Item: Best Egg
Rating: 4.5
Author: Nicole Dow

4.5

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4.5

NerdWallet Rating

Est. APR

6.99 - 35.99%

Min. credit score

600

Time to fund

1 day

Loan amount

$2K - $50K

Loan term

3 to 5 years

Origination fee

0.99% to 9.99%

Disclosures from Best Egg

Overview

Best Egg is an online lender that offers unsecured and secured personal loans to borrowers with fair, good or excellent credit. It has fast funding and relatively low starting rates.

Best Egg says one of the most popular reasons borrowers use their loans is for debt consolidation. The lender gives borrowers the option to have loan funds sent directly to their creditors, saving them that step in the debt payoff process.

» MORE: Compare personal loan rates and lenders

What is the
Best-of award?

🏆 2024 Best Personal Loan for Good Credit

What the nerds think

“With its wide range of loan amounts and low credit score requirement, Best Egg personal loans cater to a diverse set of borrowers with different financing needs. Borrowers on the lower end of the credit spectrum might benefit from one of Best Egg’s two secured loan options. Those looking to consolidate debt can streamline the process with the lender’s direct pay option. Plus, all borrowers can use Best Egg’s free money tools to enhance their financial health.”

Nicole DowLead Writer & Content Strategist

What Best Egg is best for

Secured loans

Debt consolidation loans

Home improvement loans

Good-credit loans

Detailed breakdown

Affordability

(25%)

3.5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

4.5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

4.5/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

4.5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

4.5/5

Read more about our ratings methodologies for personal loans.

Where Best Egg personal loans stand out

Wide range of loan amounts: Best Egg loan amounts are from $2,000 to $50,000, which gives borrowers the flexibility to cover smaller expenses like car repairs or larger costs like home improvement projects.
Has secured loan options: Borrowers can get a secured loan from Best Egg using a vehicle or permanent fixtures in their home, such as built-in cabinets or bathroom vanities, as collateral. Borrowers may get lower annual percentage rates (APRs), longer repayment terms or larger loan amounts with secured loans, but the lender can take the collateral if you fail to repay the loan on time.
Direct payment to creditors with debt consolidation loans: Best Egg sends loan funds directly to creditors on debt consolidation loans. This feature takes the work of paying individual creditors out of borrowers' hands and eliminates any temptation to spend the money elsewhere.
Next-day funding: Best Egg says it makes instant approval decisions on loan applications and typically funds approved loans on the following business day.
Free credit score access and financial tools: This lender enrolls borrowers in its Best Egg Financial Health platform, a free resource that lets you monitor your credit score, track your spending, set debt payoff goals and more.

Where Best Egg personal loans fall short

Charges an origination fee: Best Egg charges an origination fee from 0.99% to 9.99%, which is deducted from the loan before funds are disbursed, reducing the loan amount.
No co-signed or joint loan options: Best Egg does not let borrowers apply for a loan with a co-signer or co-borrower. These options could boost a loan applicant’s chances of qualifying for a personal loan or getting a lower rate or higher loan amount.

How to qualify

Best Egg says its target audience is borrowers with fair, good or excellent credit. Borrowers must be U.S. citizens and at least 18 years of age to apply. The lender does not provide loans to residents of Iowa, Vermont, West Virginia or Washington, D.C.

Best Egg’s borrowing requirements

Minimum credit score: 600.
Maximum debt-to-income ratio: 70%, including mortgage payments.
Minimum credit history: 3 years and 1 open account.
Must provide a Social Security number, a valid U.S. bank account and proof of employment or income.
Must not have any previous bankruptcies.

» MORE: How to get a personal loan

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Profile of an average Best Egg borrower

Credit score range

680 to 720

Debt-to-income ratio

36% to 38%

Annual income

$95,000 to $115,000

Loan amount

$12,000 to $15,000

Average APR

21% to 25%

Loan term

3 years

Compare Best Egg to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

4.5	4.5	5.0	5.0
EST. APR 6.99% - 35.99%	EST. APR 8.74% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $2K - $50K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates