Best Egg personal loans are aimed at individuals in a high-income bracket with at least a good credit rating. The lender operates solely online, which means the process is streamlined and you pay less in underwriting fees.

One of the most attractive aspects of a personal loan from Best Egg is the speed of service. Borrowers who meet the eligibility requirements can receive funds as quickly as one day. Origination fees are a little higher than average — but it offers slightly better APR rates compared to other lenders. 

If you’re a high earner who needs to fund a significant expense or consolidate existing debt, Best Egg could be a good choice. Our Best Egg overview gives you an in-depth understanding of the loan terms and conditions so you can make an informed decision about whether it might work for you.    

How Does Best Egg Work?

Best Egg is an online lending platform that offers unsecured personal loans to individuals for reasons such as medical bill payment, home improvement and debt consolidation. It aims to provide fast, trustworthy loans to people who are financially secure and need money to make changes in their lives. Best Egg started in 2014, and it’s provided over $6 billion in funds to more than 420,000 clients. It has an A+ rating from the BBB and a five-star rating.

All you need to do is fill in a simple online application, and a screen with the options that you prequalify for will pop up. If you meet the criteria for your selected product, you’ll fill out a full application and potentially get funding within 24 hours.   

Who’s Eligible for a Best Egg Loan?

To be eligible, you’ll need to be over the age of 18 (or 19 in some states), have a valid bank account and legally reside in the U.S. Best Egg will disqualify your application if you’re working with a debt management company or a credit counselor, if you have a bankruptcy on your credit report or if you have a tax lien.   

Credit History

For a Best Egg personal loan, you must have at least three years of good credit history. 

Credit Score

To get the best rates or borrow a higher amount, you’ll need a credit score of at least 700. However, if your score is 660 or above, you can still get access to funds from Best Egg. For people whose credit score isn’t quite there, you can take steps to improve your credit rating.    

Income

Best Egg tends to prefer lending to people who earn more than $100,000 annually, and you’ll get the best deals on a loan if you’re in this income bracket. That said, you can still get a loan from them if you earn $50,000 or more. 

Debt to Income Ratio

Your debt to income ratio is almost as crucial as your actual earnings. Even if you earn a lot, if this ratio is higher than 40%, it’s unlikely you’ll qualify for a Best Egg personal loan. You can bring this ratio down by reducing your debt or earning a higher income.  

Best Egg Personal Loan Overview

Best Egg understands the needs of its target market and never strays outside of these strict parameters. It exclusively lends to high earners with excellent credit ratings, so its loans are aimed at borrowers that will likely pay them off. This means that those who qualify can take advantage of lower fixed APRs on their personal loans. Best Egg understands that people with high incomes sometimes need access to a lump sum to make a necessary change in their life.   

One of the most attractive aspects of a Best Egg personal loan is the speed of application verification. You could be approved within moments and receive your money on the next business day. Because the entire process takes place online, is fast, and convenient.

What Are the Terms and Requirements of a Best Egg Loan?

To prequalify for a Best Egg loan, you won’t need to go through a hard credit search. However, you will go through one for the actual application itself. As such, you’ll need to have a good understanding of the terms and conditions to make sure you can meet them before you apply. Best Egg is incredibly selective about who it lends money to, so here’s what you need to know:  

Loan Details

APR: 5.99% to 29.99%

Loan Term: Between 36 and 60 months

Loan Amount: $2,000 to $35,000

Minimum Credit Score: 620 for competitive rate

Credit Impact: Soft pull for pre-applying and a hard pull for the full application

Fees

  • Origination fees: 0.99% to 6.99%. The origination fee is the charge the bank pays for facilitating the personal loan. Best Egg is careful with origination fees and ascribes rates based on individual borrower’s creditworthiness. This can get pretty expensive, so make sure you factor it into your decision about whether you borrow from Best Egg. It takes this out of the amount paid into your account, so make sure you ask for a bit more if you need an exact amount of cash.
  • Prepayment penalties: With Best Egg, you don’t need to pay an additional fee if you pay your loan off before the term ends. Some companies with similar rates and terms to this company might ask you to pay a premium to terminate the contract early.
  • Late fees: If you make a payment that’s more than two days late, Best Egg charges $15. Also, bear in mind that late payments can dent your credit score. To keep a shiny and clean borrowing record, you should always make sure you make payments on time.  
  • Payment return fee: If your payment bounces because you have insufficient funds — or for any other reason — you’ll need to pay $15.  
  • Payment processing fee: Best Egg prefers its customers to use the autopay feature, which automatically takes the money from your account for free. If you elect not to use autopay, you’ll need to front a payment processing fee of $7 every time. Do yourself a favor and avoid this charge! 

How to Apply for a Best Egg Loan

Best Egg operates entirely online. This means the application process is fast and straightforward, with an algorithm trawling the net to make sure you qualify within moments. To put forward an application for a Best Egg personal loan, you’ll need the following:

  • Personal details, including phone number, address and social security number
  • Information about your debt, including monthly housing payments and credit card cash advances
  • Home type
  • Gross annual income
  • Total household annual income
  • Loan amount

Once you’ve gathered these documents, head online and go through the following process:

  1. Input your basic information 
    • You’ll need to enter the following:
      • Loan reason
      • First name
      • Last name
      • Amount needed
      • Date of birth
      • Street address
      • City
      • State
      • Zipcode
  2. On the next screen, Best Egg asks for this information:
    • Type of employment, e.g., salaried or self-employed
    • Gross annual income
    • Household annual income
    • Social security number
    • Whether you rent or own your home
    • How much you spend on housing each month
    • Credit card cash advances from the last month
    • Telephone number
  3. Best Egg performs a soft credit check which won’t affect your credit score
  4. The screen will display your options for a 36-month or a 60-month loan
  5. Choose the option that’s best suited to your needs
  6. Best Egg performs a hard credit check to ensure you qualify for its personal loan
  7. You might need to upload proof of your income or identity
  8. Enter your checking account routing number 
  9. Some people get their funds as quickly as the next working day! 

Pros and Cons of Best Egg Personal Loans

To help you decide if a Best Egg personal loan is the right choice for you, we’ve put together a list of three pros and three cons. The lender has pretty stringent application criteria, so as long as you meet these, you can get a good deal. 

Pros

  • Loans can be processed very quickly
  • You don’t need to go through a hard credit check to see if you qualify
  • Lower APR rates compared to other lenders 

Cons

  • Origination fee can be quite high
  • The late fee kicks in after just three days
  • Best Egg personal loans are available to many people

Who Is a Best Egg Loan Best For?

Best Egg personal loans are a great option for high earners looking to get a lump sum of cash quickly. It claims that the majority of its borrowers use its service for debt consolidation, but you can use its loans for home improvements, car purchases and medical bills. The better your credit rating is, and the higher your annual salary, the better rates Best Egg can offer you on its personal loans.  

Who Isn’t Best Egg Good For?

If your finances aren’t 100% in order, a Best Egg personal loan probably isn’t the right choice for you. It’s a responsible lender that makes sure borrowers are in a good position to pay back the money it lends. As such, it’s unlikely to help anyone who’s struggling financially or has a poor credit history.