Do you look for debt consolidation options? Try to find money for renovations and house enhancements? Have a major purchase in mind? Any financial necessity you may have, a personal loan will help you get the money you need to meet it. Additionally, selecting the appropriate creditor might have a significant impact on how well you manage your money.
Among the many online lenders, Best Egg is a standout due to its easy-to-use application process and affordable interest rates. With good reason, the organization is a well-known personal credit provider that enjoys widespread popularity among borrowers.
What is Best Egg? How does it work? What are the pros and cons of the Best Egg loans? In our Best Egg review, we’ll answer these questions and take an in-depth look at the types and terms of personal loans provided by the company.
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Best Egg Reviews: Everything You Need to Know
Marlette Funding LLC, a Wilmington, Delaware-based financial services firm, runs the online creditor Best Egg. The business provides personal loans, both secured and unsecured, that are provided by Blue Ridge Bank or Cross River Bank. Additionally, First Banks & Trust maintains a credit card. Best Egg was founded in 2014 and has disbursed over 21 billion in capital for over 1.1 million loans.
Is Best Egg a good company? With an A+ Best Business Bureau rating and over 6,500 positive reviews on Trustpilot, the company is a trusted and reliable lender. The Best Personal Loan award in 2024 further contributes to and amplifies the company’s reputation.
Key Features
- APR: Best Egg comes up with APRs ranging from as low as 5.99% to as high as 35.99%. The interest rate will be determined by the amount, term, and type of the loan, as well as the borrower’s financial standing. Thus, the APRs for common unsecured personal loans will fall between 8.99% and 35.99%. Secured loans come with lower interest brackets of 5.99% - 29.99% available for homeowners using furniture, light fixtures, and other commodities as collateral. So, you won’t have to put your whole house in a pledge to ensure your debt payment while still enjoying more favorable loan conditions.
- Fees: Best Egg will charge an origination fee that will be deducted from the loan funds. The fee varies from 0.99% to 8.99% depending on the term. Thus, for loans issued for 48 months and longer, this fee starts from 4.99%.
- Amount: The lending minimum with Best Egg is $2,000 and the maximum is $50,000. Notably, for Massachusetts, Ohio, and Georgia residents, minimum amounts are $6,500, $5,001, and $3,001 accordingly. To get more than $50,000, you can consider a vehicle title loan from Best Egg.
- Term: A common term length for personal loans is 36 to 60 months, while vehicle equity loans could be issued for a period from 24 to 84 months.
Read Also: Personal Loans for Bad Credit [Complete Guide]
Eligibility Criteria
Best Egg is a great option for borrowers with good to excellent credit, with a minimum credit score requirement of 600. Such factors as a solid credit history, stable employment, annual income above $35,000, and debt-to-income ratio below 40% will positively impact the loan approval decision and terms you’ll be offered. To win the lowest APR, you should have an annual income of at least $100,000 and a FICO score of 700+.
Best Egg Personal Loan Benefits
Along with lower APRs and fixed interest rates, Best Egg has a few more perks that make it an attractive option for borrowers.
- Quick Funding: Most borrowers receive funds within 1 to 3 days after loan approval.
- Soft Credit Check: The company performs a soft credit inquiry, allowing you to see potential offers before committing without any impact on your credit score.
- Flexibility: With a wide range of lending amounts, Best Egg personal plans cater to multiple types of borrowers and financial needs.
- No Prepayment Penalty: The company does not charge a fee for paying off your loan early, allowing you to save on interest if you choose to do so.
- Handy Online Tools: Before applying for the loan, you can use the Best Egg online personal loan and debt-to-income ratio to estimate your potential terms.
Types of Best Egg Personal Loans
To make our Best Egg personal loan reviews complete, let’s explore in more detail the types of personal loans listed on the Best Egg website since the choice of loans is impressive.
Debt Consolidation
It’s intended to help individuals streamline multiple debts into a single, manageable loan with a simpler repayment process and potentially lower overall interest rates. It’s ideal for those looking to pay off credit balances, medical bills, or other high-interest debts. With the Direct Payment feature from Best Egg, the company will pay your creditors directly to expedite your debt reduction process.
Credit Card Refinancing
This type of loan allows borrowers to pay off expensive credit card balances with a new loan that usually offers a lower interest rate. It can help borrowers significantly save on interest payments over time and manage debt more effectively by providing a structured repayment plan.
Home Improvement
It’s designed for homeowners looking to finance renovations, repairs, or upgrades to their property. This loan provides the necessary funds to enhance the value and comfort of your home.
Moving Expenses
As the name suggests, this Best Egg loan can be used for various moving-related costs, including hiring professional movers, purchasing packing supplies, and covering transportation costs to a new home.
Baby and Adoption
Best Egg provides financial support for costs related to childbirth, fertility treatments, or the adoption process. This can help alleviate the financial burden during a crucial time in your family’s growth.
Major Purchases
Instead of using high-interest credit cards, a personal loan with a fixed interest rate and repayment term can be a more cost-effective way to finance the purchase of high-cost items, such as furniture, appliances, or electronics.
Special Occasions
It’s a great option for those planning weddings, milestone celebrations, or other significant events. Such loans will cover the expenses associated with organizing and hosting events.
Vacation
Whether you plan a family trip, a honeymoon, or a solo adventure, Best Egg vacation loans can cover airfare, accommodation, activities, and other travel-related costs. You can enjoy your journey without dipping into savings.
Secured Personal
As we’ve already mentioned, these are loans secured by home items instead of using a whole property as collateral. With a special Homeowner Discount from Best Egg, you can count on a 20% discount in APR to save funds in the long run.
Read Also: Best Personal Loans for Fair Credit [Ultimate Guide]
Conclusion on Best Egg Personal Loans
Best Egg personal loans are a compelling option for people with good to excellent credit looking for quick, unsecured financing, according to numerous reviews of the company's loans as well as our own survey. The company stands out in the crowded online lending market with competitive rates, flexible terms, and a quick application process. Just make sure the loan terms match your unique financial goals and capabilities.