Nobody wakes up excited to borrow money. You don’t roll out of bed thinking, “Yes! Today’s the day I take on debt!” But life happens — maybe your credit cards are piling up, maybe you need to cover a big expense, or maybe you just want one steady payment instead of juggling five.
That’s where Best Egg comes in. Best Egg is an online lender that offers personal loans. It’s designed to make borrowing quick and less of a headache. You check your rate online, apply, and if things go smoothly, the money can show up in your bank account in just a few days.
This article breaks down what Best Egg loans are, how they work, what’s good, what’s not-so-good, and whether it’s the right fit for you. Think of it as a quick tour before you decide to hop on board.
Table of Contents
What Is Best Egg?
Best Egg is an online company that gives out personal loans. No branches, no sitting in a banker’s office pretending to understand their jargon. You do everything on the website — check your rate, fill out the form, and if you’re approved, the money gets sent straight to your bank.
The loans are mostly used for things like:
- Paying off high-interest credit cards (debt consolidation).
- Covering big costs like medical bills, moving expenses, or home projects.
- Handling “life happens” stuff — the kind of surprises that don’t wait for payday.
Loan sizes usually range from $2,000 to $50,000, with repayment terms of 3 to 5 years. The rates you get depend on your credit score, income, and overall financial picture.
In short: Best Egg is like the “fast food” of loans. You order online, it’s quick, it’s simple. Just remember — even fast food has a price tag, and Best Egg does charge fees (we’ll get into that later).
Key Features of a Best Egg Personal Loan
Best Egg loans aren’t complicated, but it helps to know the fine print before you hit “apply.” Here are the main things you’ll run into:
Loan Amounts
You can borrow between $2,000 and $50,000. That’s wide enough to cover a small bill or a big project. Just remember: borrow what you need, not what looks nice on paper.
Loan Terms
You usually get 3 to 5 years (36–60 months) to pay it back. Payments are fixed, so no guessing games each month.
Interest Rates (APR)
Rates vary based on your credit score and income. People with good credit can snag a lower APR, while shaky credit may mean higher numbers. It’s the lender’s way of saying, “We like safe bets.”
Funding Speed
Once approved, money often hits your bank account in 1–3 business days. Faster than waiting for a check in the mail, slower than instant noodles.
Fees
Here’s the part many people miss: Best Egg charges an origination fee (between 0.99% and 8.99% of the loan). This fee is taken out of the loan before the money even reaches you. There are also late fees if you miss payments, but no penalty if you pay off early.
Pre-Qualification
You can check your rate with a soft credit pull, which doesn’t ding your credit score. Only when you apply for real do they run a hard check.
In short, Best Egg is all about speed and simplicity — but you’ve got to factor in the fees to know if the deal is really worth it.
Pros
Best Egg isn’t the best loan company out there, but it does have some qualities that make it stand out. Here’s why people give it a thumbs up:
Fast Approval and Funding
Best Egg moves quickly. You check your rate online, and if things line up, the money can hit your bank in a few days. That’s handy if your bills won’t wait.
Fixed Monthly Payments
Your payment stays the same each month. No surprises, no “gotcha” jumps. It’s nice to know exactly what’s coming out of your wallet.
Soft Credit Check for Pre-Approval
You can see your estimated rate without hurting your credit score. It’s like window shopping for loans — look but don’t buy until you’re ready.
Good for Debt Consolidation
Rolling multiple credit card balances into one loan with a lower rate can save money and stress. Instead of juggling three due dates, you just deal with one.
Simple Online Process
Everything happens on the website. No need to dress up, drive to a branch, or shake hands with a banker who calls you “sir” five times in a row.
Cons
Every lender has a “but” attached, and Best Egg is not exempted; especially since they are one of the most used in the country. Here are the drawbacks you should know before jumping in:
Origination Fees
Best Egg charges an upfront fee between 0.99% and 8.99% of your loan. This fee gets taken out before the money reaches you. So if you borrow $10,000 and the fee is 5%, you only see $9,500 in your account. That stings if you were counting on every dollar.
Rates Depend on Credit
Best Egg advertises competitive rates, but only people with strong credit scores will see the lowest numbers. If your credit is average or poor, you might get stuck with a rate that doesn’t really feel like a deal.
Limited Loan Terms
Repayment terms are usually three to five years. That’s fine for many borrowers, but if you wanted a super short term or something longer, there’s not much flexibility here.
Origination Fee + Higher Rate Combo
For some borrowers, the origination fee plus a higher APR can make Best Egg less attractive compared to other online lenders. Always run the numbers before signing anything.
Not Available Everywhere
Best Egg doesn’t lend in every state. It’s worth checking if your state is even on their list before spending time on the application.
How to Apply for a Best Egg Personal Loan (Step by Step)
Applying for a Best Egg loan doesn’t usually require any special technical skill or advanced digital knowledge. Here’s how the loan application and approval process usually goes:
Step 1: Start Online
Head over to Best Egg’s website. Type in how much money you want and what you need it for. It could be credit cards, bills, or a big project.
Step 2: Share the Basics
They’ll ask for your name, address, job info, and income. Pretty much the same details any lender wants before they hand over cash.
Step 3: Check Your Rate
Best Egg will run a soft credit check. That means you can see your possible rate without hurting your credit score. Think of it as a test drive — no commitment yet.
Step 4: Look at the Options
You’ll get a few offers with different interest rates and payment plans. Slow down here. Pick the one that makes sense, not just the one with the lowest monthly bill.
Step 5: Finish the Application
Once you choose, you’ll submit the full application. This part includes a hard credit check and usually some paperwork like pay stubs or bank statements.
Step 6: Get the Money
If you’re approved, the funds go straight into your bank account. Most people see the money in about one to three business days. Not instant coffee speed, but still faster than waiting for a loan officer to call you back.
Who Should Consider Best Egg?
Best Egg isn’t a “one-size-fits-all” loan. It works best for certain people and situations:
People with Decent-to-Good Credit
If your credit score is solid, you’ll have a better shot at landing one of Best Egg’s lower rates. If your score is shaky, they might still approve you — but the rate could feel like a slap on the wrist.
Borrowers Who Need Money Quickly
Best Egg is known for funding loans in a few days. If you’re facing credit card bills or another expense that won’t wait, the speed can be a big plus.
Folks Who Want to Consolidate Debt
Got three or four credit cards all charging 20% or more? A Best Egg loan can roll those into one payment with a fixed rate. It won’t erase the debt, but it makes it easier to manage.
People Who Don’t Mind Paying a Fee
That origination fee (0.99%–8.99%) is the price of admission. If the loan rate still beats your credit cards, it might be worth it. If not, you might feel like you paid for VIP tickets but still sat in the nosebleeds.
Borrowers Who Like Simplicity
Everything is online, no trips to a branch, no endless paperwork. If you like things quick and digital, Best Egg keeps it simple.
Real-Life Example (Case Study)
Let’s say Tom has $12,000 spread across three credit cards. Each card charges around 22% interest. Even though Tom pays a few hundred dollars every month, the balances barely move because so much of his payment goes to interest.
Tom checks out Best Egg. He applies online, gets approved for a $12,000 loan at 11% interest, and chooses a 4-year term. His new monthly payment is about $310.
Here’s the difference:
- With the cards, Tom would’ve ended up paying back well over $18,000 if he stuck with minimums.
- With the Best Egg loan, he’ll pay back closer to $14,500.
That’s a savings of around $3,500 — money Tom can use for groceries, rent, or finally fixing that old car that groans every time it starts.
The key here? Tom has just one fixed payment and a clear finish line. But — and this is important — if Tom runs those credit cards back up again, he’ll have double the debt. That’s like mopping the floor while the sink is still overflowing.
Alternatives to Best Egg
Best Egg might fit some people, but it’s smart to look around before signing anything. Here are a few other lenders that often pop up in the “personal loan” conversation:
SoFi
SoFi offers personal loans with no origination fees. They also throw in extras like career coaching and member perks. The catch? You usually need strong credit to snag the best rates.
LightStream
LightStream, part of Truist Bank, is known for low rates if you’ve got excellent credit. They even have a “rate beat” program — if you find a lower rate elsewhere, they’ll try to top it. On the flip side, if your credit isn’t great, LightStream might not even take your call.
Marcus by Goldman Sachs
Marcus offers personal loans with no fees at all — no origination, no prepayment penalties. It’s clean and simple, but loan amounts are capped a bit lower than some competitors.
LendingClub
LendingClub started as a peer-to-peer lending site and has grown into a more traditional online lender. They’re flexible with loan purposes, but like Best Egg, they do charge origination fees.
Upgrade
Upgrade is another online lender with quick approvals and credit score tools to help you track your progress. Their rates are competitive, but they also add origination fees, so it’s worth comparing side by side.
Bottom line: Best Egg is one option in a crowded field. If you’re serious about saving money, get a few quotes and see who gives you the best deal. Shopping around here isn’t just smart — it can be worth thousands over the life of the loan.
Final Take
Best Egg is a solid choice if you want a personal loan that’s quick, simple, and handled fully online. The fixed payments make it easy to budget, and the funding speed is handy if you need the money in days, not weeks.
But it’s not perfect. The origination fee can cut into the money you receive, and the best rates are really only for people with good credit. If your score isn’t there yet, you might find better deals at a credit union or another online lender.
The smart move? Treat Best Egg as one option, not the only option. Get a few quotes, compare the numbers, and see who gives you the lowest overall cost. Even a small difference in rate or fees can add up to hundreds or thousands over time.
Think of it like shopping for internet service — everyone promises “fast and easy,” but the one with the best balance of speed, cost, and reliability is the one worth signing up for.
So, if you’re looking for a personal loan, give Best Egg a look — just make sure you peek at the neighbors before you commit.
FAQs: Best Egg Personal Loan
1. How much can I borrow with Best Egg?
Loan sizes range from about $2,000 to $50,000. Just because you can borrow $50,000 doesn’t mean you should. Stick with what you actually need.
2. How fast can I get the money?
If you’re approved, funds usually land in your bank within 1 to 3 business days. Not instant, but quick enough that you’re not biting your nails for weeks.
3. Does Best Egg charge fees?
Yes. There’s an origination fee between 0.99% and 8.99%, plus late fees if you miss a payment. The good news: no penalty if you pay the loan off early.
4. Will checking my rate hurt my credit?
Nope. Pre-qualification uses a soft credit check, which doesn’t affect your score. The hard check only happens when you submit the full application.
5. What credit score do I need for Best Egg?
You’ll have better luck with a score in the mid-600s or higher. The stronger your credit, the better your chances of getting a lower rate.
6. Is Best Egg better than other lenders?
It depends. Best Egg is good for fast funding and simple online applications. But lenders like SoFi, LightStream, or Marcus might offer lower rates or fewer fees if your credit is strong. Always compare before deciding.
7. What’s the biggest mistake people make with Best Egg?
Using the loan to pay off credit cards — and then running those cards back up again. That’s how you end up with double the debt. The loan should be your finish line, not a reset button.
