In a Nutshell
- Get money in as little as 1 day
- Offers competitive interest rates
- Charges a loan origination fee
- $15 late payment fee
Best Egg at a Glance
|Loan types||Personal loans|
|Loan amount||$2,000 to $35,000|
|Repayment terms||3 years or 5 years|
|APR||5.99% - 29.99%|
|Minimum credit score||Generally 640, but 700 needed to secure minimum rate|
|Suitable for||Getting a personal loan quickly|
Best Egg works well for anyone in need of a personal loan, as this lender offers competitive interest rates. However, we think Best Egg is suited for those who need to get funds in their bank account quickly. The company typically deposits funds into your bank account within 1 business day after your loan is approved.
- Personal loans can be used to consolidate debt, pay off credit cards, improve your home, and more
- Loans range in size from $2,000 -$35,000
- Choose either a 3- or 5-year repayment term
- No prepayment penalty
- Get funds in as little as 1 business day
Application Process & Requirements
You can apply for a loan with Best Egg online in minutes. Just enter your email to get started with the platform’s online questionnaire. Select the reason for your loan, then enter how much you want to borrow. Best Egg then conducts a soft credit check, which doesn’t impact your credit score, and displays pre-approved loan offers customized for your situation.
If you decide to accept an offer, Best Egg will conduct a hard credit check. You can typically be approved within a few hours and get money deposited into your bank account by the next business day. If you’re paying off credit card debt or consolidating existing debt, Best Egg also offers the option to have the funds paid directly to your creditors.
To qualify for a Best Egg loan, you must have a minimum credit score of 640. Applicants with a minimum credit score of 700 might qualify for the lowest rates.
APRs, Loan Amounts & Repayment Terms
Best Egg offers loans ranging from $2,000 to $35,000 with APRs between 5.99% - 29.99% based on your credit history. The lender typically offers either a 3- or 5-year repayment term, although there’s no penalty if you pay back your loan early.
Best Egg does charge an origination fee for all loans, which is typically between 0.99% to 5.99% depending on the size of the loan. if you're late on your monthly payment, Best Egg has a three-day grace period before assessing the late fee, which typically is $15.
Privacy & Security
Best Egg protects all personal information you share when applying for a loan with 256-bit AES encryption. The company also has a transparent privacy statement that clearly states what data they collect from you, what data sources they use when determining your loan offer, and how they use your personal and financial data.
Help & Support
Best Egg offers support by phone and live chat from 9:00 AM to 7:00 PM Monday to Thursday, 8:00 AM to 5:00 PM Friday, and 9:00 AM to 1:00 PM Saturday ET. The company’s website also has a detailed knowledgebase that answers questions commonly asked by both applicants and existing borrowers.
How Best Egg Compares
|APR||5.99% - 29.99%||5.99% - 20.69% (with AutoPay)|
|Minimum credit score||Fair +||Good +|
|Loan amount||$2,000 to $35,000||$5,000 to $100,000|
|Loan term||36-60 mo.||24-84 mo.|
|Suitable for||Getting funds quickly||Free financial advice|
Best Egg looks desirable compared with some of its competitors like SoFi. For borrowers with strong credit, Best Egg’s minimum interest rates are competitive. If you have a credit score between 680 and 700, it’s worth checking whether Best Egg or another lender offers you the most appealing rate.
While other lenders let you borrow up to $100,000, Best Egg caps loans at $35,000. However, this lender offers loans as small as $2,000 in most states, while others require you to borrow at least $5,000. That’s a big advantage if you only need a small loan.
One key benefit to Best Egg is that you can get your funds within 1 business day in many cases. Competitors like SoFi typically take several days to deposit funds into your account after approval.
Q. Does Best Egg offer debt consolidation loans?
A. Yes, Best Egg loans can be used to consolidate debt. Funds can be paid directly to your current creditors.
Q. Does Best Egg charge an origination fee?
A. Best Egg charges an origination fee of 0.99% to 5.99% depending on the size of your loan.
Q. Is there a prepayment penalty with Best Egg?
A. Best Egg does not have a prepayment penalty. You can repay your loan in full at any time.
Q. How do I manage loan payments with Best Egg?
A. Best Egg offers an online account portal where you can set up payments and track your remaining debt.
Best Egg is a trustworthy online lender that offers competitive interest rates and no prepayment penalties. The company stands out for offering loans as small as $2,000 and getting money into your bank account in as little as 1 business day. So, we think Best Egg is a good option for borrowers with fair to strong credit who need funds quickly.
1523 Concord Pike
Wilmington, DE 19803