Best Egg Personal Loan Review

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APR

5.99%
To
29.99%

Credit Req.

700

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in 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 four 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. 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.

Best Egg personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR Range: 5.99%-29.99%
  • Loan amounts: $2,000-$35,000 (Some consumers may qualify for $50,000).
  • Time to funding: Can be funded as soon as the next business day.
  • Hard pull/soft pull: When you first apply, Best Egg will do a soft pull on your credit in order to generate a loan offer. If you accept this offer and move forward with the loan process, they will do a hard pull.
  • Origination fee: 0.99% - 5.99%. This fee will be subtracted from your total loan amount, so be sure you factor that into your calculation when you decide how much to borrow.
  • Prepayment fee: None.
  • Late payment fee: If you are 3 or more days late, there is a $15 fee.
  • Other fees: If you aren’t enrolled in automatic payments, there is a $7 payment processing fee. If your payment is returned for any reason, there is a $15 fee.

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 combined loans must be $50,000 or less.

Eligibility requirements

  • 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 or higher and an income of $100,000 or more. However, in order to qualify for a $50,000 loan, you will have to have an income of at least $130,000 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 only a few 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.

Pros and cons of a Best Egg personal loan

Pros:

Cons:

  • Fast funding. Best Egg funds about half of their loans in one business day, with other applicants only waiting about three business days.
  • Borrow twice. Even if you already have a Best Egg loan, you are still eligible to take another out as long as you’ve had the first one for 6 months or longer, and that you do not borrow more than $50,000 total.
  • Lower minimum loan amounts. You shouldn’t borrow more money than you need. With loans starting at $2,000 depending on your state of residence, many will be able to avoid overborrowing. If you need even less than $2,000, keep in mind that some credit unions will issue personal loans for as little as $500.
  • Various loan options. Borrow funds for everything from debt consolidation and moving expenses to vacation and adoption expenses.
  • Excellent credit applicants may find better deals elsewhere. While there are certainly lenders who charge much higher interest rates, Best Egg does not have the best rates for their target clientele. For example, to qualify for their lowest rates, you must make $100,000 per year and have a credit score of 700 or higher. You may find other marketplace lenders who offer lower rates for this demographic, so definitely shop around and compare.
  • Origination fees. Not all lenders charge origination fees on personal loans, which makes Best Egg’s fee of 0.99% - 5.99% a negative.
  • Income requirements. The best rates available from Best Egg require an income of at least $100,000.
  • No co-borrowers.They do not allow for joint applications.

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 in 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.

Best Egg consumer reviews

Looking at a company’s customer reviews and rating on the Better Business Bureau (BBB) is one of the best ways to assess client satisfaction, as well as the legitimacy of the business. One major upside to Best Egg is that they have an A+ rating with the BBB and they’re accredited with the BBB. Plus, there are over 2,200 customer reviews that have an average 5-star rating.

On LendingTree’s website (Disclosure: LendingTree is the parent company of MagnifyMoney), there are over 350 reviews for Best Egg. These reviews have an average of 4.8 out of 5 stars for customer satisfaction, as well as a 96% recommendation rate.

Overall, the reviews for Best Egg on LendingTree tout great customer service, a simple and streamlined process for obtaining a loan, and fairly quick access to loan funds:

“This is exactly the experience I was hoping for — quick, easy, straightforward — no need for a ton of back and forth with anyone,” wrote Nadia from Bell, Calif. “Highly recommend!”

Kelley from Morganton, N.C., was pleased with Best Egg’s offers for a debt consolidation loan. “The application process was simple and I was able to navigate the submissions easily,” she wrote. “My rate was better than any other loan offers, which made my monthly payment well within my means to get rid of credit card debt. And the funds were in my account within 48 hours!”

Although the customer reviews for Best Egg are primarily positive, there are a handful of negative reviews, which cited high fees and confusion surrounding loan rejection despite a good credit score.

Best Egg FAQ

According to Best Egg, around half of customers will have access to their loan within one business day. Most loans get funded within one to three business days.

However you see fit! Best Egg loans can be taken out for everything from credit card consolidation to loans for home improvement and major purchases (like weddings).

For most consumers, the maximum loan amount is $35,000. Some customers, however, will be able to qualify for a maximum loan amount of $50,000. (The minimum loan amount is $2,000.)

Yes. To receive the best rates Best Egg offers, you’ll need a minimum credit score of 700.

In order to apply for a personal loan with Best Egg, you need to: be a U.S. citizen or permanent resident; be of legal age to accept the loan in the state you live in; have a personal bank account with a routing number; have a valid email address; and have a physical mailing address.

APRs for Best Egg loans range from 5.99% to 29.99%, and loans come with an origination fee between 0.99% - 5.99%. Five-year loans will have an origination fee of at least 4.99%.

Yes. Best Egg allows customers to have two loans at one time so long as the total between the two loans doesn’t exceed $50,000 and the first loan has been open for at least six months.

Best Egg loans are unsecured personal loans, which means nothing is put up as collateral.

Depending on the loan terms, you could need a minimum annual income of $100,000 to qualify for a Best Egg loan.

Yes, as there are different loan requirements for a few states. In Massachusetts, the minimum loan amount is $6,500; in New Mexico and Ohio, the minimum loan amount is $5,000; and in Georgia, the minimum loan amount is $3,000.

Alternative personal loan options

Upgrade

Upgrade
APR

5.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.


Personal loans made through Upgrade feature APRs of 5.99%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

Upgrade offers a similar product to Best Egg, except their maximum APR is much higher and their minimum credit score requirements 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.

Lending Club

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... 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®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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 6.99% 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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here