NerdWallet rating: 4.0 / 5.0
Good for: Good credit, debt consolidation
Best Egg seeks out good-credit borrowers who want to consolidate debt.
Best Egg may be a good fit for you if:
- You have a good credit score and several years of credit history. The minimum required score is 640, but Best Egg’s borrowers have an average score of 700. On average, borrowers have seven years of credit history, the lender says.
- You have a high income. Best Egg says borrowers typically earn an annual salary of $60,000, which is more than the national median of $53,657.
- You want fast funding. The lender says more than half of its loans are funded within a day.
- You have a plan. Best Egg offers competitive rates but lacks some of the extras that may help keep borrowers on track to pay off debt.
Best Egg at a glance
|Typical APR||5.99% – 29.99%|
|Loan amounts||$2,000 - $35,000|
|Time to funding||Typically next day|
|Origination fee||0.99% - 5.99%|
|Soft credit check?||Yes|
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 product. Loan terms and fees may vary by state.
Best Egg started lending in 2014 and has originated more than $4 billion in loans, according to the company’s website.
Most borrowers take out loans to fund a large expense or consolidate credit card debt, $15,000 worth on average, says Josh Tonderys, president at Marlette Funding, the parent company of Best Egg.
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.
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.
Payoff, which makes loans to good-credit borrowers who want to pay off credit card debt, gives consumers a tailored plan and guidance to stay disciplined with payments.
Discover and Freedom Plus offer good-credit borrowers 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 apply on Best Egg’s website, or you can apply on NerdWallet.
NerdWallet’s lender marketplace pre-qualifies you for loans from multiple lenders, based on your application information. You can compare rates and payments, and applying won’t affect your credit score.
Details about Best Egg loans
- Minimum credit score: 640, but borrowers’ average is higher
- Minimum gross income: Not provided, but typically high
- Minimum credit history: Not provided, but average is seven years
- Maximum debt-to-income ratio: Not provided, but typically less than 20%
Best Egg terms
- APR range: 5.99% to 29.99%; average is 15%
- Loan amount: $2,000 – $35,000 (up to $50,000 available only to pre-selected borrowers)
- Loan duration: 3 – 5 years
- Time to receive funds: Typically next day
Best Egg fees and penalties
- Origination fee: 0.99% – 5.99%
- Prepayment fee: None
- Late fee: $15
- Personal-check processing fee: None
- Unsuccessful payment fee: $15
- Learn how personal loans work
- 4 ways to consolidate credit card debt
- Read more personal loan reviews
Updated Sept. 8, 2017.
Personal Loans Ratings Methodology
NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution