Are Best Egg Loans Legit?

FT Contributor
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There are times when you need a loan quickly to cover an unexpected expense. Comparison shopping personal loans is recommended to ensure you get the best terms and interest rate, but when you’re under pressure and need money ASAP, you may not have the time to shop around.

Best Egg comes in to simplify the process. The online loan marketplace makes it possible to apply for a personal loan once and receive multiple offers from different lenders, saving you the time and hassle of contacting each one directly.

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Pros and Cons of Best Egg Loans

As with all lenders, there are benefits and drawbacks of borrowing from Best Egg Loans. Here’s an overview:


  • Receive multiple loan offers from just one application;
  • Funding in one business day is possible;
  • Loans of up to $35,000 (in some cases up to $50,000);
  • Competitive interest rates;
  • Provides clear information about their personal loan products upfront, in compliance with the Truth in Lending Act;
  • Secured and unsecured personal loans available;
  • Good reputation for customer satisfaction and an A+ rating from the Better Business Bureau (BBB).


  • Charges a loan origination fee of 0.99% to 5.99%;
  • Good credit, low debt and steady income required for best rates;
  • Less creditworthy borrowers may see a high-interest rate of up to 29.99% annual percentage rate (APR);
  • Borrowers with less than perfect credit may not be approved.

What Is Best Egg?

Best Egg is a legitimate online loan marketplace providing loans to consolidate debt, go on vacation, fund a major purchase, or take on a home improvement project. Depending on the state you live in, you may get a personal loan between $2,000 and $35,000, although some borrowers may be approved for as much as $50,000.

Annual percentage rates vary, depending on the loan amount, terms, and your creditworthiness. You will receive loan offers with a range between 5.99% and 29.99% APR and loan repayment terms of three to five years with no prepayment penalties.

Since Best Egg is a loan marketplace, they’ve partnered with a variety of lenders. The best interest rates are saved for customers with credit scores of at least 700 and with an income of $100,000 or more, but they also offer loans to customers with lower income and a fair-to-good credit score, although it’s likely customers with some credit issues will have higher-interest loan options.

Best Egg lenders consider more than your credit score to decide on whether to fund you. Income and a low debt-to-income ratio are just as important — you’ll be asked about both factors in the application process.

To improve your chances of qualifying for a Best Egg personal loan, take a few steps to increase your credit score. Order a free credit report and review the report for any mistakes or incorrectly reported accounts. You can dispute them with the credit bureaus to have them corrected or removed. Since your debt-to-income ratio is an important factor, try to pay down your loans, such as credit cards or vehicle loans, as much as possible before you apply.

Whatever small improvements you can make to improve your creditworthiness in the eyes of Best Egg could increase your chances of receiving several loan offers at better interest rates.

Customers with a poor credit history may be able to qualify for a Nested Loan. Most of Best Egg’s loans are unsecured, meaning they’re backed by your creditworthiness and no other assets. A Nested Loan uses “fixtures attached to home,” such as a water heater, as collateral. If you don’t repay the loan, Best Egg could place a lien on your home’s fixtures as collateral.

Is a Best Egg Loan Right for Me?

Best Egg wants to simplify the borrowing process by providing a one-stop online lending experience. It’s designed for customers who need a quick loan at a competitive rate. As with many personal loan products, borrowers with high income and good credit have the best chance of qualifying for a low-interest personal loan.

However, the type of individual most likely to qualify doesn’t typically need a personal loan to fund a vacation or a personal loan. If you’re struggling with debt and have a past bankruptcy or negative marks on your credit history, you may not qualify for a Best Egg personal loan at all.

Nevertheless, personal loans are available to a wide variety of individuals who are steadily employed and have at least a fair or good credit score. In many cases, a Best Egg loan could cost less than credit card interest or a payday loan. It may be advantageous to consolidate all your credit card debt into one lower-interest loan to save on the amount of interest you pay each month.

Be cautious of taking on a personal loan with a high-interest rate, even if you really need the money right away — the amount of interest you’ll pay over the loan term could cost you more than you can afford.

How to Qualify and Apply for a Best Egg Loan

The loan application process is pretty straightforward. Choose the kind of loan you’re interested in, answer a few questions, and provide:

  • Social Security number and other personal information;
  • Your annual income;
  • Loan amount desired;
  • Whether you rent or own your home;
  • Debts carried, such as credit cards, mortgage, and student loans.

Once you complete the application, Best Egg will perform a soft credit check. Unlike a hard credit pull, a soft credit check won’t affect your credit. Once the process is complete, you’ll receive loan offers, all with three-year and five-year options for you to choose from.  

Choose the loan that works best for you and Best Egg will continue the process by performing a hard credit pull to finalize the loan. The website will also request your bank account information, including your account and routing number to transfer the loan funds to your account. Best Egg may require you to upload other financials or proof of identity through their secured website to verify your information, but according to the website, loans fund as soon as one business day.

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