Best Egg works well for anyone in need of a personal loan, as this lender offers competitive interest rates. However, we think Best Egg is suited for those who need to get funds in their bank account quickly. The company typically deposits funds into your bank account within 1 business day after your loan is approved.
You can apply for a loan with Best Egg online in minutes. Just enter your email to get started with the platform’s online questionnaire. Select the reason for your loan, then enter how much you want to borrow. Best Egg then conducts a soft credit check, which doesn’t impact your credit score, and displays pre-approved loan offers customized for your situation.
If you decide to accept an offer, Best Egg will conduct a hard credit check. You can typically be approved within a few hours and get money deposited into your bank account by the next business day. If you’re paying off credit card debt or consolidating existing debt, Best Egg also offers the option to have the funds paid directly to your creditors.
To qualify for a Best Egg loan, you must have a minimum credit score of 600. Applicants with a minimum credit score of 700 might qualify for the lowest rates.
Best Egg offers loans ranging from $2,000 to $50,000 with APRs between 8.99% - 35.99% based on your credit history. The lender typically offers either a 3- or 5-year repayment term, although there’s no penalty if you pay back your loan early.
Best Egg does charge an origination fee for all loans, which is typically between 0.99% to 8.99% depending on the size of the loan.
Best Egg protects all personal information you share when applying for a loan with 256-bit AES encryption. The company also has a transparent privacy statement that clearly states what data they collect from you, what data sources they use when determining your loan offer, and how they use your personal and financial data.
Best Egg offers support by phone and live chat from 9:00 AM to 7:00 PM Monday to Thursday, 8:00 AM to 5:00 PM Friday, and 9:00 AM to 1:00 PM Saturday ET. The company’s website also has a detailed knowledge base that answers questions commonly asked by both applicants and existing borrowers.
|APR||8.99% - 35.99%||7.99% - 23.43% (with all discounts)|
|Min. credit score||Fair +||Good +|
|Loan amount||$2,000 to $50,000||$5,000 to $100,000|
|Loan term||36-60 mo.||24-84 mo.|
|Suitable for||Getting funds quickly||Free financial advice|
Best Egg looks desirable compared with some of its competitors like SoFi. For borrowers with strong credit, Best Egg’s minimum interest rates are competitive. If you have a credit score between 680 and 700, it’s worth checking whether Best Egg or another lender offers you the most appealing rate.
While other lenders let you borrow up to $100,000, Best Egg caps loans at $50,000. However, this lender offers loans as small as $2,000 in most states, while others require you to borrow at least $5,000. That’s a big advantage if you only need a small loan.
One key benefit to Best Egg is that you can get your funds within 1 business day in many cases. Competitors like SoFi typically take several days to deposit funds into your account after approval.
Q. Does Best Egg offer debt consolidation loans?
A. Yes, Best Egg loans can be used to consolidate debt. Funds can be paid directly to your current creditors.
Q. Does Best Egg charge an origination fee?
A. Best Egg charges an origination fee of 0.99% to 8.99% depending on the size of your loan.
Q. Is there a prepayment penalty with Best Egg?
A. Best Egg does not have a prepayment penalty. You can repay your loan in full at any time.
Q. How do I manage loan payments with Best Egg?
A. Best Egg offers an online account portal where you can set up payments and track your remaining debt.
Best Egg is a trustworthy online lender that offers competitive interest rates and no prepayment penalties. The company stands out for offering loans as small as $2,000 and getting money into your bank account in as little as 1 business day. So, we think Best Egg is a good option for borrowers with fair to strong credit who need funds quickly.
Marlette Funding, LLC
3419 Silverside Road
Wilmington, DE 19810
Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable.
The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be 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 APR. For 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 7.99% APR has 36 scheduled monthly payments of $155.12. 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. What this means for you: 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. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.