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Best Egg Personal Loans: 2021 Review

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Lauren Ward

Lauren Ward

Updated April 14, 2021

Overview of Best Egg

Best Egg offers an easy online application for unsecured personal loans.
Pros and cons

Pros:

  • Funding within a few days of loan approval 
  • Pre-approval within minutes
  • No prepayment penalty 

Cons:

  • Charges origination fee
  • Fair credit score minimum required
  • Most competitive rates require $100,000 in individual income

Best Egg Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000 to $35,000Annual Percentage Rates range: 5.99% to 29.99% APR (Updated as of 6/21/2021.)Origination fee: 0.99% to 6.99%Minimum credit score: 640Time to funding: 1 to 3 daysCo-borrower needed: No(Updated as of 4/9/2021.)

Other Lenders

When searching for the best online personal loan, get quotes from multiple lenders to compare your options. Here are some other lenders to consider along with Best Egg.

What Types of Loans Does Best Egg Offer?

Best Egg offers unsecured personal loans for well-qualified borrowers You can use the lent funds for a variety of purposes, including:
  • Debt consolidation
  • Credit card refinancing
  • Home alterations
  • Moving costs
  • Big purchases 
  • Travel
Interest rates are fixed so your payments don’t change throughout the life of your loan. Best Egg personal loans are unsecured—you don’t have to sign a personal guarantee. 

Important to Keep in Mind

Best Egg charges an origination fee of up to 5.99% of the amount you borrow. This fee is deducted from the money you receive in your bank account. Other fees you may encounter are a $15 late fee and a $15 returned payment fee if a check bounces or your bank account has insufficient funds. 

Applying for a Best Egg Personal Loan

Prequalifying for a Best Egg loan can take just a few minutes online and your credit score won’t be impacted until you accept a loan offer, should you qualify. Here’s what to expect throughout the process. 

Eligibility Requirements

Best Egg evaluates several factors when reviewing online unsecured personal loan applications. Details that need to be verified include your identity, address, and income. Best Egg credit score requirements start at a 640 minimum. They’ll also look at your debt-to-income ratio to make sure you can afford your monthly payments relative to your other existing debt. You may need to connect your bank account during the application process in order for Best Egg to confirm these details. 

Application Steps

A Best Egg online loan application starts with some questions about your finances. If you pre-qualify, you can view offers and choose one to proceed with. Once a pre-qualified applicant selects one offer, a hard check is performed on your credit report. Then Best Egg connects to your bank account to verify your identity and income.

Repayment Options

Best Egg offers multiple payment methods, including online, phone, chat, mail, or automatic payments using any of the previous methods. Any late payments over three days will incur a $15 late fee. 

The Bottom Line

Online loans from Best Egg are unsecured and you can use them for many purposes, including:
  • debt consolidation
  • home improvement projects 
  • adoption. 
Loan amounts can go as high as $35,000 but not all annual incomes and credit scores qualify for the highest loan amount.  No matter the size of your loan, you’ll be charged anywhere between 0.99% and 6.99% as an origination fee. Borrowers may qualify for a personal loan with at least a 640 credit score. You can check if you’re eligible without having a hard check inquiry on your score.Applicants with a minimum 700 FICO® Score and at least $100,000 in individual income could qualify for Best Egg’s most competitive APRs. Looking for more personal loan options? With Lantern's help, you can find the right one for you.

Frequently Asked Questions

Is Best Egg a legitimate company?
Does Best Egg hurt your credit?
How long does Best Egg take to approve a loan?
Can I pay my Best Egg loan early?
Does Best Egg do a hard pull?
What credit score do you need for a Best Egg loan?
Can you have more than one Best Egg loan?

About the Author

Lauren Ward

Lauren Ward

Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
Credit ScoreTo check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
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