Best Egg Personal Loans Review

Rates (APR)	5.99% – 29.99%
Loan Terms	3 – 5 years
Loan Amounts	$2,000 – $35,000
Fees	Origination fee: 0.99% – 5.99%

See how Best Egg’s personal loan product stacks up with other options

Compare the Best Personal Loans

Best Egg is a part of Marlette Funding, a financial services company founded by former Barclays and Merrill Lynch executives. The Delaware-based lender offers personal loans at reasonable rates to borrowers with a steady annual income and good credit history.

Best Egg allows you to apply for your loan online, and borrowers can get funding in as little as one business day after approval.

However, many competing lenders in the market offer similar products and benefits. So this Best Egg personal loan review will help you decide whether Best Egg is the right choice.

In this review:

Best Egg personal loans: At a glance
Pros & cons of a Best Egg personal loan
Applying for a Best Egg Personal Loan
Where to find Best Egg alternatives

Best Egg personal loans: At a glance

Best Egg personal loan
Loan amounts	$2,000 – $35,000
Term lengths	36 – 60 months
Rates	5.99% – 29.99%
Origination fee	0.99% – 5.99%

The minimum you can borrow with a Best Egg loan is $2,000; in most cases, the highest loan amount is $35,000. However, some highly qualified borrowers with incomes over $150,000 and excellent credit may receive an offer code in the mail that allows them to apply for up to $50,000.

Best Egg’s interest rates are from 5.99% to 29.99%. The rate you are offered will depend on your credit, loan amount, repayment term, and existing debt. There may also be an origination fee ranging from 0.99% to 5.99% of the loan amount, deducted from the loan proceeds when your funds are disbursed.

As an example of what your loan may look like with Best Egg, a $20,000 loan meant to consolidate credit card debt would have a term of 36 months.

If you qualified for the lowest rate of 5.99% APR with a 0.99% origination fee, your monthly payments would be about $600, assuming you set up automatic payments from your bank account. You would end up paying about $2,000 in interest over the course of the loan.

Pros & cons of a Best Egg personal loan

Pros

Easy-to-use website.

Best Egg’s website is consumer-driven for ease of use, and its simple and intuitive interface makes applying for and managing your loan much easier than many of its competitors.
Soft credit inquiries.

Applying doesn’t result in a hard inquiry on your credit until you accept a loan offer, so you can check your projected interest rate without hurting your credit score.
Low interest rates.

Best Egg’s interest rates are competitive, and borrowers with a good credit score may find they can get loans with excellent terms and rates to meet their needs.
Fast funding.

The speed with which Best Egg funds its loans—in many cases, in as little as one business day—means borrowers can get their money fast.
Easy loan management and payment system.

Automatic payments make the loan management process smooth.
Highly rated customer service.

Best Egg rates A++ with the Better Business Bureau and earns high marks with Consumer Affairs.

Cons

High approval standards.

Even though its average borrower has a credit score of 680, Best Egg reserves its best interest rates for those with excellent credit and high income.
High interest rates for borrowers with less-than-perfect credit.

If your credit score is below 680 and your income is less than $150,000, you may get a high interest rate, in some cases up to 29.99% APR—even higher than some credit cards. We only recommend Best Egg for good-credit borrowers.
Origination fee.

Other popular financial companies, such as SoFi, don’t have any fees on their loans; that means it may actually be cheaper go somewhere other than Best Egg for your unsecured personal loan. On a $20,000 loan, a 5.99% origination fee adds up to nearly $1,200.
Repayment options.

Best Egg’s loan terms are not as flexible as some other companies. Limited options can lead to higher monthly payments in some cases.

Applying for a Best Egg Personal Loan

The application process can be completed within minutes, which is a common expectation in the personal loan space. Applicants will need to provide standard personal information, including their Social Security number, individual gross annual income, and household income.

Depending on what you want the loan for, you might also have to provide other documentation. Each loan type at Best Egg comes with its own requirements. If you’re looking for a loan to consolidate debt, for instance, you’ll need to show exactly how much you currently owe.

You can also get a personal loan from Best Egg for home improvement, moving expenses, vacation, special occasions, or even adopting a baby, as well as other major purchases. Whatever your needs are, there’s a good chance Best Egg has a personal loan product that will meet them.

Typical borrowers have a credit score of 680, but only applicants with a 700 or higher FICO score and an income of at least $100,000 will qualify for the lowest rates. As a result, getting approved with a low interest rate can be a bit more difficult.

>> Read More: Interview with the president of Marlette Funding, the online provider for Best Egg

Where to find Best Egg alternatives

Whether Best Egg is the best choice for you depends largely on your financial situation, income, and the monthly payment and interest rate you can afford. As with any loan, the key to a successful loan process is to understand where you are financially.

If you’re a borrower with excellent credit and a solid, steady income, you can expect low interest rates, low origination fees, and fast funding with a Best Egg personal loan.

If, however, you’re closer to Best Egg’s average borrower, with less than $100,000 in income and a credit score of 650-680, you can expect much higher interest rates, higher monthly payments, and higher origination fees. In this case, you should consider a personal loan for fair credit.

If you don’t think a Best Egg personal loan is right for you, compare it with a few of LendEDU’s best personal loans. Getting quotes from multiple lenders is the best way to find the lowest rates.

Best Egg personal loan comparisons

Want to see a head-to-head comparison of Best Egg and other personal loan lenders? Check out these comparison reviews: