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Best Egg Personal Loans: 2023 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 22, 2023

Overview of Best Egg

Best Egg offers unsecured and secured personal loans from $2,000 to $50,000. The annual percentage rate ranges from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. 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. Borrowers can receive their 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 5% origination fee, for example, would leave you with $9,500 of loan proceeds. Consumers with credit scores below 640 may not qualify for Best Egg personal loans.Applicants 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: 8.99% to 35.99%Loan terms: 36 months (three years) or 60 months (five years)Prepayment 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. 22, 2023.

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 loans 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, with loans starting at $2,000, may be a good option for you.
  • 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 who don’t have strong credit. You’ll need a 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 and New Mexico, it’s $5,000; and in Georgia it’s $3,000.

Best Egg Personal Loan Eligibility Requirements

For starters, you'll 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 be ineligible 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. Applicants can get started by answering basic questions on a digital platform, including name and address. Applicants can check to see if they 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. 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 may 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

As highlighted above, personal loans from Best Egg have several pros and cons. When you need to borrow money, it can be wise to compare private lenders before submitting any loan applications. Here are some alternatives to Best Egg personal loans that you may consider:
  • Avant: Avant offers personal loans from $2,000 to $35,000 with terms ranging from 12 to 60 months. The APR on Avant personal loans can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%.
  • Upgrade: Upgrade offers personal loans ranging from $1,000 to $50,000 with terms from 24 to 84 months. APR on Upgrade personal loans can range from 7.96% to 35.97%. One of the major drawbacks with Upgrade personal loans is they may charge origination fees ranging from 1.85% to 8.99% of the loan amount.
  • Marcus by Goldman Sachs®: Marcus by Goldman Sachs offers personal loans ranging from $3,500 to $40,000. Borrowers can choose loan terms from 36 to 72 months, and the APR can range from 6.99% to 24.99%. Marcus personal loans feature no late fees and no origination fees, but borrowers with poor credit may have difficulty qualifying.
  • Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.

Frequently Asked Questions

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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 currently serves 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.
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