2020 Best Egg Review on Personal Loan & Best Egg Alternatives

Last Updated on March 28, 2020 by admin

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Company Summary

Best Egg is a personal loan company that offers unsecured personal loan for the personal use. Best Egg offers loans to cover numerous expenses such as debt consolidation, credit card refinancing, home improvement, moving expenses, vacation, special occasion, baby& adoption among other major purchases. The Best Egg unsecured personal loan is made by Cross River Bank which is a New Jersey Chartered Commercial Bank and a member of FDIC.

Best Egg online tools enable the customer to be in control and to customize their loan easily 24/7 from the comfort of their home. Best Egg is an online lending platform that is fast and efficient and has an easy to use interface and friendly customer support. It is available in 48 states and has been in business since 2014. This review will explore the loan features, eligibility requirements, the repayment process and the good & the bad of Best Egg Personal loan platform.

Lending Over Easy - Simple Steps to Apply for a Personal Loan

Best Egg review on personal Loan features

Best Egg loan features include:

  •  Loan amount  offered ranges from $2,000 to $35,000 and qualified customers who receive offer codes in the mail can get up to $50,000 loan.
  • The payback period or the  loan term  is 3 to 5 years.
  •  Annual Percentage Rate (APR)  is as low as 5.99%. The interest rates are usually determined by the borrower’s credit score, debt payment obligations, loan amount, income, loan term, credit usage history among other factors.
  •  Origination fees  can range from 0.99% to 5.99% and is usually deducted from the clients’ loan proceeds or rather when the funds have been deposited into the borrowers’ bank account.
  • $7 if the client pay by check or Western Union wire transfer.
  •  Late payment  and returned payment of $15.
  • No penalty for early loan repayment.

Minimum loan Amounts in:

  • Massachusetts is $6,000.
  • New Mexico and Ohio are $5,000.
  • Georgia is $3,000.

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Best Egg Loan Eligibility Criteria (Requirements)

Best Egg lending platform takes a maximum of a day to verify and determine the borrower’s eligibility and interest rate to offer the borrower. The application process requires the borrower to give their email address and the platform requests a credit report in a subtle way that it does not impact the borrower’s credit score.

Best Egg considers a variety of things to determine the eligibility for the loan which includes:

  • US citizen or permanent resident.
  • Valid photo identification.
  • At least 18 years (19 years in Alabama and Nebraska).
  • The annual income of at least $25,000.
  • Verified Bank Account.
  • Personal information including your address, phone number, and SSN.
  • Minimum Credit score of 700 or higher.
  • Maximum debt to income ratio of 40%.
  • More than 3 years of credit history.
  • No history of bankruptcies.
  • No current delinquencies.
  • Home type.
  • Monthly housing payment.
  • Debt-to-income ratio.
  • Credit card cash advances.
  • Best Egg does not operate in Vermont, West Virginia, Puerto Rico and Guam.

Best Egg Loan Process

Best Egg Loan Repayment Process

Best Egg repayment process is simple. The clients can repay their loan in different ways like set up automatic electronic funds transfer, send a check through the mail, pay online or they can also set up their payment at a Western Union office. The payment made through the mail should be allowed at least 5-7 days to reach the lender. There is a cost that is incurred for each transfer.

Best Egg charges the origination fees and penalty for late payment and returned payment and that is typically all. There is no fine print or catch as the platform is transparent and has no other hidden fees. Best Egg shares information with their clients and lets their customers know upfront their interest rates and the monthly payment amounts. The platform has an easy to get and clear privacy policy on its website with all the relevant details including information on the limits of sharing the customers’ personal information.

Pros and Cons of Best Egg personal Loan


  • Best Egg provides competitive interest rates and simple terms and conditions to the borrowers with a good a credit score.
  • Best Egg personal loan is an excellent platform for people looking for a debt consolidation option to pay off their high-interest credit card because of its low APR which can range from 5.99% to 29.99% and a loan term of 3-5 years.
  • Best Egg offers its borrowers an option to clear off their debts faster than is scheduled without a penalty or any additional charges.
  • Best Egg clients incur $15 penalty for loan late payment and $15 for a returned payment which is relatively better than the typical $25 that majority lenders charge.
  • Best Egg loan application process has only 24 hours approval process and pre-approval takes only a few minutes. The borrower submits their details to the lending platform which takes only 24 hours to verify the information. If the borrower is eligible, the funds are dispersed to their bank account the business day after they have approved.
  • Best Egg platform is transparent and their privacy policy is easy to locate and clear on different aspects of the loans.


  • Best Egg only offers a payback period of between 3 to 5 years and therefore locks out the borrowers who want a shorter than 2 years loan payback period and those that want a longer than 5 years loan payback period.
  • Best Egg requires the borrowers to cater for the origination fee ranging from 0.99% to 5.99%.
  • The borrowers’ interest rate is based on their credit score and is locked in at origination.

Final verdict on Best Egg review 

Best Egg is an ideal lending platform for borrowers looking for a simple, fast and efficient lender to refinance credit cards and for other personal use.

Check Out BestEgg      Compare Other Loan Providers

Best Egg alternatives

*Not all loan providers serve in all states.  Please use this personal loan search tool to find the providers serve in your state.

LendersLoan Amount Loan TermsFeesCheck Rate

Avant Review
$2,000 - $35,000 24 to 60 mo Up to 4.75% of the loan

APR: 9.95% - 35.99%

Upstart Review
$1,000 - $50,000 36 to 60 mo 1% - 6% of the loan

APR: 8.92% - 29.99%

Compare rates from multiple lenders. Discover your lowest eligible rate.

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NetCredit Review
$1,000 - $10,000 6 to 48 mo Not disclosed

APR: 34% - 155%

SoFi Review
$5,000 - $100,000 36 to 84 mo No fees

APR: 5.49% - 14.49%

Payoff Review
$5,000 - $35,000 24 to 60 mo 2% - 5% of the loan

APR: 8% - 25%

Best Egg Review
$2,000 - $35,000 36 to 60 mo 0.99% - 5.99% of the loan

APR: 5.99% - 29.99%

Freedomplus Review
$10,000 - $35,000 24 to 60 mo Up to 5.99% of the loan

APR: 4.99% - 29.99%

Lendingpoint Review
$3,500 - $20,000 24 to 36 mo Varies by state

APR: 15.49% - 34.99%

Prosper Review
$2,000 - $40,000 36 to 60 mo 1% - 5% of the loan

APR: 6.73% - 135.36%

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