Editorial Review

Best Egg Personal Loans: 2019 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

NerdWallet rating 

The Bottom Line: Best Egg personal loans are available to borrowers who want to consolidate debt and need cash fast, but don’t come with some features offered by other lenders.

BestEgg

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

BestEgg
Payoff
Laurel Road Personal Loan
Est. APR

5.99-29.99%

Est. APR

5.99-24.99%

Est. APR

8.01-16.30%

Loan Term

3 to 5 years

Loan Term

2 to 5 years

Loan Term

3 to 5 years

Loan Amount

$2,000-$35,000

Loan Amount

$5,000-$35,000

Loan Amount

$1,000-$45,000

Min. Credit Score

640

Min. Credit Score

640

Min. Credit Score

660

Compare estimated rates from multiple lenders

Compare Rates

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 550,000 customers have been funded with over $9.3 billion in the company’s loans 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 fund large expenses or consolidate credit card debt — $15,000 worth on average, 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.

Fast funding: Best Egg’s online application takes minutes to complete, and once it's 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.

  • Minimum credit history: Not specified, but average is 3 years.

  • Minimum annual income: Not specified, but average is $80,000.

  • Debt-to-income ratio: Not specified, but typically less than 40%.

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.