Best Egg Personal Loan Review 2020

4 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Best Egg – About The Lender

Best Egg, established in 2014 out of Wilmington, DE, is a newer online lender but they boast lending over $6 billion to over 420,000 customers.

They focus on borrowers with good credit histories and pride themselves on the speed at which they can get customers their money. They have very high ratings with Consumer Affairs and the Better Business Bureau from many satisfied customers.

Upgrade has a deep executive bench with the goal of providing an online lending platform at a lower cost and with a better customer experience than traditional banks. Upgrade seeks to help borrowers understand their credit potential and secure cheaper credit in the long run using credit monitoring.

Loan Specification

Here are the basic specifications & requirements of Upstart personal loan:

Feature Best Egg Personal Loan
Loan Amount Range $2,000 -$35,000
Interest Rate Range 5.99% – 29.99%
Term 36-60 months
Origination/Administration fee 0.99% – 5.99%
Late Payment Fee $15
Returned payment fee $15
Prepayment Fee None
Non Auto pay $7 a month
Minimum Credit Score 640

Best Egg Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


  • Soft Pull Inquiry – Best Egg allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
  • Quick Turnaround Times and Simple Application Process –Best Egg has a simple application process and one of the quickest turnaround times since the loan is usually funded in about 1 to 3 days.
  • Competitive Interest Rates – Interest rates are competitive for borrowers with good credit histories and strong cash flow. “You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.”
  • No Prepayment Penalty – The borrower can pay off their loan early without any fees.
  • More than One Loan – A borrower can get multiple loans at a time from Best Egg, but they do have stipulations
  • Have Many Loan Uses – Best Egg allows for many different uses for their loans.


  • Not Available in All States –Best Egg does not operate in Iowa, Vermont, or West Virginia
  • Origination Fee – Best Egg deducts a one-time origination fee of .99% to 5.99% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply. Take into consideration that there are other lenders who do not charge an origination fee.
  • Restrictions for Investments – Best Egg loans cannot be used for investment securities.
  • Large Amounts on Short Terms – The terms are short and the payments on higher amounts can be too large for some borrowers
  • No Joint Applicants – The application is based on the applicant alone. Best Egg does not allow for joint applicants

What Can a Best Egg Personal Loan Be Used For?

Best Egg can be used for consolidating debt, credit card refinancing, vacations, special occasions, baby-related costs and adoption fees, home improvements, moving expenses or large purchases. It cannot be used for any post-secondary education expenses, investments, or illegal activities of any kind.

  • Best Egg Debt Consolidation

Best Egg debt consolidation takes one or more loans or bills and pays them off with the new Best Egg loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan with Best Egg is that the payment and term are fixed so you know your monthly payment.

Best Egg debt consolidation takes one or more loans or bills and pays them off with the new Best Egg loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The advantage of a debt consolidation loan with Best Egg is that the payment and term are fixed so you know your monthly payment.

  • Credit Card Refinancing

Best Egg credit card refinancing pays off one or more credit card bills. If you pay just the minimum required payment on your credit cards it could take years, if not decades, to pay off your balances. Best Egg credit card refinancing will make those many credit card payments into one fixed payment with an end date.

  • Vacations and Special Occasions

Best Egg vacation loans or special occasions loans offer a fast and easy way to get money for your events without having to deal with credit cards.

  • Baby-Related Costs and Adoption Fees

A Best Egg home improvement loan is for home repairs or renovations. The advantage of using a Best Egg home improvement loan is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home. You can use a Best Egg loan to start your home improvement project immediately. Or you may need it for a major, urgent repair requiring immediate funding, such as a tree damaging your roof.

  • Moving Expenses

A Best Egg loan for moving expenses is a fast way to get the funds needed to move you and your items from point A to point B.

  • Large Purchases

You can use a Best Egg personal loan for large purchases such as appliances, automobiles, recreational vehicles, and medical bills.

  • Best Egg Application Process

The Best Egg application process only takes a few minutes. You will fill out a short form with some basic questions about yourself, including your full name, contact information, date of birth, and income. You will need to consent to Credit Profile Authorization, allowing Best Egg to check your credit.

Then Best Egg does a soft credit pull and you’ll be presented with loan options for which you are pre-qualified. You can get an idea of how much you’ll be paying before they do a hard pull inquiry on your credit. You may get a notification that the application has been declined. If you decide to move forward you will need to answer more verification questions, and allow a hard credit pull.

If Best Egg approves your credit application you will also need to provide verifiable banking information and possibly some documentation to verify your information. The process is relatively quick – the average turnaround time for Best Egg is 1 to 3 days. Once the information has been verified you will need to sign loan documents.

Best Egg Loan is Best for..

Best Egg is very competitive for borrowers with excellent credit and high income. If you don’t have those characteristics, or have average credit there is no real advantage to using Best Egg. You should take advantage of the soft pull to see what they can offer you. For those with average or bad credit, there may be more competitive rates available elsewhere. Take into consideration that Best Egg has high origination fees, which will increase your overall cost.