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Best Egg Personal Loans Review

Best egg personal loans

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Updated September 20, 2023
Best Egg is an online financial institution that provides access to a variety of personal loans. In a pinch, a personal loan can be a big help. You can use one to fund unexpected emergency expenses, plan for a major financial obligation (like moving), or consolidate debt. 

Let’s take a look at Best Egg so you can determine whether it’s the right financial institution for your situation.

Best Egg

Best Egg

Best Egg

8.99% to 35.99%
Loan amount
$2,000 to $50,000
Min. credit score
36 to 60 months

Review summary: Pros & cons

Fast funding—as early as the next day
Origination fee
Direct payments to creditors for debt consolidation
Higher credit score needed for best rates
Wide range of amounts available, up to $50,000 or more
No option to choose your own initial payment date
Option for a secured loan for a larger amount

Best Egg offers one of the best personal loan options, providing up to $50,000 for a variety of funding purposes. However, in order to get a higher amount, you need to provide security. Best Egg also offers different types of loan terms, so you can tailor a loan to your needs. You can’t, however, choose your initial payment date.

With Best Egg you apply for a personal loan online and receive an answer online, and you submit required documentation electronically. You can also be prequalified before you apply. Best Egg will let you check your loan offers with a soft credit pull, which won’t impact your credit score.

It’s wise to compare Best Egg to at least two other financial institutions before you make a decision about which one to use for a loan. Here are features to consider that will help you make the best choice for you.

Interest rates

Annual percentage rates from Best Egg range from 8.99% to 35.99% for unsecured loans. Secured loan rates are between 5.99% and 29.99%.

In order to qualify for the best rates, you likely need a credit score above 700. Your interest rate will be assigned after you complete the final loan application.

How to get approved

Best Egg requires a credit score of at least 640 to get approved for a loan. Additionally, the financial institution will verify your identity and income with various documents, such as a driver’s license or passport, and evaluate your debt-to-income ratio (it has to be under 30%). You may need to connect your account to Best Egg in order to have your income verified, or you may need to submit bank account statements.

Best Egg provides a prequalification process, so you can check potential rates and offers with a soft credit check. In general, Best Egg can offer approval in a matter of minutes and have funds delivered within one to three business days. Some situations might take longer to evaluate, however.

Loan types

Best Egg lets you access different types of personal loans, including those for:

  • Debt consolidation and credit card refinancing
  • Home improvements
  • Moving expenses
  • Major purchases
  • Special occasions and events
  • Vacations
  • Adoption

One feature that Best Egg offers for its debt consolidation loan is direct payment to creditors.

It’s important to note that personal loans usually aren’t eligible to be used as student loans or for student refinancing of debt. Additionally, they aren’t commonly used to purchase a car (auto loans tend to have lower interest rates). Best Egg does offer some secured loans, though, allowing you to get a home equity loan or HELOC with potentially lower rates than those offered by other financial institutions.

Loan amount

In general, Best Egg loan amounts are between $2,000 and $35,000. However, you may be able to borrow up to $50,000.

The minimum term for a Best Egg loan is 36 months and the maximum term is 60 months.

Charges and penalties

Best Egg doesn’t charge prepayment penalties, but it does come with an origination fee. The one-time origination fee is deducted from the amount of funds placed into your account.

Best Egg also charges a $15 returned payment fee if your check is returned or your bank account has insufficient funds.

How Best Egg stacks up

When comparing the best personal loans, it’s important to look at multiple financial institutions. Here’s how Best Egg compares to other financial institutions in terms of estimated APR, loan terms, available amounts, and other information.

Best EggUpgradeLightStream
Estimated APR
8.99% – 35.99%
8.49% – 35.99%
7.99% – 24.49%
Origination fee
0.99% – 8.99%
1.85% – 9.99%
Loan term
36 – 60 months
24 – 84 months
24 – 84 months
Loan amount
$2,000 – $35,000
$1,000 – $50,000
$5,000 – $100,000
Minimum credit score
(up to $50,000 for secured loans)

TIME Stamp: Best Egg is a good choice if you want to borrow a moderate amount to meet a financial goal.

Best Egg offers access to a variety of personal loan options, with a range of interest rates and terms from three to five years. Best Egg loans can be used for a number of purposes, including home improvements, adoption, and moving expenses. They will directly pay creditors on behalf of those who get a debt consolidation loan.

Frequently asked questions (FAQs)

Can I use a Best Egg loan for any purpose?

Personal loans are generally flexible in terms of use. It’s possible to use a Best Egg personal loan for most purposes, including debt consolidation, a vacation, special events, large purchases, and home improvement. However, personal loans generally cannot be used for educational purposes or student financing; student loans are specifically designed for educational purposes.

Where does Best Egg operate?

Best Egg is available in most states. However, you can’t get a Best Egg personal loan if you live in Iowa, Vermont, West Virginia, or the U.S. Territories.

What are Best Egg loans best for?

Best Egg loans may bebest for debt consolidation, if you’re trying to get your debt in one place with a lower interest rate. (One advantage: Best Egg will send loan payments directly to creditors.) It’s possible to qualify for a loan with fair credit and then use the funds to consolidate debt. Best Egg personal loans can also be used for major purchases or unexpected expenses.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.