Best Egg Personal Loans Review
Best For: Debt Consolidation, Good Credit
How Does Best Egg Work?
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 $6 billion in loans and has over 450,000 customers with an A+ BBB rating. The company also received the Best Company’s 2019 Consumer’s Choice Award for Personal Loans.
Best Egg Loan Rates & Terms
|Available loan terms||36 - 60 months*|
|Loan amounts||up to $35,000|
|Time to fund||One business day funding is often available|
|Fees||Origination fee: 0.99% to 5.99% of the initial amount
Late fee: $15
Prepayment fee: N/A
|Income needed||No minimum income required|
|Soft Credit Check?||Yes|
|Best for||Borrowers with good credit, debt consolidation, and less than 40% debt to income ratio without a mortgage and less than 65% with a mortgage|
Click “Check Rates” to apply to BestEgg
Best Egg Personal Loans Review
Qualified applicants can view instant loan offers, with no impact to their credit score. If approved and application information is verified, you 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
- Moving expenses
- Car repairs
- Medical expenses
- Other expenses
Best Egg offers simple terms and competitive interest rates for borrowers with an extensive (10+ years) and positive credit history. Loan eligibility depends on a number of factors, which may include your credit profile, income and total debt payments. Checking your rate for a Best Egg loan does not impact your credit score. A hard credit check isn’t performed until you sign your loan agreement.
Best Egg is an online lending platform that enables fast funding. Upon approval and verification, they direct deposit the money into your checking account. In some cases you can get the money in as little as one business day, while the majority of customers receive their money within 3 business days.
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
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 could be charged an interest rate up to 29.99 percent with an origination fee up to 5.99 percent. 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
*Terms are for unsecured loans and may vary for secured loans.
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.
Best Egg Disclaimer
Trustpilot TrustScore as of November 2019. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” 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. The term, amount and APR of any loan we offer to you will depend on your credit sc-ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. 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 $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–5.99% 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. 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.