Launched in 2014 and backed by Marlette Funding, LLC, online lender BestEgg aims to “find better ways to make money accessible.” Since it was founded, Best Egg has funded over $5 billion of personal loans.
Best Egg’s leadership team is packed with veterans who are working to change the personal loan industry. With experience with big financial institutions like Barclays, CitiGroup and Merrill Lynch, these pros are merging their skill set with those who have worked in the start-up space and government positions to grow an easy-to-use platform while staying conscious of consumer’s legal rights.
Up to 29.99%
Minimum Credit Score
36 or 60
0.99% - 5.99%
People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More
*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
Fees and penalties
Some lenders will only allow you to take out one loan at a time. Best Egg is not one of them. You can have two loans from Best Egg at a time, though if you’re thinking of taking out a second, make sure your first loan is at least six months old and that you haven’t missed payments. The total amount of your loans must be $50,000 or less.
- Minimum credit score: 700
- Minimum credit history: In order to qualify, you must have at least three years of credit history with at least three open credit accounts — none of which may have open delinquent payments. You will be disqualified if you have a tax lien or bankruptcy on your credit report, or if you are currently working with a credit counselor or debt management company.
- Maximum debt-to-income ratio: 40%
Best Egg gives qualified U.S. residents its best rates when they have a credit score of 700+ and an income of $100,000+. You can still qualify, though, if your credit score is above 700 and you have an income of $50,000 to $150,000 per year.
Applying for a personal loan from Best Egg
When you fill out Best Egg’s online application — providing information on your housing, income and employment — you’re actually applying for pre-approval. Filling out this application generally takes less than five minutes.
After you’ve filled it out, you’ll be given a loan offer if you qualify. If you’re happy with the rate and terms, you can accept and provide any additional paperwork Best Egg may request or require. Depending on your bank, you’ll be able to get your loan funded in about one to three business days.
Who’s the best fit for a Best Egg personal loan
If you meet the income and credit requirements, Best Egg may be a good option, especially if you need to get your hands on money quickly. Best Egg is also good for middle- to high-income earners who only need a small loan, as some of their competitors have minimum loan amounts of $5,000 or more, while Best Egg’s minimum is only $2,000.
If you do meet these requirements, be sure to shop around. There are lenders on the marketplace who offer prime borrowers better rates and don’t charge origination fees. Depending on your personal situation, that doesn’t mean Best Egg won’t make you the best offer; it just means you should do your due diligence in case they don’t.
Alternative personal loan options
Minimum Credit Score
36 or 60
1.50% - 6.00%
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.
Upgrade offers a similar product to Best Egg, except their maximum APR is much higher and their minimum credit score requirements are much lower. This means that you’re likely to have an easier time getting approved for a loan from Upgrade, but that your interest rate is likely to be higher if you have a lower credit score.
Minimum Credit Score
36 or 60
1.00% - 6.00%
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More
Similar to Upgrade, LendingClub extends loans to those with lower credit scores than Best Egg does, though it does so at a higher rate. If your credit score is less than 620, LendingClub is preferable to Upgrade, though their maximum interest rates are very close — within a tenth of a percentage point of each other.
Marcus by Goldman Sachs®
Minimum Credit Score
36 to 72
No origination fee
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.
Marcus by Goldman Sachs® — unlike Best Egg — charges No origination fee. Their maximum term length also allows you to stretch out your loan, potentially lowering your monthly payments. Remember, however, that when you stretch out your loan, you usually end up paying more in interest overall even if your monthly payment is lower.