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Best Egg Personal Loan Review 2024: Pros & Cons

Written by Ryan Wangman, CEPF; edited by Sarah Silbert; reviewed by Elias Shaya
Updated
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Best Egg is an online lending platform owned and operated by Marlette Holdings. A Best Egg personal loan is a good choice for borrowers who need a loan to fund quickly in a pinch. About half of Best Egg customers will receive their money the day after applying for the loan.

The company is also best for borrowers with a good credit history and a high income  — you'll need a minimum 700 FICO score and a minimum annual income of $100,000 to be eligible for the best APR. 

Key Features of Best Egg Personal Loans

  • Regular annual percentage rate (APR): 6.99% to 35.99%.
  • Minimum credit score: 600
  • Loan amount range: $2,000 to $50,000
  • Origination fees between 0.99% and 9.99%
  • Term lengths range between three to five years
  • Funding as soon as the next business day after approval
  • Unavailable in Iowa, Vermont, West Virginia, the District of Columbia, or US Territories

Best Egg Personal Loan Application Process

The application process for a Best Egg personal loan is done through its website.

Best Egg Personal Loan Eligibility Criteria

Before you apply for a Best Egg personal loan, be sure you meet the basic requirements. These include:

  • Being a US citizen or permanent resident living in the US
  • Being of legal age to accept a loan in the state where you live
  • Having a verifiable personal checking account with a routing number
  • Having a valid email
  • Having a physical address, not a P.O. box

Steps to Apply for a Best Egg Personal Loan

  1. Provide details on Best Egg's website. You'll need to input your email and basic personal information. Then you'll be asked how much you want to borrow and how you plan to use the money. To get you a rate quote, Best Egg will run a soft credit check, which doesn't affect your credit score. 
  2. Preview different loan offers and choose an option. Best Egg will give you loan offers with a variety of rates and term lengths. Pick one you can fit into your monthly budget. 
  3. Submit an application and await approval. After you pick an option that makes sense for you, formally submit your application. Then, the company will conduct a hard credit inquiry, which gives it a comprehensive view of your credit history but is likely to temporarily lower your credit score.
  4. Receive your funds after signing your agreement. Most customers will get their money within two days after getting a loan with Best Egg.
  5. Work loan payments into your monthly budget. Make sure you have enough money to cover all of your financial responsibilities.

Best Egg Personal Loan Pros and Cons

Best Egg Pros

  • Quick access to funds. Around half of Best Egg customers will receive their money the day after applying for the loan. For those who don't receive money the next day, after successful verification, your money can be deposited in your bank account within one to three business days.
  • High customer satisfaction. Best Egg boasts a high customer satisfaction rate, which is supported by its A+ Better Business Bureau trustworthiness score. 
  • No prepayment penalty. If you decide to pay off your loan before your term expires, you won't have to pay an additional fee. 

Best Egg Cons

  • Origination fees. You'll face an origination fee between 0.99% and 9.99%, which is baked into your APR. On a loan term of four years or longer, the origination fee will be at least 4.99%. You can find lenders that don't charge origination fees.
  • High maximum APR. Compared to competitors like Discover and LightStream, Best Egg's maximum APR is high. 
  • Unavailable in a few states and D.C. You won't be able to get a loan if you live in Iowa, Vermont, West Virginia, or the District of Columbia.

Best Egg Personal Loan Customer Experiences 

Best Egg boasts very high customer satisfaction rates, which are reflected in reviews left at TrustPilot as well as in its top rating at the Better Business Bureau. 

The company is rated 4.6 out of 5 at TrustPilot, with 88% of more than 8,800 reviewers giving it five stars. Satisfied customers cite a simple and seamless process, with many specifically pointing out the ease with which they were able to connect with a live loan specialist who could answer questions and help them along instead of being funneled through an automated system.

Similarly, the company has an average rating of 4.9 out of 5 among more than 2,800 customer reviews of Best Egg left with the Better Business Bureau. The BBB, which doesn't use customer reviews when making evaluating companies, assigns Best Egg an A+, its highest rating.

Best Egg Alternatives

Although rates are specific to borrowers, Best Egg's interest rates are only a little higher than those offered by other big-name lenders.

Best Egg vs. Discover Personal Loans

You'll pay a late fee with both Best Egg and Discover — Best Egg's late fee is $15, while Discover personal loans may charge a late fee of $39. Discover charges no origination fee, while Best Egg's origination fee ranges from 0.99% and 9.99% of your loan amount. 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.

Read our Discover personal loans review.

Best Egg vs. LightStream Personal Loan

While you'll pay a $15 fee if you're late with a payment on your Best Egg personal loan, LightStream doesn't charge late fees.  

Read our LightStream personal loans review.

Best Egg Personal Loan Frequently Asked Questions

What makes Best Egg personal loans attractive to borrowers? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Best Egg offers competitive interest rates, flexible loan amounts, and a streamlined online application process making it a popular choice among borrowers looking for quick and efficient financial solutions.

Do Best Egg personal loans have fees? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Best Egg may charge origination fees, late payment fees, and other associated costs. It's important to review the fee structure before accepting a loan offer.

How fast can I get my money after being approved for a Best Egg loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Best Egg is known for its quick funding times. Many borrowers receive funds as soon as the next business day following loan approval.

What credit score do I need for a Best Egg personal loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Best Egg targets people with good to excellent credit scores, typically 640 or higher, but offers vary based on individual creditworthiness and other factors.

Why You Should Trust Us: How We Rated Best Egg

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

See more on how we rate personal loans »

Ryan Wangman, a white man with brown hair, sits in front of a stone wall. He smiles into the distance, wearing blue jeans and a dark blue, long-sleeved sweater.
Ryan Wangman, CEPF
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. 
Elias Shaya looks at the camera. He stands outdoors, wearing a black jacket, with a city in the distant background.
Elias Shaya
Compliance and Operations Associate
Elias Shaya is a Compliance and Operations Associate on Business Insider's personal finance team in New York. He collaborates with the editorial team to provide timely, accurate, and impartial financial advice to readers ExperienceElias is a point person on multiple personal finance topics, from credit cards to investment products. He ensures editorial content is transparent and accessible through clear and precise language while also complying with regulatory and partner marketing guidelines. Since joining as a compliance fellow in 2022, Elias has played a crucial role in the team’s compliance efforts, ensuring no stone is left unturned. His close attention to detail and broad knowledge of various complex financial subjects help minimize risk for partners while protecting editorial independence so readers get the best possible advice. Expertise: Elias’ expertise includes:
  • Credit cards
  • Investing
  • Loans
  • Mortgages
Education: Elias graduated from the College of Staten Island with a degree in International Business.When he’s not reviewing or updating personal finance topics, Elias enjoys traveling, comedy shows, and binge-worthy TV shows.
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Best Egg Disclosure: Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4 years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5-year $10,000 loan with a 9.99% APR has 60 scheduled monthly payments of $201.81; a 3-year $5,000 loan with 6.99% APR has 36 scheduled monthly payments of $152.83.

SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.

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