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Best Egg Personal Loan Review: A Great Option for Wiping Out High-Interest Debt

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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.

Full Best Egg personal loan review

Best Egg

Logo for Best Egg
Rating image, 4.0 out of 5 stars.
4.0/5

Minimum Credit Score

640

Loan Amounts

$2,000 - $50,000

APR Range

5.99% - 35.99%

Term Length

36 - 60 months
  • Best Egg offers personal loans at competitive rates to applicants with good or excellent credit, with the lowest rates and fees go to borrowers with excellent credit scores.

    • Low minimum loan amount (in most states)
    • Easy application process
    • Funds disbursed in as little as one day
    • Origination fees
    • No joint applications accepted
    • The best loans reserved for those with high incomes and credit scores

This personal loan is a good fit for: The borrower seeking a debt consolidation loan that saves time and money.

Pros

  • Low minimum loan amount (in most states)
  • Easy application process
  • Funds disbursed in as little as one day

Cons 

  • Origination fees
  • No joint applications accepted
  • The best loans reserved for those with high incomes and credit scores

Top perks 

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:

  • Massachusetts: $6,500 minimum
  • New Mexico and Ohio: $5,000 minimum
  • Georgia: $3,000 minimum

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 them what they need to know, and they lay 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. 

What could be improved 

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 6.99% 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.

How to qualify for a Best Egg loan

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:

  • Have a credit score of at least 640
  • Are a U.S. citizen
  • Have a valid bank account
  • Have an acceptable debt-to-income ratio
  • Are at least 18 years old (19 in Alabama or Nebraska)
  • Can provide proof of income

Application process 

Below, we'll walk through how to get a loan with Best Egg.

  1. Complete an online application and tell Best Egg a little about yourself and your finances.
  2. Push send and wait a few minutes for a response. If you qualify for a loan, you'll get more information about the offers available. 
  3. If you select an offer, Best Egg will run a hard credit check to verify your information (this will ding your credit score slightly). 
  4. Best Egg may ask you to verify other information by submitting documents. For example, it may need to see your pay stubs, bank statements, or proof of identity. 
  5. You will be asked to sign loan documents. Once you've signed, it will take one to three business days for Best Egg to deposit the funds into your bank account. 

Alternatives to consider

SoFi is another excellent option for debt consolidation and currently offers an interest rate lower than Best Egg. SoFi acknowledges that it takes time to build a credit history. For that reason, its underwriting process also considers higher education and a strong work record. 

Upstart offers a personal loan for borrowers with credit scores as low as 580, so it could be a great fit if your score is lower than you'd like. With a fixed interest rate and a three- or five-year term, Upstart makes it possible to consolidate high-interest debt and pay it off at your pace.

As of Aug. 10, 2022
Lender
SoFi
Upstart
Rating
Rating image, 5.0 out of 5 stars.
Rating image, 4.0 out of 5 stars.
Min. Credit Score
680
None
Loan Amounts $5,000 - $100,000 $1,000 - $50,000
APR Range 7.99% - 22.73% (with all discounts) 5.40% - 35.99%
Next Steps
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 7.99% APR to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/1/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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. See APR examples and terms. 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

*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.

A Best Egg personal loan is right for you if:

When it comes to personal loans, you have options. However, a Best Egg personal loan may fit the bill if:

  • You have a relatively high income and a great credit score
  • You would benefit from a debt consolidation loan -- combining your debt payments into a single, lower-interest payment
  • You want a fast loan decision

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. 

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