Best Egg Personal Loans Reviewed in Depth

Best Egg Personal Loans

Some lenders target borrowers with lower credit scores. Best Egg focuses on people with string credit scores and large debt. Their minimum credit score requirement is 640. They also have an annual income requirement of at least $100,000 to qualify for low APRs. That makes Best Egg a “premium service.” Do those “higher standards” make them a superior option in some way? Read on to find out.

What Are Best Egg Personal Loans?

Best Egg was founded in 2014. They are owned and operated by Marlette Holdings, a financial technology company. They have a minimum loan amount of $2,000 and can offer some of the lowest APRs available for applicants with credit scores of 700 or more. Their customer service rating from US News is 4.8 out of 5 stars, with an overall personal loan rating of 4.2 stars.    

Pros of this lender

  • Funding is available in one to three days
  • The minimum loan amount is $2,000
  • Checking your rate won’t affect your credit score

Cons of this lender

  • Origination fees range from 0.99% to 8.99%
  • Applicants need a credit score of 700 or better to qualify for low APRs
  • Best Egg does not offer joint personal loans
  • Not available in Iowa, Vermont, West Virginia, or the District of Columbia

Services Offered by Best Egg Personal Loans

Best Egg offers personal loans that can be used for debt consolidation, credit card refinancing, or other reasons (the lender does not ask you to disclose your intended use). The company also offers a credit card and several tools their customers can use to manage their spending, savings, and debt. Their mobile app, which contains all these features, is available for Apple and Android devices. 

Customer Details

Customer Qualifications to Work with Best Egg Personal Loans

Best Egg Has Higher Credit Score Requirements

Best Egg has a minimum credit score requirement of 640, but applicants need at least 700 if they want to get the best APR available. There’s also an annual income requirement of at least $100,000 to qualify for that premium rate, so Best Egg is not a service for borrowers struggling to make ends meet. It’s more of an alternative lender for good credit borrowers.   

Terms, Conditions, and Fees

Best Egg can offer lower APRs that compete with traditional banks and credit unions, provided the loan applicant meets their criteria of a credit score of 700 or better and $100,000 in annual income. Their origination fees range from 0.99% to 8.99%, based on the creditworthiness of the borrower. Their minimum loan amount is $2,000. The maximum loan amount is $50,000.  

Restrictions and Limitations

Best Egg personal loans can be used for debt consolidation, credit card refinancing, home improvement projects, moving expenses, vacation funds, child-care expenses, or large purchases. They cannot be used to fund illegal activities, refinance federal student loans, or purchase securities on the stock market. Your state may have additional restrictions.  

How Do You Apply for a Best Egg Personal Loan?

Prospective borrowers can check their eligibility for a loan by filling out the application on Best Egg’s personal loan page. The system will ask for an email address, date of birth, and social security number. Submitting the form does not affect the applicant’s credit score, but it will generate a confirmation of eligibility and a breakdown of rates and fees.

Does Best Egg Lend to Credit-Challenged Borrowers?

Best Egg does not lend to credit-challenged borrowers. Their minimum credit score requirement is 640, which is classified as “Fair” in the FICO® credit scoring system. To get competitive APRs, that minimum zips up to 700, which is considered a “good” credit score. Individuals with a credit score under 640 might need to search for another lender.  


Customer Timeline When Working with Best Egg

Best Egg can approve a personal loan within minutes after an applicant submits their request. Funds can be transferred into the applicant’s bank account in one to three days. Repayment of the loan will be in fixed monthly installment payments over three to five years. The issuing bank will be either Cross River Bank in New Jersey or Blue Ridge Bank in Virginia.  

Kevin D. Flynn

Kevin D. Flynn

Kevin D. Flynn is a former financial professional, business coach, and freelance financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

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