Best Egg Review

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: 6.99%.

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.

Best Egg Interest Rates, Fees & Other Terms

Category Rating: 66% (3.3 out of 5)

• Overall APR range: Best Egg offers personal loans with an APR range of 6.99% - 35.99%. Best Egg interest rates are fixed, which means your rate will never change during the entire time you pay off the loan.
• How rates are determined: Your individual rate will be selected from the advertised range based on your credit score, income and existing debts, among other factors.
• Origination fee: Best Egg charges an origination fee ranging 0.99% - 9.99% of the loan amount. This fee will be subtracted from the initial amount you receive.
• Loan amounts & timelines:Best Egg personal loan amounts are usually between $2,000 - $50,000, depending on the state. Repayment terms range from 36 - 60 months.

Best Egg Loan Requirements & Application Info

Category Rating: 76% (3.8 out of 5)

• Minimum credit score: Best Egg requires a credit score of 640 or higher, according to the company’s website. You will need a score of 700 or higher to have a chance of getting the lowest rates.
• Citizenship: You must be a U.S. citizen or permanent resident.
• Identification: You must have a Social Security number. You must also have a valid email address.
• Pre-qualification: You can check your potential Best Egg rates online. This will not affect your credit score, though actually submitting an application will.
• Ways to apply: You can apply for a Best Egg personal loan online or over the phone at (855) 282-6353.
• No joint loans: Best Egg only takes individual applications. They do not allow co-signers or co-borrowers.
• Application status: If you are waiting for a decision, you can check your Best Egg personal loan application status though your online account.

Best Egg Reviews & Transparency

Category Rating: 100% (5 out of 5)

• Better Business Bureau: Best Egg has an A+ rating and has been accredited since 2014.

• Consumer Financial Protection Bureau: The CFPB has cataloged around 90 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 4.5/5, across more than 1,950 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

Other Key Things to Know

• Age: You must be at least 18 years old, or the legal age to accept a loan in your state.
• Bank account: You must have a verifiable bank account.
• Minimum income: Best Egg does not disclose minimum income requirements. However, for the best rates, you will need an annual income of $100,000+.
• Prepayment Fee: Best Egg does not have any prepayment fee.
• Late Fee: Best Egg has a $15 fee for late or returned payments.

Best Egg vs. Popular Competitors

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.

1. 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.
2. 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.
3. 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.

Disclosure: Best Egg loans are personal loans made by Cross River Bank, a New Jersey Chartered Bank, Member FDIC, Equal Housing Lender, or Column N.A., Member FDIC, Equal Housing Lender. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,001; and Georgia, $3,001.  For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. Eligibility for the best available rate subject to creditworthiness. For 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 7.99% APR has 36 scheduled monthly payments of $155.12. 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. What this means for you: 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. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa,Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: [email protected], Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/