Best Egg is an online lender that offers fast funding to those with fair or better credit. By providing a way for borrowers to get access to financing in as little as a day, Best Egg makes it possible for you to use its low-rate loans for a variety of purposes. Our review can help you decide if Best Egg is the right choice for you. A Best Egg personal loan is a good option for someone with fair or better credit who needs cash quickly. Best Egg may also be a good choice if you want to consolidate credit card debt to a lower monthly rate to pay it off faster.
- APR Range 5.99% to 29.99%
- Recommended Minimum Credit Score 640
- Loan Amounts $2,000 to $35,000, but up to $50,000 to borrowers who qualify
- Loan Terms Up to 60 months, or five years
- Pros and Cons
Ability to change due date
Low fixed rates
Borrow up to $50,000
Late payment fee
No bad credit options
- Origination Fee: 0.99% to 6.99% of the loan amount, at least 4.99% for loans that last five years
- Late Payment Fee: $15 is payment is not received within three days of the due date
Pros of Best Egg Loans
- Fast funding: You may receive your funds as quickly as the next day after Best Egg approves your loan. Most borrowers receive their money in one to three business days.
- Ability to change due date: If you need to change your due date, you can call Best Egg and make arrangements.
- Low fixed rates: Best Egg fixed personal loan rates start at 5.99% APR. To qualify for the lowest rate, you must have a FICO credit score of at least 700 and an income of at least $100,000.
- Borrow up to $50,000: Loan amounts range from $2,000 and $35,000, but borrowers who qualify may be able to get a loan of up to $50,000.
Cons of Best Egg Loans
- Origination fee: Best Egg charges an origination fee between 0.99% and 6.99% of the loan amount. For loans that last five years, the fee is at least 4.99%.
- Late fee: A Best Egg personal loan comes with a late fee of $15 if the payment is not received within three days of the due date.
- No bad credit options: You must have a fair or better credit score of at least 640 to get a Best Egg personal loan. Borrowers with lower credit scores may not qualify.
Best Egg Personal Loan Rates & Terms
Best Egg personal loan rates start at 5.99% APR for those who have a credit score of at least 700 and an annual income of at least $100,000. Rates range up to 29.99% APR and are based on your credit score and other factors, like debt-to-income ratio and income.
You have to have a credit score of at least 640 to get a loan with Best Egg. So while the best rates are offered to those with credit scores of 700 or better, you may still qualify for a decent rate with a credit score between 640 and 700.
Best Egg offers flexible repayment terms for loans, too. You can take up to 60 months, or five years, to repay your loan.
If you can qualify for the lowest rate (5.99% APR), then Best Egg’s personal loans are a cost-effective way to consolidate high-interest credit card balances or pay down a single card.
For example, if your credit card rate is 20% APR and your total balance is $10,000, it would cost you $4,606 in interest and require $304 monthly payments to pay it off in four years. The same balance with a Best Egg loan at 5.99% would cost you $1,270 in interest to pay down in four years with monthly payments of $234.
You’d save more than $3,000 in interest and your monthly payments would be $70 lower with Best Egg (assuming you get the best rate). And even with a 4% origination fee factored into your loan, debt consolidation with Best Egg at 5.99% APR could still save you thousands of dollars.
Best Egg will not pay the personal loan directly to your credit cards if you are planning to use the money for credit-card debt consolidation. You’ll need to take the money and pay off each card on your own.
How Much Can You Borrow From Best Egg?
The minimum amount you can borrow with Best Egg is $2,000 (in most states), and the maximum is usually $35,000. If you’re a resident of the following states, the minimum amount you can borrow is higher:
- Georgia: $3,000
- New Mexico and Ohio: $5,000
- Massachusetts: $6,500
However, there are circumstances in which you can borrow up to $50,000, depending on your financial profile and the state you live in. Also, Best Egg allows you to have two loans with the company at a time, as long as the first loan is open for at least six months and the total combined balance doesn’t exceed $50,000.
You can use funds from a Best Egg personal loan for almost anything, including debt consolidation, home improvement, large purchases, and life events. However, you cannot use the money to pay for post-secondary educational expenses or investment securities.
Best Egg Personal Loan Fees
Best Egg is one of the few personal loan companies that we’ve seen that charges an origination fee. You’ll pay between 0.99% and 6.99% of the amount you borrow from Best Egg, and it deducts the fee from the loan proceeds. Additionally, if you get a five-year loan, you can expect to pay an origination fee of at least 4.99%.
On top of the origination fee, Best Egg charges a late fee of $15 if you don’t make your payment within three days of the due date. There is also a fee of $15 for a returned payment.
How to Get a Personal Loan From Best Egg
Applications take place through Best Egg’s website. You can get pre-approved and check your potential interest rate without worrying about affecting your credit score. Enter your personal information and the reason why you’re getting your loan, and Best Egg will offer you a variety of loan options based on what you might qualify for.
Once you choose which loan option is best for your situation, you can complete a loan application in minutes. If Best Egg approves you, the funds may arrive in your bank account as quickly as the next business day.
Best Egg can be a great choice if you have fair or better credit and want a low-rate loan. These loans can be especially helpful for credit card consolidation since the lender’s lowest rate is so much lower than the average credit card interest rate.
Before deciding on a Best Egg personal loan, though, compare personal loan rates and terms to see what works best for you. Some of the top lenders offer bigger loans with longer repayments for borrowers with fair or better credit scores.
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Best Egg. "Personal Loans." Accessed April 9, 2020.
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