Best Egg
9.0
Overall Scorea day ago
Best Egg
Best Egg is a personal loans lender and has been in operation since 2014. It has funded over $6 billion in loans. Most Best Egg personal loans are used to consolidate high-interest debt, like credit card debt. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC.
Loan amounts generally range from $2,000-$35,000. Best Egg offers fixed term plans and origination fees from 0.99-5.99 percent. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. The company boasts an A+ rating with BBB and has served more than 420,000 customers.
The Good
- Great for High-Interest Debt Consolidation
- Instant Decision Process
- Clear, Transparent Platform
Great for High-Interest Debt Consolidation
Best Egg personal loans can be an excellent option for applicants looking to consolidate debt or pay off high-interest credit card debt, primarily due to its low APRs* (which 5.99 to 29.99 percent) and long max loan lengths (three or five years). Best Egg also gives its borrowers the opportunity to pay off their loan faster than is scheduled without being charged any prepayment penalties. These loan terms provide a manageable payback process that is typically much more effective than other credit alternatives.
Instant Decision Process
After the application process is complete, Best Egg provides an instant decision (approved or declined) to prospective borrowers. After submitting any documents to get verified, customers could have their money in their bank account in as little as one business day. Nearly all customers will be funded within three business days after final approval, depending on their banks’ policies.
Clear, Transparent Platform
Best Egg makes repaying loans a simple process. Customers can make loan payments by setting up an automatic electronic funds transfer, paying online, or sending a check through the mail. Payments sent in the mail should be given at least five to seven days to reach Best Egg. Borrowers enrolling in autopay for their monthly payments don’t have to worry about a payment processing fee. Customers can also set up monthly payments at a Western Union office. Keep in mind that there is a fee charged for each transfer.
Best Egg is transparent when it comes to sharing information with customers and provides clients with loan terms, including the fixed interest rates and monthly payment amounts, upfront. Best Egg also provides an easy-to-find, clear privacy policy on its website with information detailing how to limit the sharing of clients' personal information.
The Bad
- Strict Approval Requirements
- Origination Fee
Strict Approval Requirements
Best Egg has strict approval requirements that can be difficult for subprime applicants to meet. In order to have the best chance of qualifying for Best Egg's lowest rate 5.99 percent APR, applicants should have at least a 700 credit score and an annual individual income of at least $100,000. However, any applicant with a credit score over 640 is eligible to qualify for a loan from Best Egg at a higher rate.
Origination Fee
Best Egg charges an origination fee between 0.99 percent and 5.99 percent of the total loan amount. The company states that any five-year loan will have an origination fee of at least 4.99 percent. This fee is deducted from the loan when funds are deposited into your bank account, and is considered when calculating the annual interest rate.*
The Bottom Line
Best Egg is the consumer brand of Marlette Funding. It is a great personal loan company that offers borrowers loans for a variety of purposes, including consolidation loans, credit card refinancing, and home improvement. These are encompassed in a quick approval process and a transparent platform.
Best Egg is unlike other online lending platforms that have to wait for investors to fund your loan. The company has investors who are ready to say "yes," to qualified applicants, which allows Best Egg to transfer funds electronically to a bank account in as little as one business day.
Best Egg loans are unsecured loans with a fixed monthly payment for the life of the loan. The online loan application process takes a few minutes to complete. Customers don't have to worry about checking rates impacting their credit score. There is also no prepayment penalty fee. However, approval may be difficult for some individuals to receive. Best Egg is quite selective with whom it will approve and takes into consideration debt-to-income ratio, credit history, income, and more.
*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% that is deducted from loan proceeds. Any origination fee on a loan term 5 years or longer will be at least 4.99%. 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. 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.
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 $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. 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 NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. 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.
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, Best Egg will ask for your name, address, date of birth, and other information that will allow the company to identify you.
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User Reviews
Totally automated online submission. I got approved 10 minutes after I supplied all proof of income! Superfast and very much appreciated!!!
My second loan first loan I finished six months thank you very much
Great service very competitive rates—this is the 2nd loan that I have done with them and would highly recommend
This truly was a great experience. Approval, as quoted, was done in 2 hours. I highly recommend using them for your personal loans. Can't thank,you enough for helping me reorganize my finances.
this was such an easy process and the customer service was amazing.
Best egg process to get the loan is simple and secured. It took me 3 days to get my loan. Product or service like this makes it on you easy and simple to accomplish debt free life. As long you are honest as to what you will use the money for, it can change your life for the better. Be honest and pay there loan off, don’t messe it up for people who really need this type of loan.
At first it was a little tough because my deceased wife used to handle everything like this but after I went on things got easier just had a supply everything that was asked of me the second time was a breeze for a knucklehead like me to be able to do this online I'm impressed thank you very much
Very simple process. Very helpful for someone like me to get what I need to help our family without the hassle of going to a bank.
I was getting a little scared about my bills around the holiday, Like everyone and I got this offer in the mail Decided to take a chance and was so pleased at the response. This process was so quick. Thank you again.
Great transaction. So quick and smooth. All done on my smart phone. Highly recommend. Thanks!
Wow! quick and easy approval, this will probably be my best vacation ever, enough to cover all expenses no problem.
Your process was fast, informative, painless and professional. The person on the phone was very very helpful, knowledgeable and professional as well.
Fast and easy service. This is the second loan I have taken and the offer came at the absolute perfect time.
It was super easy and very fast! Definitely the quickest I’ve ever gotten approved for a loan!
I was hoping to get more money, but what I got make me happy and I guess I got some Creditor's trust and that allow me to get rid of my bills and a consolidation company that made me regret and questioned myself, why I got them? Now, I feel relax and I continue to live without stress!!
There was easy upfront information provided. Ease of website was a huge plus. Great interest rate. Just a great overall experience! Customer service was an A+.
I work a job that is bonus base and winter is lower than the rest of the year and your loan payed off credit cards and saved me money and 1 payment instead of 5 .balances low but rates higher .glad to get tjm paid off with a lower payment
Best Egg made the loan experience straight forward and simple
Absolutely no confusion with application. It was straight forward and super easy to go through the steps. Great interest rate!
Easy application from filling out to close. Thank you Best Egg. Credit card consolidation is my Christmas present to myself!
I got an offer from Best Egg in the mail on a Tuesday, filled out the online application and submitted the appropriate documents for the approval process. With in two days, I got the loan amount directly deposited into my bank account. I was absolutely amazed how fast that took and easy to apply. The interest rate is a little more than usual, but it's something that I can handle to get what I needed and Best Egg definitely helped me out a lot! Thank you so much!
Application process was handled via phone with a best egg representative and was very efficient and expedient. Hardest part was uploading income information but that was also managed through a walk through process with a representative. Overall experience was great and support was excellent.
Really can explain they are excellent I will most definitely be doing business with them again good company
very professional, Quick and easy The staff is very well informed about there product.
The application process was flawless. I did everything from my phone and was approved within a day. Best Egg helped when others were hesitant. I am forever grateful and would definitely recommend their services for anyone in financial need. Thanks!
It seemed too good to be true until I applied, quite reluctantly. The approval was simple and spontaneous. never had a better banking experience. Thank you Best Egg!
This was quick, fast and very efficient. Sometime people just need a helping hand when encounter fianical difficultly, I’m so glad bestegg made it so easy. Thank you
Quick and easy, no hassles. Would do business with them again.
Easy application process and funds sent within 3 days. Couldn't ask for a better rate or quicker service.
I was pleasantly surprised at how easy the process was. I read other reviews and thought , ok I'll try them out. I am so glad I did. I was able to pay off two credit cards and one store credit card ad lower my monthly payment by about $200 per month, Christine
Best Egg's process was really simple and upon approval the process was really fast to get my requested funds deposited into my account. I would definitely recommend Best Egg to anyone looking to get ahead of their credit problems. 5 start without a doubt.
Very easy to follow, quick responce... I would reccomend you..
I received a preapproval in the mail and they delivered as promised
The transaction from beginning to end was very fast and professional . The funds were deposited into my account with in 24 hours of my application.
I would recommend Best Egg to Everyone that is looking for an easy, fast Loan. The process is super easy and the Automatic Payments are a huge plus. The fastest, easiest Loan I have ever tried to receive. Thank You!! Completely satisfied with the entire process with Best Egg. Highly Recommend!
This is my second loan with bestegg. It is the easiest and most pleasant experience I've ever had borrowing money. You don't even have to leave your home. Great work bestegg.
It couldn’t have a come at a better time . I really needed this help and BestEgg came through. I didn’t think I was gonna qualify but I was extremely happy that I was approved in such a short time .
Best Egg loan application was quick and easy. Money was in my bank account in 3-5 days.
Fast! Super easy! Glad to be able to pay off high credit rate credit cards to reduce my debt!
I had a very helpful, informative gal on the phone. Pleasant, friendly. Much needed when taking out a loan😊.