review of best egg personal loans

Best Egg Loan Review – Read This Before You Get a Loan

Best Egg provides unsecured personal loans to borrowers. Since its formation in 2014, they have served over 420,000 customers and funded over $6 billion in loans.

Is Best Egg the right lender for you? Find out more about how it stacks up against the competition in this in-depth review.

Best Egg overview

Best Egg’s personal loans are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank.

More than two thirds of the lender’s borrowers use their loans for debt consolidation. Successfully paying off those loans has also helped borrowers to raise their credit scores.

“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

In addition to consolidating debt and improving their credit, customers can use their loans for:

  • Credit card refinancing
  • Personal loan refinancing
  • Debt consolidation
  • Home improvement
  • Other major purchases
  • Business
  • Vacation
  • Moving or relocating
  • Medical expenses
  • Taxes

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, you need to meet the following eligibility requirements:

  • You must be 18 years of age (Residents of Alabama and Nebraska must be 19 years old)
  • You must be a U.S. citizen or permanent resident (Loans are not available in VT, IA, and WV)
  • You must have a verifiable bank account
  • You must have a minimum FICO score of 640 and have a verifiable source of income

Best Egg qualification process

You’ll start by applying for pre-approval, a step which gauges whether your loan request will be approved and, if so, estimates your offer. All you have to do is enter basic financial information, and you’ll receive either a rejection or a projected loan offer and interest rate. Pre-approval will not affect your credit score.

Your rate depends on factors such as income, credit score, credit usage history, loan amount, loan term, debt payment obligations, and more. They will also verify your income at this stage of the process.

If you want to proceed with your pre-qualified loan offer, simply select the offer on the web page to complete their application. This prompts a hard credit inquiry — a lender request to the credit bureau for your credit score. This stage of approval will affect your credit score.

Before the loan is funded, they will determine if any additional information needs to be verified (e.g. income). You can verify your information by emailing, uploading, or faxing documents.

Once verification is complete, they will transfer funds to your account on 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 Loans profile on our site and click “Visit Site” . Enter your email address in the “Check Your Rate Today” box and click “Check your rate.”In-depth review of Best Egg Loans

If you have an offer code, click “I have an offer code,” and you will be able to submit it.

2) Tell them about yourself. 

In-depth review of Best Egg Loans

3) Tell them about your income. 

In-depth review of Best Egg Loans

4) Get your rates, select your loan, and get funded. 

In-depth review of Best Egg Loans

Best Egg account management

What is the Best Egg customer experience? If you have taken out a loan, you can make your payments via electronic transfer, online payments, 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, there is a fee of $15.

How to manage your account

You can view and manage your loan by visiting the home page and clicking “Login” in the upper right-hand corner. This will direct you to, where you can view your statement, view your balance, or make a payment.

If you have any questions or concerns, you can contact customer service via phone or the website.

See the Best Egg customer service number and further contact information here.

Best Egg pros and cons


Here is a list of the benefits and the drawbacks to consider.

  • An efficient pre-approval and approval process
  • You can receive your loan as quickly as overnight
  • A transparent platform with no hidden fees
  • Competitive interest rates and low origination fees for borrowers with good credit
  • Deducts your origination fee from your loan, so there are no out-of-pocket costs
  • Good for debt consolidation
  • Fixed interest rates mean fixed, predictable payments
  • Origination fees (which some competitors don’t charge)
  • You’ll need a high credit score and income level to qualify for low rates
  • No variable interest rates available

Best Egg vs. other lenders

How does it stack up to the competition?

Best Egg vs. LendingClub

LendingClub offers small business loans and auto refinancing as well as personal loans, so it has a wider product offering than Best Egg. It has helped over 1.5 million customers.

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.

However, Best Egg offers a 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 among other loan offerings, and their rates are highly competitive. However, only those with excellent credit will receive the lowest advertised offerings.

Unlike Best Egg, SoFi doesn’t charge an origination fee. It also offers longer repayment periods and higher loan amounts than many competitors. And if you lose your job, it provides unemployment protection.

What’s the catch? Getting approved with SoFi can be more difficult than with 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.


Best Egg is a good candidate if you 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. If you have good enough credit to qualify for a lender who doesn’t charge one, such as SoFi, Best Egg may not be the lender for you. Also, to get competitive interest rates and a low origination fees, you must have good credit and high income.

As with all decisions, it’s best to shop around to see which lender can offer you the best deal for your needs. But if you’re looking for a loan which can be in your bank account tomorrow, Best Egg is a great option.

To learn more about Best Egg, click here. Or if you’d like to look at more options before committing, you can view side-by-side comparisons of personal loan lenders here.