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Best Egg Personal Loans: 2024 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 2, 2024

Overview of Best Egg

Best Egg offers unsecured and secured personal loans from $2,000 to $50,000. The annual percentage rates range from 7.99% to 35.99%, and borrowers can choose repayment terms up to 60 months. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%.The Takeaway: Best Egg’s lending platform can offer quick personal loans to creditworthy borrowers. Best Egg personal loans may be right for you if you have a credit score of at least 640 and need funds quickly.

Pros and Cons of Best Egg

• Applicants may receive loan approval within minutes• Quick funding process• Applicants may receive important information via email• No prepayment penalties• Origination fees can range from 0.99% to 8.99% of your loan amount• Requires a minimum fair credit score• Qualifying for the lowest APR may require $100K annual income and 700+ FICO® Score• Not available in all 50 states

Pros of Best Egg

As highlighted in the Best Egg reviews above, customers generally appreciate that they can get approved for Best Egg personal loans within minutes and receive updates via email.You can receive your fixed-rate loan proceeds within one to three business days, and there’s no prepayment penalty for paying off the loan early.

Cons of Best Egg

Best Egg may deduct an origination fee from your principal loan amount. A $10,000 Best Egg loan with a 4.99% origination fee, for example, would leave you with $9,501 of loan proceeds. Consumers with credit scores below 640 may not qualify for Best Egg personal loans.You may need excellent credit and an annual income of at least $100K to qualify for Best Egg’s lowest APR. Residents of Iowa, Vermont, West Virginia, the District of Columbia, and U.S. territories are ineligible for Best Egg personal loans.

Best Egg Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000 to $50,000APR range: 7.99% to 35.99%Loan terms: Minimum term of 36 months; maximum term of 60 monthsPrepayment penalty: NoApplication fee: Origination fee may range from 0.99% to 8.99%Co-borrowers allowed: NoApproval speed: Loan approval can occur within minutes, loan proceeds can be received within one to three business daysInformation accurate as of Jan. 2, 2024.

Who May a Best Egg Personal Loan Be Right For?

A Best Egg personal loan may be right for the following demographics:
  • Creditworthy consumers who need a large $20,000 personal loan. Best Egg offers loan amounts of up to $50,000.
  • Applicants in the market for a $2,000 personal loan. If you’re looking to borrow just a small amount, Best Egg may be an option to consider.
  • Borrowers who want fast funding. Once approved, borrowers can get their loan money within one to three business days.

Who Best Egg May Not Be Right For

A Best Egg personal loan may not be right for the following demographics:
  • Couples who want joint personal loans. Best Egg does not offer loans to co-borrowers.
  • Borrowers who don’t want to pay origination fees. Best Egg charges origination fees ranging from 0.99% to 8.99%.
  • Consumers with bad credit. You may need a fair credit score of at last 640 to be approved for a loan from Best Egg.

What to Watch Out for With Best Egg Personal Loans

  • These quick personal loans may charge APRs as high as 35.99%.
  • Borrowers need a high income and good credit to get the best rates from Best Egg. 
  • Best Egg will do a hard credit check before approving a loan, which could affect your credit score.
  • Residents of certain states are required to take out higher minimum loan amounts. In Massachusetts, the minimum amount is $6,500; in Ohio it’s $5,001; and in Georgia it’s $3,001.

Best Egg Personal Loan Eligibility Requirements

For starters, you’ll generally need to meet these personal loan qualifications:
  • Be a U.S. citizen or permanent resident
  • Be of legal age to accept a loan in your state
  • Have proof of identity
  • Have proof of income
  • Have a credit score of at least 640 and meet other underwriting standards 
  • Have a verifiable personal checking account with a routing number
  • Have a valid email address
  • Reside in an eligible state (residents of Iowa, Vermont, West Virginia, the District of Columbia, and U.S. territories may not be eligible for Best Egg personal loans)

Repayment Options for Best Egg Personal Loans

  • Enrolling in auto pay
  • Making one-time payments online
  • Making one-time payments via telephone
  • Using Best Egg’s pay-by-text process
  • Mailing a check or money order to Best Egg
  • Best Egg does not charge prepayment penalties, so you can make additional payments or pay off your loan early without additional fees.

How to Apply for a Best Egg Personal Loan

  1. Apply online. Get started by answering basic questions on a digital platform, including your name and address. You can check whether you have any prequalified loan options from Best Egg. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
  2. Verify information. Best Egg may request that you provide supporting documents for verification purposes, such as proof of income. Recent pay stubs, bank statements, or W-2s may serve as proof of income. Best Egg may also request that you provide proof of identity.
  3. Accept the loan. Approved applicants can sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within one to three business days. You can check your bank account to confirm receipt of the funds.

Alternatives to Best Egg Personal Loans to Consider

Best Egg personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 months
(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders, including Best Egg, all in one place. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.

Frequently Asked Questions

Can I trust Best Egg?
Does Best Egg verify income?
Does Best Egg report to credit bureaus?

About the Author

Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
Brand namesNo brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.