Our Rating: 94.0%
Best Egg Personal Loan Review
- Low Fees
- Competitive rates for fair credit borrowers
- Fast fund and approval process (in some cases as fast as one business day)
- Accessible to fair credit borrowers
- Secured loan options for homeowners
- Carries an origination fee
- $15 late fee
- Borrowers can only choose from two repayment term options (3 or 5 years)
About Best Egg Personal Loans
Best Egg Personal Loan Snapshot
$2,000 - $35,000
5.99% to 29.99%
Minimum Credit Score:
Time to Funding:
As soon as same day
Has Origination Fee:
Origination Fee: 0.99% - 5.99%
What loan amount would you look to borrow?
Pros and cons of Best Egg Personal Loans
Before signing up for a loan with Best Egg, take a look at this breakdown of some of its benefits and drawbacks.
Competitive rates for fair credit borrowers: Borrowers with excellent credit and a high income will be given the most competitive rates. However, Best Egg lends to individuals with fair credit above 640.
Quick approval and funding process: Once approved, borrowers may have funds deposited as soon as one business day.
Low fees: Best Egg does charge an origination fee. However, the only other fees charged are $15 late payment and returned payment fees.
Origination fee: Best Egg personal loans come with an origination fee varying from 0.99 percent to 5.99 percent of the amount of the loan.
Limited repayment Options: Borrowers are only able to choose a three or five-year loan repayment term. This limits flexibility to borrowers who want the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments.
Are Best Egg Personal Loans Available in your State?
Best Egg features fixed-rate personal loans ranging from $2,000 up to $35,000.
Borrowers can only choose between two loan terms, three or five years. There are no prepayment penalties, so paying off the loan ahead of schedule does not cost borrowers anything.
The offer you receive is based on multiple factors, including:
- Credit score and history
- Debt obligations
- Loan amount
- Repayment term
Loan Terms Recap
- Loans from $2,000 to $35,000
- Origination fees of 0.99 percent to 5.99 percent
- Loan repayment terms of 3 or 5 years
- No prepayment penalties
Fees and penalties
Best Egg charges an origination fee of 0.99% to 5.99%. Typically the origination fees on a five-year loan will be a minimum of 4.99%.
Origination fees are a fee that a lender imposes for the service of processing a loan. An example of how an origination fee follows:
Say you are approved for a $10,000 loan with a 4.99% origination fee. This means that you will only receive $9,501. The $499 taken off your loan is referred to as the "origination fee". After the origination fee, you will still be expected to make payments on the entire $10,000.
It is important to make note of the origination fee. In order to make sure you receive the desired amount, you must account for the origination fee.
Once approved, Best Egg claims they are able to fund nearly half of their loans within the same or next business day.
- Origination fee of 0.99% - 5.99%
- Late Payment Fee: $15
- Returned payment fee: $15
How to get a Personal Loan with Best Egg
Best Eggs features a simple application process that can be completed completely online. To get started, simply enter your basic information in the application found on the Best Egg website. Once on their website, you will be asked what amount of money you are looking to borrow, your annual individual net income, and your annual household income.
The information you will need when applying for a Best Egg personal loan:
- Your Annual Income
- Desired loan amount
- Annual household income (if applicable)
- Housing status (renting, own your home, own your home with a mortgage)
- Debt information (ex. credit card cash advances and monthly housing payment).
- Personal information (address, phone number, and Social Security number (required to make a credit check) ).
When applying Best egg conducts a soft credit check. A soft credit check doesn't impact your credit score and only takes only a few minutes to complete. The approval process and credit check should take just a few minutes. If you qualify you will then be displayed your loan offers.
It is important to keep in mind that Best Egg and most online lenders will conduct a hard credit check before the loan is finalized. A hard credit check could negatively affect your credit score.
After choosing one of the displayed loans you like most, you will be prompted to enter a checking account routing number. This is standard and necessary so that Best Egg can deposit the funds directly to your account.
Best Egg Eligibility
In order to be eligible, borrowers must meet the following criteria:
- Must be at least 18 years of age (19 in Alabama and Nebraska)
- Must be a U.S. citizen
- Must have a valid bank account
- Minimum credit score of 640; borrower average is 700
- Minimum credit history of three years with three accounts
- No minimum income requirements
- Minimum debt to income ratio of 40% to 65%
- Must provide proof of income
Some states require minimums on the amount you can borrow on a personal loan, some of the states that have those minimums include:
- Massachusetts: $6,000.
- New Mexico: $5,000
- Ohio: $5,000
- Georgia: $3,000