Best Egg Personal Loan Review

 July 30, 2021
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Best Egg, a subsidiary of Marlette Funding, is an online lender that provides personal loans to borrowers with fair, good or excellent credit. While Best Egg reviews are generally positive, the lender has both pros and cons for borrowers.

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

Best Egg serves a wide range of borrowers, but it’s typically best for borrowers with high incomes and fair to excellent credit. If you have a high income and credit score, you’ll be rewarded with Best Egg’s best APR offers and highest loan amounts. To be specific, you’ll need a credit score of at least 700 and a minimum income of $100,000 to score the lowest rate.

If your credit score or income isn’t as high, you may still qualify, but you won’t see Best Egg’s best APRs.

Pros and Cons of a Best Egg Pe
Pros Cons
Competitive interest rates: APRs start as low as 5.99%.
Choice of repayment terms: You can select a maximum term of five years to pay off your loan.
No prepayment penalty: Without a prepayment penalty, you can pay off your loan as quickly as you’d like, cutting down on the amount of interest you pay over the life of your loan.
Quick funding: Your funding can be available as soon as the day after you finish your application. Most loans are funded within one to three business days.
Easy online application: You can either upload your documents to Best Egg’s platform or email, fax or text them in. You can also check your rates without any impact on your credit before deciding whether or not you want to proceed.
Lowest interest rates reserved for elite borrowers: While the bottom of Best Egg’s APR range is extremely competitive, you won’t qualify for the lowest rate unless you have a credit score of 700 or higher and a minimum annual income of $100,000. Rates at the higher end of Best Egg’s range are not nearly as competitive.
Documentation takes a while to process: While the funding process with Best Egg is quick, processing your paperwork can take two to three days. Build this buffer into your plan when you’re trying to decide if Best Egg can meet your financial needs.
Origination fee: Unlike some other personal loan lenders, Best Egg charges an origination fee of 0.99% to 5.99% on its personal loans.

Best Egg personal loan details

Best Egg personal loans typically range from $2,000 to $50,000. They can be used for a variety of purposes, including:

  • Debt consolidation
  • Credit card refinancing
  • Home improvement
  • Moving expenses
  • Major purchases
  • Travel
  • Special occasions
  • Baby and adoption

The minimum credit score to qualify for a Best Egg personal loan is 640. However, you’ll need a credit score of at least 700 and an annual income of at least $100,000 to get its lowest rates.

Fees can vary based on your term, and minimum loan amounts can vary based on where you live. For example, loans with terms of four 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:

  • Massachusetts minimum loan amount: $6,500
  • New Mexico and Ohio minimum loan amount: $5,000
  • Georgia minimum loan amount: $3,000
Best Egg Personal Loan Details
Terms Fees and Penalties
Term lengths: 36 or 60 months
APR range: 5.99% to 29.99%
Loan amounts:  $2,000 to $50,000(minimum varies by state)
Time to funding: One to three business days
Credit check: When you check your offers, Best Egg will only do a soft pull, which does not impact your credit. If you accept a loan offer, a hard pull will be performed.
Origination fee: 0.99% - 5.99%
Prepayment fee: None
Other fees: $15 fee if your check is returned or your bank account has insufficient funds

Best Egg eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To qualify for a personal loan with Best Egg, you must be a U.S. citizen or permanent resident who lives in the United States. However, if you live in Iowa, Vermont, West Virginia, Washington, D.C. or any U.S. territory, you won’t 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’ll need to have a personal bank account to get a personal loan — be prepared to provide your account number during the application process.

How to apply for a Best Egg personal loan

You’ll start the application process by checking your rates. This is just a prequalification, and your credit won’t be impacted. Have some basic information prepared, such as your name, address, phone number, date of birth, Social Security number, employment information and income information.

Best Egg will then look over your information and present you with 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 items like pay stubs to verify your income or a utility bill to verify your address.

Documents can take two to three business days to process, though they’re easy to submit via Best Egg’s online platform, email, 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 — Best Egg claims that half its applicants receive their funds the next day.

Final tips about borrowing from Best Egg

When determining your loan amount, make sure to take Best Egg’s origination fee into account. If you apply for $10,000, for example, and get charged a 4.99% origination fee, you would only receive $9,501.

While it’s possible you could get your loan within 24 hours, it’s a risk if you’re asked to submit additional supporting documents. If you can wait a few days, though, the timing of the process shouldn’t be an issue.

Overall, Best Egg reviews speak favorably about the lender, particularly its ability to fund loans quickly and easily. It’s worth checking your rates with Best Egg to see your offers. However, it’s also worth shopping around to see if you can get an equal or better rate with a lender that doesn’t charge an origination fee on its personal loans.

Rebecca Safier contributed to this report.

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