MoneyGeek’s Take: Best Egg Personal Loan Review

A Best Egg personal loan is great for borrowers with good credit standing and decent income who are looking for a relatively small loan amount. Borrowers need a minimum credit score of 640 to qualify for a loan. With its A+ BBB rating, Best Egg provides a simple application process online and over the phone.

Last Updated: 6/24/2022
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An online lending company run by Marlette Funding, Best Egg offers secured and unsecured loans with competitive rates. Borrowers can take a loan of up to $50,000 with a minimum APR of 5.99%. MoneyGeek’s Best Egg personal loan review will lay out all the details that you need to know.

At a Glance: Best Egg Personal Loans


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Best Egg Website

MoneyGeek Breakdown - Best Egg Personal Loan Details and Requirements

  • APR

    Best Egg’s fixed APR rates range from 4.99% to 35.99%.

  • Credit Score Requirements

    The minimum credit score requirement is 700.

  • Income Requirements

    Borrowers need to have an annual income of at least $50,000.

  • Loan Amounts

    Loan amounts range from $2,000 to $50,000, although the minimum loan amount may vary in Massachusetts ($6,500), New Mexico and Ohio ($5,000) and Georgia ($3,000).

  • Loan Terms

    Repayment terms range from 36 months to 60 months.

  • Permitted Uses

    Best Egg loans can be used for debt consolidation, credit card refinancing, home improvement, medical expenses, moving or relocation expenses, vacation, taxes and other major purchases.

  • Prohibited Uses

    Funds are not allowed for post-secondary educational expenses, purchasing or carrying any securities and any illegal activities.

  • Time to Receive Funds

    You can receive your funds within one to three business days.

  • Origination Fees

    Best Egg personal loans have an origination fee of 0.99% to 5.99%. It is applied only once through inclusion in the principal loan amount.

  • Late Fees

    If your payment is not processed due to returned checks or insufficient funds, Best Egg charges a $15 fee.

  • Prepayment Penalty Fees

    There are no penalties for advance payments.

  • Co-signers and Co-applicants

    Best Egg only allows individual loans.

  • Perks

    The soft inquiry conducted when you check your rates does not affect your credit score

  • Mobile Application

    Best Egg has a mobile app to manage your accounts and online payments.

Is Best Egg Right for You?

From rates to fees, personal loan lenders differ from each other. In choosing a lender, it’s important to consider several factors.

Who Best Egg Is Perfect For

Best Egg is perfect for people with good credit scores who earn a decent income. In order to get the lowest APR of 4.99%, a borrower needs a credit score of at least 700 and an income of more than $100,000 per year. The application process requires borrowers to present proof of employment or income.

Those who are looking for a relatively lower loan amount would also be a good fit for these personal loans. The lowest loan amount offered by Best Egg is $2,000, while the highest is $50,000. Additionally, borrowers can select a repayment term of up to five years.

Who Should Not Choose Best Egg

A Best Egg personal loan may not be the best choice for borrowers who want to avoid fees and high APRs. Compared to other lenders, Best Egg’s maximum APR is quite high. A borrower with bad credit or low income can receive a high APR on their personal loan. Loan terms affect the APR as well.

Best Egg charges origination and late fees. The origination fee of 0.99% to 5.99% is only charged once from your principal loan amount. A return fee of $15 will also be charged to the borrower when their checks do not clear on time or if they do not have enough funds.

How to Apply for a Best Egg Personal Loan

After deciding on choosing Best Egg as your personal loan lender, it’s time to start the application process. To apply for a Best Egg personal loan, you will have to go through the following steps:

1

Prequalify

To check your rates, you can refer to Best Egg’s official website. This process will not affect your credit score since it’s only a soft inquiry.

2

Fill Out Application Form

Best Egg allows applications through their website and phone calls. Borrowers need to provide personal information such as their name, contact details, address, date of birth, social security number and the reason for the application. Other financial details to prove employment and income are required as well.

3

Wait for Approval

Borrowers can receive an offer within minutes of submitting their application. The entire application process can take up to three days but it’s possible to finish it in only a day.

4

Review Loan Agreement

Reviewing is a crucial part of the process because you can be offered a loan amount other than the amount that you applied for.

5

Sign Loan Agreement

After you have ensured that all the details of your loan are correct and that you have understood the terms, signing the loan agreement will finalize that decision.

6

Receive or Direct Funds

Best Egg can release the funds into your bank account within one to three days from loan approval.

7

Make Payments

The first payment for your personal loan may come 30 days after you have received your funds. To be sure about the date, you can refer to an email sent to you by Best Egg after confirming your loan.

What to Do if You Are Rejected From Best Egg

Lenders may reject your applications due to a variety of reasons. Some of the most common reasons are low credit scores, large loan amounts, insufficient incomes and unverified or missing information in the application. Nevertheless, application denial shouldn’t be a cause for worry.

If your application has been denied, it’s best to call your lender and ask for the specific reason for your rejection. Once you know the reason, you can improve on that aspect to avoid future rejections.

The lender may also allow you to modify some details of your loan. These modifications can include decreasing your requested loan amount or verifying some information in your application.

Applying for a loan with a different lender could be another option. However, doing so without working on the reason you were rejected may cause another application denial. Therefore, the best thing to do after an application denial is to improve on the factor that caused your rejection.

Frequently Asked Questions About Best Egg Personal Loans

Our Best Egg personal loan review might have given you a better look, but your financial needs are still the most important consideration when choosing a lender. To help you decide, MoneyGeek has answered frequently asked questions about personal loans from Best Egg.

Read More on Personal Loans

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