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Best Egg Personal Loans Review

Len Penzo
Len Penzo
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Top Facts About BestEgg

LOAN TERM
From 3 to 5 years
EST. APR
5.99% - 29.99%
LOAN AMOUNT
$2,000 - $35,000
MIN. CREDIT SCORE
640

    Founded in 2014, Best Egg has wasted no time becoming one of the top destinations for online personal loans in the US. The company has already funded over $7 billion in personal loans, and offers some of the most competitive rates on the market. Best Egg is backed by Marlette Funding, and in the years since it launched, the lender has become one of the top companies in the industry, with over 350,000 borrowers. Best Egg’s leadership has decades of experience in the field of banking and have created an online solution designed to facilitate loans. BestEgg Trustpilot score

    Today, Best Egg stands out as a great lender if you have strong credit and are looking to finance home improvement projects, debt consolidation, relocations, special occasions and more. The company’s resource center also gives you great value, letting you project your repayments and learn about personal finances and budgeting in one convenient location. More importantly, with a lightning fast application and approval process, you can get your loan disbursed to you in as little as one business day. Thanks to pre-qualification, you can also see the best available options for you. With so much to offer, Best Egg is a top contender in the personal loans market. 

    BestEgg Website

    Best Egg Pros and Cons

    Pros: 

    • Get your funds in as little as one business day
    • Favorable rates and low starting minimums
    • Pre-qualify without a hard credit check
    • No prepayment fees 

    Cons: 

    • Loans include origination fees
    • Aimed at users with good to excellent credit

    Why Get a Personal Loan from Best Egg? 

    The thing that stood out most to us in our Best Egg loan reviews is the company’s super-fast funding. Although Best Egg has slightly strict qualification requirements, it does offer next-day disbursement and has a track record of over 50% of its loans being delivered in one business day. This means that if you have an emergency, or need to make a quick payment, you can rest easy if you apply for a Best Egg personal loan. 

    Another great aspect of Best Egg is that it allows you to borrow more than once even if you have an outstanding loan with the company. If your loan is currently in good standing, you can take out a second one as long as the total amount owed between your two loans doesn’t exceed $50,000. 

    Finally, we were happy to see that Best Egg lets you prequalify to see what you’re eligible for without a hard credit check.  

    What Does Best Egg Offer? 

    Perhaps one of the things we like most about Best Egg personal loans is that it gives you support to go with your financing. Even before you get to the Best Egg login, you can visit the company’s outstanding resource center, which includes guides in four major categories: Personal Loans, Managing Debt, Understanding Credit, and Improving the Home. Each section offers in-depth answers to common questions you may have. Additionally, Best Egg offers interesting and timely articles about personal finances and technology. 

    In terms of loan variety, we were happy to see that Best Egg doesn’t place many restrictions on what you can use your funds for. The company offers personal loans for the following: 

    • Debt consolidation 
    • Home improvements 
    • Credit card refinancing
    • Moving expenses
    • Major purchase
    • Special occasions
    • Travel
    • Baby and adoption

    What Are Best Egg's Eligibility Requirements? 

    One thing that stood out to us during our review is that the eligibility requirements for a Best Egg personal loan are on the higher end of the industry spectrum. The company generally prefers to work with borrowers that have good to excellent credit (roughly a minimum of 640). Moreover, Best Egg may require that borrowers have at least $100,000 in reported income, making it ideal if you’re already financially stable. 

    Additionally, the company requires that you meet the following requirements: 

    • Be a US citizen or legal resident currently living in the country 
    • Be of legal age in the state in which you are applying
    • Have an active and verifiable bank account 
    • A valid email 
    • Have a physical address (not including PO boxes)

    The company doesn’t offer loans in Iowa, Vermont, or West Virginia.

    How to Apply for a Best Egg Personal Loan? 

    One of the best things about Best Egg is that the company’s services are heavily tech-focused, making the process fast and easy. After providing your email and registering for the Best Egg customer login, you’ll be asked to provide some basic contact details and information about your income and finances. From there, you’ll be able to see the different loans you can qualify for before making a choice and having a hard credit inquiry, and possibly having to provide more documentation. Once you’re approved, you should see your funds as quickly as next day. 

    application form bestegg

    What are Best Egg’s Rates, Terms, and Fees? 

    Another major factor to love about Best Egg is the company’s flexible interest rates and loan amounts. For those with stellar credit who qualify, you can unlock rates as low as 5.99% APR and up to 29.99% APR. This compares favorably with most of its competitors, and especially due to its more stringent eligibility requirements. 

    We were also happy to see that the company offers low starting loan amounts, with a minimum of $2,000 and a maximum of $35,000 for an individual loan. However, if your loan is in good standing and at least six months old, you can apply for a second loan for an amount that would put your total debt at no more than $50,000. For instance, if you’ve already borrowed $30,000, you could take a second loan for up to $20,000. 

    In terms of fees, Best Egg offers a mixed bag. The company does charge an origination fee (ranging from 0.99% to 5.99% deducted from your total loan amount), as well as a $15 fee if your payment is three or more days late, or if it is returned. However, Best Egg doesn’t include prepayment fees, so you can pay off your debt as soon as you’re able. 

    Final Thoughts

    With a lightning-fast approach to personal lending and some of the most competitive rates on the market, Best Egg is one to look at when you’re considering financing. The company’s great educational resources, ease of use, and the loan management portal if you use the Best Egg login give you full control over your loan, and help you make the best possible choices.

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