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When it comes to getting a personal loan, one of the places you should keep in mind is Best Egg. This is as a result of their low rate, the ability to get your loan within one business day and a whole lot of advantages attached to the platform.

This article is created to provide you with enough information about Best Egg personal loan, to help you make a better informed decision on your next loan. The following points will stand out.

  • What is Best Egg Personal Loan
  • Who can Benefit from Best Egg
  • Advantages and disadvantages of Best Egg
  • Best Egg Personal loan Terms
  • How much can you get from Best Egg
  • How to Apply
  • Fees and penalties
  • Top Best Egg personal loan reviews
  • Best Egg personal loan Alternatives

What is Best Egg Personal Loan

Best Egg is an online lender that offers fast funding to those with fair or better credit. By providing a way for borrowers to get access to financing in as little as a day, Best Egg makes it possible for you to use its low-rate loans for a variety of purposes. 

Read Also: How Payday Loan Interest Rates Are Calculated?

Best Egg offers unsecured personal loans to high-income borrowers with fair to excellent credit. Qualifying borrowers will receive quick funding, often in as little as one day.

Because the process is entirely online, there are fewer underwriting costs. As a result, Best Egg may be able to offer better interest rates and fewer fees than other lenders.

Who can Benefit from Best Egg

Best Egg personal loan is a good option for someone with fair or better credit who needs cash quickly. Best Egg may also be a good choice if you want to consolidate credit card debt to a lower monthly rate to pay it off faster. A Best Egg personal loan could be ideal if you:

  • Have a credit score of at least 640
  • Want a fixed rate and term
  • Need fast funding
  • Have a relatively low debt-to-income ratio

Advantages and disadvantages of Best Egg

  • Fast funding: You may receive your funds as quickly as the next day after Best Egg approves your loan. Most borrowers receive their money in one to three business days.
  • Ability to change due date: If you need to change your due date, you can call Best Egg and make arrangements.
  • Low fixed rates: Best Egg fixed personal loan rates start at 5.99% APR. To qualify for the lowest rate, you must have a FICO credit score of at least 700 and an income of at least $100,000.
  • Borrow up to $50,000: Loan amounts range from $2,000 and $35,000, but borrowers who qualify may be able to get a loan of up to $50,000.
  • Origination fee: Best Egg charges an origination fee between 0.99% and 5.99% of the loan amount. For loans that last five years, the fee is at least 4.99%.
  • Late fee: A Best Egg personal loan comes with a late fee of $15 if the payment is not received within three days of the due date.
  • No bad credit options: You must have a fair or better credit score of at least 640 to get a Best Egg personal loan. Borrowers with lower credit scores may not qualify

Best Egg Personal loan Terms

Best Egg personal loan rates start at 5.99% APR for those who have a credit score of at least 700 and an annual income of at least $100,000. Rates range up to 29.99% APR and are based on your credit score and other factors, like debt-to-income ratio and income.

Best Egg offers flexible repayment terms for loans, too. You can take up to 60 months, or five years, to repay your loan.

If you can qualify for the lowest rate (5.99% APR), then Best Egg’s personal loans are a cost-effective way to consolidate high-interest credit card balances or pay down a single card.

For example, if your credit card rate is 20% APR and your total balance is $10,000, it would cost you $4,606 in interest and require $304 monthly payments to pay it off in four years. The same balance with a Best Egg loan at 5.99% would cost you $1,270 in interest to pay down in four years with monthly payments of $234.

You’d save more than $3,000 in interest and your monthly payments would be $70 lower with Best Egg (assuming you get the best rate). And even with a 4% origination fee factored into your loan, debt consolidation with Best Egg at 5.99% APR could still save you thousands of dollars.

How much can you get from Best Egg

The minimum amount you can borrow with Best Egg is $2,000 (in most states), and the maximum is usually $35,000. If you’re a resident of the following states, the minimum amount you can borrow is higher:

  • Georgia: $3,000
  • New Mexico and Ohio: $5,000
  • Massachusetts: $6,500

However, there are circumstances in which you can borrow up to $50,000, depending on your financial profile and the state you live in.

Also, Best Egg allows you to have two loans with the company at a time, as long as the first loan is open for at least six months and the total combined balance doesn’t exceed $50,000. 

How to Apply

The application process is straightforward and fast. Enter some basic information in the online application, including the loan amount you want, your annual individual income and your annual household income.

Here’s what you’ll need to apply for a loan with Best Egg:

  • Loan amount.
  • Gross annual income.
  • Annual household income.
  • Home type.
  • Debt information (includes credit card cash advances and monthly housing payment).
  • Personal information (includes address, phone number and Social Security number).

Best Egg then will conduct a soft credit check, which won’t impact your credit rating. The whole process should take just a few minutes, and if you’re approved, the screen will display your offers for both a 36-month and a 60-month loan.

Note that Best Egg will do a hard credit check before finalizing the loan, so, as with all hard credit pulls, your credit score could be affected.

If you agree to the terms of one of the displayed loans, you’ll have to enter your checking account routing number so Best Egg can transfer the funds to your account. You may be asked to upload proof of identity and/or income.

To be eligible, you need to be a U.S. citizen and at least 18 years old (19 in Alabama and Nebraska) and have a valid bank account.

To qualify for the best rates, you need a minimum FICO score of 700 and an individual annual income of at least $100,000. You can still qualify for a loan if you don’t meet that criteria, though your loan terms will carry higher rates.

You must also have a credit history that is at least three years in length and that has at least three open credit accounts. None of those three accounts can have any delinquent payments in their histories.

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

Customers can call Best Egg customer service at 1 (855) 282-6353. The lender’s customer service hours are:

  • Monday-Thursday, 9 a.m. to 9 p.m. Eastern.
  • Friday, 9 a.m. to 7 p.m.
  • Saturday, 10 a.m. to 5 p.m.

Fees and penalties

Best Egg origination fees vary from 0.99 percent to 5.99 percent. Origination fees on a loan term five years or longer will be a minimum of 4.99 percent.

Best Egg’s origination fee is an upfront cost taken off the top of the loan. For example, if you are approved to borrow $10,000 with a 3.5 percent origination fee, you’ll receive only $9,650.

Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor the origination charge when calculating the total amount you’re looking to borrow.

The company says that once approved, it funds about half of its loans within the same or next business day.

The following states require minimum loan amounts:

  • Residents of Massachusetts must borrow over $6,000.
  • Clients of New Mexico and Ohio must borrow over $5,000.
  • Residents of Georgia must borrow over $3,000.

Late payment and returned payment fees are $15. You won’t be penalized for paying off your loan early.

Top Best Egg personal loan reviews

Best Egg personal loan Alternatives

Best Egg personal loan Alternatives

SoFi offers fixed- and variable-rate personal loans from $5,000 to $100,000. Loan terms can be as long as seven years, and SoFi offers you a lower APR if you set up automatic payments (rates range from 5.99% to 21.20% with autopay).

However, SoFi may be (relatively) slow to disburse your loan. Whereas other lenders offer same-day or next-day funding, SoFi usually disburses funds within a few days.

SoFi personal loans have a unique perk: unemployment protection. If you lose your job through no fault of your own, you can apply for loan forbearance. If approved, you can postpone making payments in three-month increments, for up to 12 months total.

While interest continues to accrue on the loan during that period, having the ability to postpone payments can give you the time you need to get back on your feet.


  • No origination fees
  • Unemployment protection
  • Variable- and fixed-rate options


  • $5,000 loan minimum
  • Potentially slower funding than other lenders
SoFi Personal Loan Details
  • Loan amounts:$5,000 to $100,000
  • Fixed APR range:5.99% to 21.20% with autopay
  • Loan terms:36 to 72 months
  • Origination fee:Does not charge an origination fee
  • Late fee: Does not charge a late fee
  • Time to receive funds:Typically within a week
  • Recommended credit score: Good or better
Rocket Loans
Rocket Loans

Rocket Loans offers quick funding for personal loans. If you’re facing an unexpected expense like a broken water heater or a dog needing surgery, you don’t have much time to wait for loan approval and disbursal. With Rocket Loans, you can get up to $25,000 on the same day you apply.

Rocket Loans charges origination fees ranging from 1% to 6% of your loan, which the lender deducts from your balance before sending the loan proceeds to you.

For example, let’s say you borrow $10,000 to pay for home improvements. With a 6% origination fee, you’d owe $600. Rocket Loans would deduct that fee from the $10,000 you borrowed, so you’d actually receive $9,400 in your account.

You can potentially pay high interest rates with Rocket Loans, too. Depending on your credit score, income, and other criteria, the rate could be as low as 7.16% when you sign up for autopay, or as high as 29.99%.


  • Potential for same-day funding
  • Instant decision in some cases
  • Loans for as little as $2,000


  • Potentially high interest costs
  • Only 3- or 5-year repayment terms
Rocket Loans Personal Loan Details
  • Loan amounts:$2,000 to $45,000
  • Fixed APR range:7.16% to 29.99%
  • Variable APR range:Does not offer variable interest rates
  • Loan terms:36 or 60 months
  • Origination fee:Between 1% and 6%
  • Late fee: $15 
  • Time to receive funds:Same day funding available
  • Recommended credit score: Good or better

Some lenders have fairly high minimums, requiring you to borrow several thousand dollars. If you need a smaller amount, it may be difficult to find a lender willing to work with you, and you may feel like you have to borrow extra just to get the cash you need. 

With LendingClub, you can borrow as little as $1,000 to pay for almost anything you want—car repairs, debt consolidation, and more. If you have less-than-perfect credit and need to shop among lenders, LendingClub may be worth a look. However, it’s important to know that LendingClub does not currently offer loans to residents of Iowa or U.S. territories.

LendingClub charges an origination fee that ranges from 1% to 6% of your loan amount. That fee comes out of the total loan balance and reduces the amount that goes into your bank account, so be sure to borrow enough to cover the fee and still have enough for whatever you need the loan for. Rates range from 6.95% to 35.89% APR.5


  • Loan amount as low as $1,000
  • Offers natural disaster support


  • Potentially high interest rate
  • Funding may take four or more days
LendingClub Personal Loan Details
  • Loan amounts:$1,000 to $40,000
  • Fixed APR range:6.95% to 35.89%
  • Variable APR range:Does not offer variable interest rates
  • Loan terms:36 or 60 months
  • Origination fee:Between 1% and 6%
  • Late fee: $15 or 5%
  • Time to receive funds:At least 4 business days
  • Recommended credit score: Fair or better

If you need a small cash injection to tide you over until your next payday, you may be tempted to use a payday loan or car title loan. But these types of debt can be extremely expensive and put you into a dangerous debt spiral. 

Earnin might be a reasonable alternative. With Earnin, you can access funds based on hours you’ve worked at your job, but haven’t yet been paid for. There are no fees, interest charges, or hidden costs, and you can cash out up to $100 per day.

Read Also: These 5 Factors are what Actually Matters When it comes to your Credit

After your employer deposits funds into your account on payday, Earnin subtracts the amount you cashed out earlier. Then, you simply pay Earnin what you think is fair as a “tip”—it’s not required, and you could pay $0 if you wanted.

Earnin asks you to pay what you can for the service to help cover the other borrowers who may not be able to pay anything for it. It’s a sort of community-driven fee system.

While Earnin can be helpful, you can only access small sums of money at a time. If you’re facing a bigger emergency—like an expensive car repair—you may need to find another source of money to pay for it.


  • Fund amounts of up to $100 per day
  • No fees or interest charges


  • Employer systems must be compatible with Earnin
  • Regular pay schedule required with at least 50% of earnings directly deposited
  • Checking account deposits only
Earnin Personal Loan Details
  • Loan amounts:Up to $100 per day
  • Fixed APR range:Does not charge interest
  • Variable APR range:Does not charge interest
  • Loan terms:Until your scheduled payday
  • Origination fee:Does not charge an origination fee
  • Late fee: Does not charge a late fee 
  • Time to receive funds:Same day funding available
  • Recommended credit score: Does not require a credit check

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