Best Egg Personal Loans: 2022 Review

Best Egg is an online lender offering personal loans for borrowers with fair or good credit.

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Our Take

4.5

NerdWallet rating 

The bottom line:

Best Egg personal loans are available to borrowers who want to consolidate debt and secure a loan, but they lack some features offered by other lenders.

BestEgg
Est. APR
5.99-35.99%
Loan amount
$2,000-$50,000
Min. credit score
600
Get rate

on Best Egg's website

Pros & Cons

Pros

  • Wide range of loan amounts.
  • Unsecured and secured loan options.
  • Direct payment to creditors.

Cons

  • Origination fee.
  • No rate discounts.

Compare to Other Lenders

BestEgg
Prosper
Marcus by Goldman Sachs
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Est. APR

5.99-35.99%

Est. APR

7.95-35.99%

Est. APR

6.99-19.99%

Loan term

2 to 5 years

Loan term

3 to 5 years

Loan term

3 to 6 years

Loan amount

$2,000-$50,000

Loan amount

$2,000-$40,000

Loan amount

$3,500-$40,000

Min. credit score

600

Min. credit score

600

Min. credit score

660

Compare estimated rates from multiple lenders

Compare Rates

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Full Review of Best Egg

Best Egg is an online lender that offers personal loans for borrowers with fair or good credit.

Best Egg personal loan amounts range from $2,000 to $50,000 (though some states have different minimum amounts), and repayment terms are three or five years. Borrowers can use their loan to consolidate debt or refinance credit cards, but you can also use the loan to cover large expenses.

Best Egg personal loans at a glance

Minimum credit score

600.

APR

5.99% - 35.99%.

Fees

  • Origination: 0.99% - 5.99%.

  • Returned check fee: $15.

Pre-qualify with soft credit check?

Yes.

Loan amount

$2,000 - $50,000.

Repayment terms

3 or 5 years.

Time to fund after approval

1 - 3 business days.

Loan availability

Loans not available in IA, VT, WV or Washington, D.C.

Disclosure from Best Egg

*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate.  You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

More about Best Egg:

Where Best Egg loans stand out

Offers direct payment to creditors on debt consolidation loans: Best Egg sends loan payments directly to creditors on debt consolidation loans for borrowers who opt in. This feature takes the work of paying back individual creditors out of borrowers' hands and eliminates the temptation of spending the money elsewhere.

Wide loan amount range: Borrowers have the option to take out loans from $2,000 to $50,000, which gives you the flexibility to cover smaller expenses or larger costs associated with events like moving, home improvement projects or weddings.

Secured loans: Best Egg offers both unsecured and secured personal loans. The secured loan is similar to a home equity loan, but it uses fixtures permanently attached to your home, like your water heater, ceiling fans or window shutters, as collateral instead of your entire house. Once approved, you can receive funding in one to three days. If a borrower fails to repay the loan, Best Egg can repossess the collateral.

Free credit score access: Personal loan customers can access their credit score through their Best Egg account, which allows borrowers to see how on-time payments benefit their credit scores over time.

Where Best Egg loans fall short

No rate discounts: Unlike other lenders, Best Egg doesn't offer an additional rate discount for setting up autopayments. Other lenders typically discount interest rates by 0.25 to 0.5 percentage point to incentivize borrowers to choose autopayments.

Origination fee: Best Egg charges an origination fee ranging from 0.99% to 5.99%. Not all lenders charge an origination fee, but Best Egg’s fee is low compared with other lenders that charge one.

No mobile app: Best Egg does not offer a mobile app to manage your loan. Many online lenders have mobile apps where borrowers can make payments and track the progress of their loans.

How to qualify for a Best Egg personal loan

  • Minimum credit score: 600.

  • Minimum annual income: $3,500.

  • Minimum debt-to-income ratio: 40%, or 65% including a mortgage.

  • Employment: Must provide proof of income; part-time employees are eligible.

  • Must provide valid U.S. address and Social Security number.

How are personal loan rates decided?

Annual percentage rates on personal loans vary widely, typically from about 6% to 36%. Lenders consider many factors in a loan decision, all with the intent of measuring how risky a borrower may be.

The three most common factors in deciding a rate are:

  • Credit score.

  • Income.

  • Other outstanding debts.

Lenders may also consider the loan amount and term. Generally, the lowest APRs go to borrowers with high credit scores, strong income and little existing debt. Here are average annual percentage rates on personal loans by credit score:

How's your credit?

Score range

Estimated APR

Excellent

720-850.

10.5%.

Good

690-719.

15.5%.

Fair

630-689.

20.8%.

Bad

300-629.

26.1%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Oct. 27, 2021, to Apr. 27, 2022. Rates are estimates only and not specific to any lender. Information in this table applies only to lenders with APRs below 36%.

Calculate your monthly personal loan payments

How to apply for a Best Egg personal loan

Here are the steps to apply for a Best Egg loan.

  1. Pre-qualify on Best Egg’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your name, birthday and address. Then, the lender will ask for information about your income, employment and whether you own your home before you can preview loan offers. There’s no hard credit pull at this stage.

  2. Preview loan offers and accept the one that fits your budget. Once you’re ready to accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. Best Egg will also do a hard credit check when you apply, so your credit score may temporarily dip.

  3. Make a plan to repay the loan. Best Egg reports payment to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Compare Best Egg personal loans

Compare Best Egg with other lenders to decide which is right for you. Lenders offer different rates, loan amounts and special features, so it pays to weigh alternatives.

You can pre-qualify on NerdWallet to compare offers from multiple lenders at once.

Best Egg vs. Prosper

Like Best Egg, Prosper personal loans are a fit for borrowers with fair or good credit (630 to 719 FICO). Prosper offers similar loan amounts and repayment term options, but may take longer to fund a loan. Unlike Best Egg, Prosper doesn’t directly pay your other creditors when you get a debt consolidation loan.

Best Egg vs. Marcus

A Marcus personal loan is ideal for debt consolidation. Unlike Best Egg, Marcus charges no fees, offers a rate discount for setting up automatic payments and offers nine different repayment term options. Marcus seeks a borrower with slightly better credit than Best Egg.

Key terms to know about personal loans

Annual percentage rate

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

Origination fee

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

Debt-to-income ratio

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Soft credit check

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

How we rate Best Egg loans

NerdWallet’s editorial team assesses and rates traditional lenders against four categories. The maximum score a lender can earn in each category is five. Here’s how Best Egg scores in each category:

Category

Star rating

Affordability

3.1.

Transparency

4.0.

Loan flexibility

4.0.

Customer experience

3.8.

Category definitions

Affordability: An affordable loan includes competitive rates, no origination or prepayment fees and rate discounts for autopayments.

Transparency: A transparent lender includes soft credit checks and credit reporting, as well as clearly presented rates, terms and fees.

Loan flexibility: A flexible loan includes options to change payment due dates; multiple loan types, amounts and terms; and refinancing options.

Customer experience: A good customer experience includes available and convenient customer support, mobile apps and financial education.

Ready to apply? Click the button below and head to Best Egg's website to pre-qualify.

on Best Egg's website

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

Frequently asked questions