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Best Egg Reviews

8.5

bestfor-icon Trustworthy with Excellent Customer Service

lauren
Written by Lauren Le-Hair

About Best Egg | Read More

8.8

LS Score

8.5

Credibility

9

Support

8

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon - Thu 8:00 AM - 10:00 PM
Friday 8:00 AM - 8:00 PM
Saturday 9:00 AM - 6:00 PM
Sunday Closed
Contact Information Contact Information drop-down-btn
  • Loan_assistance@mybestegg.com
  • (855) 282-6353
  • Headquarters: 3419 Silverside Road, Wilmington, DE 19810
Social Media Social Media drop-down-btn
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Best Egg Personal Loans Review

Personal loans offered by Best Egg are simple. You can also use these loans for a wide range of options, including home improvement, major purchases, vacation loans and special occasions loans, amongst other things. Checking your eligibility for a Best Egg personal loan is done by a soft credit pull, so it does not affect your credit rating. Loans issued are funded quickly, and many people have the funds in their accounts within a day.

Best Egg Personal Loans Highlight

600

Min Credit Score

6.99-35.99%

APR. Fixed Rate

6.99-35.99%

APR. Variable Rate

$2K-$50K

Loan Amount

36-60 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

0.99-8.99%

Origination Fee

Undisclosed

Prepayment Fee

1-3 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Soft credit pull for pre-approval
  • con-icon Funding could arrive in 1 day
  • con-icon Application takes a few minutes
  • con-icon APR presented past pre-approval
  • con-icon Credit score criteria not clear
  • con-icon Loans require an origination fee

Loan Purpose

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  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other
View Rates

Best Egg Personal Loans Terms & Requirements

Best Egg personal loans come with the following requirements:

Loan Requirements

  • A minimum credit score of 600
  • Debt to income ratio of lower than 40%, or 65% if you have a mortgage

Loan Terms

  • Typical APR rates range between 8.99% and 35.99%
  • Loan amounts range from $2,000 to $50,000
  • Origination fees of 0.99% to 8.99%
  • No prepayment fees

Repayment Terms

  • Loan terms range from 36 months to 60 months
  • No prepayment fee is charged for early repayment of a loan

Prospective borrowers can use Best Egg personal loans for a variety of reasons, including debt consolidation, home improvements, moving expenses, major purchases, vacation loans, and special occasion loans.

Nonetheless, the loan terms and requirements for a Best Egg personal loan are not the best in the market. The origination fee is high, as is the APR if your credit score is near the minimum of 600. However, not having a prepayment fee is a plus, as is the speed of obtaining the loan.

How to Apply

We applied for a Best Egg personal loan online. Unlike many loan providers, the first information we had to enter was our email address after clicking on the ‘Check My Rate’ button on the homepage.

Screen 1

Entering your email address

Screen 2

Entering information about you

Screen 3

Finishing up

The website then prompted us to enter how much we wanted to borrow and the reason for wanting to take out a personal loan. This was followed by entering our personal information

After this, we entered our address, employment status, and income details. We then inputted our savings details as well as our household status. Finally, before the credit check started, we were asked whether we wanted to enroll in Autopay before agreeing to the terms and conditions. This initiated the soft credit pull.

Following the soft credit pull, we were notified that we were eligible for a Best Egg personal loan. At this stage, we had to provide personal information to verify what we had entered during the soft credit pull process. This process included providing proof of income and proof of address. Yet, this is a standard process for anyone wanting to obtain a personal loan.

After doing this, it was simply a case of agreeing on the loan amount and rates. We did this by signing the Loan Agreement and Terms and Conditions. We received the loan funding the next day!

Qualification Requirements

  • Credit score must be above 640. The score must be above 700 for access to lower rates
  • 40% or lower, or 65% or lower if you have a mortgage
  • US citizens or permanent residents only
  • Minimum age of 18
  • Must have a full-time job
  • Proof of bank account is required during the onboarding process

Required Information

To be considered for a Best Egg personal loan, you will have to provide the following information:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Phone number
  • Email address
  • Monthly income details and proof of income
  • Employment history
  • Bank account details
  • Housing details

Application Steps & Time Frames

Applying for a Best Egg personal loan was easy and quick. The initial application process took us five minutes, and uploading and verifying our personal data took a further 5-10 minutes. This section can take a while, so make sure you have your verification documents to hand. We then received the funding within 24 hours. The process was as quick as any of the leading competitors in the personal loan market.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming

Not Available - Iowa, Vermont, West Virginia

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

faq-icon

FAQ’s

How quickly can I get a Best Egg personal loan?

Half of Best Egg’s customers receive their loan the next day. The remainder receives their personal loan within 2-3 days.

Do Best Egg offer refinancing loans?

No, Best Egg does not currently offer refinancing loans.

Can I repay my Best Egg personal loan early?

Yes, and there is no prepayment penalty for early repayment of a Best Egg personal loan.

Customer Support

Best Egg offers multiple avenues for you to engage with its friendly yet professional customer service team. Given the glowing online reviews of Best Egg’s customer support, we had high hopes for our interaction.

You can initiate a live chat session via the Best Egg account portal if you have a Best Egg account. We chose to call Best Egg directly, but you can also contact the team via email. The customer agent we spoke with did a great job of answering our questions about a Best Egg personal loan in an easy-to-understand manner. Full details of how to contact Best Egg are as follows.

Privacy & Security

Best Egg has excellent consumer reviews, and the company maintains an A+ rating with the Better Business Bureau (BBB).

The company’s privacy policy explains how and why it collects and uses personal information from applicants. The disclosure includes information about how Best Egg’s lending partners, Cross River Bank and Blue Ridge Bank, use a borrower’s personal information. Both companies state that they use their customers’ private data for marketing purposes, allowing them to offer products and services and for joint marketing with other financial companies.

All of Best Egg’s security measures comply with federal law. It may also collect your personal information from credit bureaus, affiliates, and other companies.

In Conclusion

Best Egg offers a simple and basic personal loan service for those who want to get loan funding quickly. The company has an outstanding online reputation based on trustworthy customer service. Best Egg’s products are straightforward by design, so if you want a personal loan with customized options, Best Egg might not be for you. However, if you need a loan quickly at a competitive rate, a Best Egg personal loan is worth your consideration.

Brand Disclaimer

Best Egg loans are unsecured or secured personal loans 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 Credit Card is issued by First Bank & Trust, Brookings, SD, under a license by Visa International.

“Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan” and “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as the originator of the Best Egg personal loan,” as applicable.

The term, amount, and APR of any loan we offer will depend on your credit score, income, debt payment obligations, loan amount, credit history, and other factors. If shown, your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending on your bank’s policies. You can repay Best Egg loans at any time without penalty. Barring any unforeseen circumstances, Best Egg loans have a minimum term of 36 months and a maximum period of 60 months.

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. Loan Example: A 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81 to a total amount of $12,108.6. A 3‐year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57 to a total amount of $5,420.52.”

You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5-year $10,000 loan with a 9.99% APR has 60 scheduled monthly payments of $201.81; a 3-year $5,000 loan with 8.99% APR has 36 scheduled monthly payments of $157.40. 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. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.

— *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 $100,000. Annual Percentage Rates (APRs) range from 8.99%–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%–8.99% 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.