Best Egg Personal Loan Review

Best Egg is a Delaware-based company that offers personal, unsecured, and secured simple-interest loans since 2014. They cater to people with fair to excellent credit and offer loans between $2,000 and $50,000 without collateral. However, borrowers should be mindful of the interest rates. 

Who is Best Egg for? 

Best Egg is for borrowers who have fair to excellent credit scores. For example, borrowers with a FICO score of 600 and up can qualify for a personal loan through the company, but you need an annual income of $100,000 and a 700 credit score to get the best rates. If you qualify, you can borrow up to $50,000 with APRs as low as 8.99%.  

They offer a quick and easy application process that is entirely online, and you can get approval in one business day. Personal loans are outstanding for funding big purchases or consolidating debt. However, you may not get a loan through this company if you live in the District of Columbia, West Virginia, Iowa, or Vermont, and some states may have loan limit restrictions. 

Best Egg Pros and Cons

Just like any loan company, this one has a few benefits and drawbacks attached to it. They include but are not limited to:

Best Egg features

With a wide range of offerings and benefits, this is a premier personal loan company that caters to its customers’ needs. Some features that set it apart include:

• Broad Loan Range – They provide personal loans from $2,000 to $50,000 for various purposes.
• Flexible Repayment Options – Borrowers pick a payback period from 36 to 60 months to fit their budget and financial goals.
• Soft Credit Inquiry – The pre-approval procedure uses a soft credit inquiry, so discovering your rate won’t impact your score.

What makes Best Egg stand out

There are several things that make this company stand out above the competition, including: 

• Excellent Customer Service – This company’s service receives rave reviews, and their client satisfaction ratings are proof. They also provide knowledgeable customer support service.
• Fast and Convenient Application Process – The online application provides fast funding. Borrowers can quickly apply and get approved, with deposits in as little as a day.
• No Prepayment Penalties – Borrowers benefit from the prepayment penalty policy transparency and loan prepayment is free.

Why you’ll want to look elsewhere 

Best Egg has many benefits and perks that appeal to many borrowers. Still, there are some situations or considerations that may make you choose different personal loan providers, including: 

• Lower or Poor Credit – This company targets high-credit customers. Lower credit scores and short credit histories may result in higher interest rates or loan denial. If so, you may consider companies specializing in bad credit loans.
• Origination Fee – They deduct a 0.99% to 5.99% origination fee from the loan proceeds. If you wish to avoid origination fees, consider different lenders.
• No Joint Loan or Co-Signer Options – No co-signers and shared loan applications are allowed. You may need to find a lender that allows co-signers if you need one for approval or a lower rate.

Best Egg requirements

Best Egg has eligibility restrictions for personal loans. General criteria include but are not limited to:

Income

Personal loans from here do not have a strict income minimum. They require a regular income and proven job history to assess the ability to make monthly loan payments. Also, the company prefers any potential borrowers to have a lower debt-to-income ratio (DTI), preferably below 40%.

Credit score

This loan company targets high-credit borrowers and those with credit scores near 700 or better. However, higher credit scores might lead to better borrowing rates and conditions. If you have lower scores, you may want to try Opploans or a company that caters to lower scores and thinner credit profiles.  

Is Best Egg Legit?

Yes, Best Egg is a legitimate company. Marlette Funding, LLC, a 2013 financial technology business, runs it. They’ve provided personal loans for thousands of customers for different things, including debt consolidation, home upgrades, and large purchases.

Best Egg reviews 

Since this company has a reputation for being easy to work with and legit, you can easily search for reviews on different platforms and see what they say. A few ratings and reviews include: 

• TrustPilot Rating – Best Egg reviews on Trustpilot give the company a 4.6 out of 5 stars with 7,975 reviews. They replied to 99% of all negative reviews too. 
• BBB Rating – Best Egg reviews on the BBB give it a 4.87 out of 5 stars with 2,184 reviews and an A+ rating. There have been 79 complaints in the last year that they swiftly addressed. 
• Reddit – Best Egg reviews on Reddit are mostly positive, with a few warning comments about the origination fee and interest rate for people with lower credit scores. 

Sites like Best Egg

How do they stack up against other popular personal loan lending sites that cater to fair to excellent credit? We’ll touch on a few below for you. 

• SoFi Personal Loan – SoFi provides personal loans up to $100,000, compared to Best Egg’s $50,000, and its APRs peak at 23%. SoFi offers two to seven years credit terms, while you get three to five with this company. 
• Upgrade – Upgrade clients can borrow $1,000–$50,000. Upgrade’s APRs range from 8% to 36%. They also have longer loan durations than this company at two to seven years and a lower minimum credit score of 580.
• LightStream – LightStream offers personal loans from $5,000 to $100,000 with APRs below 3% with autopay. LightStream’s rates peak at just over 20%—much lower than Best Egg’s. However, LightStream has stricter qualifying standards than Best Egg, making getting personal loans harder. LightStream also allows you to pay up to 12 years and charges no origination fees. 

How to apply for a loan online with Best Egg

Prequalifying, applying, and waiting for a personal loan is normal. To apply for a personal loan, you’ll: 

• Calculate Your Monthly Payment – The loan calculator estimates monthly payments depending on creditworthiness, loan amount, and period. 
• Apply to See Your Rate – Enter your personal information and click “Check My Rate” on the site to see your loan options. They will then do a soft credit check.
• Review Your Offers and Accept – After providing basic personal information, you can review offers and pick the conditions that meet your needs and budget. They do a hard credit check when you accept an offer.
• Verify Your Information – The company must verify your details before underwriting. You may need to show proof of your proof of identity, residence, income, and credit score. 
• Get Funded – Borrowers can get funds in one to three days after verification. If you signed up for Direct Pay, money will go straight to your bank account or other creditors.

Wrapping up

Best Egg helps people break free from financial constraints with dependable and customer-focused loans. They’re known for their easy borrowing procedure, reasonable rates, and flexible periods, and it’s the golden goose that might help you consolidate your debt, fund a home improvement project, or pay unforeseen expenditures. 

Just be aware that if you have bad credit or need a co-signer you’re better off applying with a company like Opploans.