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Best Egg Personal Loans

in Personal Loans from Marlette Funding, LLC

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Best Egg Personal Loans

Claimed

in Personal Loans from Marlette Funding, LLC

SuperMoney Net Recommendation Score +50%

SUPERMONEY NET RECOMMENDATION SCORE

+50%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Strongly recommended

11 users recommend
2 users are unsure
3 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 5.99% - 29.99%
Loan Amount $2,000 - $35,000
Loan Term (Months) 36 - 60 months
Number of Reviews 16

Best Egg Personal Loans Review

Best Egg Personal Loans is offered by Marlette Funding, LLC, a marketplace lending platform founded in 2014 and based in Wilmington, DE. Best Egg Personal Loans is available in 47 states across the USA.

Key Takeaways
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalifed rate. You can check your prequalified rate at Marlette Funding, LLC with a soft pull that will not affect your credit score.
  • Origination fees of up to 5.99%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
Best Egg Personal Loans Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Funding available within 3 business days.
  • APRs as high as 29.99%.
  • Charges an origination fee of up to 5.99% of the loan amount.
  • Charges a late fee of $15
Best Egg Personal Loans FAQ

What rates and terms does Best Egg Personal Loans offer?

Best Egg Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does Best Egg Personal Loans offer?

Best Egg Personal Loans offers a personal loan product that ranges from 5.99% APR up to 29.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Best Egg Personal Loans?

Loan amounts start at $2,000 and go up to $35,000

What can a personal loan from Best Egg Personal Loans be used for?

Personal loans from Best Egg Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with Best Egg Personal Loans?

Best Egg Personal Loans offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Best Egg Personal Loans Rates & Terms
Loan Amount $2000 - $35000
Loan Term 36 - 60 months
APR 5.99% - 29.99%

What fees does Best Egg Personal Loans charge?

Does Best Egg Personal Loans charge an origination fee?

Best Egg Personal Loans may charge a loan origination fee of 0.99% to 5.99% of the loan amount. Best Egg Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Best Egg Personal Loans charge a late fee?

Yes, Best Egg Personal Loans may charge borrowers a late payment fee of up to $15, which is triggered if you're 3 days late.

Does Best Egg Personal Loans charge prepayment fees?

No, Best Egg Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Best Egg Personal Loans Fees
Origination Fee 0.99% - 5.99%
Prepayment Fee? No
Late Payment Fee $15

What do you need to qualify for Best Egg Personal Loans?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Best Egg Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Best Egg Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Best Egg Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Best Egg Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Best Egg Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit
Best Egg Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Individual Applications
  • Credit Score 600 - 850

    What is the estimated funding time for a personal loan via Best Egg Personal Loans?

    Best Egg Personal Loans will typically provide a credit approval decision in less than an hour and fund the loan within 3 business days.

    Does Best Egg Personal Loans report your account activity to credit bureaus?

    Yes, Best Egg Personal Loans reports your account activity to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

    Best Egg Personal Loans Disclosure: DISCLOSURE UPDATE AS OF 9.2020 *Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” 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. The term, amount and APR of any loan we offer to you will depend on your credit sc¬ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be 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 APR. 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. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    About Best Egg Personal Loans

    Message From Marlette Funding, LLC

    We make money accessible through fast and easy personal loans. Whether you need money for debt consolidation, a much-needed vacation or an unexpected expense, we could get you the money you need to keep your finances on track and so you can go back to enjoying your life. If qualified, you could have money in your bank account in as little as 1 business day! How we do it: Our team mixes decades of banking experience with deep customer knowledge to deliver a hassle-free experience. And since March 2014, our platform has delivered over $10B of loans, with an A+ BBB rating as of July 2019.

    Message From Our Editor

    Best Egg is a marketplace lending platform that provides unsecured personal loans. Since its formation in 2014, Best Egg served over 500,000 customers and funded over $7 billion in loans.

    Is Best Egg the right lending platform for you? Find out more about how it stacks up against the competition in this in-depth review.

    What is Best Egg?

    Best Egg's personal loans are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank.

    More than two-thirds of the Best Egg's borrowers use their loans for debt consolidation. In addition to eliminating their debt, successfully paying off their Best Egg loans helps these borrowers to raise their credit scores.

    "More than two-thirds of our customers use their Best Egg loans for debt consolidation. A recent study we conducted noted that another positive outcome is that customers experience an increase in their FICO score after paying off their debts with a Best Egg loan.” --Bobby Ritterbeck, Best Egg CMO

    In addition to consolidating debt and improving their credit, customers can use their loans for:

    • Credit card refinancing.
    • Personal loan refinancing.
    • Debt consolidation.
    • Home improvement.
    • Other major purchases.
    • Business.
    • Vacation.
    • Moving or relocating.
    • Medical expenses.
    • Taxes.

    How do you qualify for a Best Egg loan?

    To qualify for a Best Egg loan, you must:

    • Be 18 years of age (Residents of Alabama and Nebraska must be 19 years old).
    • Be a U.S. citizen or permanent resident (Loans are not available in VT, IA, and WV).
    • Have a verifiable bank account and a verifiable source of income.
    • Have a minimum FICO score of 640.

    If all of the above is true, you're ready to find out if you can get approved for a Best Egg loan!

    First, apply for pre-approval. Unlike a formal loan application, which bumps your credit score down a few points, a pre-approval won't affect your credit. As such, it's always smart to get pre-approved before applying. To do so, just enter some basic financial information to receive either a rejection or a projected loan offer.

    After you've submitted your pre-approval application, you'll either receive a rejection or an estimated offer. The rates and terms that you receive depend on your income, credit score, credit usage history, loan amount, loan term, debt payment obligations, and more.

    If you want to proceed with your offer, just select the offer on the web page to complete their application. This prompts a hard credit inquiry -- a lender request to the credit bureau for your credit score. This stage of approval will affect your credit score.

    Before funding the loan, Best Egg will assess whether they need verification for any additional information (e.g. income). You can verify your information by emailing, uploading, or faxing documents.

    Once verification is complete, the lender will transfer funds to your account on the next business day. The process can take as little as 24 hours.

    What does the application process look like?

    “Our online application is relatively short and straightforward. It takes just a few minutes to complete, and applicants are provided a real-time decision with specific rates and terms without impacting their credit score,” says Ritterbeck.

    Here's the step-by-step breakdown of the process.

    • Enter your email address in the "Check Your Rate Today" box and click "Check your rate."
    • Once you provide your email address, Best Egg will send you an offer code. Next, you'll return to the Best Egg home page, click "I have an offer code," and submit it.
    • Tell them about yourself. 
    • Tell them about your income. 
    • Get your rates, select your loan, and get funded. 

    How do you manage your Best Egg account?

    How to make payments

    You can make your payments via electronic transfer, online payments, snail mail, or Western Union Quick Collect.

    If you want to pay more toward your loan than what is due, you can do so without any prepayment penalties. However, if a payment is late, there is a fee of $15.

    How to manage your account

    You can view and manage your loan by visiting the home page and clicking "Login" in the upper right-hand corner. This will direct you to accountinfo.com, where you can view your statement, view your balance, or make a payment.

    If you have any questions or concerns, you can contact customer service via phone or the website.

    Best Egg pros and cons

    WEIGH THE RISKS & BENEFITS

    Here is a list of the benefits and the drawbacks to consider.

    Pros
    • An efficient pre-approval and approval process.
    • You can receive your loan as quickly as overnight
    • A transparent platform with transparent pricing.
    • Competitive interest rates and low origination fees for borrowers with good credit.
    • Deducts your origination fee from your loan, so there are no out-of-pocket costs.
    • Good for debt consolidation.
    • Fixed interest rates mean fixed, predictable payments.
    Cons
    • Origination fees (which some competitors don't charge).
    • You'll need a high credit score and income level to qualify for low rates.
    • No variable interest rates available.

    Best Egg vs. other marketplace lending platforms

    How does Best Egg stack up to the competition?

    Best Egg vs. LendingClub

    LendingClub offers small business loans and auto refinancing as well as personal loans, so it has a wider product offering than Best Egg. Both platforms only offer fixed interest rates, have easy online application processes, and charge interest and an origination fee.

    However, Best Egg offers a higher maximum loan amount. It also advertises a quicker delivery of funds; one day compared to Lending Club's seven.

    Both marketplaces are viable options, with Best Egg having a slight leg up if you're looking for a larger personal loan.

    If you want more information on Lending Club, you can apply below or check out the Lending Club reviews page on SuperMoney.

    Best Egg vs. SoFi

    SoFi offers fixed-rate personal loans among other loan offerings, and their rates are highly competitive. However, only those with excellent credit will receive the lowest advertised offerings.

    Unlike Best Egg, SoFi doesn't charge an origination fee. It also offers longer repayment periods and higher loan amounts than many competitors. And if you lose your job, it provides unemployment protection.

    What's the catch? It's harder to get approved with SoFi than with Best Egg or other platforms. They target borrowers with high income and excellent credit. If you can qualify, it may be a cheaper option than Best Egg.

    Best Egg vs. Prosper

    Prosper also offers fixed-rate personal loans and an easy online application process. The interest rates are comparable to Best Egg, and so are the origination fees.

    However, Best Egg does come out ahead when looking at the speed of loan processing. If time is not a major concern, the cost of loans from the two companies will likely be comparable, so it would be a good idea to apply with both.

    If you'd like to see what others have said about Prosper, you can check out the community reviews page for Prosper.

    FAQ on Best Egg Loans

    How long does it take for a Best Egg loan to be approved?

    The entire Best Egg personal loan approval process usually takes 1-3 business days to apply, get approved, and be funded. In some cases, customers could be approved and funded on the same day, but most customers can expect the personal loan process to take just a few days.

    Does Best Egg show up on credit report?

    Best Egg will run a credit check to ensure the information you provided is accurate. Best Egg will report the loan to credit bureaus, meaning the transaction will appear on your credit report.

    Can you refinance a Best Egg loan?

    Best Egg allows you to take a loan to pay off a loan from a different lender, but you can't refinance an existing Best Egg loan.

    Conclusions

    Best Egg is a good candidate if you want a personal loan. It offers quality customer service, fast loan processing, competitive pricing, and transparency about its offerings.

    “Customers enjoy straightforward terms, including three or five-year repayment, fixed APRs, and no hidden fees or pre-payment penalties,” says Ritterbeck.

    The one big drawback is the origination fee. If you qualify for a loan that doesn't come with an origination fee, you may want to try that first.

    Availability

      Available in 47 states
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Prepayment Fee  
    Late Fee Amount $15
    Late Fee Grace Period 3 days
    Origination Fee (%) 0.99% - 5.99%
    Checking Account Required  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    • Tax Returns
    Verification Documents Required
    • Recent Pay Stubs
    • Proof of Income
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 600 - 850
    Approval Speed 0 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Customizable Payment Dates  
    Funding Time Range 1 - 3 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $2,000 - $35,000
    APR (Fixed APR) 5.99% - 29.99%
    Loan Term 36 - 60 months

    Best Egg Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +50%

    Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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