2021 Best Egg Review

Adam McCann, Financial WriterMay 3, 2021

EDITOR’S RATING

4.0 / 5

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% - 6.99% origination fee
$15 late fee
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 600, 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%.

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.

2021's Personal Loan Offers

Compare Loans

Best Egg Personal Loan Terms


APRs	5.99% - 29.99%
Loan Amount	$5,000 - $50,000
Loan Terms	Up to 60 months
Origination Fee	0.99% - 6.99%
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	18 years old U.S. citizen / permanent resident SSN / ITIN / passport Bank account
According to multiple third-party sources Check My Rate

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% - 6.99%, and it is deducted from the amount deposited in your bank at the beginning. There’s also a $15 fee for late/returned payments. 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 & Application Info

Category Rating: 4.3/5

The minimum credit score to get a Best Egg personal loan is 600. 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 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: Best Egg has a user score of 4.8/5, across more than 2,200 reviews.

Transparency: 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.

Summary: Best Egg Score by Review Category

Category	Score
Rates, Fees & Other Terms	4/5
Requirements & Application Info	4.3/5
Reviews & Transparency	3.8/5
OVERALL	12.1/15

Best Egg vs. Popular Competitors


Reviews	*****	*****	*****
APRs	5.99% - 29.99%	6.99% - 24.99%	8.05% - 35.89%
Loan Amounts	$5,000 - $50,000	$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

According to multiple third-party sources

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.

Questions & Answers (2 questions)

How long does it take to get money from a Best Egg personal loan?

Upvotes

Rick Bormin

It takes 2 to 4 business days to get money from a Best Egg personal loan, in most cases That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

How to Get Money From Best Egg as Fast as Possible

Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Best Egg having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a Best Egg personal loan once your credit score exceeds the minimum requirement of 640. That will make it easier for Best Egg to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.

Once you get approved for a Best Egg personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.

View more answers

What credit score do you need for a Best Egg personal loan?

Upvotes

Rick Bormin

Applicants need a credit score of 640 to get a personal loan from Best Egg, according to the company. That means the Best Egg personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.

Keep in mind that just having a 640 credit score is not enough to qualify you for a Best Egg personal loan. Best Egg will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Best Egg with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Best Egg personal loan online to gauge your chances of getting approved with your current credit score.

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