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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This my second loan from BestEgg. This is the most convenient loan company I’ve ever done business with. Fast and hassle free with rate and repayment options that make repayment non stressful. I had to contact customer service and it was just as fast. The person that assisted me did an awesome job in helping.,
The loan application process is fast and easy. The rates and terms are great. This is a great way to pay-off high interest credit cards.
Reply from Best Egg
Feb 12, 2019
Thanks for sharing your feedback with us, Curtis!
Really appreciate how convenient and efficient your loan application process is via online application methods.
Easy and Fast, I couldn't be happier with the application process!
This will be my second loan with Best Egg. It is fast and easy to apply. Funds were deposited within a couple of days. They had to call to clarify some of my data and the rep was very courteous.
I am very elated to have found your company. I have a large holding of residential real estate in Ohio. At times I need quick access to cash for another deal or other purposes. You guys came through with flying colors at a rapid pace to satisfy my unsecured loan. I have the feeling we will do much more business in the future. Thanks for the smooth and easy transaction.
Very easy to process my loan. Thank you!
Process was simple with no annoying multiple document requests. Customer service was polite and friendly.
Process was quick and easy to complete. All fees and options were disclosed.
Assuming everything is a-ok, this was a super easy process for me with almost instant approval. Based on that, and so far, absolutely recommended.
Very courteous and helpful professionals assisted me in applying for a loan. The process was easy and did not require much time. I had the loan in about ten minutes. Wish I had done this months ago!
Each question was self explanatory. I could not find my bank however, the chat option was very quick and extremely helpful. Help option was one of the fastest I have experienced. The loan itself seemed like it was expedited. The interest rate was lower than my credit card (recently interest rate was increased) which will also help me in the long run.
fast and easy, great rates, application process was fast and approval instant. I would recommend to anyone trying to consolidate a loan
The experience was clear, concise and simple. No complicated software and everything (questions & answers) had a lot of room around it on the screen. You weren't looking at a multitude of things on the screen. One or two questions on a screen, that's all. Brilliant!
If I had known the fees would be taken out of the amount asked for instead of added onto I would have asked for more. I was left short.
My experience with this company great they were very easy to work with and helpful with everything I needed.
I don't think this lender is that good. Reasons are 1) They asked too many extra documents to support the loan such as last year W2, 2 paychecks, checking accounts, void check book etc with such a small loan and demanded high credit score. My income is well more than 6 digits my debt and income ratio 1/100 or my debt is 2K in balance but I received a cut-throat interested rates 2) When loan approved, it takes 3 days to deposit to the bank 3) Intereted rate is much higher than any lenders. I wouldn't recommend the borrower to choose this lender. Keep in mind that I had credit score above 700 but my interested rate is higher than 30%.
Easy to work with. On line chat was very good. And just overall very professional.
Easy application process. Step by step processing was good
It only took 10 minutes to complete the process I was extremely pleased with the application process .
Horrible intrest rate even with great credit
I actually talked to someone verbally & phone chatted due to some confusion on my behalf.Both participants were very helpful on each account.
VERY simply application process with quick turnaround.
Had some questions about application .Customer service was friendly and very helpful.
It was going to take 22 years to payoff my credit cards at the rate I was going at. Now it's 5 years. My interest rate has been drastically reduced. So far, so good! I am excited to have a little bit of extra money a month and still have affordable payments.
Loan processing application extremely quick.
Easy, fair, no fuss. This is my second loan with Best Egg and, if needed, I’d do a 3rd.
Amazingly easy process, and quick response as promised. I would highly recommend Best Egg for your personal financial needs.
Easy experience seems to work out well for my needs and credit rating.
Very easy and quick loan application process.
Best Egg is fast easy secure and provides excellent rates.
The application process was very easy. The rate I got was higher than I expected though given my credit score and payment history.
Fast, clear, and accurate. Everything is simplified.
Direct and easy with no hidden fees. Staff is friendly and terms are clear with very fair rates.
A very quick & easy process. Have used Best Egg 3 times and each time it was sa smooth process.
This was fast ,easy and affordable! I would recommend Best Egg to anyone.
Smooth and easy transaction. Great experience
Extremely easy process , would highly recommend bestegg!
Very easy process! I was actually surprised once I logged to complete after entering details I entered it stated I was done. If I hadn't asked so many questions I feel like the entire process would have taken no more than 20 minutes. The soft pull didn't result in changes with the hard inquiry.
This is the second loan i have done with Best Egg. Stress free.
Well done, very easy to obtain help. Just in the nick of time.
If you're considering Best Egg for your loan, you will not be disappointed! Their overall process is straightforward, transparent and delivered with excellent customer service. I also levered their "Click to Chat" service to get my preliminary questions answered prior to engaging their services. Best Egg, you are top notch.
Best Egg provides fast, easy and professional service! I am very satisfied
The on-line loan process was very easy, very fast and efficient! The deposit of the loan was done within a day! It could not have been more simple! I was in the drivers seat the entire time.
Very easy to apply for. I was hoping for a better interest rate, but I intend to pay it off early so I can ,make it work to my advantage
Awesome experience! I will highly recommend Best Egg to anyone needing financial help - especially the lower interest rates, and the number of options available! Thank you. Jane
This is my 2nd loan with Best Egg and I have had no trouble getting a loan either time, very simple procedure. Thank you Best Egg for all your help and I would recommend them to anybody.
Easy no hassle and reasonable rates thanks
I had a great experience with Best Egg. They made everything easy and simple and hassle free.
Fast approval rating, helped me in a pickle.... thanks Best Egg!!!