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Best Egg Personal Loans: 2018 Review

Nov. 6, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.0 NerdWallet rating

Good for: Good credit, debt consolidation

Best Egg offers personal loans for borrowers with good credit. The loans can be used for debt consolidation, home improvement and most other expenses.

Best Egg may be a good fit for you if:

  • You have good credit and several years of credit history. The minimum required credit score is 640, but Best Egg’s borrowers have an average score of 700. On average, borrowers have seven years of credit history.
  • You have good income. Best Egg says borrowers typically earn an annual salary of $80,000.
  • You want fast funding. More than half of its loans are funded within a day, and funds are deposited directly into your bank account. 

Best Egg loan rates and terms

Best Egg Logo
Loan amounts$2,000 - $35,000 (Some customers may receive mail offers for loans up to $50,000)
Typical APR5.99% - 29.99%
FeesOrigination fee: 0.99% - 5.99%

Late fee: $15

Return fee: $15 if payments are not processed
Time to fundingAs little as one business day
Repayments3 or 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score: 640; average is 700.
  • Minimum credit history: Not specified, but average is 7 years.
  • Minimum annual income: Not specified, but average is $80,000.
  • Debt-to-income ratio: Not specified, but typically less than 35%.
Best forBorrowers with good credit, fast cash
Click "Check rates" to apply on Best Egg.

» MORE: Best loans for debt consolidation

Best Egg personal loan review

To review Best Egg, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

More than 450,000 customers have been funded with over $6.5 billion in Best Egg loans since 2014, according to the company.

Loans range from $2,000 to $35,000. Most borrowers use their loans to fund large expenses or consolidate credit card debt — $15,000 worth on average, says Josh Tonderys, president at Marlette Funding, the parent company of Best Egg.

Low rates for good credit: The average borrower gets an annual percentage rate of 15%, but those with better credit can qualify for rates below 10%, Tonderys says.

To get Best Egg’s lowest rate of 5.99%, borrowers need a minimum credit score of 700 and minimum income of $100,000, among other requirements.

Fast funding: Best Egg’s online application takes minutes to complete, and once it’s approved, funding can be completed in as little as one business day. 

How Best Egg compares

For borrowers who can get good rates and have the discipline to pay off debt on their own, Best Egg is a good option. But other lenders offer additional support and strategies that may make debt consolidation easier.

Best Egg Logo
Payoff_Logo_BlogRoll
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APR

5.99% - 29.99%





Loan amounts

$2,000 - $35,000





Funding time

Typically next day





Best for

Good credit, fast cash



APR

5.99% - 24.99%





Loan amounts

$5,000 - $35,000





Funding time

1 to 7 business days





Best for

Good credit, debt consolidation



APR

6.99% - 24.99%





Loan amounts

$2,500 - $35,000





Funding time

Next day, up to a week





Best for

Good credit, debt consolidation



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

Payoff, another good-credit lender, gives consumers a tailored plan to pay off credit card debt plus guidance to stay disciplined with payments.

Discover offers borrowers with good credit the option to pay off creditors directly, ensuring that borrowed money goes to debts.

Payoff and Discover also give consumers free access to their credit scores.

How to apply for a Best Egg loan

You can fill out an application on Best Egg’s website. After entering some personal information, you’ll be presented with loan options for which you pre-qualify.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

 

Before you shop for a personal loan:

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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