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Best Egg was founded in 2014 to “find better ways to make money accessible” and eliminate friction in the lending process. The firm claims to have funded over $6 billion in personal loans since inception. It is considered one of the best online loan services in the industry. Here’s a full review of Best Egg and all it offers.
Best Egg is one of the leading providers of online loans, which cover everything from debt consolidation to personal loans. Its leadership team has extensive experience working for larger financial institutions such as Merrill Lynch and Citigroup. Best Egg loans are designed for refinancing and personal expenses; the company currently does not offer student loans or mortgage financing. The broader goal with Best Egg products is helping customers make changes in their lives and keep their finances on track.
Best Egg’s goal is to eliminate the hassle of getting loans and make the lending process quick and simple. That philosophy is reflected in the application and approval process. When applying for a loan, Best Egg asks about the purpose of the loan, the amount requested, and other personal details. Based on that information, Best Egg can quote a rate without checking the applicant’s credit score, though there will be a hard credit check after application materials are submitted. If approved, applicants can have money transferred to their account in as little as 24 hours. Best Egg also makes the terms of repayment clear and jargon-free. There are no pre-payment penalties, so borrowers can save money and pay back the loan sooner. Customer reviews highlight that Best Egg’s applicant process is quick and customer-friendly.
The following types of Best Egg loans all have a fixed APR from 5.99%-29.99%.
Borrowers should note that there is a separate origination fee ranging from .99%-5.99%. Best Egg loan amounts range from $2,000-$35,000. Borrowers can have two outstanding loans, provided the combined balance does not exceed $50,000. Borrowers that take advantage of that offer do need to go through a separate application process to receive a second loan. Best Egg loans are all unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank.
Best Egg has been profiled by American Banker, Delaware Business Review, and other periodicals and has been lauded for its innovative approach to lending. Best Egg has also received strong reviews from customers and has an A+ rating from the Better Business Bureau. Here is a sampling of customer reviews from the Best Egg website:
“With best egg I was able to consolidate all my high interest credit card balances, pay off a high interest installment loan and leave a small cushion in my savings for unforeseen emergencies. And all done within minutes from the comfort of my home on my computer. This was about as easy and quick as I could have imagined.”-Sean
“Best Egg made the process amazingly fast, and easy. The interest rate was extremely competitive, best I found. After decades of making minimum payments on my credit cards, I was able to pay them all off, and save over $400 a month in payments. And now I know in three years, they will be gone forever.” –Dennis
“I was in dire need for quick action as my home septic system failed. I did not have enough equity in the house to get a Home Equity Loan so I went online and Best Egg came to my rescue. Fast, courteous, and professional service. I would recommend them to everyone. The process from start to finish was amazingly fast which helped me hire the contractors to fix this expensive problem. Thank you, Best Egg.” -Reid
“I have already recommended Best Egg to family and friends. I was very happy with the application, easy and speedy. Customer service friendly and helpful when needed to answer questions. Have done it twice now with funds approved. Could not be happier with a loan company!” -Teresa
Best Egg is a simple, hassle-free platform for taking out personal loans. Borrowers can quickly get a quote without impacting their credit score and have money transferred to their account within 24 hours. Best Egg also lets borrowers take out loans for as little as $2,000, making it easier to avoid over borrowing. You can also take out a second loan before repaying the first loan, provided you have good credit. Best Egg makes it possible to take out a personal loan for a wide range of expenses, even vacations and childcare costs. If you need fast cash you can get a Best Egg loan in just a few minutes on the computer.
There are certainly some drawbacks to using Best Egg. First, you need a six-figure salary to qualify for the best rates and origination fees. If your household income isn’t that high, the rates start looking less attractive. Also, if you are a very high-income household, you can find other lenders who offer similar rates but don’t charge origination fees. There are a growing number of “fintech” startups and prime borrowers have plenty of financing options. The company also doesn’t offer student loans or mortgages, but could potentially expand its offerings in the future.
Best Egg is a great option for borrowers that want to take out loans for personal spending. The interface is simple and customer-friendly and Best Egg has received strong reviews from customers. You can find better rates elsewhere if you have a high income and strong credit score, but Best Egg is definitely worth checking out.