Best Egg personal loans review: Low personal loan rates for borrowers with good credit scores

Best Egg has high maximum APRs on its personal loans if you don't have a great credit score. Bestegg; Alyssa Powell/Insider

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The bottom line: Best Egg Personal Loan is a solid personal loan provider that offers low rates for those with high credit scores and incomes. You may want to look elsewhere if your credit score is below 700, as it may be harder for you to qualify for a low rate at Best Egg without stellar credentials. 

Best Egg personal loan amounts and 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. 

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%.

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Pros and cons of Best Egg personal loans

• 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 95% customer satisfaction rate, which is supported by its stellar 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. 

• Origination fees. You'll face an origination fee between 0.99% and 5.99%, 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, Marcus, and LightStream, Best Egg's maximum APR is high. 

How Best Egg personal loans work

Best Egg Personal Loan 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. 

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.

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 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.

What credit score do you need?

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.

To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report for free once per week through December 31, 2022. While you won't receive your credit score on this report, you'll get information about your credit and payment history. While reviewing your credit report, you can spot errors and figure out where you can improve. 

You can obtain your score for free on your credit card statement or online account. You can also purchase it from a credit reporting agency.

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 a low minimum APR, you'll need a minimum 700 FICO score and a minimum annual income of $100,000 to be eligible for the best APR. If your credit score or income is lower than this minimum, you may find a lower rate with a different loan company.

Is Best Egg trustworthy?

Best Egg Personal Loan is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives Best Egg an A+ rating. The BBB evaluates companies 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. 

How Best Egg personal loans compare

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. 

You'll pay a late fee with both Best Egg and Discover — 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.

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. 

While Marcus has no official minimum credit score requirement, the company recommends a minimum credit score of 660 in an informational post on its website. So if you don't have at least a 660 credit score, Best Egg is likely the better choice. At the same time, the lower your credit score, the higher an APR you will likely have to pay. 

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.