Best Egg Personal Loans 2024 Review and Comparison

Best Egg Personal Loans: 2024 Review and Comparison


In the dynamic landscape of online lending, Best Egg stands out as a provider of personal loans catering to borrowers with fair to good credit. This review delves into the pros, cons, features, and eligibility criteria of Best Egg personal loans, offering insights to help you make an informed financial decision.

Pros & Cons Overview:


  1. Option to pre-qualify: Best Egg provides the convenience of pre-qualifying with a soft credit check.
  2. Wide loan amount range: Borrowers can access a broad spectrum of loan amounts to meet various financial needs.
  3. Secured loan options: Best Egg offers secured personal loans, allowing borrowers to use home fixtures or their car as collateral.
  4. Direct payment to creditors: Noteworthy for debt consolidation, Best Egg can send loan funds directly to up to 10 creditors.
  5. No late fees: Borrowers benefit from a policy of no late fees.


  1. Origination fee: Best Egg charges an origination fee, ranging from 0.99% to 8.99%.
  2. No rate discounts: Unlike some competitors, Best Egg does not offer rate discounts for automatic payments or paying other creditors directly.
  3. No option to choose initial payment date: Borrowers do not have the flexibility to select the initial payment date.
  4. No mobile app: Best Egg lacks a dedicated mobile app for managing loans.

Key Features:

Where Best Egg Excels:

  1. Direct payment to creditors: Best Egg’s direct payment feature simplifies debt consolidation, streamlining payments to multiple creditors.
  1. Wide loan amount range: Offering flexibility, Best Egg caters to diverse financial needs with loan amounts ranging from $2,000 to $50,000.
  1. Secured loans: Borrowers can leverage their home fixtures or vehicles as collateral, unlocking benefits such as APR discounts and higher loan amounts.
  1. Financial Health Tool: Best Egg provides a free Financial Health Tool, offering credit reports, credit score alerts, budgeting calculators, and a credit simulator for both borrowers and non-borrowers.

Areas for Improvement:

  1. Origination Fee: The origination fee charged by Best Egg, ranging from 0.99% to 8.99%, might be considered high compared to competitors.
  1. No Rate Discounts: Lack of rate discounts for choosing automatic payments or paying off other creditors may be a drawback for cost-conscious borrowers.
  1. Mobile App Absence: In an era of mobile convenience, the absence of a dedicated mobile app could be seen as a limitation.

Qualification Criteria:

Best Egg aims at borrowers with good to excellent credit but mentions that fair credit individuals may also qualify. Key qualification criteria include:

  • Minimum credit score: 600.
  • Minimum credit history: Two years.
  • Minimum annual income of $3,500 is required.
  • Minimum 40% or 65% debt-to-income ratio is required.
  • U.S. citizenship is required.

Application Process:

  1. Pre-qualification: Initiate the process by pre-qualifying on Best Egg’s website, providing details like desired loan amount and purpose.
  1. Preview Loan Offers: Evaluate firm loan offers based on APRs, repayment terms, and monthly payments to choose the most suitable option.
  1. Submit Application: Once a suitable offer is identified, submit a formal application, subject to a hard credit check.
  1. Repayment Planning: Plan for loan repayment, considering budgetary implications and setting up automatic payments for credit score benefits.

Comparison with Other Lenders:

  1. Best Egg vs. Prosper: Prosper shares similarities in loan amounts and repayment terms but lacks secured loans and direct payments to creditors.
  1. Best Egg vs. Upstart: Both offer quick funding and pre-qualification, but Best Egg provides more options for repayment terms and potentially lower origination fees.


Best Egg appeals to a diverse clientele with its personal loans, offering a blend of convenience, flexibility, and secured loan choices. While considerations such as the origination fee and the absence of rate discounts exist, the lender’s dedication to simplifying debt consolidation and furnishing valuable financial tools enhances its attractiveness. For individuals contemplating their choices in the competitive lending arena, Best Egg emerges as a notable player, particularly for those with fair to good credit who aim to make budget decisions through a trustworthy online lending experience.

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