Posted by: Adam McCann

Bottom line: Best Egg personal loans could be a good choice for people with fair credit, as their minimum credit score requirement is reported to be 640. In addition, people with an income over $100,000 and a credit score over 700 have a shot at qualifying for Best Egg’s lowest rate: 5.99%.

One of the downsides of loans from Best Egg is that they have a lot of fees. You’ll pay an origination fee of 0.99% - 5.99%, and if you don’t enroll in automatic payments you may have to pay an extra $7 per month. Read on for WalletHub’s detailed analysis of Best Egg personal loans as well as information on how other lenders’ offers compare.

Best Egg Loan Terms

APRs	5.99% - 29.99%
Loan lengths	Up to 60 months
Loan amounts	$2,000 - $35,000 (up to $50,000 with mail offer)
Approval time	Up to 2 business days
Funds delivery time	1-2 business days
Fees	- 0.99% - 5.99% origination fee - $0 early payoff fee - $15 late fee - $7 processing fee per payment (if not enrolled in automatic payments)
Credit score requirement	640*
Minimum income requirement	Not disclosed
Other requirements	18 years old, U.S. citizen/permanent resident, SSN, bank account

*According to multiple third-party sources Best Egg Interest Rates & Fees

Best Egg interest rates range from 5.99% to 29.99%. Your individual rate will be based on a combination of factors such as your credit score, income and other debts. Best Egg loans have fixed APRs, so your interest rate will never change during the entire time you pay it off.

Best Egg does not have a fee if you pay off your loan early. However, they do have multiple other fees. The Best Egg origination fee is 0.99% - 5.99%, and it is deducted from the amount deposited in your bank at the beginning. There’s also a $15 fee for late/returned payments. And Best Egg “may” charge a $7 processing fee per payment for any customers who are not enrolled in automatic payments. Relative to many other lenders on the market, Best Egg is more expensive when it comes to fees.

Best Egg Loan Requirements

Best Egg does not disclose a minimum credit score to qualify for a loan. However, multiple third-party sources report that it is 640. There are no disclosed Best Egg minimum income requirements to get a loan. However, Best Egg does note that in order to receive their lowest rate, you will need a credit score of 700+ and an income of $100,000+.

There are some other basic Best Egg loan requirements to meet as well. You must be of legal age to accept a loan in your home state. In most states, that’s 18 years old. You must also be either a U.S. citizen or permanent resident with a Social Security number. Best Egg also requires applicants to have a bank account and an email address.

You can check your potential Best Egg rates online. This will not affect your credit score (though actually submitting an application will). If you’d like to apply for a loan after that, you can only do so online. Best Egg does not allow co-signers. You can check your Best Egg application status by logging in to your online account.

Best Egg Loan Reviews & Transparency

Best Egg has an overall good reputation. It has high marks from the Better Business Bureau and few complaints with the Consumer Financial Protection Bureau.

• Better Business Bureau: Best Egg has an A+ rating and has been accredited since 2014.

 

• Consumer Financial Protection Bureau: The CFPB has catalogued just 26 complaints about Best Egg loans. Some complaints include having trouble accessing account information and receiving higher interest rates than expected from the initial rate check.

  There has not been a new complaint since January 2017. Best Egg’s parent company Marlette Funding, LLC has provided a “timely” response to every existing complaint.

 

• WalletHub: WalletHub’s editors give Best Egg loans a 3.5/5 rating.

Best Egg is transparent about their personal loan terms, which you can see on their website. However, they could be clearer about their minimum credit score and income requirements.

Best Egg Personal Loans vs. Other Lenders

Lender	Best Egg	Discover	LendingClub
APR	5.99% - 29.99%	6.99% - 24.99%	6.95% - 35.89%
Loan amounts	$2,000 - $35,000 (up to $50,000 with mail offer)	$2,500 - $35,000	$1,000 - $40,000
Loan lengths	Up to 60 months	36, 48, 60, 72 or 84 months	36 or 60 months
Credit score required	640*	660*	600-640*

*According to multiple third-party sources Methodology

WalletHub’s editors rated Best Egg using 23 metrics in 7 major categories: loan requirements, APR, fees, the application process, loan amounts, customer satisfaction and transparency. Certain more important metrics, like APRs, had more weight in the scoring. Below, you can find the main categories, along with the metrics.

Main categories:

• Requirements: WalletHub considered the credit score and income required to apply. We also looked at citizenship and identification requirements (like whether ITIN is accepted in place of SSN).
• APR: Our editors looked at Best Egg loans’ minimum and maximum APRs, plus whether they are fixed or variable.
• Fees: We researched the loan’s fees, such as origination fees, prepayment penalties and late fees.
• Loan amounts: WalletHub considered the minimum and maximum loan amounts offered. We also looked at how many months are offered for paying back the loan.
• Application process: We took a look at application options (e.g. online, in person) and whether joint applications are allowed. We also considered whether Best Egg offers pre-qualification, how long it takes to get approved and how long it takes to receive funds.
• Customer satisfaction: Our editors read up on Best Egg’s BBB rating, CFPB complaints and WalletHub user reviews.
• Transparency: WalletHub checked Best Egg’s clarity about both their loan requirements and loan terms.

from Wallet HubWallet Hub


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