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.
- Product Specifications
- Pros & Cons
- APR Range 5.99% to 29.99%.
- Loan Amounts $2,000 to $35,000
- Loan Terms 36-60 months
- Recommended Minimum Credit Score 640
More than one loan allowed
Qualify with only fair credit
No joint applications
High income to get lowest rates
- Origination fee: 0.99% to 6.99%
- Prepayment penalty: none
- Late fee: $15
- 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 recommends a minimum credit score of 640, which is considered a fair score.
- No joint applications – Best Egg currently only accepts individual applications.
- Fees charged – Best Egg charges an origination fee ranging from 0.99% to 6.99% 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.
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:
- 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.
- Review estimated loan offers, which includes rates and terms, based on the information provided. These rates aren’t guaranteed until your final offer.
- Confirm the desired loan rate and term before proceeding with the full loan application.
- 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).
- 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.
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 (your origination rate could also be higher). 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.
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.
BestEgg.com. "About Best Egg." Accessed May 18, 2020.
BestEgg.com. "What is Best Egg?" Accessed May 18, 2020.
BestEgg.com."Personal Loan Approval Process: How Long Does it Take to Get a Personal Loan From Best Egg?" Accessed May 18, 2020.
BestEgg.com. "Can I get another loan or refinance my current loan?" Accessed May 18, 2020.