EDITOR’S RATING
PROS
- Loans as high as $50,000
- APRs as low as 5.99%
- Loans as long as 60 months
- Few complaints
- No prepayment fees
CONS
- APRs as high as 29.99%
- 0.99% - 5.99% origination fee
- $15 late fee
- $7 processing fee for non-automatic payments
- Co-signers not allowed
Best Egg Review Summary: Best Egg personal loans could be a good choice for people with fair-to-excellent credit. Their minimum credit score requirement is just 640, and people who earn more than $100,000 per year and have a credit score over 700 also have a shot at qualifying for Best Egg’s lowest rate: 5.99%.
One of the downsides of loans from Best Egg is that they have a lot of fees. You’ll pay an origination fee of 0.99% - 5.99%, and if you don’t enroll in automatic payments you may have to pay an extra $7 per month. Read on to see how WalletHub rates Best Egg personal loans in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also find information on how other lenders’ offers compare.
Best Egg Personal Loan Terms
| |
| APRs | 5.99% - 29.99% |
| Loan Amount | $2,000 - $35,000 |
| Loan Terms | Up to 60 months |
| Origination Fee | 0.99% - 5.99% |
| Prepayment Fee | $0 |
| Late Fee | $15 |
| Minimum Credit Score | Fair* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Refinance, Home Improvement |
| Time to Receive Loan Money | 2 - 4 business days |
| Other Requirements |
|
*According to multiple third-party sources | |
Best Egg Interest Rates, Fees & Other Terms
Category Rating: 4/5
Best Egg interest rates range from 5.99% to 29.99%. Your individual rate will be based on a combination of factors such as your credit score, income and other debts. Best Egg loans have fixed APRs, so your interest rate will never change during the entire time you pay it off.
Best Egg does not have a fee if you pay off your loan early. However, they do have multiple other fees. The Best Egg origination fee is 0.99% - 5.99%, and it is deducted from the amount deposited in your bank at the beginning. There’s also a $15 fee for late/returned payments. And Best Egg “may” charge a $7 processing fee per payment for any customers who are not enrolled in automatic payments. Relative to many other lenders on the market, Best Egg is more expensive when it comes to fees.
Best Egg’s low rates and high loan amounts ($2,000 to $50,000) earn the company a good score in this category. You’ll also get up to 60 months to pay the loan off. Best Egg’s score is held back slightly because of their fees.
Best Egg Loan Requirements
Category Rating: 4.3/5
The minimum credit score to get a Best Egg personal loan is 640. There are no disclosed minimum income requirements to get a loan. However, Best Egg does note that in order to receive their lowest rate, you will need a credit score of 700+ and an income of $100,000+. Best Egg does not allow co-signers.
There are some other basic Best Egg loan requirements to meet as well. You must be of legal age to accept a loan in your home state. In most states, that’s 18 years old. You must also be either a U.S. citizen or permanent resident with a Social Security number, an ITIN or a passport. Best Egg also requires applicants to have a bank account and an email address.
You can check your potential Best Egg rates online. This will not affect your credit score (though actually submitting an application will). If you’d like to apply for a loan, you can do so online or by phone. You can also check your Best Egg application status by logging in to your online account.
Best Egg gets high marks for the wide availability of their loans, the fact that they offer more than one way to apply, and their pre-qualification process.
Best Egg Loan Reviews & Transparency
Category Rating: 3.8/5
- Better Business Bureau: Best Egg has an A+ rating and has been accredited since 2014.
- Consumer Financial Protection Bureau: The CFPB has catalogued around 55 complaints about Best Egg loans. Some complaints include having trouble accessing account information and receiving higher interest rates than expected from the initial rate check. Best Egg’s parent company Marlette Funding, LLC has a good track record of providing “timely” responses to complaints.
- WalletHub: There is not enough data to give Best Egg a user rating.
- Transparent: Best Egg is transparent about their personal loan terms, which you can see on their website, though some information on fees is hard to find. Best Egg also discloses a minimum credit score requirement, which many lenders do not.
Best Egg gets a decent score in this category because of its overall good reputation. But they lose a few points because while some of their terms are easy to find, others take some effort to uncover.
Best Egg Personal Loans vs. Other Lenders
Best Egg |  Discover |  LendingClub | |
| Reviews | |||
| APRs | 5.99% - 29.99% | 6.99% - 24.99% | 10.68% - 35.89% |
| Loan Amounts | $2,000 - $35,000 | $2,500 - $35,000 | $1,000 - $40,000 |
| Loan Terms | Up to 60 months | 36, 48, 60, 72 or 84 months | 36 or 60 months |
| Minimum Credit Score | Fair* | Fair* | Fair* |
| Winner | Discover | ||
Methodology
In order to provide the most accurate review of Best Egg personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.
For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Best Egg terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.