Best Egg Personal Loans Review

Key points:

  • Best Egg offers competitive rates and fast financing to borrowers with good credit.
  • If you only have fair credit, Best Egg probably isn’t your best option.
  • Best Egg charges an assembly fee between 0.99% – 5.99%, while many other lenders charge no fees.

on the secure Best Egg website

What we like:

Flexible credit drawdown

Rates (APR) 5.99%- 29.99%
Loan conditions 35 years
Loan amounts $2,000$35,000
Costs Creation costs: 0.99% – 5.99%

Best Egg is 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 stable annual income and a good credit history.

Best Egg lets you apply for your loan online, and borrowers can get funding within just one business day of being approved.

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

In this review:

Best Egg Personal Loans: At a Glance

Best Egg Personal Loan
Loan amounts $2,000$35,000
Terms of office 36 – 60 months
Rates 5.99%- 29.99%
Assembly costs 0.99% – 5.99%

The minimum you can borrow with a Best Egg loan is $2,000, and 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 request up to $50,000.

Best Egg interest rates from 5.99% at 29.99%. The rate you are offered will depend on your credit, loan amount, repayment term and existing debt. There may also be assembly fees ranging from 0.99% to 5.99% the loan amount, which is deducted from the loan proceeds when your funds are disbursed.

As an example of what your loan might look like with Best Egg, a $20,000 loan 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 setup fee of 0.99%, your monthly payments would be around $600, assuming you set up automatic payments from your bank account. You’ll end up paying around $2,000 in interest over the life of the loan.

Advantages and disadvantages of a Best Egg personal loan

  • Easy to use website: Best Egg’s website is consumer-focused for ease of use, and its simple, intuitive interface makes applying for and managing your loan much easier than most of its competitors.
  • Flexible credit applications: The application does not lead to a thorough investigation of your credit until you accept a loan offer, so you can check your projected interest rate without it affecting your credit score.
  • Low interest rates: Best Egg’s interest rates are very competitive, and borrowers with good credit may find they can obtain loans with excellent terms and rates to suit their needs.
  • Quick 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.
  • Simple loan management and payment system: Automatic payments make the loan management process easier.
  • Highly rated customer service: Best Egg is rated A++ by the Better Business Bureau and receives high marks from Consumer Affairs.

  • 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 incomes.
  • High interest rates for borrowers with less than perfect credit: If you have a score below 680 and less than $150,000 in income, you may receive a fairly high interest rate, in some cases up to 29.99% APR—even higher than some credit cards. This means that Best Egg is only recommended for borrowers with good credit.
  • Creation costs: Other popular financial companies, such as SoFi, have zero fees on their loans; this means it may actually be cheaper to go somewhere other than Best Egg for your unsecured personal loan. On a $20,000 loan, a 5.99% origination fee totals nearly $1,200.
  • Refund options: Best Egg’s loan terms are not as flexible as some other companies. Limited options may result in higher monthly payments in some cases.

Apply for a Best Egg Personal Loan

The application process can be completed in minutes, which is a common expectation in the personal loan industry. Applicants will be required to provide standard personal information, including their social security number, individual gross annual income, and household income.

Depending on why you want to get the loan, you may also need to provide other documents. Each type of loan at Best Egg has its own requirements. If you are looking for a loan to consolidate your debts, for example, you will need to state exactly how much you currently owe.

You can also get a personal loan from Best Egg for home renovations, moving expenses, vacations, special occasions, or even adopting a baby, and other major purchases. Whatever your needs, chances are Best Egg has a personal loan product that will meet them.

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

>> Learn more: Interview with the president of Marlette Funding, the online provider of Best Egg

Where to find alternatives to the best eggs

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

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

If, however, you are closer to the average Best Egg borrower, with less than $100,000 in income and a 650-680 credit score, 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 some of the best personal loans from LendEDU. Getting quotes from multiple lenders is the best way to find the lowest rates.

Best Egg Personal Loan Comparisons

Want to see a direct comparison between Best Egg and other personal lenders? Check out these comparative reviews:

About Judith J. George

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