Best Egg Personal Loans Review: 2019

Best Egg is an online lender that provides low-interest loans and fast access to funds for borrowers. Our data shows Best Egg has one of the highest approval rates of all our lending partners.

Best Egg Personal Loan Facts

  • APR: 5.99% to 29.99%
  • Loan Amount: $2,000 to $35,000
  • Loan Term: 36 or 60 months
  • Minimum Credit Score: 640
  • Co-Signer: Not allowed

  • Fees: 0.99% – 5.99% origination fee
  • Time to Funding: One business day
  • Hard Credit Check: Yes
  • BBB Rating: A+
  • Trustpilot Rating: 5 stars

Pros & Cons

Pros:

  • Competitive interest rates
  • Excellent customer service ratings on multiple reputable platforms
  • No penalties for early loan repayment 
  • Access to your cash in as little as one day
  • Soft credit check to receive an offer

Cons:

  • 0.99% to 5.99% origination fee  
  • $15 late fee
  • Hard credit check when you take the loan

Here you’ll learn about:

What types of loans does Best Egg offer?

Best Egg has eight personal loan options tailored to suit a wide variety of clients. In each type, you’ll find different payment terms and interest rates to match your preferences.

1. Debt Consolidation Loans

If you have multiple debts, a debt consolidation loan can combine them into a single bill. A debt consolidation loan from Best Egg could save you money by lowering your interest rate. You’ll have one due date to keep track of instead of several throughout the month.

2. Credit Card Refinancing

High-interest credit card debt can be hard to manage. Refinancing your credit card balances into a single loan from Best Egg can provide some financial relief. 

A few benefits you’ll notice with credit card refinancing are: 

  • The potential for a lower interest rate
  • Consistent payment terms and amounts over the life of your loan
  • A fixed interest rate
  • Going from multiple due dates to one payment

3. Home Improvement

As their name indicates, home improvement loans help people fund projects to increase the value or functionality of their homes. 

Home equity loans and paying out-of-pocket aren’t viable options for everyone. With a Best Egg personal loan, you can make crucial home improvements, such as upgrading or repairing your kitchen, getting a new roof, or hiring a contractor for a major plumbing repair.

4. Loans for Moving Expenses

If you’re moving, you’ll need to prepare for the extra time and money you’ll need for a successful relocation. While the stress of a move is unavoidable, a loan for moving expenses from Best Egg can help cover your costs.

Relocation and housing costs are inevitable when moving, and a Best Egg personal loan can be an excellent alternative to draining your savings or accruing high-interest credit card debt.

5. Major Purchases

A personal loan from Best Egg can get you the funds you need if you’re facing a major expense and can’t pay in cash.

You might consider a Best Egg loan for:

  • Expensive car repairs
  • Medical expenses not covered by insurance
  • Replacing missing or stolen valuables
  • Travel costs to visit a loved one
  • Financing funeral expenses

6. Vacation Loans

Everyone needs a vacation now and then, but saving up for travel is difficult. A vacation loan can give you quick access to cash for that once-in-a-lifetime trip. The interest rates from Best Egg are competitive, so you’ll often spend less money than you would by using a credit card to fund your trip. 

7. Special Occasions

From retirement and birthday parties to weddings and graduations, life is full of reasons to celebrate. A special occasion loan from Best Egg can take away the pressure of paying for an event, allowing you to relax and enjoy the celebration.

8. Baby and Adoption

Adoption is expensive, and the associated costs can add stress to an already emotional situation. To alleviate this stress, you might negotiate a payment plan with your adoption agency. Applying for grants or asking for donations from family and friends can also help to cover some of the costs. If you still have a gap, Best Egg’s baby and adoption loan can help make your dream of having a child come true.

Best Egg Personal Loans: Rates and Terms

Terms

Best Egg loans have two options for term duration.

  • 3 years (36 months)
  • 5 years (60 months)

Choose a loan repayment term that fits your budget. Opting for a shorter term can reduce your total interest fees, but it will increase your monthly payment amount. 

A $15,000 loan paid off in 36 months will have a payment of $491 and total cost $2,676 in interest fees. If you take 60 months to pay off the same $15,000 loan, your payments will only be $326 but your interest paid will be $4,564 over the life of the loan.

Refinancing

Use a personal loan to refinance high-interest debt and access a lower interest rate or additional funding.

Rates

Interest rates from Best Egg range from 5.99% to 29.99% which are typical for personal loans from a national standpoint. Individual states have different loan guidelines, and your actual rate will depend on where you live and your credit history.

All the personal loans from Best Egg have fixed interest rates. Your monthly payment will remain the same until you pay your loan balance in full.

Fees

Best Egg’s fees can include:

  • Origination fees
  • Late fees
  • Returned payment fees
  • Payment processing fees

Origination Fees:

The origination fee is a one-time charge that covers the cost of processing the loan. The amount varies between 0.99% and 5.99% of the total amount borrowed, and Best Egg will deduct the fee from your loan before depositing funds into your account.

For example, a $15,000 loan with an origination fee of 3.99% will incur a $598.50 origination charge. The amount you receive is $14,401.50 because the origination fee is deducted from the original loan amount.

Late Fees:

Payments received more than three days after your due date will incur a $15 late fee. 

Returned Payment Fees:

If your bank returns your payment because of insufficient funds, or for any other reason, Best Egg will charge a returned payment fee of $15.

Payment Processing Fees:

Borrowers that do not enroll in automatic payments may be charged pay a $7 processing fee for each payment.

Best Egg does not charge prepayment fees, so paying off your loan early can save you from costly interest charges.

Loan Amounts

Best Egg offers loans from $2,000 to $35,000. Your minimum or maximum loan amount can vary depending on your home state, personal financial situation, and credit rating.

Time to Funding  

Best Egg takes funding very seriously. True to its mission “to make money accessible for our customers,” the company prides itself on its ability to fund loans in as little as one business day. 

Best Egg Loan Requirements

Best Egg is known for being accessible to middle-class borrowers, so don’t be afraid to apply if you don’t have a high income or perfect credit.

Qualifying

Typical Credit Scores

The typical borrower of a Best Egg personal loan has a FICO score of 700. However, borrowers with credit scores as low as 640 can qualify for a loan.

Since the average of Best Egg customer has an annual salary of $80,000, you can safely assume that they welcome borrowers of varying income levels.

Soft Credit Check: Pre-Application

Best Egg conducts a soft credit check to determine your rates. To see what you qualify for, Best Egg needs your:

  • Housing information and monthly housing costs
  • Type of income (full-time, self-employed, etc.) 
  • Amount of income
  • Approximate credit score

During your pre-application, Best Egg will access only part of your credit history. A soft credit check will not appear on your credit report or affect your score.

Hard Credit Check: Formal Application

Best Egg will perform a hard credit inquiry only if you go through with a formal application. A hard credit check is a regular part of the loan application process and will give Best Egg access to your full credit history. The hard inquiry will appear on your credit report.

Repayment 

Best Egg allows two open loans as long as the combined balances are less than $50,000.

Payment Due Dates

Payments are due around the same time each month. Best Egg commits to payment flexibility and will allow you to change your due date by contacting customer service.

Accepted Methods of Payment

Best Egg encourages borrowers to set up automatic payments via debit card or ACH deductions. They accept payment by mail in the form of paper checks, cashier’s checks, money orders, or Western Union money gram sent to their office in Illinois. Payments can also be made online or by phone.  

Early and Additional Payments

Best Egg never charges penalties or fees for early or additional repayment. Paying off your loan ahead of time can reduce the amount you pay in interest.

The Best Egg Customer Experience

Customer Support

Best Egg agents are available for live customer support seven days a week. 

Hours

Monday–Thursday      8:00am–10:00pm ET

Friday                          8:00am–8:00pm ET

Saturday                      9:00am–1:00pm ET

Phone

855-282-6353

Customer Feedback and Reports

Best Egg has maintained full accreditation by the Better Business Bureau since 2014. The company has an A+ rating as of July 2019.

On Trustpilot, Best Egg has received 5 out of 5 stars. 89 percent of reviewers gave Best Egg an “Excellent” rating. The next most common rating is “Great” at 7 percent. 

Reviews of Best Egg on Trustpilot say:

  • The process is straightforward and quick
  • Customer service agents are friendly and knowledgeable
  • Customers receive their money quickly

Summary 

Best Egg offers competitive interest rates to clients who meet their income and credit requirements. Most approved customers receive their loan capital in one business day, so Best Egg is a great option for those looking for fast access to cash. 

About the Company

Marlette Funding, LLC, is the company behind the Best Egg lending platform. The financial technology service is headquartered in Wilmington, DE and was founded in 2014 by a team of former Barclays executives with decades of experience. The company specializes in servicing personal loans and, as of January 2019, has delivered over $6.7 billion in funded loans.

True to its mission, Best Egg partnered with SuperMoney in 2019 to deliver an integrated and transparent lending comparison service. The company was awarded recognition as a 2018 Top Workplace by The News Journal. It is well respected in the financial sector with LendingTree naming Best Egg as #1 in personal loans.

Best Egg works with Cross River Bank (member FDIC). Best Egg manages their customers’ loans, tracks their payments, and communicates with them throughout the life of their loans.

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