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Best Egg is an online lending platform that offers loans up to $35,000 with rates as low as 5.99%. Since 2014, it has originated over $5 billion in loans to more than 350,000 borrowers. Definitely not the norm, Best Egg lets borrowers take out two loans at the same time , if qualified. Find out more about Best Egg personal loans below: the good, the bad and my breakdown.
See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.
About Best Egg
Borrower Averages
| Credit Score | 700 |
| Credit History | 7 years |
| Annual Income | $80,000 |
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to Best Egg’s website and apply online.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- Quick funding. It can take as little as one business day, if approved.
- Flexible fund use. A personal loan through Best Egg can be used for debt consolidation, credit card refinancing, home improvement, moving expenses, vacation and more!
- Competitive fixed rate. With excellent credit, your APR could be as low as 5.99%, and that won’t budge for the entire duration of your loan term.
- No prepayment penalty. So you can pay that loan of yours back as quick as possible!
- Intuitive tools. They’re designed to put you in control. Customizing your loan is easy, and managing your loan is a breeze with multiple payment options. These self-service and easy-to-use tools are available to you 24/7.
- Borrow twice. If you’re thinking about taking out a second loan with Best Egg, make sure your first loan is at least six months old and that you haven’t missed any payments. The total amount of both loans must not exceed $50,000.
- Not available in all states. You can’t apply for a Best Egg personal loan if you live in Iowa, West Virginia, Vermont, Puerto Rico or Guam.
- Only 2 fixed term lengths. You’re limited between either a 3 year term or a 5 year term.
- Origination fee. There is an administration fee which can range from 0.99% to 5.99%.
- Processing fee. You will be subject to a $7 fee per payment if you’re not enrolled in automatic payments.
- Late payment fee. If you miss your payment by more than 3 days, Best Egg will charge you a $15 late fee.
- NSF fee. If your payment is rejected, you’ll have to pay $15 per unsuccessful transaction.
Eligibility Requirements
Applicants must have a minimum credit score of 640; average is 700. You must also have at least three years of credit history with a minimum of three open credit accounts. The minimum annual income isn’t specified, but the average is $80,000. The debt-to-income ratio is also not specified, but is typically less than 35%.
Best Egg Terms & Fees
| Loan Amounts | $2,000 – $35,000 (Some customers may receive mail offers for loans up to $50,000) |
| Loan Terms | 3 or 5 years |
| Repayment Options | Monthly |
| Origination Fee | 0.99% to 5.99% |
| Funding Time | As little as one business day |
| APR | 5.99% – 29.99% |
| Prepayment Fee | None |
| No AutoPay Fee | $7 per payment |
| Late Payment Fee | $15 |
| NSF Payment Fee | $15 |
The Breakdown
If you meet Best Egg’s lofty income and credit requirements, it could be a good option, especially if you need the funds quickly. The online application requires a soft credit check, which won’t hurt your credit score. You can use your funds for just about anything. Your rates are fixed for the entire length of the loan term, and there’s no penalty for early payment. Unique to Best Egg are its intuitive online tools and your ability to borrow twice.
Sample Loan
| Loan Size | $15,000 |
| Loan Term | 36 months |
| Origination Fee (3%) | $450 |
| Funds Received | $14,550 |
| APR | 15.0% |
| Total Interest | $3,719.28 |
| Monthly Payment | $519.98 |
Unfortunately, you can only choose between two term lengths, 3 or 5 years. If you live in Iowa, West Virginia, Vermont, Puerto Rico or Guam, you can’t apply for a Best Egg personal loan. If you do choose to apply, please keep in mind there is a 0.99% to 5.99% origination fee and your rates may be as high as 29.99%. If you get approved, be well aware of Best Egg’s fee schedule.
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