Best Egg Personal Loan Review

Best Egg personal loan rates may be good for fair credit borrowers

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Best Egg primary logo
overall rating
2.9

Best Egg is an online lender that offers fast funding to those with fair or better credit. Loans are typically unsecured, but some homeowners may qualify for a better rate by securing their loan with the fixtures in their home. Best Egg charges origination fees, and does not have options for borrowers with poor credit.

  • Product Specifications
  • Pros and Cons
  • Fees
  • Company Overview
Product Specifications
  • APR Range 5.99% to 29.99%
  • Recommended Minimum Credit Score 640
  • Loan Amounts $2,000 to $35,000, but up to $50,000 for borrowers who qualify
  • Loan Terms 36-, 48-, or 60-month terms
Pros and Cons
Pros
  • Fast funding

  • Ability to change due date

  • Low fixed rates

  • Loan limits of $35,000 to $50,000

  • Secured funding option

Cons
  • Origination fee

  • Late payment fee

  • No bad credit options

Fees
  • Origination Fee: 0.99% to 5.99% of the loan amount, at least 4.99% for loans that last four or more years
  • Late Payment Fee: $15 if payment is not received within three days of the due date
Company Overview

Best Egg is a personal loan platform developed and operated by Marlette Funding, LLC. Marlette Funding launched Best Egg in 2014 and has facilitated more than 630,000 funded loans worth over $11 billion. The company recently added a secured personal loan option that uses home fixtures as collateral.

Pros of Best Egg Loans

  • Fast funding: You may receive your funds as quickly as the next day after Best Egg approves your loan. Most borrowers receive their money in one to three business days.
  • Ability to change due date: If you need to change your due date, you can call Best Egg and make arrangements.
  • Low fixed rates: Best Egg fixed personal loan rates start at 5.99% APR. To qualify for the lowest rate, you must have a FICO credit score of at least 700 and an income of at least $100,000.
  • Loan limits of $35,000 to $50,000: Loan amounts range from $2,000 to $35,000, but certain borrowers may be able to get a loan of up to $50,000.
  • Secured funding option: Homeowners may be eligible for a Best Egg Nested Secured Loan, which is a personal loan secured by the fixtures in their home (items securely attached to a residential property, such as a water heater). If you’re a homeowner, you may qualify for a lower interest rate with a Nested Loan than you would with an unsecured loan.

If you choose a Nested Loan, Best Egg will attach a lien to your home, which can make refinancing or selling difficult. Further, Best Egg has the right to repossess your home’s fixtures if you default on the loan.

Cons of Best Egg Loans

  • Origination fee: Best Egg charges an origination fee between 0.99% and 5.99% of the loan amount. For loans that last four years or more, the fee is at least 4.99%.
  • Late fee: A Best Egg personal loan comes with a late fee of $15 if the payment is not received within three days of the due date.
  • No bad credit options: You must have a fair or better credit score of at least 640 to get a Best Egg personal loan. Borrowers with lower credit scores may not qualify.

Best Egg Personal Loan Rates & Terms

Best Egg personal loan rates start at 5.99% APR for those who have a credit score of at least 700 and an annual income of at least $100,000. Rates range up to 29.99% APR and are based on your credit score and other factors, like debt-to-income ratio and income.

Loans are available in 36-, 48-, or 60-month terms. There is no penalty for prepayment.

Since the lowest rate (5.99% APR), is so much lower than the average credit card interest rate, a Best Egg personal loan can be a cost-effective way to consolidate high-interest credit card balances or pay down a single card.

Best Egg will not pay the personal loan directly to your credit cards if you are planning to use the money for credit-card debt consolidation. You’ll need to take the money and pay off each card on your own. 

How Much Can You Borrow From Best Egg?

The minimum amount you can borrow with Best Egg is $2,000 (in most states), and the maximum is usually $35,000. If you’re a resident of the following states, the minimum amount you can borrow is higher:

  • Georgia: $3,000
  • New Mexico and Ohio: $5,000
  • Massachusetts: $6,500

However, there are circumstances in which you can borrow up to $50,000, depending on your financial profile and the state you live in. Also, Best Egg allows you to have two loans with the company at a time, as long as the first loan is in good standing and the total combined balance doesn’t exceed $50,000. 

You can use funds from a Best Egg personal loan for almost anything, including debt consolidation, home improvement, large purchases, and life events. However, you cannot use the money to pay for post-secondary educational expenses or investment securities. 

Best Egg Personal Loan Fees

Best Egg is among one-third of the personal loan companies we track that charges an origination fee. You’ll pay between 0.99% and 5.99% of the amount you borrow from Best Egg, and it deducts the fee from the loan proceeds. Additionally, if you get a four- or five-year loan, you can expect to pay an origination fee of at least 4.99%. Those rates are about average for lenders who charge origination fees.

On top of the origination fee, Best Egg charges a late fee of $15 if you don’t make your payment within three days of the due date. There is also a fee of $15 for a returned payment.

How to Get a Personal Loan From Best Egg

Applications take place through Best Egg’s website. You can check your potential interest rate without worrying about affecting your credit score. Enter your personal information and the reason why you’re getting your loan, and Best Egg will offer a variety of loan options based on what you might qualify for. If you own a home, one of these options may be a Nested Secured Loan, which is a personal loan secured by your home’s fixtures. 

Once you choose the loan option best for your situation, you can complete an application in minutes. If Best Egg approves you, the funds may arrive in your bank account as quickly as the next business day. Nested Loans take a minimum of three days to fund.

Final Verdict

Best Egg can be a good choice if you have fair or better credit and want a low-rate loan, especially if you plan to repay the loan within three years. (Three-year loans are eligible for the lowest origination fee Best Egg charges, 0.99%.) Plus, Best Egg offers a unique secured-funding option that uses the fixtures in your home as collateral. For homeowners willing to have a lien on their home for a lower rate, it’s worth looking into. But if you intend to sell or refinance within the next few years, it’s probably a bad choice.


Before deciding on a Best Egg personal loan, compare personal loan rates and terms to see what works best for you.

Methodology

We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weight that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores. 

Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score just by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization.