Best Egg is a highly-rated direct lender who offers personal loans through a simple, fast process that can be completed entirely online or over the phone. The company is famous for sending out targeted snail mail outlining their loan offerings, but they also offer a robust online platform that makes researching and comparing loan options a breeze.
As of early 2019, Best Egg has funded over $6 billion in personal loans throughout the United States. They have also served over 450,000 customers and still manage to have an A+ rating with the Better Business Bureau. Across several loan review platforms (including TrustPilot), this personal lender boasts mostly positive reviews. Considering Best Egg was founded in 2014, the company has come a long way in a short amount of time.
If you’re in the market for a personal loan because you want to consolidate debt, remodel your home, or finance a major purchase, Best Egg may have the perfect loan for your needs. Keep reading to learn what Best Egg is all about, who this lender is best for, and how to apply.
Best Egg Personal Loans: Key Takeaways
- Best Egg is a direct lender, meaning you can apply for one of their loans without dealing with a third party.
- Borrow between $2,000 and $35,000, depending on your loan needs, credit score, income, and other factors.
- Fixed interest rates are offered between 5.99% and 29.99% depending on your creditworthiness.
- Pay an origination fee of 0.99% to 5.99% of your loan amount.
- Repay your loan in 3-5 years.
- Get pre-qualified for a Best Egg personal loan without a hard inquiry on your credit report.
Best Egg: Personal Loans Without the Hassle
A personal loan may not be the ideal solution for everyone, but this dynamic loan option can work well for a certain type of borrower. Many consumers prefer personal loans over credit cards since they offer fixed interest rates that tend to be lower than the variable rates credit cards charge. Personal loans also come with fixed monthly payments and a fixed repayment schedule, meaning you’ll never be surprised by how much you owe — and you’ll know exactly when your loan will be paid off. For that reason, many consumers consider personal loans the “safer” option when you absolutely have to borrow money no matter what.
While personal loans are generally a convenient financing option regardless, Best Egg takes the convenience factor of these loans a step further. The direct lender offers a seamless online application process that can be completed without ever stepping into a bank. This means you may not have to talk to anyone throughout the application process or the funding of your loan, provided you don’t have any questions. If you are approved, Best Egg may also be able to transfer funds electronically to your bank account in as little as 1 business day.
To qualify for a personal loan from Best Egg, you’ll need a minimum credit score of 640. Considering the average credit score in the United States was 704 last year, this means many consumers can qualify for a Best Egg loan, provided they meet the other requirements. Speaking of that, qualifying for a personal loan from Best Egg also requires a steady source of income and the ability to prove it along with a reasonable debt-to-income ratio (usually less than 35%).
To apply for a loan from Best Egg, you’ll need to meet some other requirements as well. All applicants must:
- be a U.S. citizen currently living in the U.S., or a permanent resident
- be of legal age to accept a loan in your state
- have a verifiable personal bank account with a routing number
- have a valid email address
In terms of extra perks, you won’t find a lot of additional benefits with this lender. The Best Egg website focuses mostly on helping you apply for a personal loan for any reason, but there aren’t many added features beyond the ability to file a loan application. However, Best Egg does offer a helpful FAQ section on their website that can help you change your loan due date, make a payment, or get answers to important loan questions.
The biggest draw of Best Egg personal loans is the fact that they offer fast funding with low rates, although it’s important to note that your rate will vary dramatically depending on your credit score and other factors. Also be aware that Best Egg does let consumers get “pre-approved” for a personal loan with a soft inquiry on their credit report. This is advantageous, since it lets borrowers gauge their ability to qualify for a loan without harming their credit score.
Best Egg Personal Loans: What to Watch Out For
Best Egg does offer very competitive rates on their personal loans, but it’s important to keep in mind that the best rates and loan terms go to those with a good credit score. Their lowest advertised rate for personal loans is 5.99%, but their highest rate is 29.99%! That’s a broad spread, and one that could be costly if your credit score lands you on the higher end of the scale.
Another downside of Best Egg personal loans is the origination fee they charge which, once again, can vary drastically, ranging from 0.99% to 5.99%. If you wind up with a personal loan with a high interest rate and a 5.99% origination fee, borrowing money will be a costly endeavor.
Some other lenders don’t charge origination fees on their personal loans. Examples include LightStream, Earnest, and SoFi. This goes to show just how important it is to shop around for a personal loan. Even if you get the best interest rate with Best Egg, it’s crucial to make an “apples to apples” comparison that considers interest rates, origination fees, and any other charges. It may even be beneficial to shop around using a loan marketplace that lets you compare loans from multiple lenders instead of a single direct lender like Best Egg.
One final downside of using Best Egg is the fact this lender doesn’t originate loans in every state. If you live in Iowa, Vermont, or West Virginia, you’re out of luck and need to apply for a loan with a different lender. Fortunately, there are plenty to choose from.
Who Best Egg Personal Loans are Best for:
- Consumers with good credit who need money fast
- Anyone can qualify for their best rates and loan terms
- Borrowers who can’t qualify for a personal loan without an origination fee
How We Rate Best Egg Personal Loans
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Best Egg stacks up:
|Credible at a Glance
||Affordability (interest rates, fees, and terms)
|Availability (credit requirements, geographic reach)
|Ease of Use
How to Apply for a Personal Loan with Best Egg
We already mentioned one of the best features of Best Egg — the fact you can apply for a personal loan and complete the entire process online. This saves you from having to visit a physical bank branch to speak with a lender. With Best Egg’s easy online process, you can sit at your computer and complete your application at your own pace.
Applying for a personal loan with Best Egg is as easy as heading to their website and clicking on the button that says “apply now.”
From there, you’ll be prompted to enter basic personal information such as your name, your email address, and the last four digits of your Social Security number. If you received direct mail with a personal loan offer from Best Egg, you can also enter your “offer number” on their website.
As you proceed through the loan application process, you’ll also need to provide:
- Your full Social Security number
- Employment information
- Information on other debts
- Ideal loan amount and repayment term
Once you provide all the information Best Egg asks for, you can receive approval for your loan in less than a day. If you are approved, you may also be able to have funds electronically transferred to your bank account as soon as the next business day.
The Bottom Line
The decision to borrow money is never an easy one, but there are times when a personal loan could leave you better off financially. If you have high-interest credit card debt you desperately need to pay off, consolidating it with a personal loan with a low interest rate could help you save money and pay off debt faster. Personal loans can also be a smart option for consumers who want to take on an expensive remodeling project or pay for another large purchase.
Before you apply for a loan with Best Egg, however, we still suggest you shop around and compare loans terms and rates with a few different lenders. Best Egg does offer some of the best personal loans in the business, but you may get a better deal elsewhere. The best way to find out is to take the time to compare offers from at least three lenders.
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