Best Egg is a personal loans lender and has been in operation since 2014. The company has funded over $7 billion in loans since its founding. Most Best Egg personal loans are used to consolidate high-interest debt, like credit card debt, but you can use the loans for a variety of unexpected expenses. 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, and funding can be as quick as one business day upon approval and verification. Best Egg offers fixed term plans and origination fees from 0.99-5.99 percent. 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. With an exceptional consumer star-rating on BestCompany.com, Best Egg reviews indicate a quality company with exceptional service.
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 APRs* (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 prepayment penalties. These loan terms provide a manageable payback process that is typically much more effective than other credit alternatives.
Best Egg gives this comparison on its website: if you have two credit cards both with a $10,000 balance and a 28-year minimum payment duration, you will pay $25,589 in interest if credit card one has a 14 percent APR and credit card two has an 18 percent APR. In comparison, if you have a Best Egg loan of $20,000 with a 5.99 percent APR and a three-year minimum payment duration, you will only pay $1,901 in interest. With the same balance and a better APR, Best Egg's loan could save you $23,688.
After the application process is complete, Best Egg provides an instant decision (approved or declined) to the borrower. Because Best Egg is an online lender, the loan application process is quick and easy, making it simple for consumers to receive funds. After submitting any documents to get verified, customers could have their money in their bank or checking account in as little as one business day. Nearly all customers will be funded within three business days after final approval, depending on their banks’ policies.
Best Egg makes repaying loans a simple process. Customers can make loan 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. Borrowers enrolling in autopay for their monthly payments 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'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 & 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.
With personal loan companies especially, you want to ensure you go with a trustworthy company that has positive consumer reviews. In the thousands, the majority of Best Egg reviews left on BestCompany.com from real consumers are overwhelmingly positive, highlighting a quick and straight forward loan application and process, satisfactory rates, and excellent customer service. Best Egg complaints are limited. You can read all current Best Egg reviews below.
Best Egg does not charge any prepayment fees or penalties if you decide to make extra payments or repay the loan quicker than the due date 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 also 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.
Best Egg personal loan 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 its personal loan services to 47 states. Having nearly nationwide service creates more opportunities for consumers to work with Best Egg. Many personal loan lenders don't offer their loan solutions to this many states, making it difficult for borrowers residing in non-covered states.
Best Egg offers fixed-term plans for its personal loans. This means your personal loan term will never change and if you have a fixed-rate loan, your payments are not subject to change. The amount you pay each month will not fluctuate, and your rates will stay the same throughout the lifespan of your Best Egg loan. This provides peace of mind and stability to borrowers and makes it easier for them to stay on top of payments, as there will be no surprises or unsuspected changes made to their personal loan. Loan terms are also flexible and can range from three to five years.
Best Egg loans typically range from $2,000 to $35,000. However, for eligible customers, Best Egg offers loans up to $50,000. On its website, Best Egg states: "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."
Best Egg offers simple interest loans rather than compound interest loans. Explained on Best Egg's site, "Simple interest is calculated on the outstanding principal balance only. This means you aren’t paying interest on top of your interest like credit cards." Compound interest loans charge interest on the principal as well as on accumulated interest from past non-payments.
When you check your rates with Best Egg, this will not impact your credit score. Best Egg completes what is called a soft credit inquiry to see if you are eligible and to determine what your rates would be. This makes it easy for potential borrowers to compare rates and decide if Best Egg is right for them without negatively impacting their credit in the process. The soft credit inquiry will only become a hard inquiry if you choose to accept Best Egg's loan offer. This will then, as with any other loan, impact your credit score.
Best Egg has strict approval requirements for its loan offer that can be difficult for subprime applicants to meet. In order to have the best chance of qualifying for Best Egg's lowest rate 5.99 percent APR, applicants should have at least a 700 credit score and an annual individual income of at least $100,000. However, any applicant with a credit score over 640 is eligible to qualify for a loan from Best Egg at a higher rate. It's important to note that many top personal loan companies have a similar credit score requirement.
Best Egg charges an origination fee between 0.99 percent and 5.99 percent of the total loan amount. The origination fee is the one-time cost for Best Egg processing the loan. Unlike the interest rate, the APR includes both the interest rate and all fees, including the origination fee.
Best Egg 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.* Best Egg gives this example on its website: "If you select a loan for $10,000, with an Origination Fee of 4.99%, your Origination Fee is $499 and will be deducted from the full loan amount. The amount deposited in your bank account will be $9,501."
Best Egg does not currently offer joint loans. Only individual loans are available. However, this is common within the personal loan industry, as most personal loans are needed on an individual basis. Also, when you apply for a Best Egg loan, you have the choice to include your household income rather than just your individual income. Your household income includes your individual income as well as any other earnings within your household.
Best Egg has only been in business since 2013. Although that isn't as long as some other lenders in the industry, Best Egg has proven itself through consumer reviews and customer satisfaction that it is a top-notch quality lender. Time in business may not prove to be a problem with customers because of this.
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Very easyto fill out loan app with a great rate
Fast & Easy. This was the right choice for me!
It only took a few minutes to apply. I had a question about one item and was immediately routed to a customer service online chat. I was amazed at the ease it took to apply for this loan.
Everyone I spoke with was kind and understanding. They gave me a loan when other companies where saving no.The process could not have been easier. I would definitely recommend very highly.
Love Best Egg! Great customer service, fast, friendly and professional! Thank you!
It was quick and easy to apply for this loan at best Egg
Easy and extremely quick service! Past and present satisfied with the way they handled my need of a great rate and rapid response in depositing the money into my account! I strongly recommend Best Egg for your loan needs!
I can't believe that there are still companies as good as Best Egg Everyone who works there should be proud of the company and the service they provide . Excellent
Applying for a loan was painless. The response was quick and I can finally see a light at the end of the tunnel in getting my debt paid off with a solid plan.
I have used Best Egg for three (3) loans in the past and they are simply the BEST! Great to work with and committed to help clients with their financial needs. I am a customer for life! Bobby
Reply from Best Egg
Feb 07, 2019
We're so pleased to hear we've earned your loyalty! Thanks so much for sharing, Bobby.
Very quick and professional, easy to use.
The application process is simple and fast! I have used them in the past for another personal loan and will never use another lender!
Quick and easy, greatful for them!!
Had a loan from bestegg and paid it off. They sent me a letter stating I've been a good customer paying my loan payments on time and paid it off and then I go to reapply for a smaller loan they denied me. I have good credit. I will not be doing any future business with best egg again. I also will pass this info along to others.
Fast and easy transaction, I would recommend. Thank you!
Very easy to work with. All requirements are straight forward and easy to understand. -Thank you
I had two loans from Marcus and payoff. The interest was 16% and 17%. Now I have a 10% rate with Best egg. I saved $500 on monthly payments. Reasonable Interest rate and made it very easy to get the loan, very satisfied.
shopped around and Best Egg came up with the lowest rate for my consolidation loan. Would recommend. Thanks
Best Egg had the lowest rate and best terms - what else is there to say!
This is my third loan with best egg and just as in the first two, the process was efficient and straightforward. Their on-line app was easy to deal with and my approval was within 20 min. I would recommend this lending company to anyone with decent credit and a history of prompt repayment. Bill Patterson
By far the BEST! If needed again, I'll not choose anyone else!!
Quick and easy was really impressed with them
Best Egg really came thru when I needed them.They could of said no but they took a chance and gave me a loan that will get me into a lot better situation.
Fantastic assistance if you need it , ultra honest and friendly and the process is fast easy and very clear. Best Egg is loyal to their customers. Best Egg is a breath of fresh air for loan assistance.
It was a smooth and fun, quick process and easy to do.
Very quick and easy decision on my loan. Pretty good interest rate too.
Easy for anyone to apply and Best Egg has shown great service n the past as well as now.
Easy, Quick, Reliable. Would recommend for competitive rates.
The experience was excellent and the process was fast.
What an easy process. Saved my life on condensing my credit cards.
Thank you for making the process easy and quick. Thank you so much! Jalaina
Thank you, Best Egg, for giving a responsible lendee a reasonable rate. Through no fault of our own, our family found ourselves facing a huge financial burden and were stuck. With this loan, I feel empowered to get "unstuck" and move forward. What a relief!
Very easy to navigate the site. Great customer service. Highly recommended!
Just applied and process was easy. Hope the ease of the loan continues. Not much else to say at this time.
I like the soft inquiry - doesn't affect the credit rating Checking the rate online is easy and efficient Deciding to accept a loan is quick and let's me move on to other decisions that are related to securing the loan. Second time I have become a client and both experiences are a 6 out of 5 stars
This is my second loan with best egg. The procees is literally no stress. They provide you with a short application process and your funds are delivered within 3 days. Why would you go with any other company? Best egg you have a customer for life. Please don't hesitate to select them for your loan needs.
Looking for a debt consolidation loan that would free up needed income each month. Best Egg offered the best rates, repayment schedule. Pleased with this transaction
Couldn't have asked for anything more. Quick and easy.
Quick and simple process. User friendly program with various loan amount options in one click with option to revert back to initial loan amount. .
Took a total of 10 minutes to be approved. Didn't have to provide proof of income via check stubs or income tax returns. All I had to do was connect to my bank account online and they verified proof of income. Easiest process ever! Thank you BestEgg!!!
Good company so far !! All payments and info has been consistent.
This loan was so fast and easy. Thank you for the opportunity to pay off my debt!
Best egg's application was quick and easy. A loan that came through when i needed it.
Excellent company very little paperwork and the money is in your account within a couple of days
No hassle , easy financing Conveniently done at home. Our first experience was a good one so we came back
Very fast and reliable process, i would recommend best egg to my friends and relatives looking for some financial assistance or help.
Easy great experience. My second loan with Best Egg, I’m pleased with it.
This company is AMAZING, I never thought I received the Loan in just minutes and with incredible low interest.
Was able to consolidate all my credit cards into one loan with a low monthly payment and a much lower interest rate. Approved in seconds. Website is user-friendly. Customer service is very knowledgeable & never leaves you on hold. Very happy with this company.
I am so amazed at how easy this was. After reviewing my accounts and applying for this loan it was clear that I would pay less and finish paying off those credit cards quicker. Thank you Best Egg!