Best Egg Personal Loans Review 2020

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Best Egg is a national online lender offering personal loans starting at $2,000 for a variety of purposes. Loans can be funded in as little as one business day.

  • Loan funding typically takes one to two business days upon approval.
  • The minimum loan amount is $2,000.
  • Borrowers incur no prepayment penalty.

  • Best Egg charges an origination fee of up to 5.99%.
  • Borrowers need a minimum credit score of 700 and $100,000 in annual income to qualify for the lowest interest rates.
  • Co-signers are not accepted.
  • No joint personal loans are available.

What Personal Loan Options Does Best Egg Offer?

Best Egg personal loans can be used for:

  • Debt consolidation
  • Home improvement projects
  • Moving expenses
  • Vacations and travel
  • Adoption and other child-related expenses
  • Large purchases
  • Special occasions

Is Best Egg a Legitimate Company?

Best Egg is backed by Marlette Funding, a financial services company with banking and technology experience. Best Egg was developed by its consumer finance division as a personal loan platform. Best Egg has provided more than $5.3 billion in loans and served more than 300,000 customers since March 2014. Best Egg partners with Cross River Bank in New Jersey and is a member of the Federal Deposit Insurance Corp.

Does Best Egg Affect Your Credit Score?

Best Egg performs a soft credit check to prequalify you for a personal loan, so there is no impact on your credit score until you formally apply for the loan.

Best Egg loans have fixed interest rates, with fixed repayment terms from 36 to 60 months. The minimum loan amount is $2,000, and the typical maximum loan amount is $35,000. Loan limits vary by state, and special offers are sometimes available, so you could qualify for more. Borrowers can hold two Best Egg loans simultaneously, but they must observe a six-month gap between the first and second loan origination. The total amount owed can’t exceed $50,000.

These loans have no prepayment penalty or application fee. The loan origination fee ranges from 0.99% to 5.99%. Best Egg also charges a $15 late fee and a $15 returned payment fee.

Best Egg looks at your debt-to-income ratio and information from credit bureaus, including your credit score. The lender provides a DTI tool to give you an idea of where you stand with money you earn vs. money you owe. You may be asked for a pay stub as proof of income or a utility bill to confirm your address. Loans are limited to U.S. citizens and permanent residents of legal age. The company does not disclose a minimum gross monthly income to get a loan, but the best rates are reserved for applicants with an annual income of $100,000 or more and a FICO credit score of at least 700.

Best Egg has an A+ rating with the Better Business Bureau, with an average customer review rating of nearly five stars.

Best Egg also has an excellent rating on Trustpilot. In 2019, the Consumer Financial Protection Bureau received 20 personal-loan-related complaints about Best Egg’s parent company, Marlette Funding. The complaints centered around unexpected fees or charges, getting the loan, and problems making payments. All but one complaint received a timely response.

Borrowers can go online to get a rate quote, complete a personal loan application and close the loan once it’s approved. The Quick View tool allows borrowers to view their loan balance and next payment due date. Monthly statements are available online for borrowers who enroll in automatic payments.

  • Borrowers who have at least a 640 FICO credit score.
  • People who value customer service and positive reviews.
  • People who need loan funding quickly.

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