BestEgg Personal Loan Review

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.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

woman working on a laptop outside

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

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
Fees and Penalties
  • Term lengths: 36 or 60
  • 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
  • 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


  • 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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 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 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% 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. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  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. (

2 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.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through 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.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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 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

**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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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

Visit SoFi

7.46% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

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.

Published in

You're on your way...

We'll take you to where you'll be able to fill out one form to get multiple personal loan offers.