Best Egg Loans For Debt Consolidation Review 2021

Best Egg offers debt consolidation loans from $2000-50,000 for 3-5 year terms. Their interest rate (which depends on your credit score and income) is 5.99% to 29.99%. 

Loan Amounts & Terms

Loan Amount.
Best Egg offers personal loans ranging from $2,000 to $35,000, with some loans up to $50,000 accessible.Massachusetts citizens, on the other hand, must borrow a minimum of $6,500, New Mexico and Ohio residents must borrow at least $5,000, and Georgia residents must borrow at least $3,000.Borrowers can have two Best Egg loans open at the same time, with a total balance of $50,000 or less.

Conditions of the loan

Personal loans from Best Egg are available for 36 to 60 months, or three to five years.

Available loan terms, on the other hand, are determined by the applicant’s credit score and history, income, loan amount, and any outstanding debts.

Costs of a Personal Loan

Personal loan rates at Best Egg range from 5.99 percent to 29.99 percent APR, with the possibility of going up to 35.99 percent.In the end, a borrower’s APR is determined by a variety of factors, including creditworthiness, loan term, and loan size.To qualify for Best Egg’s most competitive rates, applicants must have a credit score of at least 700. .

Origination Fees

Origination costs range from 0.99 percent to 5.99 percent of the loan amount charged by Best Egg.This cost is determined by the applicant’s credit score, loan duration, income, and other pertinent application information; for example, loans with maturities of four years or longer are subject to an origination fee of at least 4.99 percent.At the time of disbursement, origination fees are taken from the loan proceeds.

Fees for returned payments.

A $15 fee is charged for returned checks and payments returned due to insufficient funds.

Penalty costs for early payment.

Borrowers who pay off their loan sums early are not charged any prepayment penalties by Best Egg.

Perks and Features

Due date is negotiable.

Some Best Egg personal loan consumers may be able to adjust their due date to match their monthly budget better.This can be done over the phone, by email, or using the lender’s online chat service.

For debt consolidation, you can make a direct payment.

Best Egg offers Direct Pay to qualifying borrowers, making it easier to consolidate credit card debt with a personal loan from Best Egg.Customers that select this option may also be eligible for greater loan amounts and reduced APRs.

Access to your FICO Score.

Customers who sign up for the service can access their online account to see a six-month FICO Score trend and top score variables.Scores are updated on a monthly basis, making it easy to see how your score has improved over time.

Pros & Cons


-Provides a diverse selection of lending amounts.

-Provides homeowners with a secured lending option.

-It offers direct payment to creditors.

-Can be used for a lot of different reasons.


-Charges a fee for the creation of the account.

-There is no pricing reduction for autopay.

-Only two repayment terms are available to borrowers.

Full Review

Best Egg is an online lender that specializes in personal loans for those with fair to good credit.

Personal loans from Best Egg range from $2,000 to $50,000, with differing minimums in different states, and repayment lengths of three to five years.Borrowers might use their loan to consolidate debt or restructure credit cards, but they can also use it to pay off huge bills.

Borrowers that qualify for Best Egg are those who:

-Have a good or fair credit rating (640 FICO or higher).

-Are people who own a home and want to take out a secured loan.

-They want to combine their debt and qualify for a cheaper interest rate.

Where Best Egg stands out from the crowd

If you’re consolidating debt, Best Egg will send your loan payments directly to your creditors.

This service, like those offered by other debt consolidation lenders, relieves the borrower of the responsibility of repaying individual creditors.

Borrowers can take out loans ranging from $2,000 to $50,000, giving them the flexibility to cover smaller or larger costs associated with events such as relocating, home renovation projects, or weddings.

Personal loans, both unsecured and secured: Best Egg provides both unsecured and secured personal loans. The secured loan is similar to a home equity loan, but instead of your entire house, it uses fixtures permanently attached to your home as collateral, such as your water heater, ceiling fans, or window shutters.You can expect to receive funding in one to three days after being authorized. If a borrower defaults on the loan, Best Egg has the right to seize the collateral.

Customers who have a personal loan can view their credit score for free through their Best Egg account, which allows them to observe how on-time payments affect their credit ratings over time.

Where does Best Egg fail to deliver?

Borrowers have the option of choosing a three- or five-year loan repayment term.These are fairly standard repayment terms for online lenders, but the restricted selection means you won’t be able to choose between a shorter period with lower interest and a longer term with lower monthly payments.

No rate reduction for autopay: Unlike some other lenders, Best Egg does not provide a rate reduction for setting up autopay.To encourage borrowers to set up autopayments, other lenders often cut interest rates by 0.25 to 0.5 percentage points.

Best Egg charges an origination cost that ranges between 0.99 percent and 5.99 percent.

Although not all lenders impose an origination fee, Best Egg’s price is reasonable when compared to those charged by other lenders.

Best Egg does not provide a mobile app to manage your loan, unlike some other online lenders.

What do you need to know about Best Egg?

Marlette, Best Egg’s parent firm, settled with the Colorado attorney general’s office in August 2020, after the state claimed the company worked with out-of-state banks to offer rates higher than the state-mandated maximum.

How to Get a Personal Loan from Best Egg

Prequalifying for a personal loan, completing a formal application, and waiting for loan approval are all common steps in the process.To apply for a Best Egg personal loan, follow these steps:

Make an estimate of your monthly payment.

The personal loan calculator on Best Egg allows potential borrowers to estimate their monthly payment based on their creditworthiness and selected loan amount and period.There’s no need to provide an email address or any other personal information, and Best Egg doesn’t even perform a mild credit check.

To find out what rate you’ll be eligible for, fill out an application.

Enter your email address and click “Check My Rate” on the homepage if you’re ready to see available Best Egg loan offers. After that, fill out the application wizard with the relevant personal details, and Best Egg will do a light credit check to determine your creditworthiness.

Examine and accept loan proposals.

Following the submission of basic personal information, you will be able to explore various offers and select the conditions that best suit your needs and budget. Best Egg conducts a hard credit inquiry after you accept a loan offer, which might have a negative influence on your credit score.

Check the details on the application.

Best Egg needs validate your personal details in order to continue with the application and underwriting process. You may be required to present evidence to prove your identification, address, income, and credit score in order to do so. Your DTI will also be verified using this information.

Obtain finances.

Borrowers can expect to get payments within one to three days after their information has been validated. If you signed up for Direct Pay, money will be put straight into your bank account or delivered directly to your other creditors.

Make your first payment.

After you get your loan cash, you can access and manage your Best Egg account one to two days later. Payments can be done using your online Account Portal, as well as by phone, text, and online chat. Payments by check or money order can also be mailed in, though they may take up to seven days to arrive. You can also sign up for autopay, but you won’t get a rate break.

When Will I Get My Money?

After approval and verification, Best Egg reports that almost half of its clients receive their loan funds the next day.However, payments are typically received one to three business days after verification.

Requirements for a Best Egg loan?

-640 is the minimum credit score.

-A minimum annual income of $5,000 is required.

-Minimum debt-to-income ratio: 40%, or 65 percent if a mortgage is included.

-Employment: Proof of income is required; part-time employees are eligible.

-A valid U.S. address and Social Security number must be provided.

A three-year, $10,000 loan with a 15.5 percent annual percentage rate would cost $349 in monthly payments.That loan would cost you $2,564 in total interest.