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Are you interested in consolidating and reducing debt while saving money on interest charges? Best Egg is one of several online lending platforms vying for your attention. Best Egg offers personal loans at competitive rates that can be used to consolidate debt, travel, relocate, start a business, or anything else.
If you are new to personal loans, you may want to start with our Introduction to Personal Installment Loans.
Best Egg Loan Program Overview
Marlette Funding LLC, a personal loan marketplace, launched Best Egg in 2014. Within its first year, Best Egg had already funded more than $1 billion in loans.
Best Egg offers unsecured personal loans of up to $35,000 for 3 or 5 years. If you have good to excellent credit, you can likely get a better interest rate than your credit card offers to pay off debt faster while saving money.
After submitting an application, you will see loan options that break down the interest rate, APR, and monthly payment.
Like many online lenders, Best Egg will fund your loan as soon as the next business day.
Best Egg Loan Features:
- Loan amounts from $2,000 to $50,000
- 5.99% to 29.99% APR
- 1.00% to 5.00% origination fee
- 36-month or 60-month term
- 640 credit score needed
- Rate request will not impact your credit score
The Best Egg Difference
Best Egg is a more affordable alternative to payday loans and credit cards.
Best Egg focuses on offering competitive interest rates and straightforward terms to borrowers with a good credit history.
The company charges very few fees aside from interest and an origination charge. Because the origination fee is deducted from the loan proceeds, there are no upfront costs to getting a Best Egg loan.
How to Qualify
You must be 18, a U.S. citizen or permanent resident, and have a verifiable bank account to apply for a Best Egg loan.
Best Egg will consider your credit score as well as your credit history, how much money you owe, and how much you earn to consider you for a loan. But you will need a credit score of at least 640 to qualify.
Best Egg Compared to the Competition
While it's possible to qualify for a rate as low as 5.99%, most borrowers will have a rate in the double digits, potentially even higher than the average credit card rate.
The highest interest rate Best Egg charges is almost 30% with a substantial 5% origination fee, or $500 on a $10,000 loan.
If you have average credit, Best Egg may be a good option.
Personal Loan Rates
If you have excellent credit, you can get better terms.
And the best way to compare lenders (and find better terms) is to either:
The Bottom Line
Best Egg certainly has a lot to offer borrowers with good to excellent credit.
While Best Egg has competitive rates and simple terms, not all Best Egg loans are affordable as you may be offered a loan with an origination fee of 5% with an interest rate as high as 29.99%. But, if you have average credit, Best Egg may be the best lender for you.