Best Egg Personal Loans: 2023 Review

Pros and Cons of Best Egg

Pros of Best Egg

Cons of Best Egg

Best Egg Personal Loan Terms, Rates, and Fees

Who May a Best Egg Personal Loan Be Right For?

• 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

• 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

• 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

• 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.