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Best Egg Personal Loan Review

Launched in March 2014, Best Egg focuses on providing an online personal loan platform that is as frictionless as possible. It provides loan offers instantly and may fund loans within one business day. It is a third-party service provider for Cross River Bank.

With offices in Wilmington, Delaware and Newark, California, Best Egg has funded over 600,000 funded loans, representing over $8 billion. It is powered by Marlette Funding, whose mission is to “find better ways to make money more accessible.”

Best Egg personal loan highlights

  • Origination fee: This fee can range from 0.99% - 5.99% and is deducted from loan proceeds.
  • Prepayment penalty: Best Egg has no prepayment fees or penalties.
  • Credit score: To qualify for the lowest advertised APR, you need a minimum FICO score of 700 and an individual income of $100,000.
  • Loan amounts: You can apply for loans between $2,000 and $35,000. In some states loans up to $50,000 might be available if you receive a special code in the mail from Best Egg.
  • Checking your rates: Best Egg does a Soft Pull to quote you rates.

Best Egg at a glance

  • APR range: 5.99% to 29.99%¹
  • Minimum credit score: 700
  • Terms: 36 or 60 months
  • Origination fee: 0.99% - 5.99%
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Terms Fees and penalties
  • Terms: 36 or 60 months
  • APR: 5.99% to 29.99%¹
  • Loan amounts: $2,000 to $35,000
  • Time to funding: One business day
  • Credit check: Soft Pull
  • Origination fee: 0.99% - 5.99%
  • Prepayment fee: None
  • Late payment fee: If you are 3 or more days late, there is a $15 fee.
  • Other fees: $7 processing fee for each payment that isn’t done through an automatic payment.

Eligibility requirements

  • Minimum credit score: 700
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

In order to be eligible for a personal loan from Best Egg, it will need to verify your name, physical address and income as well as your Social Security number, phone number, date of birth and your employment circumstances. Best Egg will be in touch with you to verify all of this information, so make sure the details you provide are accurate.

What borrowers are saying about Best Egg

Reading lender reviews is an important part of deciding which lender is best for you. Not only can reviews let you know the pros and cons of each lender, but they can also give you a heads up on what you can expect throughout the process.

On LendingTree, consumers have given Best Egg a 4.8 out of 5 rating. Consumers say the process is “quick and easy” with one reviewer, Rob, from Livonia, Mich., saying Best Egg is a “head and shoulders above the rest.” Peggy, from Lovell, Wyo., elaborated, “I’m actually speechless. To have a loan approved in less than an hour is totally unheard of. The amount is exactly what is needed to consolidate some bills and the rate reasonable, based on my credit score. Best of all? The funds will help smooth out cash flow to make budgeting easier.”

Best Egg has few negative reviews, but out of those who have rated Best Egg poorly, the common complaints tend to be centered around difficulty getting approved and loan fees.

Applying for a personal loan from Best Egg

Best Egg does its best to make the application process as simple and straightforward as possible from start to finish. To apply for a loan, you’ll enter your email address on the Best Egg website to check your rate. After you do that, Best Egg will ask you for some additional personal information such as your name, the reason you need the loan, how much money you need, and your address.

Next, you’ll be prompted to input your employment status and income. You’ll have to let Best Egg know if your paychecks are deposited directly into your bank account or how you normally get paid. You’ll also have to disclose if you’ve taken out any cash advances on your credit cards in the last six months and what your housing payments are.

Then, you’ll provide your Social Security number and Best Egg will do a Soft Pull to quote you rates. After that, you’ll be able to select the loan that works best for you and move forward on the formal confirmation process to complete the loan.

Pros Cons
  • Quick funding: Funding is available within one business day.
  • No prepayment penalty: You won’t be charged a fee for paying off your loan early.
  • Soft Pull: Your credit won’t be affected when you apply for prequalification.
  • Minimum credit score of 700: Best Egg’s minimum score may make it hard for borrowers to qualify.
  • Fee for those not enrolled in autopay: Best Egg charges a $7 charge for each payment if you’re not enrolled in autopay.
  • Origination fee: Not all lenders charge an origination fee, but Best Egg does.

Who’s the best fit for a Best Egg personal loan?

If you have good credit and a stable income, a Best Egg loan might be a good option for you. Because Best Egg strives to provide funding within one business day, its loans are good for people who need money quickly. This is particularly helpful if you’re in an emergency situation and just need some extra funds to bridge the gap.

Best Egg makes its offerings even more attractive to emergency borrowers because it doesn’t charge a prepayment penalty. If you’re in a situation where you need money now, but expect you’ll be able to repay the funds within a short period of time, Best Egg could be a great solution. You can repay the entire loan whenever you have the cash.

Alternative personal loan options

Upstart

  • APR: 5.69% to 35.99%
  • Minimum credit score: 620
  • Terms: 36 & 60 months
  • Origination fee: Is Up to 8.00%

Upstart offers rates that take into account your education, area of study and job history in addition to your credit score. It also does a Soft Pull to quote you rates and aims to have approved loans funded within one business day. It has no penalty for prepayment so you can pay off your loan as soon as you’re able to.

LendingClub

  • APR: 6.95% to 35.89%
  • Minimum credit score: Not Specified
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 6.00%

LendingClub allows you to borrow up to $40,000. However, if you borrow from this lender, keep in mind that its loans take about seven business days to get funded. In some cases, LendingClub allows you to start a joint loan application and add a co-borrower if you need help qualifying for a loan. If you’re struggling to get approved for the rate or loan amount that you need, this could help you get there.

Avant

  • APR: 9.95% to 35.99%
  • Minimum credit score: 600
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%

Since Avant borrowers have credit scores a low as 600, this could be a good option to try if you need a loan for bad credit and can’t qualify with Best Egg. Its loan amounts range from $2,000 to $35,000 and it strives to fund loans within the next business day of your approval. It does a Soft Pull to quote you rates so that it won’t impact your credit score.

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

¹ The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from [ps name='personalloan.35.min_loan']-[ps name='personalloan.35.max_loan']. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

 

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