Best Egg Personal Loans: 2018 Review

Marlette Funding, through its consumer brand Best Egg, is a financial technology provider on a mission to make borrowing fast, simple and transparent with the goal to help consumers recover from debt and finance large purchases in a clear and fair way.

Their rates are considerably lower than most credit cards, making them a popular potion for credit card consolidation. In the three years since they started to offer personal loans, Best Egg has funded more than $3 billion in loans and has over 200,000 customers. The company also been named the number one personal lender on Lending Tree’s quarterly list of top consumer-rated lenders.

Best Egg loan rates and terms

APR range: 5.99%—29.99%
Available loan terms: 36-60 months
Loan amounts: $2,000—$35,000
Time to fund: As little as one day
Origination fee: 0.99%–5.99%
Credit needed: 640+
Income needed: $50,000+
Best for: Borrowers with good credit

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Best Egg personal loan review

Qualified applicants can view instant loan offers, with no impact to their credit score, and if approved, can receive funds in as little as one business day. The unsecured loans are issued by New Jersey State Chartered Commercial Bank, known as Cross River Bank.

Best Egg offers unsecured personal loans that include:

  • Debt refinancing
  • Credit card refinancing
  • Personal loan refinancing
  • Debt consolidation
  • Home improvement
  • Business loans
  • Moving expenses
  • Car repairs
  • Medical expenses
  • Vacations
  • Other expenses

Best Egg offers simple terms and competitive interest rates for borrowers with an extensive (10+ years) and positive credit history. The amount you can borrow, and the interest rate is based off your FICO score. While income to qualify varies, most approved applicants earn above the national average of $81,400. Applying for a Best Egg loan will not affect your credit score as only a soft credit inquiry is generated. A hard credit check isn’t performed until you sign your loan agreement.

Because Best Egg is a direct lender, you’ll receive funds directly after your loan paperwork is completed. In some cases, you can get the money in one business day, making it a good option to consider if you have a financial emergency.

The biggest benefits

One of the biggest advantages with Best Egg is that you can take out two personal loans. Your first loan will need to be at least six months old before you can apply for a second loan and the total amount of both loans cannot exceed $50,000.

Other perks include:

  • No payment processing fees if you sign up for automatic payments
  • You can make additional payments at your convenience with NO prepayment fees or penalties.
  • You can change your payment due date
  • If you want a shorter loan payback period than 2 years or a longer payback period than 5 years, they will not meet your needs.

The drawbacks

Best Egg uses your debt-to-income ratio, credit score and income to determine your loan amount and the interest you will pay. Because applicants must have a minimum FICO score of 640 – not everyone will qualify for a personal loan or can be charged an interest rate of 30 percent with a 6 percent origination fee. These rates are comparable to the worst credit card interest rates and may not any benefit when trying to pay off your debt.

Also, if you choose a payment method other than automatic payment, you may be charged a $7 processing fee for each payment. You’ll end up paying an additional $84 in fees each year — that’s $420 over the course of a five-year loan.

How Best Egg Compares

Over 179 Best Egg reviews on Consumer Affairs gave the company a five-star rating, and the company has an A+ rating with the Better Business Bureau. Best Egg offers interest rates and loan amounts that are on par, if not better, than the top personal loan lenders.

Best Egg is also transparent when it comes to their loans. Offers do not come with a mountain of fine print – making their application process seamless and easy to understand.

Should you apply?

If you’re carrying a high-interest loan or credit card balance, Best Egg encourages you to consolidate your debt with a low-interest loan to help you quickly pay off your commitments, so you can save money in the long run and build your nest egg.

How to apply for a Best Egg personal loan

Applying for a loan is quick and easy. Simply enter your email address to get started on the loan application. You’ll need to answer a few basic questions – such as your loan amount, loan purpose and your physical address. You will enter a password, so you can sign back in to finish your application at your convenience.

As you continue through the application process, Best Egg will need to know your employment status, gross income, and household income – in addition to your housing payment and Social Security number to process your loan. Remember, Best Egg only runs a soft inquiry to verify your information and show you loan offers.


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Best Egg Disclaimer

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 $150,000. 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 OH must exceed $5,000; in GA must exceed $3,000; in NM must exceed $2,500. 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. Barring any unforeseen circumstances, such as borrower default or payment extensions/modifications, 3-year payment plans may have a minimum repayment period of zero months and a maximum of 36 months and 5-year payment plans may have a minimum repayment period of zero months and a maximum of 60 months. 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. Requests for the highest loan amount may result in 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. 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. By entering your email address, you are opting in to receive updates, notifications and special offers from Best Egg and its affiliates, agents, service providers or assignees (and any of its assignee’s affiliates, agents or service providers) and, with your consent, one or more lending partners. This email address will also be used to log into your application. 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.

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