Best Egg Review

Pros

  • Quick and easy online application
  • All loans are serviced by FDIC-member bank
  • Flexible repayment terms

Cons

  • No physical locations
  • Minimum loan amounts apply in some states

Best Egg at a Glance

Loan typesUnsecured personal loans for multiple purposes
Loan amount$2,000 to $35,000
Repayment terms36-60 months
APR5.99% to 29.99%
Minimum credit scoreGenerally 640, but 700 needed to secure minimum rate
Best forDebt consolidation and other major expenses

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Overview

Best Egg is Marlette Funding’s online lending brand, providing unsecured personal loans to borrowers in most states. Since its founding Best Egg has organized more than $5 billion in personal loans to more than 350,000 customers—at an average of more than $14,000 per borrower. Customers can use their personal loans to consolidate credit card debt, refinance credit cards, make home improvements, or cover any other major expense.

Best For?

If your priority is speed and ease, Best Egg can set you up with a personal loan serviced by New Jersey’s Cross River Bank within as little as 1 business day. The days of going to a physical location and filling out page after page of paperwork are over, thanks to online lenders like Best Egg.

Loan Features

Best Egg offers personal loans for all types of needs, including: debt consolidation, credit card refinancing, home improvements, moving home, vacation, special occasions, baby adoption, and other major expenses.

Here are some of Best Egg’s highlights:

  • Offers unsecured loans, meaning you don’t have to put up any of your assets as collateral.
  • Payment in your bank account within as little as 1 business day.
  • Extensive help page with answers to all your questions.
  • Get a quote and apply online—it takes just a few minutes.
  • Loans can be used for more or less any purpose.
  • Helpful customer support via a toll-free phone number.

Best Egg Loan Requirements

In order to apply for a loan with Best Egg you must meet the following minimum requirements:

  • Aged 18 years or more
  • Must be a U.S. citizen or permanent resident
  • Bank account in your name
  • Credit score of at least 640 to qualify for a personal loan; score of at least 700 to be eligible for lowest rates
  • You can have a maximum of 2 active Best Egg loans at any time. In order to be eligible for a second loan, your first loan must have been open for at least 6 months

Application Process

Best Egg promises a super-fast application process, with the funds in your bank account in as little as 1 business day following approval. Checking your rate won’t affect your credit score (although going ahead with the final stages of your application will). Applying online for a Best Egg personal loan involves the following steps:

  • Enter your email address.
  • Enter the reasons for your loan (e.g. credit card consolidation, vacation, making a major purchase), the requested loan amount, home address, and your date of birth.
  • Enter your Social Security number, phone number, and details about your employment status, annual income, and household income.
  • Depending on what you gave as your reason for the personal loan, you may have to answer a couple of additional questions (e.g. if you said credit card consolidation, you’ll be asked how many credit card cash advances you’ve taken in the past 6 months).
  • On the last screen you’ll see a quote and be given the opportunity to apply for the loan on the terms offered. If you go ahead with your application, you may be asked to supply additional documentation including proof of identity or address and proof of income.

How Much Can You Borrow?

You can borrow anywhere from $2,000 to $35,000 with Best Egg, although higher minimum loan amounts apply for the following states: Georgia, $3,000, New Mexico and Ohio, $5,000, and Massachusetts, $6,000.

Repayment Terms

Best Egg offers repayment terms from 36 months (3 years) to 60 months (5 years). APRs range from 5.99% for applicants with a credit score of 700+ who meet additional requirements. APRs can reach as high as 29.99%. An origination fee ranging from 0.99% to 5.99% is deducted from loan proceedings, although the fee on a 5-year loan starts from at least 4.99%.

Privacy & Security  

All Best Egg personal loans are serviced by Cross River Bank, an FDIC-approved New Jersey state-chartered commercial bank. Operator Marlette Funding has lending and consumer-finance licenses in 18 states where such licenses are required and is authorized to lend in many additional states. It should also be noted that by entering your email address, Best Egg may share your contact details with lending partners and affiliates.

Help & Support

You can get answers to any questions through the online Help Center or by calling a toll-free number during regular business hours. Best Egg has a 9.5/10 Trustpilot rating, with 89% of customers rating it “excellent” for its quick approvals and funding. It is a Better Business Bureau-approved brand with an overall A+ rating for overwhelmingly positive customer feedback.

Summary

Best Egg provides all the benefits of quick and hassle-free online lending backed by an FDIC-approved commercial bank. It offers unsecured personal loans for all types of needs, including credit card consolidation, home improvements, and other major expenses. Funding is usually delivered to the recipient’s bank account within 1 business day of approval.

Physical Address

Marlette Funding, LLC

1523 Concord Pike

Suite 201

Wilmington, DE 19803

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