Best Egg Personal Loan Review

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Updated on Thursday, December 31, 2020

Best Egg personal loan rates and terms
APR range5.99% - 29.99%
Loan amounts$2,000 - $50,000
Loan length36 or 60 months
Minimum credit score640
Fees
  • Origination fee: 0.99% - 5.99%
  • Late payment fee: $15
  • Prepayment penalty: None
Time to fundingCan be funded as soon as the next business day.

Who’s the best fit for a Best Egg personal loan?

Best Egg is an online lending platform that offers low-APR loans for borrowers who meet certain income and credit requirements. It may be a good option for good-credit borrowers, especially since Best Egg offers fast funding and no prepayment penalty. That means Best Egg can be a great option for those who need to access emergency funds but who plan to pay off their loan early to minimize costs.

Even if you meet Best Egg’s credit requirements, though, be sure to shop around. There are lenders in the marketplace who offer prime borrowers better rates and don’t charge origination fees like Best Egg does.

Borrowers with bad credit may not qualify for a Best Egg loan. Those who do may see rates that are higher than on your typical credit card. If you don’t meet the credit or income requirements to borrow from Best Egg, consider:

APR

5.99%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR 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 rate.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River 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. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. 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%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% 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. 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.

Pros and cons of a Best Egg personal loan

ProsCons
  • APR as low as 5.99%. Applicants with excellent credit may be able to secure a low rate on a personal loan.
  • Fast funding. It takes about 1-3 business days for the entire borrowing process, from application to funding.
  • Borrow twice. You may be eligible to take out a second Best Egg loan, as long as your balance doesn’t exceed $50,000 total.
  • Origination fees. Not all lenders and online lending platforms charge origination fees on personal loans, but Best Egg does, at 0.99% - 5.99%.
  • Credit requirements. Best Egg requires that borrowers have a credit score of at least 640.
  • Income requirements. The best rates available from Best Egg require an income of at least $100,000.

Best Egg consumer reviews

A good way to determine if a lender is a good fit for your needs is to look up reviews from people who have already borrowed from them. One such place to find consumer reviews is on LendingTree.

Read Best Egg reviews on LendingTree

Best Egg’s customer reviews are overwhelmingly positive, focusing on the fast funding and excellent service. Still, there are a handful of negative reviews that cited high fees and confusion surrounding loan rejection despite a good credit score.

Best Egg personal loan requirements

To qualify for a personal loan from Best Egg, you must:

  • Meet the minimum credit requirement with a credit score of 640 or higher.
  • Verify your income and identity with proper documentation.
  • Evaluate your debt-to-income ratio.

Best Egg reserves its lowest interest rates for borrowers with a credit score of 640 or higher and an income of $100,000 or more.

Applying for a personal loan from Best Egg

  1. Fill out Best Egg’s online application for preapproval, providing information on your housing, income and employment. This application takes only a few minutes and lets you check potential interest rates without affecting your credit score.
  2. If you’re happy with the offered rate and terms, you can submit a formal loan application. During the formal application process, Best Egg may conduct a hard credit check, which will affect your credit score.
  3. Depending on your bank, your funds will be available in about one to three business days.

Best Egg FAQ

You can apply and get your personal loan funds on the same business day, but the process can take up to three business days.

Yes, Best Egg does not charge a prepayment penalty for paying off your loan early.

Yes, Best Egg is an online lending platform that offers competitive APRs as low as 5.99% for borrowers who meet their strict income and credit score requirements.

However you see fit. Best Egg loans can be taken out for everything from credit card consolidation to loans for home improvement and major purchases (like weddings).

For most consumers, the maximum loan amount is $50,000. Some customers, however, will be able to qualify for a maximum loan amount of $50,000. The minimum loan amount is $2,000.

Yes. To qualify with Best Egg, you’ll need a minimum credit score of 640. For the lowest possible APR, you’ll need a credit score of at least 640 and income of at least $100,000.

APRs for Best Egg loans range from 5.99% – 29.99%, and loans come with an origination fee between 0.99% - 5.99%. Four-year loans will have an origination fee of at least 4.99%.

Yes. Best Egg allows customers to have two loans at one time so long as the total between the two loans doesn’t exceed $50,000.

Best Egg loans are unsecured personal loans, which means nothing is put up as collateral.

Best Egg doesn’t specify income requirements to qualify for a loan. However, Best Egg reserves the lowest possible APRs for borrowers with an annual income of $100,000 or higher.

Yes, as there are different loan requirements for a few states. In Massachusetts, the minimum loan amount is $6,500; in New Mexico and Ohio, the minimum loan amount is $5,000; and in Georgia, the minimum loan amount is $3,000.

Alternative personal loan options

Upgrade vs. Best Egg

APR

6.94%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.90% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More


Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade offers a similar product to Best Egg, except their maximum APR is much higher and their minimum credit score requirements much lower. This means that you’re likely to have an easier time getting approved for a loan from Upgrade, but that your APR is likely to be higher if you have a lower credit score.

LendingClub vs. Best Egg

APR

8.05%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

3.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.

LendingClub is a peer-to-peer lending marketplace. Similar to Upgrade, LendingClub allows borrowers with lower credit scores to access personal loans more easily than Best Egg. If your credit score is less than 620, LendingClub is preferable to Upgrade, though the maximum interest rates are close. However, LendingClub has a lower maximum origination fee than both Upgrade and Best Egg, meaning it could be a more affordable option.

Marcus by Goldman Sachs® vs. Best Egg

APR

6.99%
To
19.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Marcus by Goldman Sachs® — unlike Best Egg — charges no origination fee. Their maximum term length also allows you to stretch out your loan, potentially lowering your monthly payments. Remember, however, that when you stretch out your loan, you usually end up paying more in interest overall even if your monthly payment is lower.