Best for high close rates if pre-approved
Best Egg
4.5
Credible Rating
Est. APR
6.99 - 35.99%
Loan Amount
$2,000 to $50,000
Min. Credit Score
600
Pros and cons
More details
Who are Best Egg personal loans best for?
Best secured loans
Best Egg is one of a few lenders that offer secured personal loans. You could potentially lower your rate by securing a personal loan with the fixtures in your home or vehicle.
According to the company, Best Egg offers an average rate discount of 20% to homeowners who take out a secured loan. This is an especially nice perk since the company already offers industry-leading low APRs.
In addition to using your car as collateral on a personal loan, you could refinance your existing auto loan to lower your monthly payments. Or you could refinance and request additional money.
Good to know:
According to internal Credible data, Best Egg is more likely to approve prequalified applicants for a personal loan relative to other partner lenders.
Learn More: Prequalifying for a Personal Loan: What To Know
Great for debt consolidation loans for fair credit
With Credible, the minimum FICO score required is only 600 to qualify for a Best Egg loan, making it a great choice for debt consolidation if you have fair credit. If you own a home or vehicle, you could improve your chances of qualifying by getting a secured personal loan.
But keep an eye on origination fees — they range up to 9.99% APR and will reduce the loan amount you receive. The origination fee helps protect Best Egg if you decide to refinance with another company or pay your loan off early. Best Egg doesn’t charge prepayment penalties for paying off your loan early.
Pros and cons of Best Egg personal loans
Best Egg has a lot for borrowers to like. But, as with any lender, you should consider its downsides as well.
Pros
- Offers secured and unsecured loans
- Next-day funding available
- Competitive rates
- Variety of loan terms
- Transparent rates and fees
- Fair-credit borrowers may qualify
Cons
- Limited customer service options
- Cosigners not allowed
- Origination fees
How to qualify for a Best Egg personal loan
Your credit score and history factor into your eligibility for a personal loan from Best Egg, but the lender considers other criteria as well.
Credit score and financial history
The minimum credit score for a Best Egg loan is 640, according to the lender’s website. But Best Egg loans through Credible require a minimum FICO score of 600.
Income and employment
Best Egg looks at your income and debt-to-income ratio (DTI), which is the percentage of your income that goes toward debt payments. A 36% DTI is good, but lower is better. Income should be sufficient to repay the new loan.
You might be asked to show proof of your income. Best Egg recommends keeping a recent paycheck or other proof of income just in case.
Good to know:
To qualify for the lowest rate you’ll need a credit score of at least 700 and $100,000 in annual income.
Check Out: How To Get a Low-Interest Loan
Best Egg personal loan purposes
You can use a Best Egg personal loan for just about any purpose:
- Consolidating debt
- Home improvement loans
- Moving costs
- Adoption
- Major purchases
- Vacation
Best Egg personal loan fees and penalties
All loans have costs. Best Egg is no exception, but its fees are transparent, so you’ll know upfront how much you’ll pay.
Loan origination fees
Best Egg’s origination fees range from 0.99% to 9.99% of the loan amount. You’ll pay an origination fee of at least 4.99% on a loan with a term of four years or more.
Best Egg deducts the origination fee upfront from your loan proceeds, which means you’ll receive less money than the amount you’ve borrowed. You can adjust for this by borrowing a slightly higher amount to accommodate the fee.
Returned payment fee
Best Egg charges a $15 fee for returned payments. Reasons for a returned payment include non-sufficient funds in the account you use to make your Best Egg payments.
No early repayment penalties
The minimum term for a Best Egg loan is 36 months, but you can repay the loan in full at any time, with no early repayment penalty.
How Best Egg compares to other lenders
Credible rating
Credible rating
Credible rating
How to contact Best Egg
- Phone: Best Egg customer service agents are available at 855-282-6353 from 8 a.m. to 10 p.m. ET Monday through Thursday, 8 a.m. to 8 p.m. on Friday, and 9 a.m. to 6 p.m. on Saturday.
- Email: You can also email customer service at [email protected].
- Regular mail:
Best Egg
PO Box 42912
Philadelphia PA, 19101 - Payment mailing address:
Best Egg
PO Box 207865
Dallas, TX 75320-7865
About Best Egg personal loans
Best Egg is an online lending platform that’s developed a sophisticated method of evaluating borrowers. It’s funded more than $21 billion through 1.1 million loans. Cross River Bank issues Best Egg loans.
Unsecured loans
An unsecured loan is one that doesn’t require collateral. Unsecured loans are riskier for lenders, so the interest rates are usually higher.
Secured loans
Best Egg offers two types of secured loans. One type uses your home’s fixtures as collateral. The other uses your vehicle’s equity as collateral.
The home-secured loan places a lien on your home’s cabinets, counters and other fixtures. Best Egg can’t foreclose on your home if you default on this loan, but it can remove the fixtures.
The benefit of this loan is an average rate discount of 20%. Rate terms range from five to seven years on these loans.
The vehicle equity loan also offers lower rates. You can offer the equity in a paid-off car as collateral, or refinance your car to lower your payments or request additional cash.
You can borrow up to 250% of your car’s value with the vehicle equity loan. The maximum loan amount is $100,000. Your car itself serves as security for this loan, so you risk losing it if you default on your Best Egg loan.
Related: Secured vs. Unsecured Personal Loans
Rating Best Egg personal loans
Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
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