Best Egg is an online lending platform that offers loans up to $35,000 with rates as low as 5.99%. Since 2014, it has originated over $5 billion in loans to more than 350,000 borrowers. Definitely not the norm; Best Egg lets borrowers take out two loans at the same time if qualified. Find out more about Best Egg personal loans below: the good, the bad, and my breakdown.

The Good

• No collateral is required. Don’t own a house? It’s not going to be an issue here.
• Simple application process. Just head over to Best Egg’s website and apply online.
• Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
• Quick funding. It can take as little as one business day if approved.
• Flexible fund use. A personal loan through Best Egg can be used for debt consolidation, credit card refinancing, home improvement, moving expenses, vacation, and more!
• Competitive fixed rate. With excellent credit, your APR could be as low as 5.99%, and that won’t budge for the entire duration of your loan term.
• No prepayment penalty. So you can pay that loan of yours back as quickly as possible!
• Intuitive tools. They’re designed to put you in control. Customizing your loan is easy, and managing your loan is a breeze with multiple payment options. These self-service and easy-to-use tools are available to you 24/7.
• Borrow twice. If you’re thinking about taking out a second loan with Best Egg, make sure your first loan is at least six months old and that you haven’t missed any payments. The total amount of both loans must not exceed $50,000.

The Bad

• Not available in all states. You can’t apply for a Best Egg personal loan if you live in Iowa, West Virginia, Vermont, Puerto Rico, or Guam.
• Only two fixed-term lengths. You’re limited between either a three-year term or a five-year term.
• Origination fee. There is an administration fee that can range from 0.99% to 5.99%.
• Processing fee. You will be subject to a $7 fee per payment if you’re not enrolled in automatic payments.
• Late payment fee. If you miss your payment by more than three days, Best Egg will charge you a $15 late fee.
• NSF fee. If your payment is rejected, you’ll have to pay $15 per unsuccessful transaction.

Eligibility Requirements

Applicants must have a minimum credit score of 640; the average is 700. You must also have at least three years of credit history with a minimum of three open credit accounts. The minimum annual income isn’t specified, but the average is $80,000. The debt-to-income ratio is also not specified but is typically less than 35%.

Best Egg Terms & Fees

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