What is BestEgg?
BestEgg is a subsidiary of Marlette Funding, which launched in Wilmington, Del., in 2014. The company’s mission is to “find better ways to make money accessible so [its] customers can achieve their goals and enjoy life.”
While BestEgg’s personal loans are available to those with credit scores below 700, that is the magic number that will get you in the door for its lowest rates, combined with income qualifications. While a wider range of people can access these loans, those who will see the most optimal offers are those who have a history of managing their credit well.
BestEgg personal loan highlights
- No prepayment penalties: BestEgg does not charge prepayment penalties, which means you can pay off your loan early without incurring a fee.
- Lots of other fees: You will, however, face a slew of other potential fees with BestEgg. This includes an origination fee, late payment fees, a fee for insufficient funds and a processing fee if you don’t set up automatic payments.
- Quick turnaround if your paperwork is processed quickly: BestEgg says that about half its loans are funded within a day. But if you need to submit any paperwork, you need to allow a processing time of two to three days before the company will issue your loan agreement.
- APR range: 5.99% – 29.99%
- Minimum credit requirement: 700
- Terms: 36 or 60
- Fees: Origination fee of 0.99% - 5.99%
BestEgg Personal Loan Details
BestEgg product details
To qualify for BestEgg’s lowest APR offer, you must have a credit score of 700 -plus and an annual income of at least $100,000. If you make a bit more and pull in $130,000 each year, you may receive a mail offer for loan amounts up to $50,000. This offer is not open to the general public; you must receive an offer to act on it.
Fees can vary based on your term, and minimum loan amounts can vary based on where you live. For example, loans with terms of five or more years come with a minimum origination fee of 4.99%, and four states require that you borrow more than the advertised minimum loan amount. In New Mexico and Ohio, the minimum loan amount is $5,000. If you live in Georgia, you must borrow at least $3,000, and residents of Massachusetts cannot borrow less than $6,000.
- Minimum credit score: 700
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
To qualify for a personal loan with BestEgg, you must be a U.S. citizen or permanent resident who lives in the United States. However, if you live in Iowa, West Virginia or Vermont, you will not be eligible to borrow. If you live in the other 47 states, you must be at least the age of majority in your state.
Eligible applicants must have an email address and physical address. A P.O. Box will not be accepted. Finally, you will have to have a personal bank account to get a personal loan. Be prepared to provide your account number during the application process.
Applying for a personal loan from BestEgg
You’ll start the application process by checking your rates. Have some basic information prepared, such as your name, address, phone number, date of birth, Social Security number, employment information and income information.
BestEgg will then look over your information and present you an offer. If you like it, you can proceed and officially apply. If you move forward, a hard pull will be performed on your credit. This is a standard part of the application process, but it is likely to have a negative impact on your credit score.
During this part of the process, you may be asked to submit supporting documentation. This can include things such as pay stubs to verify your income or a utility bill to verify your address. It’s important to know that documents can take two to three business days to process, though they are easy to submit via email, BestEgg’s online platform, fax or text. After you’ve submitted all your documentation and signed your loan agreement, it generally takes one to three business days to receive your loan funding. BestEgg claims that half its applicants receive their funds the next day.
Pros and Cons of a BestEgg Personal Loan
Who’s the best fit for a BestEgg personal loan?
BestEgg serves a wide range of borrowers. If you have a high credit score and high income, you’ll be rewarded with its best APR offers and highest loan amounts. If your credit score or income isn’t as high, you may still qualify, but you won’t see BestEgg’s best rates.
While its personal loans can be processed quickly, it’s important to note that processing documentation before issuing your loan agreement can take two to three days. If you need money tomorrow, it may be wise to look elsewhere. While it’s possible you could get your loan within 24 hours, it’s a risk if you are asked to submit these supporting documents. If you can wait a few days, though, the timing of the process shouldn’t be an issue.
BestEgg’s personal loans are also best for those who can set up autopay. There are added fees if you do not. When you set up autopay, you’ll want to ensure that your finances are in good enough of a state to reliably have the money in your account when the automatic payments come out.
Alternative personal loan options
- APR: 5.99% to 24.99%
- Credit requirements: 640
- Terms: 24 to 60 months
- Origination fee: 0.00% - 5.00%
Payoff offers loans with a similar APR to BestEgg with potentially lower origination fees and shorter loan terms. If you can secure shorter loan terms, you are likely to pay less money in interest over the life of your loan.
- APR: 5.98% to 29.99%
- Credit requirements: 640
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
RocketLoans is extremely similar to BestEgg in almost all respects: APR offerings, terms and origination fees are nearly identical. But if you need your money quickly and are applying for a loan of $25,000 or less, RocketLoans can get you your money as quickly as the same day.
Apple Federal Credit Union
- APR: Starting at 9.24%
- Credit requirements: 580
- Terms: 12 to 60 months
- Origination fee: No origination fee
Apple Federal Credit Union offers lower rates to borrowers with lower credit scores. On top of that, you can take advantage of its Skip-A-Payment program, which allows you to skip a payment once every 12 months, up to three times over the course of your loan. There is a $25 fee when you take advantage of this program, and your loan will still accrue interest during this period. But for those who hit a snag in their best-intentioned financial plans, the program can be a lifesaver.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|