9.1
Overall Score2 days ago
Best Egg has been offering personal loans since 2014. Since then, it has funded over $5 billion in loans. Most Best Egg personal loans are used to consolidate high-interest debt. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. The company boasts an A+ rating with BBB and has served more than 300,000 customers.
The Good
- Great for High-Interest Debt Consolidation
- 24-Hour Approval Process
- Clear, Transparent Platform
Great for High-Interest Debt Consolidation
Best Egg personal loans can be a great option for applicants looking to consolidate debt or pay off high-interest credit cards, primarily due to its low APRs* (which range from 5.99 to 29.99 percent) and long max loan lengths (three or five years). Best Egg also gives its borrowers the opportunity to pay off their loan faster than is scheduled without being charged any additional fees. These terms provide a manageable payback process that is typically much more effective than other credit alternatives.
24-Hour Approval Process
With Best Egg's application process, loans can be approved on the same day the application was completed. In fact, the pre-approval process usually only takes a few minutes. Once the potential customer has submitted all of the required verifications, the loan will be approved within 24 hours. Funds are typically dispersed into the borrower's bank account the business day after they have been approved. However, this can vary slightly depending on which financial institution the borrower uses and any rules or stipulations it has for transferring money.
Clear, Transparent Platform
Best Egg makes repaying the loan a simple process. Customers can make payments by setting up an automatic electronic funds transfer, paying online, or sending a check through the mail. Payments sent in the mail should be given at least five to seven days to reach Best Egg. Customers can also set up a payment at a Western Union office. It is good to keep in mind that there is a fee charged for each transfer. However, Best Egg is transparent when it comes to sharing information with customers and provides clients with the fixed interest rates and monthly payment amounts upfront. Best Egg also provides an easy-to-find, clear privacy policy on its website with information detailing how to limit the sharing of clients' personal information.
The Bad
- Strict Approval Requirements
- Origination Fee
Strict Approval Requirements
Best Egg has strict approval requirements that can be difficult for subprime applicants to meet. In order to have the best chance of qualifying for Best Egg's lowest 5.99 percent APR, applicants should have at least a 700 credit score and an annual individual income of at least $100,000; however, it should be noted that any applicant with a credit score over 640 is eligible to qualify for a loan from Best Egg, but at a higher rate.
Origination Fee
Best Egg charges an origination fee between 0.99 and 5.99 percent of the total loan amount. The company states that any five-year loan will have an origination fee of at least 4.99 percent. This fee is deducted from the loan when funds are deposited into your bank account, and is considered when calculating the annual interest rate.**
The Bottom Line
Best Egg is a great personal loan company that offers loans for a variety of purposes, a quick approval process, and a transparent platform; however, approval may be difficult for some individuals to receive. Best Egg is quite selective with whom it will approve, taking into consideration debt-to-income ratio, income, and more.
*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate.
**A loan 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 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
Disclaimer
As part of our service, we attempt to partner with all the companies that we review, and may get compensated when you click or call them from our site; however, regardless of any current, past, or future financial arrangements, companies listed on Best Company cannot buy their position, nor do we manipulate or inflate a company's ranking for financial gain. A company’s ranking is based on and calculated by an objective set of ranking criteria, as well as user reviews. For more information on how we rank companies, click here.
All user reviews posted on Best Company are subject to screening and approval. We reserve the right to approve or deny any review posted to this site in accordance with our Review Guidelines. Best Company never suppresses user reviews—unless they are being investigated for authenticity, or if they violate our review guidelines. We encourage anyone who suspects a user review to be fraudulent or intentionally inaccurate to please notify us here.
User Reviews
Fast, easy and great rates with good credit. Funds deposited ASAP.
This is my first time using Best Egg. I compared payments and total amount to pay off my credit card. Best Egg came out to be a better option. The best thing is prepaying without any penalty. Easy and convenient. I am just waiting for bank to release funds. Thank you Best Egg.
Best Egg made getting a debt consolidation loan super easy and painless. This company has provided the financial tools our family needed to help us navigate a very transitional phase of our lives with ease.
Easy, quick and dependable. Best egg does exactly what they say they will. They say the review of your application will be quick and it is. They say they will keep you updated on the process by email and they do. When approved they tell you when the money will be deposited in your bank and it is right on time. What more can you ask for than a company that is fair and reasonable in their rates and keeps their word to all of their commitments to the customer. I personally think best egg is the BEST and I tell others about the great experience I have had with best egg.
Very fast I was not sure about giving bank informations I sent photos of voided check I have never heard of giving your password to your bank to another company
Excellent experience. Little learry of giving bank information, but have monitored account and found no problems.
The process was quick and easy. Everyone I spoke to was very friendly and helped me get all my paperwork together. Talk to someone on Friday and on Monday the money was in the bank. Thank you best egg for this opportunity to pay off my four other loans.😀
Fast and efficient on the processing. The 5 stars are for that part of it. Once I experience some time with this loan I will review again for servicing side of the loan. I was skeptical and still a little apprehensive but time will tell. If servicing is as good as processing the 5 stars will remain in my opinion. The application was easy to complete and very user friendly.
Awesome turn-around time. Found myself in a pickle as ex-wife fraudulently withdrew money from my bank. Best Egg allowed me to stay afloat without jeopardizing my bank standing or credit rating.
The results were far better than expected. I’m extremely happy with the entire process. The ease, service, and speed was awesome.
very quick and easy to do the loan app.Very fast response.
Easiest process I have ever been through. No hassle. Straightforward and simple.
Wow this was the fastest I have ever been approved for a loan. I would recommend Best Egg to anyone who needs a loan. Thank you.
So far, our experience has been great. The online application process was quick and easy. Customer service agents Alyssa and Hailey have both been efficient, friendly and helpful.
Thank you! You were all very helpful in obtaining the loan and it is with great appreciation.
Simple and straight forward. Super fast too!
I tried Best Egg again and they offer the easiest process to be funded. They are a truly common sense company. THANK YOU BEST EGG!!!!
The whole process from start to finish was smooth, quick and painless! I would recommend this company to anyone! The funds were in my account in 24 hours! If my mother needed a loan, this would be the one and only company I would recommend. Thank you, Best Egg!
I gave a 5 review because it would be dishonest to do less.From the very beginning of my application to the receiving of the loan took 3 days. Everything that was promised was delivered. I can't say enough of just how easy each step was,easy to understand language and instruction. I was hoping for a lower interest rate but my overall experience was great.
The process and the website were simple, concise and easy to understand. I was able to get the loan I needed with a minimum of aches and pains.
Simply the most convenient, quickest and easiest process I’ve ever experienced
Applying for the loan was very straight forward and simple. Online application was easy to complete in a very short time.
Application process was very simple and painless, very quick to give answer and fund loan. Also customer service was very friendly and helpful on the phone.
very easy process, very quick response and receiving funds in a couple of days
Very quick, super easy. Very polite people
I could not be more happier about getting a loan of this type to pay off my Card Debt. It was a very simple process and will save me money in Finance charges in the long run.
Loved the preocessing and expedient response in receiving, the loan that I requested.
Overall the process to apply was fast and simple. The pre-payment obligation is reasonable and something I can afford without any issue. I'm glad I decided to do the loan.
Very easy loan process, rate is half what I'm paying on the cards I'm consolidating. thanks!
The website was easy to navigate. The questions were straight forward and the application was very easy to submit. Received an answer almost immediately. I tried other lending websites. Took a lot of time to complete and when the application was almost finished, it kicked me out of the system. Had to log in several times before I decided to change lenders.
Simple and,easy to,apply I like that my,payment is automatic token from my bank account I just wish my the rate percentage was lower
Awesome user experience! Better than any other site or service I have tried for financing.
The process was hassle free, user friendly and quickly approved.
Very quick. It took me longer to gather up the info they needed to verify income and take it down and fax it than it did to process the loan. Funds were there after approval in 2 days.
This was the most efficient, quick, and hassle free financial transaction I have ever experienced!!! I applied for a debt consolidation loan on Tuesday evening, and the funds were in my bank account on Friday morning THE SAME WEEK!
Great experience. Took no time at all and everyone was very friendly and courteous.
As I mentioned previously it is a great feeling of financial freedom, to have the ability to make choices concerning the welfare of your finances. Best Egg believed in me and gave me the best rate possible. I would definitely mention to my friends and family if you need financial freedom then call Best Egg. Thanks again Best Egg.
Easy, scary fast approval, love getting a great rate , beat lending tree offers
My experience with Best Egg could not have been better. I would recommend them to anyone who needs a loan for any reason. The process took a very short time to process and finalize, and the funds were available within 2-3 days. They saved my financial freedom.