Best Egg Personal Loan Review: Good for High-Income Borrowers

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Best Egg Personal Loan Review: Good for High-Income Borrowers

A personal loan from Best Egg is a good option for creditworthy borrowers and for those who need money quickly. Through Best Egg, you can borrow between $2,000 to $50,000.

Good for

  • Borrowers with high incomes
  • Borrowers with good to excellent credit

Bad for

  • Joint applications
  • Borrowers with poor credit

Editor's Rating

4.0/5.0

Get Personal Loan Rates

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By clicking "See Offers" you'll be directed to our ultimate parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Best Egg is well suited for borrowers with good credit scores and high annual incomes. Best Egg offers loan amounts up to $35,000 and low APRs to borrowers with six-figure incomes and good credit histories. Through this lender, you can borrow between $2,000 to $35,000 with rates from 5.99% to 29.99% and terms of three or five years.

Best Egg Personal Loan Review: Should You Apply?

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A personal loan from Best Egg is a good option for creditworthy borrowers and for those who need money quickly. Through Best Egg, you can borrow between $2,000 to $35,000 with rates between 5.99% and 29.99%. Loans come with terms of three or five years, but as there are no prepayment penalties, you can pay off your loan more quickly if you wish. Because Best Egg is not a marketplace lender, funding is fast -- as quick as one business day in many cases.

Good for...Bad for...
  • Borrowers with high incomes
  • Borrowers with good to excellent credit
  • Joint applications
  • Borrowers with poor credit

Best Egg is a good choice for borrowers with high credit scores and personal incomes. While Best Eggs offers competitive APRs on its personal loans from 5.99% to 29.99%, you will need a minimum personal credit score of 700 and annual income of $100,000 to even be considered for the lowest rate. Even if you meet these requirements, applying for the highest loan amount ($35,000) may mean a slightly higher rate.

Depending on what state you live in, there may be different minimums placed on how much you can borrow through Best Egg. For borrowers in Massachusetts, Ohio and Georgia, loans must exceed a certain amount: $6,000, $5,000 and $3,000 respectively.

Eligibility Criteria

To qualify for a Best Egg personal loan, we recommend that borrowers meet the following criteria:

  • U.S. citizen or permanent resident
  • At least 18 years old
  • Annual income of $150,000 or more to qualify for $50,000 loan
  • Credit score of 700 and annual income of $100,000 or more to qualify for 5.99% APR

Best Egg will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.

Best Egg Personal Loan Terms and Requirements

Best Egg personal loans are best suited for borrowers with good credit and annual income. To qualify for the largest loans or the lowest rates, you’ll need to have a six-figure annual salary.

Loan Amount Range$2,000 - $35,000 (up to $50,000 for qualified borrowers)
APR Range5.99% - 29.99%
Fees
  • Origination fee: 0.99% - 5.99%
  • Late payment fee: $15
  • NSF/returned payment fee: $15
  • No check processing fee
  • No prepayment penalty
Loan Terms3 or 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

You can check your rate online through Best Egg without affecting your credit score. To check your rate, you’ll need to provide the lender with the desired loan amount, loan purpose as well as personal information, such as your address, date of birth and income. You’ll also need to supply the lender with your employment status, Social Security Number, mortgage/rent information and the number of credit card cash advances you’ve received in the last six months.

Application ProcessOnline
Time to Get Funds1+ days
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No
Once you’ve supplied the lender with this information, Best Egg will present you a variety of loan offers. If you select one of these offers, Best Egg will conduct a hard credit check to verify your credit history. You may also need to provide documents to verify your income and employment status to the lender. When you’re approved, you will receive funds quickly -- in as fast as one business day in some cases.
Best Egg Application Process
Best Egg Application Process

How Does Best Egg Compare to Other Lenders?

If you’re considering a personal loan from Best Egg, it can still be helpful to check your rates at other lenders.

Best Egg vs. LendingClub

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LendingClub may be a better option if you have a lower credit score. With LendingClub, you’ll need a minimum credit score of 600 to apply, while a 640 credit score is recommended to apply with Best Egg. LendingClub offers similar starting rates to those at Best Egg: 6.95% but higher maximum rates at 35.89%. The lender also offers terms of three or five years, and loan amounts up to $40,000. One downside to using LendingClub is that it takes longer to fund your loan offer because it is a marketplace lender. On average, it will take roughly one week to receive funds.

Best Egg vs. Prosper

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Prosper has similar rates and terms to LendingClub: up to $40,000 loans, APRs between 6.95% and 35.99% with three or five year terms. Compared to Best Egg, Prosper has a few additional requirements. You’ll need to have at least three open trades on your credit report, less than seven credit inquiries in the last six months and no bankruptcies within the last 12 months. You’ll also need to have a personal debt-to-income ratio of less than 50%. Because Prosper offers similar rates to Best Egg, it may be a good idea to check your rate at both companies to get the best deal.

Best Egg vs. Upstart

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Unlike Best Egg, you can borrow up to $50,000 through Upstart, and there are no specific income requirements for getting a low APR. However, Best Egg offers lower starting APRs. Upstart's rates start at 7.46%, so you may want to see if you can qualify for Best Egg before looking at Upstart. To qualify for a loan at Upstart, you’ll need a minimum credit score of 620.

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