Best Egg Review – Loans with Flexibility
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Whether you received an offer code in the mail or are interested in personal loans, you may have heard of Best Egg. But, of course, just because you’ve heard of it doesn’t mean you’re expected to know everything about it. It’s hard to keep up with the new companies and lenders! Hopefully, reviewing some key pieces of information about Best Egg's products will help you get familiar enough to decide whether you want to explore the lender as an option.
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What is Best Egg?
Best Egg is an online lender that offers personal loans and credit cards. The lending platform was designed to make money accessible to help people get their finances on track. It is run by people with strong backgrounds in the financial services industry and know how to help anyone looking to get on a better financial path.
Marlette Funding, LLC developed Best Egg, and its lending partners include Cross River Bank, Blue Ridge Bank, and First Bank & Trust. The company has an A+ rating from the Better Business Bureau (BBB) and a 4-star rating from Trustpilot.
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
How does Best Egg work?
When you visit the Best Egg website, you can immediately check your rate through prequalification.
Depending on which product you’re interested in, you can select either personal loans, credit loans, or credit cards. You can also enter an offer code if you have one.
Let’s take a look at the personal loan application. After you enter your email address, you’ll be brought to a page to enter the loan amount you need and why you need it.
Then, you’ll need to enter all the traditional background check questions: name, address, work status, etc. After reviewing the terms and conditions, you can also enroll in automatic payment at this stage before you even receive your rate.
When you continue, the system will start processing your application to see your qualifying rates.
At this stage, Best Egg may also ask you whether you want to enroll in Best Egg Financial Health.
Whether you decide to accept that opportunity or not, you’ll be able to review your rates at this point. If you don’t qualify for an application from Best Egg, it may present other loan opportunities from partner companies that you can apply for.
The Best Egg credit card application is similar, and you’ll have to provide many of the same details. If the credit card still sounds right, you can enter your social security number and submit your application. Your APR will be assigned based on the results of your credit check. Your credit score may be impacted if you qualify for the Best Egg credit card.
How much does Best Egg cost?
Using the Best Egg platform to check your rate or apply for a personal loan or credit card does not cost anything. However, there are costs to be aware of if you accept a loan or credit card offer.
Origination fee
The origination fee is a charge that some lenders charge to cover the administrative costs of the loan. This includes pulling your credit report, the underwriting of the loan, and the time and effort the lender spends verifying your documents. The origination fee may be based on the same factors that lenders use to determine the interest rate and loan amount that you qualify for. For example, your credit score, income, and employment history could be considered. According to Best Egg, origination fees could be roughly 1% and 10% for personal loans. Or, it could be charged as a flat fee. In the fine print, Best Egg discloses that the APR it charges reflects your interest rate and an origination fee of 0.99% to 8.99%. This amount will be deducted from the loan amount that you receive.
APRs
Annual percentage rates (APRs) are the yearly interest rates you’ll pay for your loan or credit card balance. You can think of it as the total cost of borrowing money because it includes both the interest rate for your loan and the fees you’ll also incur from borrowing the money. Best Egg’s APRs range from 8.99% to 35.99%.
Other fees
You may be charged a $15 late fee if your payment is late. Additionally, you may be charged a $15 fee if your payment is returned for insufficient funds. If you are late on your credit card payment, you could be charged a late fee of up to $39.
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
Best Egg features
Quick and easy way to check your rate
One of the best features that Best Egg offers is a quick and easy way to check your personal loan rate online. The form is easily found on the website and a breeze to navigate. You can also clearly choose whether to check your rate for a personal loan or a credit card.
Best Egg primarily offers personal loan products. These personal loans can be used for a variety of purposes, such as debt consolidation, home improvement, major expenses, or other financial needs. Best Egg's personal loans typically come with fixed interest rates and fixed monthly payments, making them predictable and straightforward for borrowers.
Wide range of loan amounts and repayment terms
Personal loans from Best Egg can range from $2,000 to $50,000 in most areas. However, some states have different minimum loan amounts:
- Minimum of $6,500 for residents of Massachusetts
- Minimum of $5,000 for residents of New Mexico and Ohio
- Minimum of $3,000 for residents of Georgia
If you take out a second personal loan from Best Egg, you should also be aware that your total existing Best Egg loan balances cannot exceed the maximum loan amount of $50,000.
Best Egg personal loans come with loan terms that range from 36 months to 60 months. Regardless of your loan term, you can repay your loan in full at any time without penalty.
Credit card refinancing
Best Egg offers credit card refinancing, allowing individuals to consolidate their high-interest credit card debt into a single, lower-interest loan. This can help borrowers simplify their finances, reduce interest costs, and pay off their debt more efficiently.
No annual fee for credit card
The Best Egg Credit Card does not charge cardholders an annual fee.
Personalization and customization features
With the Best Egg Credit Card, you can access and make changes to your account easily. This includes adding authorized users, setting travel dates and spending limits, and accessing detailed spending insights. You can also choose from a few different credit card colors to get a physical card that best matches your style.
Secure mobile wallet
Best Egg Credit Card users can benefit from the secure mobile wallet, which allows you to use your credit card digitally instead of carrying a physical version. The secure mobile wallet includes instant message alerts and security features to ensure that your information is well protected.
Who is Best Egg best for?
People with fair or good credit
Best Egg considers your creditworthiness when deciding about your loan or credit card application. The higher your credit score is, the better your chance of getting the lowest rates.
People who want flexibility in how the loan can be used
Best Egg’s personal loans can be distributed for many uses. This includes debt consolidation, refinancing credit card debt, home improvements, taxes, and medical bills. They can also be used for travel, childcare, weddings, and other major expenses.
People who like to stick to the same financial institution for multiple products
In addition to offering personal loans, Best Egg offers the Best Egg Credit Card. If you prefer to work with as few financial institutions as possible, Best Egg could be a good option if you’re interested in both financial products.
Who shouldn’t use Best Egg?
Someone who might need to have a co-signer or co-applicant
Some lenders will allow you to add a co-applicant or cosigner to help you have a better chance of qualifying for a loan. However, Best Egg only offers individual loans, meaning a person can only use their credit score, employment status, annual income, and more to qualify for a loan.
People who want a small, short-term loan
Best Egg doesn’t charge a penalty fee for repaying your loan in full before the end of your loan term. However, its loans are not designed to be used as short-term loans. If you need a loan of less than $2,000 and you’re seeking a more short-term solution, there are other loan options you may want to consider.
People who have a lot of debt
While Best Egg permits using its loans for debt consolidation purposes, it doesn’t automatically approve debt consolidation loans for everyone. You’ll need a good debt-to-income ratio to qualify for a personal loan. Your debt-to-income ratio shows lenders how much of your gross income (income amount before taxes are taken out) is spent toward debt repayments each month.
To calculate your debt-to-income ratio, you’ll add up your monthly debt repayments and divide them by your gross monthly income. Then, multiply the number by 100 to convert it into a percentage. For example, if my monthly debt repayments are $2,000 and my gross monthly income is $5,000, this is what my calculation would look like:
$2,000/$5,000 = .4 x 100 = 40%
In this case, my debt-to-income ratio would be 40%.
Each lender can choose its debt-to-income ratio requirements for borrowers, and Best Egg does not specify exactly its requirements. However, the lower your debt-to-income ratio, the better your chance of qualifying for a personal loan.
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
Pros and cons
Pros
- Best Egg does not charge a prepayment penalty for its personal loans, so you can repay the loan in full before the end of your loan term without incurring extra costs.
- Best Egg offers a credit card with no annual fee.
- You can check your rate online in a matter of minutes to see if you might qualify for a personal loan or credit card.
Cons
- Best Egg charges an origination fee for its personal loans.
- The minimum credit score requirement for a personal loan from Best Egg is 640, making it inaccessible for some borrowers with lower credit scores.
- You cannot use a co-applicant or co-signer to increase your chances of qualifying for or getting a better rate on a personal loan.
Best Egg vs. competitors
Lender | Loan Amounts | APR Range | Fees Charged |
Best Egg | $2,000 - $50,000 | 8.99%–35.99% | Origination fee, Late fee, Returned payment fee |
LightStream | $5,000 - $100,000 | 7.99% - 25.49% | None |
Upstart | $1,000 - $50,000 | 5.2% - 35.99% | Origination fee, late payment fee, returned payment fee, paper copy requests |
LightStream
LightStream is a lender that offers loans for the same purposes as Best Egg and more. You can apply for a LightStream loan for new cars, used cars, motorcycles, auto refinancing, and auto lease buyouts. You can also use it for boat-related loans, land purchases, jewelry financing, etc. This and the larger maximum loan amount might make it more attractive for some borrowers, depending on what you’re looking for.
When compared to Best Egg, LightStream offers competitive rates and benefits. LightStream will offer a rate of .10 percentage points lower than rates offered by any competing lender’s unsecured loan. To qualify for this, you must have been approved for the lower rate no later than 2 p.m. Eastern time, two business days before your loan funding. The competing loan must also have the same loan terms as the one LightStream offers. Additionally, LightStream does not charge an origination or late payment fee, meaning that it might be more affordable overall than loan offers from other lenders.
Upstart
Upstart is a popular loan company that caters to many borrowers. It offers loan amounts similar to Best Egg, though you can get a loan of as little as $1,000 from Upstart. This lender also offers loan terms and charges fees similar to Best Egg.
The loan types that you can get from Upstart include some options that you won’t find from Best Egg. This includes car refinance loans and small business loans. Upstart also accepts applicants with as low as 300 and those with no credit score due to insufficient credit history.
FAQs
How do I find my credit score?
You can find your FICO score and credit history by pulling a free credit report. Your credit report will come from one of the three major credit bureaus — Equifax, Experian, and TransUnion. It’s important to familiarize yourself with this information because most lenders will use your creditworthiness to determine whether you qualify for a loan. If your current credit score does not meet the credit score requirement of a lender like Best Egg, you can take steps to increase your credit score and try again when your score has improved.
How does applying impact my credit?
When you submit your loan application, a soft credit inquiry will appear on your credit report. Soft credit checks do not impact your credit score; you can review your loan approval status and rates at this stage. Then, a hard credit check will be generated if you accept a loan offer. This is the type of credit pull that may impact your credit score. In some cases, it could lower your credit score by a few points. But as long as you’re not taking out multiple loans and credit cards within a short period of time, it shouldn’t cause much damage.
How do I pick which personal loan is right for me?
With so many personal loan lenders, there are plenty of options. To determine the right personal loan for you, you should consider what you want the loan for and the loan funds you need. You’ll also want to compare interest rates and look for the lender with the best rates. Another thing to consider is the eligibility requirements of each lender, so you can focus your attention on loans that you have the best chance at qualifying for.
Use Bankrate to Get a Personal Loan
- Get as much as $100,000 with rates starting at 5.95% APR*
- Use a personal loan to pay off debt, renovate your home, family needs, and more
- Takes minutes to see how much you can get
- Doesn't hurt your credit score to check
The bottom line
Best Egg is an online lender that could be a good option if you’re looking for personal loans or a credit card with no annual fee. The lender offers personal loans with fixed interest rates and various loan amounts and terms. A credit card can also be a good way to help you build credit or improve your credit score so you have a better chance of applying for a loan later.
Compared to other lenders, Best Egg doesn’t always have the most competitive rates. It also charges fees that some lenders don’t, such as the origination fee. That being said, it could still be the best option for a borrower. It only takes a few minutes to submit an online application, and applying does not impact your credit, so there’s no harm in seeing if you qualify.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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