Best Egg is an online lending company that provides debt consolidation, personal loans, and other financial services. The company began in 2014 and operates in 47 states. Best Egg reviews reveal high average rating scores, including 4.6 stars from Trustpilot and an A+ grade with a 4.87 score from the Better Business Bureau.
The company partners with two banks for its debt consolidation and personal loan business. Cross River Bank is a New Jersey State commercial bank, and Blue Ridge Bank is a nationally chartered bank.
Best Egg allows potential customers to understand their approval odds without affecting their credit scores. The company’s online pre-qualification step draws only a soft inquiry on your credit report—not changing the score—and returns information about your debt consolidation or borrowing ability and interest rate information before formally applying for consolidation.
Pros
Highly rated company
A+ grade at the BBB
Qualifying won’t affect credit score
No prepayment fees
Payments directly to lenders available
Direct lending company
Cons
Limited loan-length terms
Fair credit score or higher required
Origination fee applies
Not available in every state
Best Egg Debt Consolidation Features and Benefits
While many online lending platforms offer borrowing and debt consolidation loans from numerous institutions, Best Egg uses two banks to provide the services. However, Best Egg still offers pre-qualification benefits without affecting your credit score.
- Highly rated company
- Amounts from $2,000 to $50,000
- Pre-qualifying won’t affect credit score
- Direct lender pay available
- Repayment terms from 36 to 60 months
- Interest rates from 8.99% – 35.99%
- Origination fees from 0.99% – 8.99%
- Best for fair credit scores and higher
- Also offers personal loans and other financial services
- Co-signers not allowed
- Credit scores over 700 get best rates
Best Egg Review Editorial Rating
Trusted Company Reviews Rating Score for Best Egg: 7.1
Our best debt consolidation companies review highlights our top picks in the industry. While Best Egg fell just short of our top five list, the company still rates well due to its high customer satisfaction ratings and reviews.
Best Egg lost a few points in our rating system because of its slightly elevated lowest interest rate availability, the existence of origination fees, minimum credit score requirements, and limited repayment terms.
Best Egg Debt Consolidation Facts
Best Egg partners with two lending institutions. However, its website operates similarly to online lending marketplaces that offer funding from numerous sources. Prequalification for Best Egg debt consolidation requires potential borrowers to input personal and financial information online. Best Egg will then determine the borrower’s creditworthiness and return offers if they qualify.
Best Egg offers repayment terms of 36 to 60 months, a maximum interest rate of 35.99%, and loan amounts of up to $50,000. Minimum loan amounts are $2,000 in most states. However, Massachusetts, Ohio, and Georgia require higher minimum amounts. Best Egg customers can have up to two simultaneous loans from the company, assuming the combined total balance is below $100,000.
| Interest Rates | 8.99% – 35.99% |
| Origination Fee | 0.99% – 8.99% |
| Loan Terms | 36 – 60 months |
| Minimum Credit Score | 640 |
| Loan Amounts | $2,000 – $50,000 |
| BBB Rating | 4.87 / A+ |
Best Egg Interest Rates
Typical unsecured debt consolidation loan interest rates range from roughly 6% to 35.99%. Best Egg debt consolidation loans start at 8.99% APR, meaning they start somewhat higher than some lending companies.
Best Egg considers several factors when determining interest rates for debt consolidation. Credit score and history, income, debt obligations, financed amount, and other indicators may all be considerations.
Best Egg approval odds are generally best for those with credit scores above 640. The best rates and terms are available for those with scores topping 700 with an income exceeding $100,000 annually.
How to Get a Best Egg Debt Consolidation Loan
Applying for a Best Egg debt consolidation loan is straightforward on the company’s website. Consumers can input their personal and financial information into the site without initially providing proof of statements. Best Egg will return information stating the consumer’s borrowing or consolidating offers if they qualify.
The customer can now formally apply for an offer and will be asked to provide documentation or proof of the statements made in the pre-qualification step. Best Egg will then perform a hard inquiry on the customer’s credit report, consider the documentation, and return an approval or denial decision.
If accepted for debt consolidation, Best Egg will deposit the funds into the customer’s account or pay lenders directly, depending on the conditions of your consolidation loan and preference.
Does Best Egg Lend Money?
Best Egg acts as both the interface between customer and lender through its website and the lender itself through its affiliation with Cross River Bank and Blue Ridge Bank—Both Member FDIC, Equal Housing Lenders. Upon final approval, Best Egg can fund debt consolidation within three business days in most cases—Normal funding time is between one and four days.
Approval and Acceptance
Pre-qualifying with Best Egg only provides offers for application and doesn’t guarantee final acceptance. There may be more than one offer if pre-qualified. The company will make an initial soft inquiry on your credit report and consider your other information after you supply it without proof. Best Egg makes an educated guess about your ability to meet the contract terms and make an offer contingent on final proof, documentation, and a hard credit inquiry.
It’s possible that Best Egg will make a consolidation loan offer only to deny final approval. However, this situation is rare for customers who supply honest and accurate information during the pre-qualification step.
Best Egg Debt Consolidation Loan Requirements
While Best Egg doesn’t forbid those with poor credit from applying for debt consolidation through the company, it does state that consumers with credit scores above 640 will have the best chances for approval. The minimum requirements for approval include the following criteria.
- DTI of 40% or lower – higher if including home mortgage
- 60 minimum credit score
- 18 years of age or older
- Proof of income
- 2-year minimum credit history
- U.S. citizenship
- Banking information
How Does Best Egg Make Money?
Best Egg is an online lending platform and a lender. The company makes money from origination and other fees and interest rates charged to borrowers.
Best Egg Reviews
Best Egg reviews from customers and professionals are consistently high across multiple ratings and review platforms. Nealy 8,500 reviews at Trustpilot award the company an average of 4.6/5 stars, with less than 7% of reviews rating Best Egg at three stars or below. Nearly 90% of reviewers give it five stars.
Best Egg Reviews BBB
At the Better Business Bureau, Best Egg enjoys a 4.87/5 rating and carries an A+ grade. The rating score is based on just under 2,500 reviews. The BBB assigns grades to individual companies and company offices, if more than one, based on the company’s ability to address customer complaints as evidenced by its history with the Bureau.
Is Best Egg Worth It?
Best Egg debt consolidation may be worth it if your financial circumstances warrant taking the step and your credit score is 640 or above. The company’s requirements are a bit more stringent than some online lending platforms. Where some lending sites assure borrowers with low credit scores that approval is possible, Best Egg states that consumers with scores below 640 are less likely to qualify.
Best Egg debt consolidation may not be worth it for consumers with less than fair credit. While approval may be possible with poor credit, shopping around for a better interest rate or terms is likely to prove more effective. However, for those with fair credit and above, the company may offer an excellent option for consolidating debt.
Consumers seeking debt consolidation with credit scores above 700 are likely to enjoy Best Egg’s best interest rates and terms.
Best Egg Vs. Upstart
Best Egg and Upstart are very different companies despite some outer appearances. Upstart is an online lending marketplace that partners with numerous lending institutions to provide a range of options for borrowers and those looking to consolidate debt.
Best Egg is also an online lending company. However, that’s mostly where the similarities end.—Best Egg partners with just two lending banks for its debt consolidation and personal loans.
Both companies offer an initial pre-qualification step that can tell borrowers their projected interest rate and terms. However, Our Upstart review reveals that its site may return offer results from multiple lending companies, compared to Best Egg’s offers from a couple of lenders.
Upstart may generally appeal more to consumers looking to consolidate debt who have lower credit scores or shorter credit histories—Upstart requires a credit score of just 300 to potentially qualify, while Best Egg states that those with lower scores aren’t likely to be approved.
| Feature | Best Egg | Upstart |
| BBB Grade / Rating | 4.87 / A+ | 1.24 / A+ |
| Average Reviews Rating | 4.8 | 3.4 |
| Interest Rates | 8.99% – 35.99% | 5.39% – 35.99% |
| Origination Fee | 0.99% – 8.99% | 0% – 12% Varies by Lender |
| Loan Terms | 36 to 60 months | 36 to 60 months |
| Minimum Credit Score | 640 | 300 |
| Loan Amount | $2,000 to $50,000 | $1,000 to $50,000 |
| Joint Applicants Accepted | No | No |
| Mobile App Available | No | Yes |
Frequently Asked Questions
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Source
Image Sources: bestegg.com – bbb.org – trustpilot.com
Deane has dedicated over three decades to the field of residential construction, remodeling, maintenance, repair, and finance. With a wealth of experience in these areas, he ventured into writing as a means to broaden his outreach. Throughout his career, Deane's primary focus has been assisting clients in discovering the hidden potential within their homes and providing them with the knowledge and tools to take charge of residential projects from conception to construction to financing.
Now, as a contributor for distinguished publications such as Forbes Home, Angi.com, USNews, Family Handyman, Lifewire, Trusted Company Reviews, and others. His goal remains the same: to help clients, and now readers, turn their ambitions into reality.
