Best Egg provides unsecured personal loans to borrowers. It has served over 250,000 customers since 2014 and has funded over $4 billion in loans. Learn more about the company and how it stacks up to the competition in this Best Egg in-depth review.
Best Egg overview
Best Egg provides unsecured personal loans issued by the New Jersey State Chartered Commercial Bank known as Cross River Bank.
More than two-thirds of our customers use their Best Egg loans for debt consolidation. A recent study we conducted noted that another positive outcome is that customers experience an increase in their FICO score after paying off their debts with a Best Egg loan.”Bobby Ritterbeck – Best Egg CMO
Bobby Ritterbeck, CMO of the Best Egg product, says, “More than two-thirds of our customers use their Best Egg loans for debt consolidation. A recent study we conducted noted that another positive outcome is that customers experience an increase in their FICO score after paying off their debts with a Best Egg loan.”
Aside from those two things, borrowers can use Best Egg loans for many purposes, including:
- Credit card refinancing
- Personal loan refinancing
- Debt consolidation
- Home improvement
- Other major purchases
- Moving or relocating
- Medical expenses
As of August 12, 2017, Ritterbeck says, “Best Egg loans are priced as low as 5.99% with loan amounts up to $35,000.”
Best Egg eligibility
To qualify with Best Egg, you need to meet the following eligibility requirements:
- 18 years of age (Residents of Alabama and Nebraska must be 19 years old)
- US citizen or permanent resident (Loans are not available in VT, IA, and WV)
- Verifiable bank account
- They will also check your debt-to-income ratio, credit score, and income. Applicants must have a minimum FICO score of 640 and have a verifiable source of income to cover their debt payments.
|Lending Partner||Minimum FICO score||Estimated APR|
|600||15.49% - 34.99%*||Apply|
|680||5.89% - 14.24% (with AutoPay)*||Apply|
5.49% - 14.29% APR (with AutoPay)*
4.98% - 11.44% APR (with AutoPay)*
|660||5.99% - 35.89%*||Apply|
|620||4.93% - 29.99%*||Apply|
|580||9.95% - 35.99%*||Apply|
|700||5.25% - 12%*||Apply|
Best Egg qualification process
Potential borrowers can apply online. The process includes a pre-approval step, which doesn’t impact the applicant’s credit score. Applicants will enter basic information and receive the rate for which they qualify.
Rates depend on factors such as income, credit score, credit usage history, loan amount, loan term, debt payment obligations, and more.
So if you are wondering, “does Best Egg verify income?” The answer is yes. It verifies income to ensure that it will not put the customer in a burdensome situation that could cause them to have difficulty repaying the loan.
If an applicant wants to proceed with the pre-qualified loan offer, they simply select it to complete the application. At that point, a hard inquiry is then processed, which will impact the person’s credit score. Best Egg will determine if any information needs to be verified before the loan is funded.
Borrowers can verify information by emailing, uploading, or faxing documents. Once any additional data is verified to be accurate, the loan is set up, and funds are transferred to the borrower the next business day.
The process can take as little as 24 hours.
Best Egg application process
“Our online application is relatively short and straightforward. It takes just a few minutes to complete, and applicants are provided a real-time decision with specific rates and terms without impacting their credit score,” says Ritterbeck.
Here’s the step-by-step breakdown of the process.
1) Visit the Best Egg website. Enter your email address in the “Check Your Rate Today” box and click “Check your rate.”
What about my Best Egg offer code? If you have an offer code, click on the link, “I have an offer code,” and you will be able to submit it.
2) Tell Best Egg about yourself.
3) Tell Best Egg about your income.
4) Get your rates, select your loan, and get funded.
Best Egg account management
How is the experience of becoming a Best Egg customer? For starters, you can make payments via electronic funds transfer, online, snail mail, or Western Union Quick Collect.
If you want to pay more toward your loan than what is due, you can do so without any prepayment penalties. However, if a payment is late, the fee is $15.
My Best Egg account login
View and manage your loan by visiting the home page and clicking “Login” in the upper right-hand corner. From there, you will be directed to accountinfo.com, where you can view your statement, see your pay-off balance, and make a payment.
If you have any questions or concerns, you can contact customer service via phone or the website.
Best Egg pros and cons
| Pros of Best Egg loans|| Cons of Best Egg loans|
Best Egg vs. other lenders
How does Best Egg stack up to other lenders?
Best Egg vs. LendingClub
When comparing the personal loan products, both lenders only offer fixed interest rates. Both companies also have easy online application processes and charge interest and an origination fee.
Where Best Egg differs is that it offers a slightly higher maximum loan amount. It also advertises a quicker delivery of funds; one day compared to Lending Club’s seven.
Both lenders are viable options, with Best Egg having a slight leg up in personal loans.
Best Egg vs. SoFi
SoFi offers fixed-rate personal loans as one of their many loan products, and their rates are highly competitive. However, only those with excellent credit will receive the lowest advertised offerings.
It differs from Best Egg in that it doesn’t charge an origination fee. It also offers longer repayment periods and higher loan amounts than many competitors. Also, if you lose your job, it provides unemployment protection.
What’s the catch? Getting approved with SoFi can be more difficult than Best Egg or other lenders. They target borrowers with high income and excellent credit. If you can qualify, it may be a cheaper option than Best Egg.
Best Egg vs. Prosper
Prosper also offers fixed-rate personal loans and an easy online application process. The interest rates are comparable to Best Egg, and so are the origination fees.
However, Best Egg does come out ahead when looking at the speed of loan processing. If time is not a major concern, the cost of loans from the two companies will likely be comparable, so it would be a good idea to apply with both.
The bottom line
Best Egg is a good candidate for people who want a personal loan. It offers quality customer service, fast loan processing, competitive pricing, and transparency about its offerings.
“Customers enjoy straightforward terms, including three or five-year repayment, fixed APRs, and no hidden fees or pre-payment penalties,” says Ritterbeck.
The one big drawback is the origination fee, as applicants may be able to qualify with other lenders that don’t charge one, such as SoFi. Also, to get a competitive interest rate and a low origination fee, applicants need to have good credit and a higher income.
As with all decisions, it’s good to shop around to see which lender can offer you the best deal for your needs. Best Egg is a great option, but not necessarily the best option for everyone.
To learn more about Best Egg, click here.