Best Egg provides unsecured online personal loans through Cross River Bank, an FDIC member chartered in New Jersey. It has a limited range of loan amounts, which may vary by state, that are most often used for debt consolidation. However, it loans money for travel, business expenses, home improvement, relocation or vehicle purchase.
You may know Best Egg because you received a "pre-approval" notice in the mail. This does not mean you had applied for a loan or that someone has applied in your name. Rather, this company has pre-screened potential clients and sent out this notice, much like some credit card companies do.
Like Prosper and Earnest, the application process is completely online. Once you complete the initial application, it evaluates your information and credit rating, and notifies you what you may qualify for. It offers you several choices of loan amounts and rates. You then select the best personal loan for you, and complete the process. Finalizing the loan involves sending in documents that prove your income and identity (documentation requirements vary by person and loan). Most often, you need to send a W-2 and proof of identification.
Signing your loan is done by click-to-sign online, and the funds are wired to your bank. Your first loan payment must be made via automatic withdrawal, after which you can call in and have it changed if you wish.
Best Egg's customer support was not nearly as good as the other online personal loan lenders we reviewed. When our testers called with questions about the process, representatives pressured us to apply more often than other lenders did. Some reps implied they could not answer our questions, although it was not clear whether they didn't know the answers or were unwilling to answer until we applied. The website also lacks support tools like a loan calculator or articles about loans and the loan process. While these features aren't necessary for getting a loan, they do indicate a focus on assisting people.
Customer support can only be reached by phone during normal business hours. The FAQs are basic and apply specifically to Best Egg.
If you are looking for a personal loan, Best Egg can provide you a variety of unsecured loans through an FDIC bank. The application is handled online. You can call in with questions, but unless you are an active applicant, you may not get the best service. However, if you are familiar with the loan process and like the idea of having a choice of rates, this lender is worth considering.