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Best Egg Personal Loan Review: A Great Option for Wiping Out High-Interest Debt

Review Updated
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A Best Egg personal loan can be used for just about anything -- but we find it especially attractive for consolidating high-interest debt. If you're juggling several credit cards and other high-interest consumer loans, consolidating them into one low-interest loan will not only simplify your life, but it will also save you money. In this Best Egg review, we'll cover what we like about the unsecured personal loan, what we'd change if we could, and how a Best Egg loan might benefit you.

Full Best Egg personal loan review

Best Egg
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Best Egg

Great for: Debt consolidation

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4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
550
Loan Amounts
$2,000 - $50,000
APR Range
8.99% - 35.99%
Term Length
36 - 60 months

Best Egg provides personal loans at competitive rates for folks with good to excellent credit, with the best deals going to those with top-notch scores. Although Best Egg may charge origination fees, we like that Best Egg offers a moderately high maximum loan limit and that you can get your funds as quickly as one day.

  • Low minimum loan amount (in most states)
  • Easy application process
  • Funds disbursed in as little as one day
  • Origination fees
  • No joint applications accepted

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

This personal loan is a good fit for: The borrower seeking a debt consolidation loan that saves time and money.

Pros

  • Variety of loan amounts, including an uber low loan amount of $2,000 (available in most states)
  • See if you pre-qualify with a soft credit pull
  • Get your money in as little as one business day

Cons 

  • Origination fees
  • No mobile app to pay your loan
  • High income and credit score required for the best loan terms

Top perks 

Low minimum loan amount: Best Egg loans are available from $2,000 to $35,000 (or up to $50,000 if you're a highly qualified borrower). The fact that you can borrow as little as $2,000 means that you don't have to commit yourself to a large loan when a smaller amount of cash will do. If you're financing minor home repairs, for example, Best Egg might be a good option. The only exceptions are in these four states:

  • Massachusetts: $6,500 minimum
  • Ohio: $5,000 minimum
  • Georgia: $3,000 minimum

Repayment options: It's important to choose a repayment term that fits your budget. If you're approved for a Best Egg personal loan, the servicer will show you both 36-month and 60-month repayment terms. That way, you can compare the two and figure out which monthly payment works best.

Easy application: As an online lender, Best Egg has mastered the art of the easy application. It asks you a few questions, and within minutes, makes a decision and shares it with you. There's no visiting a brick-and-mortar office and no nervous anticipation. You tell the lender what it needs to know, and it lays out your options in an easy-to-understand way. And because the initial decision is based on a soft credit check, you can learn if you qualify without damaging your credit score.

What could be improved 

No joint applicants: Best Egg accepts individual loan applications only, meaning you can't ask someone with a stronger credit score to apply jointly or go in halfsies with your partner. Given that the best rates and terms are reserved for applicants with credit scores of 700 or better, it would be nice to have the option of applying with someone with an excellent score. 

Origination fees: Lenders often lump fees that don't have a specific purpose under the umbrella of "origination fee." Best Egg tacks on an origination fee of 0.99% to 8.99% of your loan amount. According to the lender, any loan taken out for 48 months or longer will be hit with an origination fee of 4.99%. Some of the best personal loans don't come with origination fees.

Let's say you take out a 60-month loan for $10,000. Your credit is good, so you're charged the minimum origination fee (for loans longer than 48 months) of 4.99%. The fee amounts to $499 and is subtracted from your loan. In this case, instead of receiving $10,000, you'll get $9,501 in your bank account. However, you'll owe interest on the total amount of $10,000.

Not available in every state: Though Best Egg has wide coverage in the U.S., its loans are not available in Iowa, Vermont, West Virginia, or U.S. Territories.

How to qualify for a Best Egg loan

The best interest rates are offered to borrowers earning $100,000 or more, with credit scores of 700 or above. However, those aren't the only people who can get approved for a loan with Best Egg. Best Egg also works with borrowers who meet the following criteria:

  • Have a credit score of at least 640
  • Are a U.S. citizen
  • Have a valid bank account
  • Have an acceptable debt-to-income ratio
  • Are at least 18 years old (19 in Alabama or Nebraska)
  • Can provide proof of income

Application process 

Below, we'll walk through how to get a loan with Best Egg.

  1. Complete an online application and tell Best Egg a little about yourself and your finances.
  2. Push send and wait a few minutes for a response. If you qualify for a loan, you'll get more information about the offers available. 
  3. If you select an offer, Best Egg will run a hard credit check to verify your information (this will ding your credit score slightly). 
  4. Best Egg may ask you to verify other information by submitting documents. For example, it may need to see your pay stubs, bank statements, or proof of identity. 
  5. You will be asked to sign loan documents. Once you've signed, it will take one to three business days for Best Egg to deposit the funds into your bank account. 

A Best Egg personal loan is right for you if:

When it comes to personal loans, you have options. However, a Best Egg personal loan may fit the bill if:

  • You have a relatively high income and a great credit score
  • You would benefit from a debt consolidation loan -- combining your debt payments into a single, lower-interest payment
  • You want a fast loan decision

No matter how well a particular loan seems to fit your situation, do yourself the favor of rate shopping before settling on a lender. The best loan is the one that saves you the most money. 

FAQs

  • Best Egg doesn't charge prepayment penalties, so, yes, you could pay off your Best Egg personal loan early.

  • Best Egg charges an origination fee between 0.99% and 8.99%, which is essentially the cost of the loan. Those with higher incomes and better credit scores will likely get lower origination fees.