Pros Explained

• Can be used for a wide range of purposes: Lenders may limit what personal loan funds can be used for, though some restrictions are more comprehensive than others. Best Egg loan funds can be used for several purposes, including debt consolidation, home improvements, medical expenses, relocation, weddings, and other large purchases. 
• Loan amounts are flexible and start at $2,000: Some top lenders require a minimum loan amount of $5,000, which may be more than borrowers need. Best Egg has a minimum loan amount of $2,000 in most states, so borrowers don’t have to pay interest on a larger loan than they actually need.
• Offers direct payment to third-party creditors: Best Egg offers a direct-pay option to streamline the process of debt consolidation. It pays your third-party creditors directly. Choosing this option can also score you a lower rate.
• Does not charge prepayment penalties: Best Egg does not charge a prepayment penalty for borrowers who pay off their loan before its due date. This can further reduce borrowing costs for those who wish to make early payments and avoid unnecessary interest.

Cons Explained

• Borrowers may face annual percentage rates up to 35.99%: Rates at the top end of Best Egg’s APR range—35.99%—are among the highest offered for personal loans. That said, the most creditworthy applicants may qualify for an APR of just 8.99%, which is a relatively competitive rate.
• Origination fees range from 0.99% to 8.99%: The most competitive lenders offer fee-free personal loans, but Best Egg charges an origination fee of between 0.99% and 8.99% of the total loan amount. The fee is included in the principal loan amount and then deducted from the amount deposited in the borrower’s account.
• Does not permit co-applicants: Many of the most popular lenders allow borrowers to apply with a co-applicant. Applying with a co-applicant, rather than individually, may help borrowers with poor credit qualify for a personal loan. Currently, however, Best Egg only permits individual applications.
• No mobile app for personal loan customers: Best Egg has a mobile app for credit card customers, but it does not offer a mobile app for personal loan borrowers. Many other lenders offer account management via user-friendly mobile apps.

Types of Personal Loans Offered by Best Egg

Best Egg borrowers can use personal loan funds for various purposes, including debt consolidation, home improvements, medical expenses, relocation, travel, babies and adoption, large purchases, and weddings. The lending platform also offers direct payment of third-party creditors through its Direct Pay program, which can streamline the process of consolidating your credit card debts. 

Best Egg personal loans cannot be used for any of the following purposes:

• Post-secondary educational expenses
• Purchasing or carrying securities
• Illegal activity

Best Egg also offers its Secured Loan + Homeowner Discount program specifically for homeowners. The loan is secured with items in your home such as light fixtures, cabinets, and vanities, and you can borrow up to $50,000.

Time to Receive Funds

Best Egg personal loan funds are typically deposited directly into a borrower’s bank account. However, if a borrower chooses to use their loan for debt consolidation through the platform’s Direct Pay program, funds are disbursed to the third-party creditors that the borrower identifies during the application process.

Many of Best Egg’s borrowers receive loan funds within one day after approval. However, money may be deposited in a borrower’s account anywhere from one to three business days after approval. This timeline is relatively standard among competitors, though some top lenders advertise same-day funding. Best Egg does not disclose how long it takes funds to be disbursed via Direct Pay.

Borrower Requirements

To qualify for a Best Egg personal loan, borrowers will likely need a minimum credit score of 640 and, ideally, a debt-to-income ratio below 36%.

Best Egg Personal Loan Features

Soft Initial Credit Inquiry

Best Egg lets applicants see what rate they’re likely to qualify for without undergoing a hard credit check. Instead, prospective borrowers can navigate to the “Estimate My Rate” button.

This process only involves a soft credit inquiry, so your credit score won’t be affected. However, providing your email address opts you into receiving special offers, notifications, and updates from Best Egg.

Flexible Due Date

Eligible Best Egg borrowers can change their payment due date via phone, online chat, or email. That said, Best Egg’s website doesn’t provide details about eligibility requirements. But if allowed, you can make two due date changes over the life of the loan.

Direct Pay

Eligible borrowers can have Best Egg pay third-party credit card companies directly rather than having the money disbursed into their own account. In addition to streamlining the debt consolidation process, borrowers who opt into Direct Pay may qualify for higher loan amounts and lower APRs.

FICO Score Access

Best Egg borrowers get free access to their FICO Score via the online account portal. Borrowers must opt into the service and, after doing so, they’ll be able to access a six-month history of their credit score and information about what factors into their score. FICO Scores are updated monthly.

Co-Signers and Co-Applicants

The platform also does not allow co-applicants or co-signers. If you have a low credit score and limited income, consider other lenders that offer a co-signer option and less rigorous eligibility requirements.

Can You Refinance a Personal Loan With Best Egg?

Best Egg says you may be eligible to refinance an existing loan. In addition, it does provide personal loans for the purpose of consolidating third-party credit card debt.

Best Egg borrowers can have two open Best Egg loans at a time—though the first loan must be in good standing, and the total balance of both loans cannot be greater than $100,000. Eligibility for a second Best Egg loan is based on payment history, among other factors.

Customer Service

You can contact Best Egg’s customer care team via telephone. Existing customers can also contact customer service through their online accounts. Notably, Best Egg does not offer a live chat option through its public website, a common feature among the best personal loan providers. However, current borrowers can use its live chat tool after logging into their account portal. Best Egg also offers extensive online resources, including personal loan guides, articles about managing debt, and guides for understanding credit scores. Likewise, the Best Egg Help Center answers popular questions for both prospective and current borrowers.

Medium	Contact	When
Telephone	855-282-6353	Monday-Thursday: 8 a.m.-10 p.m. ET Friday: 8: a.m.–8 p.m. ET Saturday: 9 a.m.–6 p.m. ET
Chat	Via account portal after login	24/7
X (Formerly Twitter)	@mybestegg	24/7

Customer Satisfaction

Reviews for Best Egg personal loans are generally positive, with happy customers detailing the company’s responsive customer support team and easy application process. For example, on Trustpilot, Best Egg has an average score of 4.6 out of 5 stars.

The lender also has an A+ Better Business Bureau rating and good customer reviews there as well.

How to Qualify For and Apply For a Best Egg Personal Loan

Borrowers interested in a Best Egg personal loan can use its to estimate their monthly payments. Best Egg also lets prospective borrowers check the rate they’re likely to qualify for before applying for a loan. This rate check involves a soft credit inquiry, which won’t impact your credit score. If you decide to move forward with an application, you’ll need to take the following steps:

• Choose a loan offer: Based on the initial information you provide to check your rate, Best Egg provides a list of loan offers, including rates and terms. Note, however, that these offers are not guaranteed until you receive a final loan offer. Best Egg conducts a hard credit inquiry once you accept a loan offer and decide to move forward with your application.
• Verify your application and provide documentation: Next, you’ll need to provide your income and employment information, bank account details, phone number, and date of birth. This information is used to verify your identity, income, and debt-to-income ratio. Best Egg may contact you to request further information or documentation if necessary.

Other Banking Services and Loans Offered by Best Egg

In addition to its various personal loan products, Best Egg also offers a credit card designed to help with credit-building.

Compare Best Egg With Other Personal Loan Lenders

APR Range	8.99%–35.99%	8.49%–35.99%	7.99%–35.99%
Loan Amount	$2,000–$50,000	$1,000–$50,000	$2,000–$36,500
Loan Terms	36–60 months	24–84 months	24–72 months
Recommended Minimum Credit Score	640	620	660
Origination Fee	8.99%	9.99%	10.00%
Time to Receive Funds	1 day	1 day	Same day

The Bottom Line

Best Egg offers lower personal loan amounts than many competitors, and it charges origination fees up to 8.99% of the total loan amount. Best Egg’s highest APR—35.99%—is also high compared to other traditional and online lending platforms. Still, borrowers with a FICO Score over 700 may benefit from the platform’s more competitive rates and lower origination fees. Prospective borrowers who plan to use Best Egg for debt consolidation can also qualify for lower interest rates and higher loan amounts when they opt into Direct Pay.  That said, with no co-signer option, borrowers with lower credit scores and higher debt-to-income ratios may want to steer clear of the lending platform’s high APRs and origination fees.

Is It Hard to Get a Personal Loan From Best Egg?

Best Egg offers a variety of personal loan products but borrowers must have good credit to qualify and excellent credit to get the best rates and lowest fees. Because there is no option to add a co-signer or co-applicant, it could be difficult for borrowers with low credit scores to qualify—or the cost of borrowing will be steep.

What Credit Score Do You Need to Get a Loan From Best Egg?

The minimum credit score you should have before applying for a Best Egg loan is around 640. However, those with credit scores in the good to excellent range will be eligible for more favorable interest rates and loan terms.

How Quickly Can You Get a Loan From Best Egg?

Best Egg’s loan process moves fairly quickly. You can typically get a loan decision right away, and then receive your funds within a business day. In some cases, it could take a couple of extra business days to complete the process.

How Many Best Egg Loans Can You Have At Once?

Best Egg allows borrowers to have two loans at the same time. However, the total balance of both loans cannot exceed $100,000.

Does Best Egg Verify Income?

Like most lenders, Best Egg does require applicants to share information about their income and looks at your overall debt-to-income ratio as well as your credit history. To verify income, you may be asked for employment information and bank details, or to provide documents that show your income. This helps them determine if you will be able to meet your debt obligation.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.