Best Egg Personal Loans: 2020 Review
Best Egg loans suit borrowers with good credit, above-average income and a low debt-to-income ratio, but they’re among the few lenders that charge an origination fee.
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Our Take
4.0
The bottom line: Best Egg personal loans are available to borrowers who want to consolidate debt and need cash fast, but they don’t have some features offered by other lenders.
Full Review
on Best Egg's website
on Best Egg's website
Min. Credit Score
640
Est. APR
5.99 - 29.99%
Loan Amount
$2,000 - $35,000
Pros & Cons
Pros
Able to fund loans within one business day.
Soft credit check with pre-qualification.
Option to change your payment date.
Cons
Charges origination fee.
Charges $15 late fee.
Compare to Other Lenders
|  |  |
|---|---|---|
Est. APR5.99 - 29.99% | Est. APR5.99 - 24.99% | Est. APR6.99 - 19.99% |
Loan Term3 to 5 years | Loan Term2 to 5 years | Loan Term3 to 6 years |
Loan Amount$2,000 - $35,000 | Loan Amount$5,000 - $40,000 | Loan Amount$3,500 - $40,000 |
Min. Credit Score640 | Min. Credit Score640 | Min. Credit Score680 |
Compare estimated rates from multiple lenders
Full Review
To review Best Egg, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
Best Egg offers personal loans for borrowers with good credit. More than 600,000 customers have been funded over $10 billion since 2014, according to the company.
Best Egg personal loan amounts range from $2,000 to $35,000, though some states have different minimums, and come with terms between three and five years. Most borrowers use their loans to consolidate debt or refinance credit cards. Average loan amounts have historically been $15,000, the company says.
Low rates for good credit: The average borrower gets an annual percentage rate of 14%, but those with better credit can qualify for rates below 10%.
To get Best Egg’s lowest loan rate of 5.99%, borrowers need a minimum credit score of 700 and minimum income of $100,000, among other requirements.
Soft credit check to pre-qualify: Borrowers can see their potential loan offers when they pre-qualify with Best Egg. You can compare offers from Best Egg and other online lenders to get the best loan rates and features.
Fast funding: Best Egg’s online application takes minutes to complete. Once a borrower submits an application, he or she will know within seconds whether they have an offer, the company says. Once an application is approved, funding can be completed in as little as one business day.
Fees:
Origination fee: 0.99% - 5.99%.
Late fee: $15.
Return fee: $15 if payments are not processed.
How to qualify:
Minimum credit score: 640; average is 700. This lender uses the FICO 8 credit score to evaluate borrowers.
Minimum credit history: 3 years and 3 accounts.
Minimum annual income: Not specified, but average is $80,000.
Minimum debt-to-income ratio: 40% or 65% including a mortgage.
» MORE: Personal loans for good credit
Loan example: For a borrower with good credit (a 690-719 FICO score), a $15,000 personal loan with a repayment term of 48 months at an 18% APR would carry a monthly payment of $441.
Before you shop for a personal loan
Pre-qualify on NerdWallet
NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us, including Best Egg. Pre-qualifying will not impact your credit.
Apply with Best Egg
You can fill out an application on Best Egg’s website. After entering some personal information, you’ll be presented with loan options for which you pre-qualify.
on Best Egg's website
Personal Loans Rating Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.
