Best Egg Personal Loans Review

Since its founding in 2014, Best Egg has been a quality lender for unsecured personal loans. With an emphasis on speed and ease, Best Egg loans are a fine option for people with good credit looking to get a loan fast.

Loan Amount
$2K–$35K
Variable APR
N/A
Term
3–5 years
SimpleScore
3.8 / 5.0
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SimpleScore Best Egg 3.8
Rates 4
Loan Size 5
Customer Satisfaction N/A
Support 3
Fees 3

No matter if the loan is for debt consolidation, home improvements, or an emergency, Best Egg’s fixed rates, zero prepayment penalties, and fast approval times are some of the lender’s more attractive features applied — but nothing really special is offered beyond that. The APR vary between competitive and quite high depending on your financial situation. Thankfully getting a quote is easy and doesn’t hurt your credit. If a personal loan is right for you, then Best Egg’s quick, clean and easy-to-understand loans are worth a look.

Best Egg Disclosure

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000-$35,000. 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. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,500; in NM and OH must exceed $5,000; in GA must exceed $3,000.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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with our trusted partners at Bankrate.com

In this article

    Best Egg at a glance

    LenderMinimum LoanMaximum LoanAPY RangeTermsKey Benefit
    Best Egg$2,000$35,0005.99% – 29.99%3 – 5 yearsFast funding

    What we like about it

    The biggest perk with Best Egg is that its loan approval and funding are fast and relatively painless. Best Egg offers loans for debt consolidation, credit card refinancing, home improvement, and more. Some loans can take a single day to be approved and funded in the next three business days.

    The other part that makes the approval process painless is that Best Egg uses a soft credit pull to determine your APR. Your credit score doesn’t take a hit when you want to figure out what rate you get. Only after you approve the loan terms does Best Egg pull a hard inquiry on your credit. For people shopping around to find the best rate possible this is great.

    If you do accept a loan from Best Egg, you can be comforted by knowing that the lender chargers no prepayment penalties. Feel like paying off your loan early? Great, there’s no hindrance in doing so.

    Overall using Best Egg is simple — and that’s good. The lender’s policies are clearly explained and easy to understand. Best Egg even has several guides throughout its site that clearly detail things from credit card refinancing to explaining how best to pay down debt. The way information is presented doesn’t impact the core lending aspect of Best Egg in any way, but it makes using the lender’s services more welcoming and enjoyable.

    Things to consider

    APR is often the most important deciding factor when picking a personal loan. While Best Egg’s low offering of 5.99% is certainly competitive, its APR cap of 29.99% is a drawback to consider when shopping with this lender.

    In order to capitalize on the lowest rates, you must have a minimum credit score of 700. This is a good credit score, but because of how many financial factors go into determining the APR, getting the lowest rate will most likely require a higher credit score or a fairly significant income to help compensate.

    If your score is hovering around 700, it’d be wise to compare the best personal loan rates around so you can find the right one for you.

    You also need to be aware of Best Egg’s origination fees which range from 0.99% to 5.99%. It’s not an uncommon fee but many personal loan lenders don’t have one. Best Egg also has certain conditions attached to this fee as well. For example, 5-year loan terms have a minimum origination fee of 4.99%. If your loan amount is substantial, taking almost an extra 5% off the top can sting a little.

    What you need to know

    Getting started with a quote through Best Egg is straightforward. If you’ve ever filled out an online quote for something like insurance before, then the Best Egg questionnaire will feel familiar. The information required for a quote is:

    • Contact Info (name, phone number, email, and address)
    • Income and employment status
    • If you’re a homeowner or renting
    • Desired loan amount and purpose
    • Your Social Security number

    Best Egg does a soft pull on your credit to get a quote, which doesn’t hurt your FICO score. This is a worry-free way of giving you insight into where you fall on Best Egg’s 5.99% to 29.99% APR range. When you actually apply for the loan Best Egg does do a hard inquiry. Hard inquiries differ from soft pulls in that they do appear on your credit report.

    Borrowers can request between $2,000 and $35,000 to help cover things like car maintenance, home repairs, and more. Best Egg also can help with credit card refinancing and debt consolidation.

    Applying for a loan requires the same info as a quote with the addition of banking info and any requested supporting documents. This whole process can be done quickly online or by phone.

    Approval and funding generally take between 1 and 3 days, but it can also happen within the same day depending on the circumstance.

    Fees and penalties

    Best Egg has origination fees that range from 0.99% to 5.99%. This is a one-time fee that’s taken off the top of your loan in order to cover loan processing.

    So if you take out a $5,000 loan with a 1% origination fee ($50), the loan amount you will actually receive is $4,950. This doesn’t sound like much but you have to consider this fee along with the APR.

    Additionally, Best Egg has a 4.99% minimum origination fee for loans that last 5 years. Avoiding higher fees means avoiding longer loan terms.

    Best Egg also has a $15 late fee. It does offer a three-day grace period for making loan payments, but the loan is considered in default immediately after a payment is missed. The $15 fee will be applied if you make a payment after this grace period.

    Collateral and criteria

    All Best Egg loans are unsecured which means you don’t need to provide any collateral to get the loan. Everyone borrowing from Best Egg has to fulfill these requirements:

    • Be a U.S. citizen or permanent resident
    • Be at least 18 years of age
    • Own a verifiable personal bank account
    • Have verifiable income
    • Have a valid email address

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    The company doesn’t specify a minimum credit score to get a loan but the best rates are reserved for people with good credit and a decent income.

    For example, Best Egg’s policy states that with a FICO score of 700 you need a minimum individual income of $100,000 to get the best APR.

    That’s not to say someone can’t get a decent APR while having a much smaller income, it just requires a smaller loan amount and a higher credit score. But what that also entails is that Best Egg loans are probably not suited for those looking for a bad credit loan.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Evan Manwell

    Contributing Writer

    Evan Manwell is a personal finance writer based out of Portland Oregon. He has worked closely with both banks and credit unions to write about personal loans, credit cards, student loans, cryptocurrencies and advances in fintech.