Best Egg personal loans review February 2018 | finder.com

Best Egg personal loans

Are you looking for a personal loan with a competitive interest rate that you can apply for online?

Since Best Egg launched in 2015, more than 200,000 borrowers have taken out Best Egg personal loans, with the total amount in loans offered over $3 billion.

You can borrow $5,000 to $35,000 through a Best Egg loan. The term of the loan can be up to 5 years.

Product NameBest Egg Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$35,000
Min APR From 5.99%
Minimum Loan Term3 years
Maximum Loan Term5 years
RequirementsMust have a credit score of 640+, make at least $50,000 a year and be a US citizen or green card holder. Best Egg personal loans are not available in Iowa, Vermont, West Virginia, Puerto Rico or Guam.
  • Must have a credit score of 640+
  • Make at least $25,000+ annually
  • Be a US citizen or green card holder
  • Must not reside in IA, WV, VT, PR, or GU

First, do I qualify?

To qualify for a personal loan from Best Egg, you must:

  • Have a credit score of 640+.
  • Make at least $50,000 a year.
  • Be a US citizen or green card holder.
  • Live in an eligible state.
  • Best Egg personal loans are not available in Iowa, Vermont, West Virginia, Puerto Rico and Guam.
  • Self-employed applicants will have a hard time qualifying with Best Egg. If you’re self-employed, compare other personal loan options.

How does borrowing from Best Egg work?

You apply for a Best Egg loan online. Soon after you apply, you’ll receive the status of your application. If approved, you get a loan contract that you need to review and sign. Once you accept the contract’s terms and conditions the approved funds transfers into your bank account automatically.

Unlike peer-to-peer lenders who have to wait for investors to fund your loan, Best Egg has investors who are ready to fund your loan immediately. This is why you can get the required money in your bank account in as little as one business day.

When you take a Best Egg personal loan you get different options for repayments, and you can make additional repayments towards your loan at anytime.

Best Egg personal loan features to compare

Here’s what you need to know about Best Egg personal loans:

  • Use funds for different reasons. You can save money by getting a Best Egg loan to consolidate existing credit card debt. You can use proceeds from this loan for home improvement, business expenses, making major purchases, moving, traveling, or buying a vehicle.
  • Minimum and maximum loan amount. Generally, you can borrow between $5,000 and $35,000, although the minimum can vary from state to state. Customers who’ve received an offer code in the mail might be able to qualify for a loan up to $50,000 provided that they make at least $150,000 annually.
  • Loan term. You get to choose from two loan terms: 3 years and 5 years.
  • Interest. Best Egg loans come with annual percentage rates (APRs) from 5.99% p.a.. However, you will need a FICO score of at least 700 and a minimum annual income of $100,000 to qualify for the lowest rate.
  • Fees. Best Egg loans charge loan origination fees ranging from 0.99% to 5.99%. Late payments attract a penalty fee of $15.
  • Processing time. After you complete all the required paperwork and accept the loan contract you can potentially get your hands on the money within one business day.
  • Repayment methods. You can sign up for electronic funds transfer at the time you apply (or later if you wish), or you can make one-time repayments online. The options to send checks and money grams via regular mail also exist. You can even make repayments through Western Union Quick Collect.

What does the Internet say about Best Egg?

Mostly good things. It’s been accredited with the Better Business Bureau (BBB) since 2014, which gives it an A+ rating based on nearly 1,000 customer reviews. It gets a similarly positive rating of 9.5 out of 10 from over 1,000 Trustpilot reviewers, 88% of which rated it as excellent.

Customers loved how “quick,” “easy” and “simple” the application process was, though a handful had trouble accessing their online account or getting through to customer service. It gave personalized responses to comments on the BBB website, an indicator of good customer service.

Is it safe to apply?

Yes. You can easily access its website’s SSL verification certificate by clicking on the Secure GlobalSign icon at the bottom of the page. It states that all information sent to its site is encrypted and that GlobalSign has verified Best Egg’s physical location and legal existence— meaning that it’s legit.

It only shares your personal information for everyday business purposes like transferring your money and maintaining your account. It also might share information about your transactions and creditworthiness with affiliates for everyday business and marketing purposes, though you have to opt out of having your information shared for marketing.

How to apply for a Best Egg loan

To apply for a Best Egg loan, click on the Go to site button on this page.

  1. Enter your email address and any offer codes you might have and click Check Your Rate.
    Best Egg home screen image
  2. Fill out the required fields with information about how much you’d like to borrow and your personal information. Read and agree to the E-Sign Act Consent, the privacy notice and credit report authorization before clicking Continue.
    Best Egg application screenshot example
  3. Complete the remaining fields and click Check my rates.
    Best Egg application screenshot example
  4. You should be taken to a page displaying different offers you qualify for. Click View to learn more about each of them.
    Best Egg application screenshot example
  5. If you’re satisfied with an offer, read it over carefully and all other documents before clicking Accept and Submit. You should be able to receive your funds in as little as one business day.
    Best Egg application screenshot example
To apply, you have to meet some eligibility criteria:

  • Have a credit score of 640 (660 is recommended).
  • Earn $25,000 or more annually.
  • Meet your state’s minimum age requirement — 18 in most states.
  • Be an American citizen or permanent resident.
  • Have a verifiable bank account.
  • Live in a state other than IA, VT, WV, PR or GU.

Best Egg also considers your credit score and history, your debt-to-income ratio and other information you give in your loan application.

Completing the application successfully requires that you submit some basic information:

  • Your full name and contact information.
  • Your Social Security number and date of birth.
  • A valid form of identification such as your driver’s license, passport or state-issued ID.
  • Details about your employment status and annual income.

I got a loan from Best Egg. Now what?

You can repay your loan by setting up an electronic funds transfer with your account, through its website, by mail or even through western union. Electronic funds transfer comes with an autopay option, which tends to make repayment less of a hassle — one less thing to remember. If you don’t choose to use autopay, electronic funds transfers come with a $7 fee each timeAnd if you’re late on a payment, no matter which method you use, Best Egg charges a $15 fee.

My application was denied. What do I do?

First: Find out what went wrong with your application. Best Egg doesn’t have specific income, credit or debt-to-income requirements but it still considers them during your application process. Try to take steps to improve the areas where you fell short, whether it involves improving your credit score or paying off some debts first to improve your debt-to-income ratio.

You might want to also consider looking at other lenders before you apply for your loan. Continue looking online, but also consider credit unions, which tend to offer competitive rates and have less strict requirements than some other lenders.

Important information

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $5,000-$35,000. Offers up to $50,000 may be available for qualified individuals who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $150,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in OH must exceed $5,000; in GA must exceed $3,000; in NM must exceed $2,500. The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99%–5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Barring any unforeseen circumstances, such as borrower default or payment extensions/modifications, 3-year payment plans may have a minimum repayment period of zero months and a maximum of 36 months and 5-year payment plans may have a minimum repayment period of zero months and a maximum of 60 months. Borrowers should refer to their loan agreement for specific terms and conditions. A loan 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 5.99% APR has 36 scheduled monthly payments of $150.57. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank’s policies. By entering your email address, you are opting in to receive updates, notifications and special offers from Best Egg and its affiliates, agents, service providers or assignees (and any of its assignee’s affiliates, agents or service providers) and, with your consent, one or more lending partners. This email address will also be used to log into your application.

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. 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.

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4 Responses

  1. Default Gravatar
    EllenAugust 14, 2017

    I am looking for a loan for $4500. I have fair credit. I have been turned down before for a loan but if granted the $4500 loan it will be paid back to you within the month

    • Staff
      MariaAugust 14, 2017Staff

      Hi Ellen,

      As a friendly reminder, we do not represent Best Egg or any of the companies that we feature on our pages.

      You may want to contact Best Egg directly should you want to apply for a loan with them.

      For other options, you may check our page on Personal Loans.

      Cheers!
      Maria

  2. Default Gravatar
    DebbieApril 12, 2017

    Does Best Egg report to all 3 credit bureau and if so how often do they report?

    • Staff
      HaroldJuly 9, 2017Staff

      Hi Debbie,

      Thank you for your inquiry.

      While we do not represent any company that we feature on our pages, we can offer you a general advice. With regard to this matter, you may want to try to clarify this directly with the lender. Meanwhile, should you need to request for your credit score please visit this page.

      I hope this information has helped.

      Cheers,
      Harold

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