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.
Best Egg loans are unsecured personal loans made by its lending partner: Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
With an exceptional consumer star-rating on BestCompany.com, Best Egg reviews indicate a quality company with exceptional service.
Keep reading our Best Egg personal loans review for pros and cons of borrowing money through this service — or click here to go straight to Best Egg 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 percent, 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 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 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 fill-out 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 & 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 that you borrow from a trustworthy company that has positive consumer reviews. In the thousands, the majority of Best Egg customer 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. 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. Penalty-fee 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.
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 that come with a variable rate personal loan. Loan terms are also 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 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 percent 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 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 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 itself 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.
Unbelievablely fast. Was turned down by a few other lenders. Was given an APR similar to these lenders and was approved almost instantly.
Thank you best egg to provide service this easy and fast.
This process was simple, and fast. Customer service is very good.
I have an existing loan with BestEgg and went back for a bill consolidation. The process was very quick and I love it!
Angie made this experience extremely easy and it took less than 5 minutes. Thank you
I needed some help and I needed it quickly. Mom of multiple special needs kiddos who as adults, can't always find ways to get their bigger picture needs met. One recently had surgery and no where to turn to for assistance. I was so grateful to be able to secure a loan and quickly in order to help relieve her anxiety as she needed to focus on getting better. Your loan application process was easy, efficient and I heard back swiftly. THANK YOU. I've used you before, I will turn to you without hesitation should I need to ever again.
I needed extra funds to prepare my home for selling, and time was a factor. I was truly amazed at how quick and thorough my transaction was. I was kept informed of the progress and within days the money was in my account.!
The loan department are very good at what they do I had a very good time with all of them. Thanks John
Very satisfied with ease of on line application and customer service answering questions.
Fast easy way to consolidate your bills! Very pleased!!!
Came in from a referral service that transmitted incorrect info for a loan that couldn't be approved, but I was amazed at how the staff worked with me to find a loan that did meet my needs and was not far off from the referral terms. Referral company was garbage, but Best Egg did well.
GREAT CUSTOMER SERVICE AND EXPEDITION IN SOLVING PROBLEMS
This was by far the easiest loan that i have ever applied for online, they where very fast processing the application and approving the loan. The whole process was like 2 days. I highly recommend this company for your financial needs.
this service was quick and very good help me get piece of mine i urge any one to try it.
Best Egg was simple to use. I highly recommend
I found Best Egg to be truthful in all of the statements it made.This made me feel very comfortable using them.
Good experience with Best Egg. Would recommend them to anyone looking for a smooth and quick process to bill consolidation loan Very happy with their service.
The loan processed was fast and easy it's a best way to pay off medical bills, tuition fee, and card debt. Will definitely recommend to friends and family, Thank you Best Egg A++++
Quick and easy, and excellent customer service. Highly recommend them
We were sick of what some companies were chaging us each month on interest. We were wanting to do some needed updates to our home. We were amazed how easy the loan with your company was and it did not take a ton of paper work to complete the application. We are completely satisfied with our "best egg" loan.
The application process is very easy and quick as is the receipt of the loan proceeds. You have no choice other than to have payments debited directly from a Bank account. You can pay extra but it has to be exact payment amounts. I would prefer to be able to pay any additional amount in excess of a payment that I would like.
The experience was better than advertised Easy and simple to the Nth degree
Dorothy A. REihle
Best Egg saved me financially on several occasions when unexpected and unforeseen situations arose in my life. My credit was not excellent but it was good. You can't expect an unsecured loan of $10,000 if your credit is bad. But, for the working individual who tries to keep his/her credit good, you will appreciate Best Egg. And once you pay a loan off with them, it just helps your credit and you will get offers from them again. Their Customer Service is excellent and the money hits your account within a couple of days. Thank you Best Egg!
The process was simple, and they offered great rates. I am very satisfied.
It was quick and easy however the final details changed a bit. The estimated first payment date on the agreement was 7/1, when it was finally approved and funded it said 6/22, a full 9 days earlier. I understand the first one was just an estimate but with people who try to budget their money they could be given an option to accept and continue if the first payment date changes by more than a week. Otherwise the experience was great.
very easy and speedy process for a loan. I totally recommend best egg.
Extremely easy process, very competitive rates
Very quick and easy to work with.we were very satisfied with the knowledge of the loan officer.
I got tired of paying higher interest rates because of the situation I got into five years ago due to layoffs in corporate America. BestEgg got me a great rate which will save me potentially thousands of dollars.
Best Egg is amazing! They always come through with what i need and have never denied me! I make my payments on time every month and they reward me with a new loan with better rates! So thankful for the Egg!
Very efficient. Did what was advertised.
Application was easy. Approval was quick. Loan funded within two business days. Very satisfied.
The person taking my information was kind and had patience She took me through each stage of the app. When I made a mistake, she walked me through to correct it. She was very pleasant and didn't get excited when I ran into trouble. It was apleasure working with her.
Smooth process. Alleviated the pressure of my debt consolidation.
Best Egg was extremely simple and the step by step process guided me through with no hassles.
Great service for people with poor credit, i got my loan to consolidate all my credit card debt with a lower rate than the credit card companies. Thank you.
Process was easy and very quick. So glad we decided to use this to consolidate high interest credit cards.
Great! It was a huge step but i took it and everything went great.
Elizabeth was both very efficient and more to the point humorous.. No detail was missed... Excellent Customer service: Well Done: John Beven
So easy ... just a few clicks and you know if you qualify along with your rate and payment. Also gives you a few options and lets you decide what is best suited for your needs ...
Now I know why you r called best because u r the fastest ever. Thanks
I was very pleased with the kind and professional Customer service. I would refer your company to anyone in need of a small loan, thank you for your kindness.
These guys are really there to help you! There quick and courteous, They helped when i really needed the help! Sincerely Thank You Terry Torres
Michael Edward Maynor
Easiest loan I have ever taken out. Thank you
Wow I just applied last night and was approved when I woke up the next day!!!
A speedy and easy way to obtain funding. Thank you.
I was pleasantly surprised at how fast and efficient the process was. I have dealt with other online loan companies and this is the first time I had a real person contact me. Good job!
awesome I had several loans from bestegg it got me out of jams and Debit when needed. Thanks Bestegg
Was done 100% online and very simple. I would recommend them to others. Very happy to get these bills caught up.
Service was professional and and very helpful by a Ms Britney. Thankyou!