reviews
Denny Ceizyk
Written by
Rhys Subitch
Edited by
Updated on March 21, 2024
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At a glance
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4.6
Rating: 4.6 stars out of 5
Bankrate Score
Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.2 stars out of 5
4.2
Customer Experience
Rating: 4.5 stars out of 5
4.5
Transparency
Rating: 4.6 stars out of 5
4.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
About Bankrate Score
Full methodology
Bankrate's take:Best Egg is a solid choice for good credit borrowers who are looking for a midsize loan. It offers secured options in addition to unsecured, which is a unique perk for those looking to lower their interest rate by providing collateral.
Lender Details
Loan amount
$2,000 – $50,000
APR from
8.99% – 35.99%
Term lengths
36 to 60 months
Min Credit Score
600
Quick Bankrate user stats for Best Egg
How do we get this data?
We organize this view with funded loan data through this lender on Bankrate. This data dynamically updates within the outlined date range, ensuring you have access to the most recent, accurate Bankrate data on this lender.
Average Funded Loan Amount
$12,273
Average Funded APR
25.97%
APR Range
7.99% - 35.20%
Funded Loan Range
$2,000 - $50,000
Last updated 05/28/24 - 07/27/24
Best Egg is best for variety of secured and unsecured personal loan options
Best Egg gives people more secured and unsecured personal loan options than many other similar lenders. Its debt consolidation loan features an option that directly sends payment to your creditors at potentially lower rates than regular debt consolidation products.
Secured loan options include a vehicle equity loan that allows you to borrow up to 250 percent of your car’s value and a loan secured by the fixtures in your home — like cabinets and vanities — with a potential APR discount of 20 percent versus an unsecured personal loan.
Best Egg personal loan purposes
You can use funds from a Best Egg personal loan for just about any purpose including adoption, moving expenses and home improvements. Best Egg’s vehicle equity loan doesn’t require you to use the funds for an auto purchase — you’re free to use the cash as needed.
If you’re currently renting, you may be able to spread your payment out over the month with Best Egg’s flexible rent program if your property management group supports it. For a monthly fee, the lender will pay your rent in smaller amounts throughout the month. Your payments are reported to credit bureaus, which could boost your credit score.
Best Egg personal loan funds can’t be used for higher education expenses or speculative investing.
Bankrate insight: Loan purpose
Here is what borrowers who took out loans with Best Egg used their funds for.
Here is what borrowers who took out loans with Best Egg used their funds for.
- Credit card refinancing11%
- Debt consolidation39%
- Emergency18%
- Home improvement10%
- Major purchase8%
- Other14%
Data from05/28/24 - 07/27/24
How do we get this data? We organize this view with funded loan data through this lender on Bankrate. This data dynamically updates within the outlined date range, ensuring you have access to the most recent, accurate Bankrate data on this lender.
Where Best Egg stands out
- Impressive mix of secured and unsecured loan options: In addition to offering a standard array of unsecured loan options, Best Egg is one of very few personal loan lenders to offer a loan that can be secured by your car or home.
- Low rates for high earners with good credit scores: If you have a credit score over 700 and make over $100,000, you may be eligible for the lowest rate the lender offers — currently 8.99 percent.
- Unique loan that’s a good alternative to home equity loan products: Best Egg’s secured home loan is different from a home equity loan — it’s secured by fixtures in your home, rather than the entire home. The 20 percent potential homeowner rate discount is a major perk. For example, bad credit borrowers might be offered a rate of 15.99 percent for a secured personal loan, instead of the 35.99 percent maximum.
Bankrate Insight: Credit score breakdown
Here is the credit score breakdown of borrowers who took out loans through Best Egg.
Here is the credit score breakdown of borrowers who took out loans through Best Egg.
- Fair Credit56%
- Good Credit28%
- Excellent Credit16%
Data from05/28/24 - 07/27/24
How do we get this data? We organize this view with funded loan data through this lender on Bankrate. This data dynamically updates within the outlined date range, ensuring you have access to the most recent, accurate Bankrate data on this lender.
Where Best Egg falls short
- LImited term options: You’ll need to choose a term between 36 months and 60 months. That’s more limiting than the one to seven year terms offered by other personal loan lenders.
- Potential to tie up assets: Using your car or home fixtures as collateral for a loan puts you at risk of losing them if you can’t repay the loan. You could have difficulty selling or refinancing your home if you can’t repay the loan before the sale is completed.
- High origination fees: Best Egg charges an origination fee of 0.99 percent to 9.99 percent of your loan amount, which would reduce the amount of cash you pocket when the loan funds.
Best Egg customer experience
Customer support
Phone support is available Monday through Thursdays from 8 a.m. to 9 p.m. ET and Friday from 8 a.m. to 7 p.m. The company also provides an email address for support.
Digital experience
Best Egg doesn’t have a digital app for its personal loan products. The website features a help center with a variety of frequently asked questions and a resources section with several informational articles about personal loans. Best Egg also offers a prequalification option with a soft credit pull so your score isn’t affected.
What people are saying about Best Egg
As of June 13, 2024, Best Egg had received 5-star ratings from 88 percent of over 9,000 reviewers on Trustpilot. Most reviews on the third-party site were positive about the quality of the customer service, lack of phone calls and speed of the loan process. Many customers spoke about saving money by consolidating debts with Best Egg loans. One user enthused:
"No phone calls. Answered a handful of questions and bam, I was approved within a week. I just started to build credit at the age of 50 and in this present day, credit is more important than the numbers that reflect what you got in a bank account. Without sounding like I was paid to write this review I just wanna say if you’re looking to build credit, consolidate on some credit cards and or need cash to get yourself afloat from living paycheck to paycheck then this is the financial institute to go to for help."
— Trustpilot User
Negative reviews mostly expressed concerns with delays in funding, all of which were addressed by Best Egg representatives.
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
How this lender compares
Rating: 4.6 stars out of 5 4.6 Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
on Bankrate
Rating: 4.8 stars out of 5 4.8 Bankrate Score
APR from
7.80% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 or 60 months
Min Credit Score
Not disclosed
on Bankrate
Rating: 4.7 stars out of 5 4.7 Bankrate Score
APR from
7.49%-25.49% *with AutoPay
Loan Amount
$5,000-$100,000
Term Length
24 to 84 months
Min Credit Score
695
on Bankrate
Best Egg vs. Upstart
Best Egg may be a better fit if you prefer a secured loan option which Upstart doesn’t offer. Best Egg’s fees are also significantly lower, capping out at 8.99 percent compared to up to 12 percent at Upstart.
Upstart advertises a lower APR of 7.80 percent compared to the 8.99 percent minimum offered by Best Egg. If you need a loan amount below Best Egg’s $2,000 minimum you can borrow as little as $1,000 at Upstart.
Read a full comparison of Best Egg vs. Upstart
Best Egg vs. Lightstream
Best Egg beats Lightstream when it comes to offering both secured and unsecured loan options. Lightstream only offers unsecured loans. You can’t borrow less than $5,000 at LightStream, while you can borrow as little as $2,000 at Best Egg.
LightStream provides a much wider range of terms than Best Egg. You can pay a loan off in 24 to 72 months, compared to the 36 to 60 months you’re limited to at Best Egg. You can also borrow more at LIghtstream with a maximum loan amount of $100,000 versus Best Egg’s $50,000 limit.
Read a full comparison of Best Egg vs. LightStream
Do you qualify for a Best Egg personal loan?
The application process is standard with requirements that include documenting your income, employment and a credit pull. Approval requirements for a Best Egg loan include:
- At least a 600 credit score.
- A 700 score and proof of $100,000 income for the lowest rates.
- Information about your car if you choose a secured vehicle loan.
- Details about the fixtures in your home for the secured home loan.
- You are not a resident of Iowa, Vermont, West Virginia, Washington, D.C. or U.S. territories.
How to apply for a personal loan with Best Egg
- Get a quote: Prequalify online without any impact to your credit score. Simply provide some basic information about yourself and your credit.
- Add information and finalize your application: Have pay stubs and tax returns on hand when you go to fill out the full application. You'll also need to collect information about your home or car if you plan to apply for one of Best Egg’s secured loan options.
- Review the loan details: Check the final figures and make sure you know how much the origination fees are. Also understand how your car or home fixtures are secured if you choose the secured equity loan options. If everything checks out and you agree to the loan you may receive your funds within one business day.
How Bankrate rates Best Egg
| Overall Score | 4.6 | Explanation |
|---|---|---|
| Availability | 5.0 | Great variety of secured and unsecured loan options at competitive interest rates. |
| Affordability | 4.2 | Low rate options available for borrowers with high incomes and good credit scores. |
| Customer Experience | 4.5 | Access to support five days a week with frequently asked questions featured on the website’s help center. |
| Transparency | 4.6 | Rates and fees are disclosed in the fine print at the bottom of the personal loan product pages. |
Methodology
Bankrate's trusted personal loans industry expertise
Read our full methodology
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
- Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
- Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
- Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
- Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
On This Page
On This Page
- At a glance
- Where Best Egg stands out
- Where Best Egg falls short
- Best Egg customer experience
- How this lender compares
- Do you qualify?
- How to apply
- How Bankrate rates Best Egg
- Methodology
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