster than your loan term requires. Prepaying on your loan will reduce the amount of interest you pay, so this will only benefit you if you choose to do so. Be sure to regularly communicate with Best Egg once you have your loan, so you always know what your payoff amount is.
You can see your payoff amount at any time through the Best Egg account portal. This will also show you how much you could save in interest fees if you pay off your loan early. Penalty-free prepayment is always preferable, especially if you are looking for a consolidation loan with the goal of eliminating needless interest and fees on your other accounts.
Best Egg personal loan payment due dates are subject to change for eligible borrowers. This allows flexibility for consumers to change the due date if necessary. For example, if you prefer to pay your bills at the end of the month versus the beginning of the month, Best Egg, when possible, will work with you to decide on a due date that works best for your budget and financial situation.
Best Egg offers personal loans with fixed-term plans.
This means that the amount you pay each month will not fluctuate, and your rates will stay the same throughout the lifespan of your Best Egg loan term.
This provides peace of mind and stability to borrowers and makes it easier for them to stay on top of payments throughout the loan term, as there will be no rate changes that can be expected with a variable rate personal loan.
Best Egg loans offer simple interest loans rather than compound interest loans. Simple interest can save you more money overall because interest is calculated only on the outstanding principal balance. Compound interest loans charge interest on the principal as well as on accumulated interest from past non-payments, thus potentially increasing your payments.
If you have a low credit score and would be considered a "high-risk" borrower, Best Egg does offer a secured loan option, requiring collateral — something of value that you own, such as a car, home, or other property — instead of relying wholly upon your credit to make a lending decision. Secured loans pose less risk for a lender since your collateral can be seized in a situation where you are unable to make your payments, ensuring that the lender receives some sort of compensation.
This is a unique option in the personal loan industry, providing a wider range of borrowers the opportunity to have a loan with Best Egg.
When you check your rate and potential to qualify through the Best Egg lending platform, your credit score will not be impacted.
Like many online lenders, Best Egg uses a soft credit inquiry to see if you are eligible and to determine what your rates would be. This requires entering personal details including your name, address, social security number, annual salary, etc. The opportunity to pre-qualify makes it easy for potential borrowers to make smarter financial decisions. They can compare lender rates and decide if Best Egg is right for them, without negatively impacting their credit in the process.
If you choose to accept Best Egg's loan offer a hard credit inquiry will be performed, which is standard in the industry.
The majority of Best Egg loan reviews left on BestCompany.com from real customers are overwhelmingly positive, highlighting the following:
Best Egg complaints are limited.
If you are interested in reading all current click here.
,Best personal loans have an between 0.99 and 8.99 percent of the total amount. The is the one-time cost for Best processing the .
Unlike the , the APR includes both the and all fees, including the .
Best states that any with a five-year repayment period will have a of at least 4.99 percent. This fee is deducted from the when funds are deposited into your bank account and is considered when calculating the annual .*
Best does not currently offer joint loans. Many other lenders have a joint loan and/or cosigner option which can help subprime borrowers qualify and receive lower rates.
If you are looking for a , but want to apply with a cosigner, consider lending sites like FreedomPlus and Upgrade, or peer-to-peer lending platform, LendingClub.
Best Egg's personal loan products and services are available in 47 states, including Washington, D.C. However, loan products and services are not available in the following states:
If you reside in any of the listed states, you will need to look into other personal loan company options.
The Best Egg platform offers personal loans to borrowers with good credit and excellent credit. These loans can be used for a variety of purposes, including debt consolidation loans, credit card refinancing, and home improvement — but cannot be used for a student loan or auto loan (which is typical for personal loan companies). These loans are encompassed in a quick approval process and a transparent platform.
Best Egg is unlike online peer-to-peer lending platforms that have to wait for investors to fund loans. Its financial institution partner, Cross River Bank, is ready to fund qualified applicants, which allows Best Egg to transfer funds electronically to a bank account in as little as one business day.
Best Egg offers unsecured loans with a fixed monthly payment for the life of the loan. The online loan application process takes a few minutes to complete. A soft credit check will be performed once an application is submitted, but customers don't need to worry about this credit check having an impact on their credit score or showing up on a credit report. There is also no prepayment penalty fee.
Approval requirements are low and minimal, which is particularly good news for subprime borrowers — Best Egg's minimum credit score is 600 and minimum income is $35,000. This could make it easier to qualify for a personal loan, although your rates and terms will still be dependent upon your finances.
Read Best Egg loan reviews below to see what consumers are saying about this online lending service.
*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Marlette Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. 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 ; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. 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. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. 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. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial institutions/
Best Company guarantees your satisfaction if you choose a company that has earned this distinction. If you're not satisfied after 30 days, simply let us know and we'll give you $200. Yes, it's really that simple.
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