Best Egg Personal Loan Review

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Best for a secured loan

• Choose from a secured or unsecured personal loan
• Collateral for secured loans is the fixtures in your home
• 4.8 out of 5 editorial rating

Best Egg stands out in the personal loan market, particularly for its secured personal loan options, earning our best secured loan designation. Best Egg also provides unsecured personal loans, catering to a broader range of borrowing needs.

Best Egg’s flexibility is evident in its terms, which range from 36 to 84 months for secured loans. You can tailor your repayment schedule, whether you’re consolidating debt, financing a major purchase, or funding home improvements. 

Its secured loans don’t require home appraisals for loan approval, and instead ask borrowers to use their home fixtures—such as cabinets, shelving, and bathroom vanities—as collateral. This streamlines the borrowing process, making it a versatile alternative to home equity loans in the personal loan space.

About Best Egg

Founded in 2014, Best Egg is a prominent player in the financial technology sector, catering to borrowers who value the ease and efficiency of an online lending platform. 

Best Egg’s ability to fund loans within three days appeals to those needing prompt financial assistance. The platform is well-suited for borrowers seeking secured personal loans and who prioritize a fast and straightforward application process. 

The ideal borrowers for Best Egg include individuals with stable financial backgrounds who can benefit from Best Egg’s competitive rates, especially in its secured loan options. Best Egg is also a fitting choice for homeowners who prefer to use their property as collateral to obtain better loan terms.

Best Egg unsecured personal loan at a glance

Best Egg’s secured and unsecured loans differ in several ways. Here’s an overview of its unsecured personal loans. We’ll explore these details further in the sections below.

Terms	Details
Fixed rates (APR)	8.99% – 35.99%
Loan amounts	$2,000 – $50,000
Repayment period	36 – 60 months
Joint loans	Not available
Time to funding	1 – 3 business days
Fees	Origination fee of 0.99% – 8.99% of loan amount

Best Egg secured personal loan at a glance

Here’s a quick look at Best Egg’s secured personal loans.

Terms	Details
Fixed rates (APR)	5.99% – 29.99%
Loan amounts	$2,000 – $50,000
Repayment period	36 – 84 months
Joint loans	Not available
Time to funding	1 – 3 business days
Fees	Origination fee of 0.99% – 8.99% of loan amount
Unique features	Loan secured by home fixtures such as built-in cabinets, shelving, bathroom vanities, and light fixtures

How does a Best Egg personal loan work?

Best Egg’s secured and unsecured loans work in a similar way, with the exception of unique rates and the requirement of collateral for secured loans. Here’s a breakdown of the details.

Application and approval process

• Initial steps: Start with an online application for both loan types.
• Credit score and income: Around 700 credit score and $100,000 annual income are ideal for the lowest rates; no minimum disclosed.

Rates and terms

• Unsecured loans: APR range of 8.99% – 35.99%, repayment terms of 36 to 60 months.
• Secured loans: Lower potential APRs and longer terms (5.99% – 29.99%, up to 84 months)

Collateral requirements

• Unsecured loans: No collateral required.
• Secured loans: Requires lien against home fixtures permanently attached to your home, such as built-in cabinets and shelving, bathroom vanities, and light fixtures. (Loan is offered based on your personal credit history and whether you’re a homeowner with equity and does not depend on the value of your home fixtures.)

How to manage the loan

• Online platform: Monitor and manage loans primarily online.
• Accessibility: Access loan management from any location with internet.

Repayment features

• Automatic payments: Available option for consistent repayments. (No discount disclosed.)

What can a Best Egg personal loan be used for?

Like many personal loans, those from Best Egg are versatile, catering to various financial needs. You can use the funds for almost anything, including debt consolidation, home improvements, and major purchases.

Best Egg may ask about the loan’s purpose, but this is generally for underwriting and not intended to restrict how borrowers use the funds.

Who’s eligible for a Best Egg personal loan?

You must meet several requirements to qualify for a Best Egg personal loan. These requirements apply to secured and unsecured loans. 

Best Egg doesn’t disclose a required minimum credit score or income, but it advises what you’ll likely need to secure the lowest APRs. Best Egg doesn’t offer options for co-applicants or joint loans, so eligibility depends on the individual applicant’s credentials.

Here’s a breakdown of the eligibility criteria for Best Egg personal loans.

Requirement	Details
Citizenship	Must be a U.S. citizen or permanent resident living in the U.S.
Legal age	Must be of legal age to accept a loan in the state of residence (18 in most states).
Bank	Must have a verifiable personal checking account with a routing number.
Email	Must have a valid email address.
Physical address	Must have a physical address (P.O. boxes not accepted).
Minimum credit score	Not disclosed; 700 FICO score needed for lowest APR.
Minimum income	Not disclosed; $100,000 individual annual income needed for lowest APR.
Location restrictions	Loans not available in Iowa, Vermont, West Virginia, D.C., or U.S. territories.

What are the costs and fees of a Best Egg personal loan?

The costs and fees of a Best Egg personal loan affect the total loan cost.

The primary factor is the annual percentage rate—which accounts for the interest rate plus fees, such as origination fees. Best Egg’s rates are based on loan type and creditworthiness. Your credit score, income, and debt-to-income ratio will help Best Egg determine your APR. Better credit profiles often secure lower APRs.

Best Egg charges an origination fee of 0.99% to 8.99% of the loan amount, deducted from the loan amount at the start. So when Best Egg disburses the loan, you’ll get the amount minus this fee. Best Egg’s rates align with industry standards, but the origination fee can affect the initial loan disbursement amount and overall loan cost. 

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Tip

Several of our top-rated personal loan lenders don’t assess origination fees. See our resource on no-fee personal loans if this is a concern.

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Here’s an example of how origination fees affect the loan cost on a $10,000 loan with a 10% APR and a 3% origination fee over a three-year term:

Description	Calculation	Result
Origination fee	3% of $10,000	$300
Amount disbursed	$10,000 – $300	$9,700
Monthly payment	—	$323.35
Total cost over 3 years	Monthly payment x 36 months	$11,640.60
Total interest & fees paid	Total cost – amount disbursed	$1,940.60

You can see the influence of the APR and origination fee on the monthly payments and the total cost over the loan term.

How do you repay a personal loan from Best Egg?

Repaying a Best Egg personal loan involves a few considerations to ensure borrowers can manage their debt effectively. 

Here’s an overview of the repayment process:

• Payment options: Make payments online through Best Egg’s platform or by mailing a check. You can set up autopay to ensure on-time payments.
• Customizable terms: The loan terms (36 to 60 months for unsecured loans and up to 84 months for secured loans) are fixed at the outset based on the terms you choose. The loan amount, term, and APR determine your monthly payment amount.
• Term length: The loan’s length affects the total interest you pay. Shorter terms generally mean higher monthly payments but lower total interest costs, and longer terms spread out payments but increase total interest.
• Early repayment: Best Egg allows borrowers to repay their loans early without prepayment penalties. This can reduce the total interest paid over the life of the loan.

The repayment terms of a Best Egg personal loan are straightforward and manageable. Repaying the loan early without penalty offers flexibility and can be a cost-saving strategy.

Pros and cons of Best Egg

Before proceeding with Best Egg personal loans, it’s wise to consider their strengths and limitations. Below are the pros and cons.

Pros

• Competitive APR for secured loans

  Attractive rates for borrowers with good credit.

• Rapid fund disbursement

  Funds typically available in 1–3 business days.

• No prepayment penalty

  Allows early loan payoff without extra costs.

• User-friendly online platform

  Streamlined application and loan management process.

• Long terms for secured loans

  Elect to pay off your loan in up to seven years if you choose a secured personal loan.

• Variety of loan amounts

  Loans range from $2,000 to $50,000, accommodating various financial needs.

Cons

• Origination fee

  Between 0.99% and 8.99%, adding to the loan’s total cost.

• High APR for less creditworthy borrowers

  Rates can reach up to 35.99% for unsecured loans.

• No joint loan options

  Limitation for those preferring to apply with another borrower.

• Geographical restrictions

  Not available in certain states and territories.

• Secured loans are only available to homeowners

  Because the fixtures in your home secure the loan, those who don’t own a home can only apply for a Best Egg unsecured loan. 

Best Egg could reduce or eliminate the origination fee and expand its reach to more regions to enhance its services. 

It could also consider allowing other property or savings to be collateral for secured loans. For example, personal loan lender Upgrade enables automobile owners to take out an auto-secured personal loan.

Borrowers seeking alternatives might consider the following lenders:

Lender	Best for	Orig. fees?	Avail. in all 50 states?
Upstart	Thin (little to no) credit	✅	❌*
LendingClub	None	✅	❌**
SoFi	Good credit	❌	✅
Upgrade^	Fair credit	✅	✅

Is Best Egg a reputable company?

We examined customer feedback from various review sources to evaluate Best Egg’s reputation. These reviews offer insights into the company’s service quality and reliability.

Source	Customer rating (of 5)	Number of reviews
Trustpilot	4.6	8,537
Better Business Bureau (BBB)	4.87	2,683
Google	4.5	2,139

Across customer review platforms, Best Egg earns generally positive feedback. 

Themes include:

• Ease and efficiency: Reviewers say the application process is straightforward and fast.
• Customer service: Many reviews commend the responsive and helpful customer support.
• Effective debt consolidation: Customers like Best Egg’s manageable solutions for consolidating debt.

Concerns customers describe are:

• APR increases during refinancing: Some borrowers are unhappy with APR rate increases when refinancing.
• Website and app functionality: Consumers have faced technical issues that affect account management.

Best Egg’s longstanding BBB accreditation since 2014 and its A+ rating are significant indicators of its credibility. 

BBB accreditation signifies a company meets specific standards of trustworthiness and ethical business practices as determined by BBB. It can provide an additional layer of confidence in the company’s commitment to maintaining high standards in customer service and resolving customer complaints.

Does Best Egg have a customer service team?

Best Egg’s customer service team, based at the company’s headquarters in Wilmington, Delaware, provides essential support to borrowers, handling inquiries from application processes to loan management.

Contact options:

• Email: [email protected] 
• Phone support: Contact customer service at 1-855-282-6353.
  • Operational hours (Eastern time):
    • Monday – Thursday, 8 a.m. – 10 p.m.
    • Friday: 8 a.m. – 8 p.m. 
    • Saturday: 9 a.m. – 6 p.m. 
    • Note: Holiday hours may differ
• Mailing address:
  • General correspondence: Best Egg, P.O. Box 42912, Philadelphia, PA 19101
  • Payment mailing address: Best Egg, P.O. Box 207865, Dallas, TX 75320-7865

How to apply for a Best Egg personal loan

Best Egg’s application process for a personal loan is streamlined and user-friendly. A standout feature is the preapproval step, which allows applicants to understand their likelihood of approval without affecting their credit score. 

This prequalification step is especially beneficial for applicants who are cautious about credit inquiries. After preapproval, the application process is thorough but straightforward, requiring standard personal and financial information.

Follow these steps to apply.

1. Preapproval: If you get a notification of preapproval in the mail based on your credit report, have the offer code ready. This doesn’t affect your credit score and indicates potential eligibility.
2. Gather your information: Prepare full name, address, email, phone number, date of birth, employment, Social Security number, and income information.
3. Start the application: Click “View offers” on Best Egg’s website. This step is quick and won’t affect your credit score. (If you got a preapproval notification, enter your offer code here.)
4. Complete the application: Fill out the application with your personal and financial details. (Your information is protected with 256-bit encryption.)
5. Provide contact information: Ensure your contact details are accurate for future communications.
6. Application verification: Best Egg reviews your application and may perform a hard credit check, which can affect your credit score.
7. Review your loan offer: If approved, you’ll get a loan offer, including APR and repayment terms.
8. Accept the loan offer: If it aligns with your financial goals, accept it.
9. Set up a repayment plan: Be sure to make on-time monthly payments, which can help you raise or maintain your credit score.

By following these steps, you can easily navigate the Best Egg loan application process, ensuring all necessary information is accurate for a smooth experience.

What if I’m denied a personal loan from Best Egg?

You may have several options if denied a personal loan from Best Egg. Best Egg should inform you of the reasons for denial by mail. This is essential for understanding what areas to improve. 

Reapplying is an option, but first, address the reasons for denial to increase your likelihood of future approval.

Common reasons for denial and actionable steps include:

• Low credit score: Improve your credit score by correcting report errors and making on-time bill payments.
• High debt-to-income ratio: Lower this ratio by paying down debts or finding ways to increase your income.
• Insufficient income: For denials due to low income, consider applying for a smaller loan amount or exploring additional income sources.
• Incomplete application or documentation: Ensure your application is complete and accurate before resubmitting.

Addressing these issues before reapplying is crucial. You might also explore loans from other lenders with different eligibility criteria.

Best Egg personal loan FAQ

Can you have more than one Best Egg personal loan?

Yes, having more than one personal loan with Best Egg is possible. However, the exact number and the total loan amount available may depend on your creditworthiness and other factors Best Egg evaluates during the application process. Consider your ability to manage multiple loan repayments before applying for additional loans.

Can you pay off a Best Egg personal loan early?

Absolutely, borrowers can pay off a Best Egg personal loan early without incurring any prepayment penalties. This flexibility allows you to reduce the overall interest paid over the life of the loan by making extra payments or paying off the loan balance ahead of schedule. 

Early repayment can be a smart financial move for those who find themselves in a position to do so.

How we rated Best Egg

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Best Egg to several personal loan lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

Product	Best for	Our rating
Personal loan	Secured loan	4.8	View rates