Founded in 2014, Best Egg is an online personal loan lender that has funded more than 600,000 loans through the Federal Deposit Insurance Corporation (FDIC)–insured Cross River Bank.  Its fixed-rate loans start at a 5.99% annual percentage rate (APR), with terms of either three or five years. Qualified applicants may be able to borrow up to $35,000. 

We understand it’s crucial to do extensive research when taking out a personal loan, so we’ve compiled important details in this Best Egg personal loan review. These include rates, terms, and fees to help you decide whether this lender is the one for you. 

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Pros

  • Prequalification available

  • More than one loan allowed

  • Qualify with only fair credit

Cons

  • No joint applications

  • Fees charged

  • High income to get lowest rates

Pros Explained

  • Prequalification available – Best Egg lets you check your initial rate by making a soft credit inquiry, which doesn’t affect your credit score. It’ll conduct a hard inquiry if you decide to move on with the application process. 
  • More than one loan allowed – You may qualify for an additional loan if you have an existing loan with Best Egg for at least six months. The combined loan amounts may go up to $50,000.
  • Qualify with only fair credit – Best Egg requires a minimum credit score of 640, which is considered a fair score.

Cons Explained

  • No joint applications – Best Egg currently only accepts individual applications.
  • Fees charged – Best Egg charges an origination fee ranging from 0.99% to 5.99% and a $15 late or returned payment fee.
  • Need high income to get the lowest rates – Applicants need to make at least $100,000 per year to be able to access the best APRs.

Types of Personal Loans Offered by Best Egg

Best Egg lets borrowers use their personal loan proceeds for almost all purposes. This includes using the money to refinance credit card debt, pay for home repairs, make large purchases, or consolidate other forms of debt. 

Loan Amounts

Loan amounts for Best Egg personal loans are from $2,000 to $35,000—in some cases loans up to $50,000 may be available. Some states have higher minimum loan amounts, such as Georgia at $3,000 and Ohio at $5,000.

APR

Best Egg’s personal loan APRs range from 5.99% to 29.99%. This includes an origination fee of 0.99% to 5.99%, deducted from your loan proceeds.

Loan Terms

Repayment terms for Best Egg personal loans are either three or five years.

Credit Score Requirements

If you’re curious what credit score you need for a Best Egg personal loan, you may be able to qualify with a 640 minimum credit score, several years of credit history, and a track of record of on-time payments. However, to qualify for Best Egg’s lowest APR, you’ll need at least a 700 credit score and $100,000 in income.

Fees

Best Egg charges a one-time origination fee of from 0.99% to 5.99% of your total loan amount deducted from the loan proceeds when it’s deposited in your bank account. Best egg states the origination fee on a loan term 4-years or longer will be at least 4.99%.

The lender also charges a $15 late fee if you fail to make a payment within the three-day grace period after your due date and a $15 returned payment fee.

Time to Receive Funds

It takes from one to three business days to apply, get approved, and receive your funds.

Best Egg Personal Loan Features

Ability to Prequalify for a Personal Loan

Applicants who initially check rates they qualify for will be subject to a soft inquiry, which doesn’t impact your credit score. It’s only when you accept the loan offer and continue on with the application process that Best Egg will conduct a hard inquiry, which may impact your score. 

Multiple Loans Available

Best Egg offers additional loans for its existing borrowers who have their current loan open for at least six months and can demonstrate a history of on-time payments. Your combined loans can’t exceed $50,000. 

Apply for a Best Egg Personal Loan

Here’s what you do during the loan application process:

  1. Enter your personal details, such as your name, Social Security number, email address, and income information, to get a rate estimate, which will result in a soft credit inquiry. 
  2. Review estimated loan offers, which includes rates and terms, based on the information provided. These rates aren’t guaranteed until your final offer.  
  3. Confirm the desired loan rate and term before proceeding with the full loan application.
  4. Enter additional details, including your proof of income or employment information, bank account details, phone number, and date of birth. Best Egg may require additional documentation (you’ll be contacted later if so). 
  5. Review your application details and press submit once you’ve ensured all information is correct.

Can I Refinance a Personal Loan With Best Egg?

Best Egg doesn’t offer refinancing for existing personal loans. However, you can take out one additional loan. To be eligible, the combined loan balances can’t be more than $50,000, and your first loan needs to be open for a minimum of six months. Best Egg also looks at other factors, such as your payment history. 

Verdict

Best Egg may be the right fit if you have a good credit score and high income—it tends to offer its lowest APR for applicants with that credit profile. Still, it’s worth checking out, as Best Egg offers a prequalification process, meaning your credit score won’t be affected until you follow through with the full application. It also means you can preview loan rates and terms when shopping around other lenders. 

However, if your creditworthiness isn’t that good, you may not qualify for the lowest rates. In this case, you will need to look elsewhere, because Best Egg doesn't give you the option of submitting a joint application. Other lenders may offer a cosigner option to help you boost your chances of getting a personal loan.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.