Best Egg is a national online lender founded in 2014 with backing from Marlette Funding, a financial services company with banking and technology experience. Best Egg offers personal loans starting at $2,000 that can be used to cover medical bills, home remodeling and a variety of other expenses. Cross River Bank in New Jersey issues Best Egg loans, which can be funded in as little as one business day.
- Loan funding typically takes one to three business days.
- The minimum loan amount is $2,000 in most states.
- Borrowers incur no prepayment penalty.
- Best Egg charges an origination fee between 0.99% and 5.99%.
- Borrowers need a minimum credit score of 700 and $100,000 in annual income to qualify for the lowest annual percentage rate.
- No joint personal loans are available.
Best Egg personal loans can be used for purposes including:
- Debt Consolidation
- Home improvement projects
- Moving expenses
- Adoption and baby-related expenses
- Large purchases
- special occasions
Best Egg offers unsecured personal loans and secured loans that use fixtures in your home as collateral.
You can check your rates and receive a preapproval letter from Best Egg with a soft credit inquiry. Customers can apply for a Best Egg personal loan online or over the phone by providing personal and financial information. Online applications can be approved within minutes, and Best Egg may be able to send you loan funds in one business day. You cannot use a Best Egg personal loan to fund postsecondary education or securities purchases.
Best Egg loans have fixed APRs ranging from 5.99% to 29.99%, with repayment terms from three to five years. The minimum loan amount is $2,000 in most states, and the typical maximum loan amount is $35,000, however, it may be possible to borrow up to $50,000. Borrowers can hold two Best Egg loans simultaneously, but 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 late fee and a $15 returned payment fee.
Best Egg does not mention rate discounts on its website. With a FICO credit score of 700 or higher and an annual income of at least $100,000, you may qualify for Best Egg’s best APR.
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 US 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 does not have a minimum credit score requirement, but its website lists a score of 640 as generally enough to get approved. Applicants whose FICO score is 700 or higher and who make at least $100,000 per year may be eligible for Best Egg’s best APR. The lender performs a soft credit check to preapprove you for a personal loan, so there is no impact on your credit score until you formally apply for a loan.
Best Egg accepts loan applications from US citizens and permanent residents of legal age in 47 states. Residents of Iowa, Vermont, West Virginia, Washington, DC, and US territories are not eligible. Loans must be at least $6,500 in Massachusetts, $5,000 in New Mexico and Ohio, and $3,000 in Georgia.
Best Egg is Better Business Bureau-accredited and has an A+ rating with an average customer review of nearly five stars. Best Egg also has an excellent rating on Trustpilot based on more than 5,000 reviews.
In 2020, the Consumer Financial Protection Bureau received eight personal loan-related complaints about Best Egg’s parent company, Marlette Funding. The most common complaints involved:
- Unexpected fees or interest
- Getting a line of credit
- Getting a loan
The company responded to all of the complaints in a timely manner, and closed each with an explanation.
Best Egg has an overall 4.2-star rating out of 5 from US News, with 4.1 stars for affordability, 5 stars for customer service and 3.8 stars for eligibility. The overall average for personal loan lenders in US News’ ratings is 4.1.
You can reach Best Egg agents by calling 855-282-6353. If you cannot make your payment, you can also email [email protected] Prospective and current loan applicants can call Monday through Thursday from 8 am to 9 pm, Friday from 8 am to 7 pm and Saturday from 9 am to 6 pm Eastern Time. Current customers can call for an extra hour in the evening Monday through Friday, and from 9 am to 1 pm Eastern Time on Saturday. Customers can also live chat with Best Egg representatives Monday through Thursday from 9 am to 7 pm, Friday from 8 am to 5 pm and Saturday from 9 am to 1 pm Eastern Time.
Borrowers can go online to get a rate quote, complete a personal loan application and close the loan once it’s approved. The Best Egg Account Portal allows borrowers to view their loan balance and next payment due date. Monthly statements are available online for borrowers who enroll in automatic payments.
- People who need no more than $50,000 in funding
- People who value customer service and positive reviews
- People who need loan funding quickly