Best Egg Personal Loans Review

Whether you need a personal loan for something fun and exciting or to help you in the event of an emergency, there are so many options you can find online and it might be overwhelming to sift through all of them to determine which one is best for you. This review covers Best Egg’s personal loan services and gives you all of the information you need to make an informed decision about whether or not it’s the right fit for you.

Best Egg Personal Loan Highlights:

• Loans between $2,000-$50,000
• Best for those with fair to good credit (640+)
• Offers financial education programs and materials
• Great for debt consolidation
• Allows a variety of loan uses

What is Best Egg?

Best Egg offers loan options for anyone who currently has fair to good credit. They aim to help borrowers escape credit card debt by consolidating all of their monthly payments into one while also learning about how to boost their financial health overall. They are an accredited and have received an A+ rating with the Better Business Bureau.

Best Egg Rates and Fees

How Does Best Egg Work?

Best Egg offers an easy and hassle-free process that helps borrowers who need financial assistance that includes education as well as funds. If you are interested, you’ll fill out a brief online application and receive funds within 1-3 days. You can also use their debt consolidation services that will include Best Egg paying your creditors directly so that all you’ll be responsible for is paying Best Egg every month throughout your loan term.

What Type of Personal Loans Does Best Egg Offer?

Best Egg offers a variety of personal loans to help cover expenses for all of life’s moments. They offer the standard loans such as debt consolidation and credit card refinancing but they also offer loans that you can use for vacations, special occasions, and adoption expenses.

Personal loans with Best Egg can be used for the following:

• Debt consolidation
• Credit card refinancing
• Home improvements
• Moving expenses
• Special Occasions
• Vacations
• Unexpected expenses
• Maternity costs
• Adoption expenses

Best Egg Pros and Cons

Who Should Use Best Egg?

Best Egg is best suited to those who have fair or good credit which means they have a credit score of at least 640 or higher. It’s also a great solution for anyone who is interested in consolidating debt as they offer a well structured program to manage that. For example, they pay creditors directly so borrowers have less to worry about.

It’s also great for anyone who is a homeowner who needs a secured loan as that is one of the loan types Best Egg offers.

What Are Some of the Benefits of Using Best Egg?

Financial education

Best Egg offers judgement-free financial education that helps borrowers avoid similar difficult situations in the future. Whenever you log onto your Best Egg account you can see your credit score and use their credit simulator tool to help you visualize your goals and figure out what you need to do to get there. They also offer free resources and educational materials on their website.

Debt consolidation services

You can use their debt consolidation services that will include them paying your creditors directly so that all you’ll be responsible for is paying Best Egg every month throughout your loan term. This allows you to focus on just one payment and not have to stress.

Variety of loan uses

Best Egg offers loans for uses other than personal debt and credit card consolidation. If you’re planning a wedding, a big event, or facing unexpected medical expenses, Best Egg can help you out.

What Are Some of the Downsides to Using Best Egg?

Origination fees

Best Egg charges an origination fee upon the acceptance and implementation of a loan. The origination fee with Best Egg costs anywhere between 0.99% to 5.99% of the total loan amount.

Limited loan terms

Personal loans through Best Egg are offered only on a three or five year basis. If either of those options fits your need this may not be a downside but if you’re hoping for more flexibility then you will be out of luck with Best Egg.

No mobile app

These days, most services offer a mobile app where you can log in to check your balances, make payments, and more. Best Egg does not offer an app which can make managing your loan on the go complicated. They do offer a website that is optimized for desktop and mobile devices so you won’t be completely out of luck but the lack of a mobile app may be a deterrent for some.

No discounts for autopay

Although some providers will offer you a discount if you set up autopayments for your monthly charges, Best Egg does not. Usually these discounts will be under 1% so you won’t be missing out on significant amounts of cash but a dollar is still a dollar and you may prefer an option where you can get some kind of discount.

Do I Need a Credit Check to Take Out a Loan With Best Egg?

Best Egg will run a hard credit check when you are ready to accept an offer, but that does not need to happen until you are committed to taking out a loan with them. Before that they will run a soft credit check during the prequalification process.

Does Best Egg Cost Any Money?

Although it is completely free to apply to Best Egg, there are some costs to be aware of. Firstly, you will have to pay an origination fee which will range between 0.99% to 5.99%. Compared to the fee amount that other companies typically charged, Best Egg’s origination fee is lower than average. They also charge late fees when applicable but of course that can be avoided by paying your monthly amount on time.

Where Does Best Egg Operate?

Best Egg offers personal loans and credit cards to residents of the United States except for those who live in Iowa, Vermont, West Virginia, or Washington, D.C.

How Is Best Egg’s Customer Service and Support?

Reviews of Best Egg’s services indicate a high standard of customer service. Although they do not offer 24/7 live assistance, they do offer extended hours on the days they are open. They are closed on Sundays and may be closed on holidays.

Best Egg’s Customer Service phone line hours are:

• Monday through Thursday: 8:00 AM to 10:00 PM EST
• Friday: 8:00 AM to 8:00 PM
• Saturday: 9:00 AM to 1:00 PM

You can also send an email to their customer service account any time and they will get back to you during their normal business hours.

In addition, you can manage your account and apply on their website so unless you have a unique or complicated issue, you may be able to solve the issue yourself by logging into your account.

How to Qualify for a Best Egg Personal Loan

While Best Egg strives to help as many as possible, there are some minimum requirements for anyone who is interested in a personal loan.

• Credit score of 640 or above
• An annual income of at least $5,000
• Must be employed and show proof of income
• Must provide valid U.S. address and a social security number
• Must be 18 years old at minimum

How to Apply for a Best Egg Personal Loan

When you’re ready to apply for a personal loan through Best Egg, you’ll simply head to their website and fill out a form that provides them with all the basic information they will need to make their decision. If they accept your application they will let you know within minutes and you will get your funds within 1-3 business days.

Is Best Egg Legit and Trustworthy?

Absolutely! Best Egg holds an A+ rating with the Better Business Bureau which is earned by transparency, effective complaint resolution, and a demonstrated ability to run an honest business. Best Egg also includes a collection of reviews on their own website that are automatically generated from TrustPilot. Although they only show 4 and 5 star reviews, they specify that and do not hide the fact that they have a few negative reviews.

Conclusion

Best Egg is a fantastic option for anyone who has a credit score of at least 640 and has a decent credit history. Borrowers with Best Egg will be able to pay off their debt while utilizing the financial education to help them achieve their goals.