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Best Egg is an online lending platform that's best for borrowers with good credit. Its personal loans may come with higher annual percentage rates (APRs) and origination fees than some competitors, but Best Egg's application process is streamlined, and its customer support is responsive.
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- Pros & Cons
Can be used for a wide range of purposes
Loan amounts are flexible and start at $2,000
Offers direct payment to third-party creditors
Does not charge prepayment penalties
Borrowers may face APRs up to 35.99%
Origination fees range from 0.99% to 5.99%
Does not permit co-applicants
No mobile app for personal loan customers
- Can be used for a wide range of purposes: Lenders may limit what personal loan funds may be used for, though some restrictions are more comprehensive than others. Best Egg loan funds can be used for several purposes, including debt consolidation, home improvements, medical expenses, relocation, weddings, and other large purchases.
- Loan amounts are flexible and start at $2,000: Some top lenders require a minimum loan amount of $5,000, which may be more than borrowers need. Best Egg has a minimum loan amount of $2,000 in most states, so borrowers don’t have to pay interest on a larger loan than they actually need.
- Offers direct payment of third-party creditors: In addition to allowing borrowers to use personal loan funds for debt consolidation, some lenders streamline the process through direct payment of third-party creditors. Best Egg is one of these lending platforms, offering a Direct Pay option that includes automatic credit card debt repayment.
- Does not charge prepayment penalties: Best Egg does not charge a prepayment penalty for borrowers who pay off their loan before its due date. This can further reduce borrowing costs for those who wish to make early payments and avoid unnecessary interest.
- Borrowers may face annual percentage rates up to 35.99%: Rates at the top end of Best Egg’s APR range—35.99%—are among the highest offered for personal loans. That said, the most creditworthy applicants may qualify for an APR of just 8.99%, which is a relatively competitive rate.
- Origination fees range from 0.99% to 5.99%: The most competitive lenders offer fee-free personal loans, but Best Egg charges an origination fee of between 0.99% and 5.99% of the total loan amount. The fee is included in the principal loan amount and then deducted from the amount deposited in the borrower’s account.
- Does not permit co-applicants: Many of the most popular lenders allow borrowers to apply with a co-applicant. Applying with a co-applicant, rather than individually, may help borrowers with poor credit qualify for a personal loan. Currently, however, Best Egg only permits individual applications.
- No mobile app for personal loan customers: Best Egg has a mobile app for credit card customers, but it does not offer a mobile app for personal loan borrowers. Many other lenders offer account management via user-friendly mobile apps.
Best Egg is an online lending platform that offers unsecured and secured personal loans issued through Cross River Bank and Blue Ridge Bank. Loan amounts range from $2,000 to $50,000. Keep in mind that loan minimums vary in certain states. For instance, borrowers in Massachusetts must borrow a minimum of $6,500, those in New Mexico and Ohio must borrow at least $5,000, and Georgia borrowers are limited to a borrowing minimum of $3,000.
Best Egg’s APRs range from 8.99% to 35.99% and its loan terms range from 36 months to 60 months. These terms are comparable to other top lenders, and Best Egg doesn’t charge prepayment penalties. Prospective borrowers will likely need a minimum FICO score of 700 to qualify for a Best Egg personal loan. Applicants should ideally also have a debt-to-income (DTI) ratio below 36%, but it isn't strictly needed.
Generally, Best Egg personal loans are best for borrowers with a good credit score. Its highest APRs exceed those of top competitors, but creditworthy applicants may qualify for its low-end APR. If it fits your situation, Direct Pay can also help you get a lower interest rate.
Founded in 2014, Best Egg is an online lending platform operated by the financial services company Marlette Funding. Its personal loans are underwritten by Cross River Bank, a New Jersey State Chartered Commercial Bank, and Blue Ridge Bank, a Nationally Chartered Bank.
Personal loans through Best Egg are available in 47 states, and the company also issues credit cards through First Bank & Trust. Its personal loans are not available to residents of Iowa, Vermont, West Virginia, Washington, D.C., or U.S. Territories.
Types of Personal Loans Offered by Best Egg
Best Egg borrowers can use personal loan funds for various purposes, including debt consolidation, home improvements, medical expenses, relocation, travel, babies and adoption, large purchases, and weddings. The lending platform also offers direct payment of third-party creditors through its Direct Pay program, which can streamline the process of consolidating your credit card debts.
Best Egg personal loans cannot be used for any of the following purposes:
- Post-secondary educational expenses
- Purchasing or carrying securities
- Illegal activity
To qualify for a Best Egg personal loan, borrowers will likely need a minimum credit score of 700 and, ideally, a debt-to-income ratio below 36%.
Time to Receive Funds
Best Egg personal loan funds are typically deposited directly into a borrower’s bank account. However, if a borrower chooses to use their loan for debt consolidation through the platform’s Direct Pay program, funds are disbursed to the third-party creditors the borrower identifies during the application process.
On average, about half of Best Egg’s borrowers receive loan funds within one day after approval. However, money may be deposited in a borrower’s account anywhere from one to three business days. This timeline is relatively standard among competitors, though some top lenders advertise same-day funding. Best Egg does not disclose how long it takes funds to be disbursed via Direct Pay.
Best Egg Personal Loan Features
Soft Initial Credit Inquiry
Best Egg lets applicants see what rate they’re likely to qualify for without undergoing a hard credit check. Instead, prospective borrowers can navigate to the “Check My Rate” button in the right-hand corner of the Best Egg homepage or enter their email address from the homepage and click on “Check Your Rate.”
This process only involves a soft credit inquiry, so your credit score won’t be impacted. However, providing your email address opts you into receiving special offers, notifications, and updates from Best Egg.
Many lenders allow you to review loan options without undergoing a hard credit check, which is helpful if you're comparing rates and terms. Instead, a lender will conduct a soft credit check as part of the rate-checking process, which doesn't hurt your credit score.
Flexible Due Date
Eligible Best Egg borrowers can change their payment due date via phone, online chat, or email. That said, Best Egg’s website doesn’t provide details about eligibility requirements or how often a due date may be changed within a calendar year.
Direct Pay was introduced in 2020 to simplify the debt consolidation process for Best Egg borrowers. Eligible borrowers can have Best Egg pay third-party credit card companies directly rather than having the money disbursed into their own account. In addition to streamlining the debt consolidation process, borrowers who opt into Direct Pay may qualify for higher loan amounts and lower APRs.
Certain personal loan lenders offer the option to pay creditors directly. This helps streamline the process of consolidating debt.
FICO Score Access
Best Egg borrowers get free access to their FICO Score via the online account portal. Borrowers must opt into the service and, after doing so, they’ll be able to access a six-month history of their credit score and information about what factors into their score. FICO Scores are updated monthly.
Apply for a Best Egg Personal Loan
Borrowers interested in a Best Egg personal loan can use its personal loan calculator to estimate their monthly payments. Best Egg also lets prospective borrowers check the rate they’re likely to qualify for before applying for a loan. This rate check involves a soft credit inquiry, which won’t impact your credit score.
If you decide to move forward with an application, you’ll need to take the following steps:
- Choose a loan offer: Based on the initial information you provide to check your rate, Best Egg provides a list of loan offers, including rates and terms. Note, however, that these offers are not guaranteed until you receive a final loan offer. Best Egg conducts a hard credit inquiry once you accept a loan offer and decide to move forward with your application.
- Verify your application and provide documentation: Next, you’ll need to provide your income and employment information, bank account details, phone number, and date of birth. This information is used to verify your identity, income, and DTI. Best Egg may contact you to request further information or documentation if necessary.
Can I Refinance a Personal Loan With Best Egg?
Best Egg does not offer refinancing for customers with existing personal loans. However, it does provide personal loans for the purpose of consolidating third-party credit cards.
Best Egg borrowers can have two open Best Egg loans at a time—though the first loan must be in good standing, and the total balance of both loans cannot be greater than $50,000. Eligibility for a second Best Egg loan is based on payment history, among other factors.
You can contact best Egg’s customer care team via telephone at 1-855-282-6353. Representatives are available 8am to 10pm Monday through Thursday, 8am to 8pm on Friday, and 9am to 6pm on Saturdays. Times are in Eastern Time and holiday hours may differ. Existing customers can also contact customer service through their online accounts.
Notably, Best Egg does not offer a live chat option through its website, a common feature among the best personal loan providers. However, current borrowers can use its live chat tool after logging into their account portal.
Best Egg also offers extensive online resources, including personal loan guides, articles about managing debt, and guides for understanding credit scores. Likewise, the Best Egg Help Center answers popular questions for both prospective and current borrowers.
Reviews for Best Egg personal loans are generally positive, with happy customers detailing the company’s responsive customer support team and easy application process. Similarly satisfied borrowers share they received funds within a few days and that the loans are helpful for debt consolidation.
On the other hand, some applicants indicate that it was difficult to qualify for a Best Egg personal loan—even when they received a mail stating they were pre-qualified. Negative reviews also mention difficulties with income verification, especially for self-employed applicants.
Current Best Egg borrowers can manage their accounts through the online account portal, accessed from the Best Egg homepage. In addition to accessing all of their loan details, customers can chat with a representative to assist with payments and other loan management. Customers can also get assistance with their accounts—or technical support—by contacting the support team via telephone.
Payments can be made through the online account portal, via phone or text, or by chatting with a loan specialist through the online portal. You can also make payments by mail, but it can take anywhere from five to seven days for the payment to arrive unless it’s overnighted.
How Best Egg Compares to Other Personal Loan Companies
Best Egg and Upstart are online lending platforms offering borrowers access to personal loans for various purposes. Neither charges prepayment penalties, and APR ranges are nearly identical, with Upstart charging between 6.70% and 35.99%.
That said, there are a few key differences between the two providers:
- Upstart is more accessible to borrowers with poor credit than Best Egg and considers just about all applicants.
- According to Upstart, 99% of applicants receive loan funds within one business day after accepting their loans. This is compared to about half of Best Egg borrowers who receive funds within one day of application verification.
- Both lending platforms charge origination fees, but Best Egg ranges from 0.99% to 5.99%, and Upstart ranges from 0% to 10%. While Upstart may charge a higher fee than Best Egg, the most qualified applicants aren’t charged a fee at all.
Both offer comparable APRs and fee structures, but Upstart is likely the best choice for borrowers with low credit scores. Not only is the minimum credit requirement lower than Best Egg’s, but the platform also is artificial intelligence (AI)-based and reviews several factors when considering applications. Plus, loans start at just $1,000 in most states and go up to $50,000, making it easier to borrow exactly what you need.
Read our full review of Upstart here.
Best Egg offers lower personal loan amounts than many competitors, and it charges origination fees up to 7.99% of the total loan amount. Best Egg’s highest APR—35.99% — is also high compared to other traditional and online lending platforms. Still, borrowers with a FICO Score over 700 may benefit from the platform’s more competitive rates and lower origination fees. Prospective borrowers who plan to use Best Egg for debt consolidation can also qualify for lower interest rates and higher loan amounts when they opt into Direct Pay.
That said, borrowers with lower credit scores and higher debt-to-income ratios may want to steer clear of the lending platform’s high APRs and origination fees. Not only are less creditworthy applicants unlikely to be eligible for competitive rates, but the platform also does not allow co-applicants or co-signers. If you have a low credit score and limited income, consider other lenders that offer a co-signer option and less rigorous eligibility requirements.
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