Young woman collecting her financial paperwork after reading Best Egg personal loans review.

Best Egg Personal Loans Review [2024]: Pros and Cons

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Almost 40% of Americans have less than a month of their income saved up.

With so little saved, how are people supposed to pay off debt or cover unexpected expenses?  

This is why so many people rely on personal loans. 

But how do you know which lender to trust? 

In this Best Egg personal loans review, I’ll cover what you’ll want to know before applying, pros and cons of this lender, and answer important questions you should be asking. 

What You Need to Know About Best Egg Personal Loans

Best Egg is an online lender that provides personal loans to consumers with good credit. 

You can apply for various types of loans, such as:

  • Debt consolidation loans
  • Home improvement loans
  • Moving loans
  • Vacation loans
  • Credit card refinancing

Best Egg personal loans range from $2,000 to $50,000. However, this figure may vary depending on the state you live in. Their interest rates are also reasonable, starting at 8.99% and up to 35.99%.

And if you want to pay your loans off early to save on interest, there are no prepayment penalties to keep you from doing so. 

To qualify for Best Egg personal loans, you’ll need a credit score of at least 640. This makes Best Egg an impractical option for anyone with bad credit.

But don’t worry if you can’t qualify for traditional, unsecured loans. 

Best Egg is one of the only online lenders that accept collateral. So, you can apply for a secured loan and offer something as collateral. This will increase your chance of qualifying, plus it may lower your potential interest rate.

How to Qualify for a Best Egg Personal Loan

Best Egg personal loans only take minutes to apply for.
Consumers can apply for a Best Egg personal loan within minutes!
Source: Best Egg

Although Best Egg doesn’t publicize the exact criteria that they use to review applications, they do hint at a few factors:

  • A good credit score
  • A low debt-to-income ratio
  • A steady source of income

A Good Credit Score

A good credit score is the first thing you should focus on when applying for a Best Egg personal loan. It’ll give you the best chance of approval and allow you to qualify for better interest rates. 

Best Egg requires a 640 minimum credit score, so if your credit score is below this, try improving it before applying.

A Low Debt-to-Income Ratio

On their website, Best Egg hints that they consider your debt-to-income (DTI) ratio when approving your account. 

This means that even if you’re making minimum payments on time, if you’re already deep in debt, it will likely hurt your chances of approval. 

A Steady Source of Income

Best Egg also looks at your income, unlike some lenders that just analyze credit reports.

For instance, Best Egg claims that applicants can qualify for the lowest interest rate, “if you earn $100,000 per year and have a 700 credit score.”

For more information, check out this article explaining how to get a personal loan

How to Apply for a Best Egg Personal Loan

Do you want to consolidate high-interest debt? 

Or has life thrown a curveball your way, and you need extra cash fast? 

Don’t stress. Best Egg prides themselves in getting borrowers their funds quickly, with most people receiving funds in as little as 1-3 days.

Here’s how to apply for a Best Egg personal loan in four simple steps:

  1. Provide some basic information
  2. Review your options
  3. Apply and wait for approval
  4. Make your payments on time

Step 1: Provide Some Basic Information

Best Egg allows you to get pre-approved on their website within minutes. There’s no commitment, and you won’t have to worry about it hurting your credit score.

Keep in mind, even if you’re pre-approved, it doesn’t mean you’re guaranteed to get a loan. It means you passed their basic criteria and they’ll need more information before giving you a loan. 

Step 2: Review Your Options

When viewing these potential loan options, Best Egg will inform you about interest rates, fees, and terms and conditions.

Review these options and if the interest rate is low, consider applying. 

However, if you can’t qualify for low-interest rates, improve your credit score. Maybe you have overdue accounts, or your debt-to-income ratio is too high.

Once you’ve identified and fixed the problem, your credit score should increase, and so will your ability to qualify for low interest personal loans.

Step 3: Apply and Wait For Approval

When you find a loan you like, submit a formal loan application.

Best Egg (and most other lenders) will run a hard credit check at this time, and if they approve your account, you can expect to receive the funds within one to three business days. 

Step 4: Make Your Payments On Time

The last step is the most important: Pay your installments on time.

Best Egg reports your payments to the major credit bureaus. So if you’re late, you can expect your credit score to take a hit. 

But you can also use this to your advantage because making payments on time will boost your credit, allowing you to qualify for better loans in the future.

I recommend setting up autopay and following a strict budget to avoid missing payments. 

Is Best Egg Financial Legit?

Best Egg Financial is a legit institution currently based in Wilmington, Delaware.

They’ve served over 800,000 people in the U.S. by providing loans for debt consolidation, home improvement, or even vacations.

Best Egg is accredited by the Better Business Bureau (BBB) and has high consumer ratings. They have an average of 4.6 stars on Trustpilot, and their mobile app has over 4.7 stars in the App Store.

Is Best Egg Safe?

Best Egg is a safe financial provider. 

They implement cybersecurity measures that claim to exceed industry standards and federal law requirements. So, you can be sure your information is in safe hands.

Also, Best Egg doesn’t sell your information. 

Instead, Best Egg states it, “does not currently share your personal information with anyone except with third parties who assist us in servicing your loan.” 

Pros and Cons of Best Egg Personal Loans

Pros Cons 
Best Egg offers a ‘Direct Pay’ feature to handle existing debt if you’re using the loan for debt consolidation There’s a $15 late fee for missed payments
Best Egg provides secured loans (they accept collateral) Need ‘good’ credit to qualify
You’ll receive your loan funds within one to three business daysYou need an $100,000 annual income to access the lowest interest rates

Best Egg Reviews

I’ve noticed that most of the positive Best Egg reviews mention the streamlined sign-up process and quick loan funding. 

For example, this Best Egg personal loans review was surprised that Best Egg wired the loan into his account the next day.

Best Egg users love how quickly they’re able to get access to their funds.
Best Egg provides fast funding in as little as one to three business days!
Source: Trustpilot

I like that Best Egg responds to customers leaving positive feedback, which shows they value their customers’ feedback. 

This Best Egg personal loans review also talked about their seamless customer experience.

Customers rave about how fast and simple the Best Egg loan application process is.
Best Egg has a quick and easy application process
Source: Trustpilot

But while the application process is straightforward, getting approved can be difficult. 

For example, a Best Egg personal loans review by customer, Martin Bail, said that even though he had good credit and a good income, he was denied.

Some consumers claim Best Egg denied their loan application even though they had a healthy income and good credit history.
This Best Egg personal loans review shows that users can still be rejected even if they have good credit and a steady income. 
Source: Trustpilot

Commonly Asked Questions About Best Egg Personal Loans

Alternatives to Best Egg Personal Loans?

Here are the top alternatives to Best Egg personal loans:

Is it Hard to Get a Personal Loan from Best Egg?

The process of getting a personal loan from Best Egg is easy, as everything is done online. Some users can get pre-approved within minutes. However, Best Egg requires a minimum credit score of 640, so it isn’t an option if you have bad credit.

What Type of Loan is Best Egg?

Best Egg provides various types of personal loans. These include loans for debt consolidation, home improvement, moving, credit card refinancing, large purchases, special occasions, growing families, and vacations.

How Long Does it Take to Get a Loan From Best Egg?

Best Egg states that getting the loan wired into your bank account will take between one and three business days. But in some cases, Best Egg will fund your account on the same day.

Complaints Against Best Egg?

The main customer complaint against Best Egg is the difficulty of getting approved. Many customers have a good credit score and reliable source of income but still get rejected.

Best Egg Credit Card Reviews?

Most Best Egg reviews on platforms like Trustpilot compliment the quick and easy application process. The Best Egg credit card also charges zero annual fees and automatically comes with Visa fraud protection. 

Best Egg Via Card Credit Limit?

Best Egg doesn’t give the limit of their credit card on their website. Each applicant will have a different card limit, and it’ll depend on factors such as credit score, income, and current debt-to-income (DTI) ratio.

Best Egg Loan Requirements?

To qualify for a Best Egg loan, you must be a U.S. citizen or permanent resident living in the U.S., be 18 years old, have a checking account, and have a valid email and physical address.

What are Best Egg Fees?

Best Egg charges origination fees of 0.99% to 8.99% of the loan amount and a $15 returned payment fee.

Is it Easy to Get a Loan From Best Egg? 

Best Egg has an easy application process, but qualifying for a loan can be challenging. Many customers complain about having a good income and high credit score but still not being able to qualify.

Can I Pay Off My Best Egg Loan Early?

Best Egg doesn’t have prepayment penalties, so you can pay off your loan ahead of time. Paying your loan off early is actually preferable because you’ll save on interest.