Best Egg

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Best Egg has been offering personal loans since 2014. Since then, it has funded over $2.5 billion in loans. Most Best Egg personal loans are used for consolidating high-interest debt. Other common uses include home improvement, business expenses, household expenses, moving or relocating, travel or vacation, credit card refinancing, or financing for other major purchases.

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. The main reasons for this are its low APRs (which range from 5.99 to 29.99 percent) and long max loan lengths (3 or 5 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 present a manageable payback process that is much better than other credit alternatives.

24-Hour Approval Process

While the application process has its pros and cons, a major pro is having your loan approved the same day you apply. The pre-approval process usually takes only a few minutes. Once you have submitted all of the required verifications, the loan will be approved within 24 hours. Funds are typically dispersed into your bank account the business day after you have been approved. However, this can vary slightly depending on which financial institution you use and any rules/stipulations it has for transferring money.

Clear, Transparent Platform

Best Egg makes repaying your 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 5 to 7 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 for each transfer.

Best Egg is transparent when sharing information with customers. Clients are provided 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 Fees

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 applicants with a credit score over 640 can still qualify for loans from Best Egg, but at higher rates.

Origination Fees

Best Egg charges origination fees between 0.99 and 5.99 percent of the total loan amount. The company states 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. It is also considered when calculating the annual interest rate.

Want to know which personal loan company is top rated? Click Here

The Bottom Line

Best Egg is a great personal loan company for those who meet its requirements; however, approval may be difficult for some individuals to receive. Best Egg is quite selective with who it will approve, taking into consideration debt-to-income ratio, income, and more.

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522 Best Egg Reviews

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  • User Score

    10

    July 21st, 2017 Midland, TX

    I had been looking for for a lower interest rate to refinance and consolidate my debt for quite some time and Best Egg made it so simple and easy. I called the customer service number to check on the status of my application and they approved it right there with me on the phone. Looking forward to saving some money while I pay off debt!

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  • User Score

    10

    July 21st, 2017

    The service customer service was very helpful and getting my loan approved

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  • User Score

    9

    July 20th, 2017 Lawrence, KS

    This a fast process and easy and approvell time was lighting fast and the rates are afordable

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  • User Score

    10

    July 20th, 2017 Saint Joseph, MO

    Friendly customer service. Best loan company. The loans really helped with cosolidation and saved us on interests

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  • User Score

    10

    July 20th, 2017

    The process was easy and the website is top notch!

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  • User Score

    10

    July 20th, 2017 Albany, NY

    So easy so convenient. Quick response. Thank you best egg.

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  • User Score

    10

    July 20th, 2017 Spring Hill, FL

    This was an amazingly easy process! I was approved for my loan in less than 10 minutes.

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  • User Score

    10

    July 19th, 2017 Durand, WI

    what a great company when needing a loan. Customer service was great and hey got me the money i needed to pay off my bills. I will definitely let friends and family know about this company.

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  • User Score

    10

    July 19th, 2017 Waldorf, MD

    I received an offer via US mail from Best Egg and within 5 business days I received my loan request. Best Egg has tapped in to a market that has a huge upside for their business. For me, it allowed me to obtain funds immediately to pay off a debt. I do not like the interest rate I received and will make this a short term loan in order to reduce the cost.

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  • User Score

    10

    July 19th, 2017 Cincinnati, OH

    Best Egg is very easy to deal with and have helped me with debt consolidation for years. Highly recommended!

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  • User Score

    10

    July 19th, 2017

    The process was quick and easy. Ten minutes at the most. The loan was approved when other lenders wouldn't.

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  • User Score

    8

    July 19th, 2017

    It was fast and easy ,thank you,we're on the road of paying off debt

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  • User Score

    10

    July 18th, 2017

    Best Egg delivers Very fast processing. with low rates

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  • User Score

    9

    July 18th, 2017

    Best Egg was an amazing experience. The process to get this loan was easy to follow on line without having to upload any extra document,

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  • User Score

    10

    July 18th, 2017 FL

    Very fast to respond and very fair on the rate they gave me

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  • User Score

    10

    July 18th, 2017 Fountain Valley, CA

    Loan process was effertless. Recieved my funds in two buisness days.

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  • User Score

    10

    July 18th, 2017

    Excellent communication, fair rate, and fast funding. Thank you!

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  • User Score

    10

    July 18th, 2017 Cortland, NY

    The process was painless & fast! Couldn't be happier. Thank you Best Egg !!!

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  • User Score

    9

    July 18th, 2017 Peoria, IL

    Great rates, great service, quick process!

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  • User Score

    10

    July 18th, 2017 Charlotte, NC

    Super easy experience so far. Thanks for the help!!

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