Best Egg is an online lending platform focused on personal loans. It has been in operation since 2014. The company has helped fund over $7 billion in personal loans since its founding. 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 unexpected expenses.
With an exceptional consumer star-rating on BestCompany.com, Best Egg loan reviews indicate a quality company with exceptional service. At the bottom of the page you'll find Best Egg loan reviews from real customers. The reviews offer a comprehensive look at the pros and cons of borrowing money through this service through the lens of people like you — click here to go straight to Best Egg loan 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*), 5.99% to 29.99%, and long max loan lengths, three or 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.
Best Egg gives this example of how a debt consolidation loan can help with credit card debt:
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% 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% 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 consolidation loans 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 lending platform, the loan application process is quick and easy, making it simple for consumers to apply and receive funds.
Many personal loan lenders have a longer application process. Some even require speaking to customers over the phone.
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 simple, with several options to make loan 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'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.
With personal loan companies, you want to ensure that you borrow from a trustworthy company that has positive consumer reviews. In the thousands, the majority of Best Egg loan reviews left on BestCompany.com from real consumers are overwhelmingly positive, highlighting a quick and straightforward loan application and process, satisfactory rates, and excellent customer service. Best Egg complaints are limited.
Here is a recent Best Egg review from a real customer:
"The loan application process is the easiest in the industry plus they don’t charge unreasonable interest rates! I would highly recommend using Best Egg."
If you are interested in reading all current Best Egg reviews, click here.
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. 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 its lending services to 47 states. Having nearly nationwide service creates more opportunities for consumers to work with Best Egg. Many personal loan companies have a much smaller coverage area, making it difficult for borrowers residing in non-covered states.
Best Egg offers personal loans with fixed-term plans.
This means your personal loan repayment terms 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 term.
This provides peace of mind and stability to borrowers and makes it easier for them to stay on top of payments throughout the , as there will be no surprises or unsuspected changes that come with a variable rate personal loan. Loan terms are flexible and can range from three to five years.
Best Egg loans typically range from a minimum loan of $2,000 up to $35,000. However, for eligible customers, Best Egg offers loans up to $50,000 through a pre-approval letter in the mail.
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 loans 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 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, whether you have recently used your credit card for a cash advance, 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.
The soft credit inquiry will only become a hard credit check if you choose to accept Best Egg's loan offer. This will then, as with any other loan (besides payday loans), be reported to the major credit bureaus, and can impact your credit score.
Best Egg has strict loan approval and credit requirements 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% APR, applicants should have at least a 700 minimum credit score and an annual individual income of at least $100,000.
However, even without excellent credit, any applicant with a FICO score over 640 is eligible to qualify for a loan from Best Egg. They just won’t get the minimum rate.
It's important to note that many top personal loan companies have similar customer credit score requirements, typically excluding some customers with fair credit and all with truly bad credit.
Best Egg personal loans require an origination fee between 0.99% and 5.99% 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 loan with a five-year repayment period will have a loan 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.
If you are looking for a personal loan, but want to apply with a cosigner, consider lending sites like FreedomPlus and Upgrade, or peer-to-peer lending platform LendingClub.
Best Egg has only been in business since 2013. Although that isn't as long as some other lending companies, Best Egg has proven through consumer reviews and customer satisfaction that it is a top-notch quality service provider. Time in business may not prove to be a problem with customers because of this.
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 $100. Yes, it’s really that simple.Learn More
Ease of loan application was fantastic! Clear directions!
Peter J. Mertz
The process was simple and timely. The customer service representatives were knowledgeable, courteous and professional. The loan process was not complicated. Once I provided the requested information the approval was done in a timely manner. While I had hoped for a lower interest rate, I am extremely satisfied with the outcome.
Our AC unit went out and needed to be replaced ASAP! This offer came to us right on time. Didn't hesitate to start the process and received the funds 2 days later. Piece of Cake!
I'm happy with the service and the speed of the hole thing
Consolidated high interest cards into 1 payment, with a little extra cash. Money came quick w/ no problem! Closer to being debt free in 3 years!!! THANKS BEST EGG.
Oh my goodness, I can't believe how easy this process was. I completed the application in response to a mail offer I received and was approved in less than 5 minutes!! All I can say is wow and I look forward to getting some relief by consolidating my credit card debt.
Selina Robles Garcia
They were great and patient ... conversation was friendly....
Application and approval process was quick and painless. There were a number of loan options provided making me feel assured I was getting the best loan possible for my circumstances.
Great service you provide at a good rate.
Fast service over all good service will recommend
Best Egg was so easy to work with you would be crazy not to do business with them.
I'm very happy with my experience so far. It was an extremely easy process. I was able to consolidate my debt to one simple payment and my credit score jumped 30 points in less than a month. Thank you Best Egg!
Great company very good service and deliver what they promise !!
The process was simple and fast with no problems at all.
Edward J. Lewis
Excellent customer service. Loren explained in detail what records are needed. Thank you for the prompt service.
Best Egg is a great company with great rates. Other company's wanted to charge me a very high APR even with a good credit score (708+) Best Egg beat them all by almost half ...even beat my Credit Union by 2%. Very fair with quick and easy processing. Thank you Best Egg for not ripping me off with hi rates !
I am glad that I applied, the process was extremely fast and during the process I was kept informed thru updates . I will surely recommend Best Egg
Great service, competitive rates, rapid funding. Check here before you decide on a loan.
MyBestEgg.com's mailer that I received was concise, easy to read and east to follow. My online application process was easy to follow and complete. Their timely response was a pleasant surprise.
This was the most easiest and quickest loan experience. The agents were all very helpful.
Easy application process. Was surprised I did not loose my connection while I tried to figure out how to use the scan feature of my printer, which Windows 10 had removed.
I needed a short term loan to carry me over to when my Vacation rentals kick for the 2018 Spring season in Florida. the no fuss loan policy at Best Egg net my needs and was done quickly!
Very easy and very quick. Very pleased with the whole experience .
Very easy and great customer service. Honest rates for honest loans.
Best Egg came through with a great rate.After many attempts applying for card consolidation loan.Being told No my balance to card limits were to high or offered a percentage rate higher than my cards
Very quick. Easy to apply. No hassle. Very satisfied.
They reviewed my loan application, got back to me promptly, asked for verifying documents of income, called me to check my uploads of documentation and approved my loan. Pretty easy
At every level of interaction, whether with the service department to clarify a matter, the loan specialists or the online application process, this was pleasant, uncomplicated, and provided a great rate for the loan I needed. This was a far better experience than anticipated. I recommend it without hesitation
My experience with Best Egg is that it was relatively easy. I did not get the amount I requested so now I must revise my financial planning. Delivery process was good and customer service was ok given that I applied on a weekend. I didn't like the billing options because I felt I was being forced to accept automatic payments. The implied threat of being assessed $7.oo is simply unprofessional. That's why I gave you a rating of 7 instead of 8. I lowered it to 7 because of that.
This was an way too easy experience from start to finish. Customer service walked me through on everything. Best Egg has helped me through difficult times. I so appreciate Best Eggs concerns.
Loan Process - Easy application, competitive interest rates, and received fund quickly.
Such an easy process & your notified the same day if your approved.
Excellent client services very please with help assistance over the phone.
very easy to apply and the funds are available very quickly
The customer service deparment was very helpful. They provided very quick and prompt information and service.
Best experience I've ever had with a loan. Will definitely refer friends and family. Fast, efficient, and easy process Funds made available next business day after approval. Approval process is fast. Love best egg
Great experience. Very pleasant and personable.
Paul Phillip Peters
I had an excellent experience with Best from start to finish. They were extreme professional and quick. I highly recommend them
Easiest, fasted loan process I have ever experienced.
Very easy to apply and affordable. Happy!
Rudolph E Huebner
Easy company to work with. Very straight forward.
Helped over the phone. Easy application process. Speedy reply. Fair offers!
Best Egg made it fast and simple to get out of an undesirable debt situation following an unfortunate life event that caused me to build up said debt. Extremely grateful to have gotten this help to get back in a better spot!
Fast and easy process. very affordable!!
Very quick and easy! I would gladly recommend to friends.
I've been trying for months to consolidate my debt, constantly being denied because I had too much debt?! Best Egg was fast and could not have been easier., now I have peace of mind and a lower monthly payment! Thank you!
Best Egg was very fast and simple to apply a loan for,no hidden fees.You will know if you qualify in minutes..They give you different options for your loan pay off 3 -5 years.Money in my account in 4 days.Very satisfied..
Very happy with the convenience of getting the loan. I didn't hear back in the amount of time they originally gave me but when I called, a representative took care of everything at that moment . I highly recommend best egg
I was approved quickly and received my loan at the advertised terms. The interest rate is what they said it would be and the payments are what I agreed to. The process was quick and everything was in very clear terms.
Excuse me as I pick myself up from falling off a log...yes it was that easy of a process to obtain my loan from Best Egg. The application, document loading and validation portion took 15 mins, and lot of that was me double checking info. I had a quick question that I email to them after the process was done, and they answered it within minutes. The next day I go to the website and get my "Congratulations, Your Load is Approved" message. A total pleasure to do business with.