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A Best Egg personal loan can be used for just about anything -- but we find it especially attractive for consolidating high-interest debt. If you're juggling several credit cards and other high-interest consumer loans, consolidating them into one low-interest loan will not only simplify your life, but it will also save you money. In this Best Egg review, we'll cover what we like about the unsecured personal loan, what we'd change if we could, and how a Best Egg loan might benefit you.
Best Egg offers personal loans at competitive rates to applicants with good or excellent credit, with the lowest rates and fees going to borrowers with excellent credit scores.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
This personal loan is a good fit for: The borrower seeking a debt consolidation loan that saves time and money.
Low minimum loan amount: Best Egg loans are available from $2,000 to $35,000 (or up to $50,000 if you're a highly qualified borrower). The fact that you can borrow as little as $2,000 means that you don't have to commit yourself to a large loan when a smaller amount of cash will do. If you're financing minor home repairs, for example, Best Egg might be a good option. The only exceptions are in these four states:
Repayment options: It's important to choose a repayment term that fits your budget. If you're approved for a Best Egg personal loan, the servicer will show you both 36-month and 60-month repayment terms. That way, you can compare the two and figure out which monthly payment works best.
Easy application: As an online lender, Best Egg has mastered the art of the easy application. It asks you a few questions, and within minutes, makes a decision and shares it with you. There's no visiting a brick-and-mortar office and no nervous anticipation. You tell the lender what it needs to know, and it lays out your options in an easy-to-understand way. And because the initial decision is based on a soft credit check, you can learn if you qualify without damaging your credit score.
No joint applicants: Best Egg accepts individual loan applications only, meaning you can't ask someone with a stronger credit score to apply jointly or go in halfsies with your partner. Given that the best rates and terms are reserved for applicants with credit scores of 700 or better, it would be nice to have the option of applying with someone with an excellent score.
Origination fees: Lenders often lump fees that don't have a specific purpose under the umbrella of "origination fee." Best Egg tacks on an origination fee of 0.99% to 8.99% of your loan amount. According to the lender, any loan taken out for 48 months or longer will be hit with an origination fee of 4.99%. Some of the best personal loans don't come with origination fees.
Let's say you take out a 60-month loan for $10,000. Your credit is good, so you're charged the minimum origination fee (for loans longer than 48 months) of 4.99%. The fee amounts to $499 and is subtracted from your loan. In this case, instead of receiving $10,000, you'll get $9,501 in your bank account. However, you'll owe interest on the total amount of $10,000.
Not available in every state: Though Best Egg has wide coverage in the U.S., its loans are not available in Iowa, Vermont, West Virginia, or U.S. Territories.
The best interest rates are offered to borrowers earning $100,000 or more, with credit scores of 700 or above. However, those aren't the only people who can get approved for a loan with Best Egg. Best Egg also works with borrowers who meet the following criteria:
Below, we'll walk through how to get a loan with Best Egg.
When it comes to personal loans, you have options. However, a Best Egg personal loan may fit the bill if:
No matter how well a particular loan seems to fit your situation, do yourself the favor of rate shopping before settling on a lender. The best loan is the one that saves you the most money.
Best Egg doesn't charge prepayment penalties, so, yes, you could pay off your Best Egg personal loan early.
Best Egg charges an origination fee between 0.99% and 8.99%, which is essentially the cost of the loan. Those with higher incomes and better credit scores will likely get lower origination fees.
Our Loans Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: 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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.