Best Egg Review

Best-Egg

5.0 rating

Foundation Year
2013


Office Address
1523 Concord Pike, Wilmington, DE 19803


Phone number
+1-855-282-6353


Locations
USA


Pros

  • Secured funding option
  • More than one loan allowed
  • Prequalification available
  • Fast funding
  • Ability to change due date
  • Loan limits of $35,000 to $50,000
  • Low fixed rates

Cons

  • No bad credit options
  • No joint applications
  • Origination fee
  • Late fee
  • Need high income to get the lowest rates

Overview

Best Egg is an online lender that offers personal loans for consumers with fair or good credit. The lender issues loans in partnership with Cross River Bank, an FDIC-insured bank based in New Jersey. Qualifying borrowers will receive fast funding, often the same day. The application process is entirely online, which means there are fewer underwriting costs. The lender offers lower interest rates and fewer fees than some other lenders.

What loans does Best Egg offer?

The lender offers personal loans that can be used for almost any purpose, including credit card debt refinancing, home repairs, car repairs, making large purchases, or debt consolidation. However, you cannot use loans to pay for education.

What terms and rates does Best Egg offer?

The lender offers fixed-rate loans ranging from $2,000 to $35,000. Some borrowers with excellent credit may be even eligible for a $50,000 loan.

Loan terms usually range between 3 and 5 years.

The rates and terms will be influenced by many factors, including your income, debt obligations, loan amount and term, credit score and history.

Best Egg charges origination fees ranging from 0.99% to 5.99%. Origination fees on a loan term starting from 5 years will be a minimum of 4.99%.

The following of the four states require minimum loan amounts:

  • Georgia – $3,000;
  • New Mexico – $5,000
  • Ohio – $5,000;
  • Massachusetts – $6,000.

Returned payment and late payment fees are $15.

How to apply for a Best Egg loan?

Here’s what you apply for a personal loan through the lender’s official website:

  1. Fill out an online loan application. Enter your personal details, such as your name, SSN, phone number, email address, and income information, to get a pre-approval;
  2. Compare loan offers, which includes rates and terms;
  3. Choose the best;
  4. Enter additional details if required, including your bank account details, proof of income or employment information, date of birth, and phone number;
  5. Check your application once again and submit it.

Once approved, the funds will be deposited into your account within the same or next business day.

What states does Best Egg service?

The lender operates in the following states: Arizona, Colorado, Connecticut, Idaho, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Montana, New Hampshire, North Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Wisconsin, Wyoming, Hawaii, Minnesota, New Jersey, and New York.

How do I qualify for a Best Egg loan?

To be eligible, you need to legally live in the U.S., be 18+ years old (19+ in Alabama and Nebraska), have at least a three-year credit history and have a bank account in your name.

To qualify for the lowest rates, you need to have a minimum FICO score of 700 and earn at least $100,000 per year. You can still get a personal loan if you don’t meet that criteria, though your loan rates will be higher.

Your application will automatically be declined if you have a tax lien, if you have a bankruptcy on your credit report, or if you are currently working together with a debt management company.

How to repay a loan?

Best Egg repayment terms range from 36 to 60 months.

You can make payments in multiple ways:

  • Online: Make a payment online in your Best Egg Account Portal.
  • Automatic Payments: Use a Best Egg’s Autopay option
  • Phone: Call the lender at 855-282-6353
  • Chat: Make a payment via chat in your Best Egg Account Portal.
  • Mail: Mail the lender a check or money order
  • Overnight your payment: You can overnight your payment by including your Account Number on your check or money order to the address specified on the lender’s official website.

If the payment is not received 3 calendar days after payment, you will be charged a fee of $15.

Can I repay a loan earlier?

Yes. You won’t be penalized for paying off your personal loan early.

Can I take a loan if my credit score is low?

To qualify for the lowest rates, you need a minimum FICO score and at least a three-year credit history. If you have fair or bad credit score, you may still be approved but the rates will be less attractive.

By the way, applying for a Best Egg loan does not damage your credit history.

Does Best Egg have a mobile app?

No. The company does not have a mobile app, which may cause some inconvenience if you are an active mobile user.

Conclusion

Best Egg may be a good option for borrowers who need money urgently, but its origination fees make it an expensive option.

If you don’t need cash right away, consider alternative options.

Reviews

5.0 rating

Very easy application. Very satisfied with this lender – I would recommend Best Egg without hesitation! I think you will be satisfied too.

Elaine Whitt
5.0 rating

Easiest loan process. Don’t have perfect credit and still was approved. I really appreciate what they did for me. The rate was rather high but still lower than that offered by other lenders.

Jennifer Nieto
5.0 rating

Customer service representative was very friendly and professional. He quickly solved my problem. Very professional and polite.

Jennifer Lara
5.0 rating

I needed help consolidating medical bills. Best Egg helped me out! It was an easy process and fast funding. Customer service lady was extremely friendly and caring.

Ella Olney
5.0 rating

The decision was made the same day. To my surprise, the money was deposited to my bank account the same day. Very professional & quick.

Kermit Thompson

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