BestEgg Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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What is Best Egg?

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.

 

 

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 5.99%
To
29.99%
Credit Req.700Minimum Credit Score
Terms36 or 60Months
Origination Fee0.99% - 5.99%

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

Best Egg Disclosures

*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% – 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting 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 $2,000-$35,000. 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 six 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. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. 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.

BestEgg Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 36 or 60 months
  • APR range: 5.99% – 29.99%
  • Loan amounts: $2,000 – $35,000
  • Time to funding: 1-3 business days
  • Credit check: When you check your offers, BestEgg 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
  • Late payment fee: $15 fee if you do not pay within 3 days of your due date
  • Other fees: $15 fee if your check bounces or your bank account has insufficient funds; $7 processing fee that you can avoid by setting up automatic payments

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.

Eligibility requirements

  • 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
Pros
Cons
  • 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 1-3 business days.
  • Ease of submitting documentation: Should you need to submit supporting documentation as part of the application process, BestEgg gives you many avenues to do so. Because you can either upload the documents to BestEgg’s platform or email, fax or text them in, there’s likely to be an easy and convenient way for almost anyone.
  • Lowest interest rates reserved for elite borrowers: While the bottom of BestEgg’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 BestEgg’s range are not nearly as competitive.
  • Documentation takes a while to process: While the funding process with BestEgg is quick, processing your paperwork can take 2-3 days. Build this buffer into your plan when you’re trying to decide if BestEgg can meet your financial needs.
  • Lots of fees: This shouldn’t be too big of a problem if you’re paying your loan on time and handling your money in a responsible manner, but BestEgg does have a decent amount of fees. The most frustrating of all: A processing fee. You can avoid this last fee by setting up autopayments.

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

Payoff

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 5.99%
To
24.99%
Credit Req.640Minimum Credit Score
Terms2 to 5Years
Origination Fee0% - 5% of loan balance

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

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.

Rocket Loans

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.16%
To
29.99%
Credit Req.640Minimum Credit Score
Terms3 to 5Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure website

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

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 9.24%
To
17.24%
Credit Req.580Minimum Credit Score
Terms1 to 5Years
Origination FeeNo origination fee

Visit Apple Federal Credit Union Secureon Apple Federal Credit Union's secure website

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?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 17.88%1 $5,000 to $100,000
5.69% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** 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.

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