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Best Egg, powered by Marlette Funding, is an online lending platform that offers personal loans to borrowers with good and excellent credit, and even some with fair credit. These loans often fund quickly, but their origination fee may be unappealing to people who can get approved for similar rates with no upfront fee elsewhere.
|Fast funding||Charges an origination fee|
|Prequalify with a soft credit check||No cosigners allowed|
|Available for some fair-credit borrowers|
|Best Egg Customer Service|
1523 Concord Pike, Suite 201
Wilmington, DE 19803
Best Egg offers personal loans from $2,000 to $35,000, with repayment terms ranging from three to five years. If you're eligible and get approved for a loan, you could receive your funds within one business day, making it a solid choice if you're experiencing an emergency.
The lending platform also offers competitive fixed interest rates for people with good and excellent credit. It's origination fee may be a deal-breaker for some, however.
Multiple Loan Options Available
Personal loans are incredibly versatile, providing a financial tool that you can use for just about any of your financial needs.
But Best Egg goes the extra mile and lists out some specific ways you can use your personal loan—and provides extra information and advice with each. Those options include:
- Debt consolidation
- Credit card refinancing
- Home improvements
- Moving expenses
- Special occasions
- Baby expenses and adoption
How to Apply for a Best Egg Personal Loan
Best Egg offers quick approvals with its easy online application. You'll start by getting prequalified based on a soft credit check (which won't affect your credit scores) and providing some information about yourself and your finances. Once you've chosen an offer and submitted an official application, Best Egg will run a hard credit check.
At that point, you'll also need to verify your identity, address and income. You can do this by connecting your bank account or submitting documentation, such as pay stubs, bank statements and a copy of your driver's license.
Who Is Eligible for a Best Egg Personal Loan?
Best Egg personal loans are available to borrowers with at least a 640 credit score and a debt to income ratio (DTI) under 30%. This means some consumers in the fair credit range may be able to qualify.
The DTI requirement can, however, be challenging for some, especially if you're a homeowner since it means your monthly debt payments can't exceed 30% of your gross monthly income.
There's no minimum income requirement, but to qualify for the best interest rate, you'll need a credit score of at least 700 and a six-figure individual annual income.
You'll also need verifiable income and a valid address and proof of identification. Finally, you'll need to live in one of the states the lending platform operates, which includes most states in the U.S.
One significant drawback to Best Egg personal loans is that if you're not eligible on your own, you can't get a cosigner to apply with you. Some other personal loan companies offer this option if your credit is less than stellar.
Prequalifying for Best Egg Personal Loans
The prequalification process allows you to view rate offers from Best Egg—if you're eligible for a loan—without the pressure of a hard credit check, which can temporarily ding your credit score. It takes just a few minutes and gives you the chance to compare rates and features with other loan issuers before you apply.
To find out if you're prequalified, you'll need to provide the following information:
- Desired loan amount and its purpose
- Full name
- Date of birth and Social Security number
- Address and phone number
- Employment and income information
- Information about your financial accounts
- Housing status and monthly rent or mortgage payment
- How many cash advances you've taken out in the last six months
- Consent to set up automatic payments if approved
Once you submit these details, you'll be able to compare loan offers and choose the right fit for you.
Are There Any Fees?
Best Egg charges a one-time origination fee of 0.99% to 5.99% of your loan amount. This upfront fee is deducted from your loan proceeds, so you may need to borrow more than you actually need to account for it. If you choose a repayment term of four years or longer, the minimum origination fee is 4.99%.
If you have good or excellent credit, it's important to keep in mind that some other loan issuers, such as SoFi, don't charge an origination fee, which can save you money upfront.
Best Egg also charges a $15 late fee if you pay more than three days late, plus a $15 returned payment fee if your bank account doesn't have enough funds to cover the full payment amount. To avoid late and returned payment fees, make it a goal to pay your bill on time every month and have enough money in your checking account to make that happen.
Exceptional Customer Satisfaction
Customer reviews are an important feature when you're trying to find the right loan, and Best Egg has received favorable reviews from various sources. That includes an A+ rating from the Better Business Bureau and a No. 1 ranking among personal loan companies by Best Company.
Best Egg also has thousands of five-star reviews from customers on each website.
|Loan amount: $2,000 - $35,000||Origination fee: 0.99% - 5.99%|
|Estimated APR: 5.99% - 29.99% (fixed)||Late fee: $15|
|Loan terms: 36 - 60 months||Prepayment fee: None|
|Funds released: 1 - 3 business days|
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†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.
Good But Not Best for Good or Excellent Credit
Best Egg's primary market is consumers with good or excellent credit. But despite the competitive interest rates you can get through Best Egg, its origination fee may scare off some prime borrowers who can get a loan with no upfront fee somewhere else.
Take advantage of Best Egg's prequalification process to see if you're eligible and what the rates and other terms look like. Then compare these with what you can get elsewhere to make sure you get the right fit for you. Find out if you're matched to a Best Egg loan at Experian CreditMatch™.