Best Egg Personal Loans: Rates, Terms & What to Know

Key Features

At a Glance

Pros and Cons

Secured vs Unsecured Options

Best Egg is one of the few online lenders that offers both secured and unsecured personal loans. An unsecured loan does not require collateral and is based on your creditworthiness alone. A secured loan requires you to pledge an asset, such as a vehicle or other personal property, which the lender may claim if you default on the loan.

Secured loans from Best Egg may come with lower interest rates compared to unsecured options because the collateral reduces the lender's risk. However, pledging collateral means you take on additional risk. Carefully consider whether the potential rate savings justify using a secured loan for your situation.

Rate and Fee Structure

Best Egg offers APR from 8.99% to 35.99%, depending on your credit profile, income, and loan characteristics. Origination fees range from 0.99% to 8.99% and are deducted from your loan amount at disbursement. For example, a $15,000 loan with a 4% origination fee would disburse $14,400 to your bank account.

All Best Egg personal loans feature fixed interest rates, which means your rate and monthly payment remain the same throughout the loan term. This predictability can make budgeting easier compared to variable-rate products where payments may fluctuate.

Debt Consolidation Features

Best Egg supports debt consolidation by offering the option to send loan funds directly to your existing creditors. This can help ensure the loan proceeds are applied to paying off your existing debts rather than being used for other purposes. If you prefer, you can also receive the full disbursement and manage payments to creditors yourself.

When considering debt consolidation, compare the APR on your new loan against the rates on your existing debts. Consolidation typically makes sense when you can secure a lower overall rate and simplify your monthly payments into a single obligation.

Eligibility Requirements