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.
- Review: Should You Apply?
- Eligibility Criteria
- Personal Loan Terms and Requirements
- Application Process
- How Does Best Egg Compare to Other Lenders?
Best Egg Personal Loan Review: Should You Apply?
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...|
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.
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 Range||5.99% - 29.99%|
|Loan Terms||3 or 5 years|
|Direct Payment to Creditors||No|
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.
|Time to Get Funds||1+ days|
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
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
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
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.