May 16, 2021

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Best Egg Personal Loan Review 2021

7 min read

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  • Best Egg offers personal loans for home improvements, debt consolidation, travel, and more.
  • Most Best Egg loan amounts range from $2,000 to $35,000, or up to $50,000 in special scenarios.
  • You may qualify for the best interest rate with a 700 credit score and $100,000 annual income. 
  • See Insider’s picks for the best personal loans »

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank (Member FDIC). An unsecured personal loan doesn’t require any collateral, like a house or car. The personal loans can be used for a litany of purposes and come with decent interest rates. 

At Best Egg, loan amounts range from $2,000 to $35,000, but limits may vary by state. With a special offer code, you may be able to get a loan up to $50,000.

The minimum amount you’re required to borrow varies by state. Best Egg mentions on its website that it offers loans in most states. To find out if you are eligible for a loan in your state, you need to fill out a loan application.

The minimum loan term is 36 months, while the maximum term is 60 months. Best Egg loans can be repaid at any time without an early payment penalty.

Depending on your credit score and annual income, your APR will range from 5.99% to 29.99%. The bottom range of these interest rates is roughly comparable to other major competitors, like Discover and Marcus by Goldman Sachs, which both start their loan APRs at 6.99%.

About half of Best Egg’s customers get money the next day after a successful verification process, but it may take one to three business days to see money deposited in your account.

Best Egg does not have a customer service email address, but you can reach the company by phone at 855-282-6353 Monday through Thursday, 8:00 a.m. to 9:00 p.m. ET, Friday from 8:00 a.m. to 7:00 p.m. E T, and Saturday from 9:00 a.m. to 6:00 p.m. ET.

Best Egg has a Help Center with basic answers to questions. But its Resource Center is much more helpful, with in-depth explanations about loans, money management, and more.

There are a variety of options for personal loans you can get from Best Egg, including:

To get a loan, you’ll need to provide the following:

  • A valid address and identity
  • Verifiable income
  • A debt-to-income ratio under 30%

You’ll need a credit score closer to the higher end of “fair” to qualify for a loan. Credit scores range between 300 and 850, and you’ll need a minimum credit score of 640 to be eligible for a Best Egg personal loan. Here’s how scores break down, according to FICO: 

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739 
  • Very good: 740 to 799 
  • Exceptional: 800 to 850

Checking your rates will not impact your credit score because Best Egg only generates a soft credit inquiry.

The company will conduct a hard credit inquiry once you accept the loan offer, which will likely affect your credit score. A hard inquiry gives a lender a complete look at your credit history, but might negatively impact your credit score as a result.

While Best Egg advertises an APR as low as 5.99%, you’ll need a minimum 700 FICO score and a minimum annual income of $100,000 to be eligible for the lowest APR. If your credit score or income is lower than this minimum, you may find a lower rate with a different loan company.

If you still want to use Best Egg, here are some tips you may consider to improve your credit score: 

  • Request and review a copy of your credit report. See if there are any errors on your report that could be hurting your score. If so, contact the credit bureau to talk about fixing the mistake.
  • Keep credit card balances low. Maintaining a credit utilization rate — the percentage of your total credit you’re using — of 30% or less will show lenders that you can manage your credit well.
  • Create a system for paying bills on time. Your payment history makes up a large percentage of your credit score, and lenders like to see steady and reliable payments in the past. Set up calendar reminders or automatic payments so you don’t fall behind.

Best Egg is a Better Business Bureau-accredited company, and the BBB gives Best Egg an A+ in trustworthiness. The BBB evaluates trustworthiness by judging a business’s responses to consumer complaints, honesty in advertising, and clarity about business practices. 

Best Egg does not have any recent scandals. Due to its clean history and top-notch BBB rating, you may decide you’re comfortable using Best Egg as your personal loan provider.

However, BBB scores don’t guarantee you will have a good relationship with the company and are merely a guideline to help you get started on your search for a personal loan provider. 

The pros and cons of Best Egg personal loans 

The application is available online or over the phone, and can be done in just a few minutes. You’ll need basic information for the initial application, including:

  • Name
  • Reason for applying for a personal loan
  • Contact information including your address, phone number, and email
  • Date of birth
  • Social security number 
  • Employment status
  • Whether you rent or own your home
  • How much you pay for housing each month
  • Individual income
  • Household income 
  • Other financial information, such as how many cash advances you have had in the last six months

You’ll be able to see what your interest rate range is and if you have offers within a few minutes. To get through the application as quickly as possible, have a pay stub, bank statements, and a W-2 on hand so Best Egg can verify the information you’ve provided.

After verification, the funds will be delivered to your bank account as requested within one to three business days.

Although rates are specific to borrowers, Best Egg interest rates are comparable to those offered by other big-name lenders. Here’s how Best Egg stacks up against the competition. 

Best Egg review vs. Marcus by Goldman Sachs review

Best Egg charges an origination fee, which is deducted from any loan proceeds you receive. You’ll also pay a late fee if you miss a payment. You won’t pay any fees with Marcus, including late fees. Instead, you’ll accumulate more interest if you pay late, and your final payment will be larger as a result.

Marcus provides an “on-time payment reward.” If you pay your loan on time and in full every month for one year, you can skip a month of payments, and interest will not accrue during that time. Your loan will then be extended by one month. 

Best Egg has a lower minimum credit score requirement than Marcus. So if you don’t have at least a 660 credit score, Best Egg is clearly the better choice. At the same time, the lower your credit score, the higher an APR you will likely have to pay. 

Best Egg vs. Discover personal loans

You’ll pay a late fee with both loan providers — Best Egg’s late fee is $15, while Discover may charge a late fee of $39. Discover charges no origination fee, while Best Egg’s origination fee ranges from 0.99% to 5.99% of your loan amount.

Best Egg also has a lower minimum credit score requirement than Discover, so it may be a better choice if your credit isn’t in the best shape. It may take up to seven days to receive your loan funds with Discover, while Best Egg says most customers will receive their money within one to three business days.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.