pros and cons of best egg loans

Best Egg unsecured personal loans are for those with good credit and who are comfortable working online. The average loan amount is between $2,000 and $50,000


  • Competitive interest rates
  • Check rate estimates with soft credit
  • No prepayment penalty


  • Origination fee
  • Lower rates require credit requirements

Here are the facts about a Best Egg personal Loan

Marlette Funding backs Best Egg, an online lender. The company has funded loans in excess of $10 billion since its founding in 2014..

Best Egg loans can be used to consolidate debt, pay off medical bills, and for vacations. Despite the competitive rates, it is essential to be aware of the origination fees, ranging from 0.99% to 5.99%.

Processing, origination, and late fees

Because Best Egg deducts an origination charge from the loan balance, you won’t get the entire amount. However, the bank will deposit the remainder in your account.

If you took out a $15,000 loan with an origination fee of 2.99%, your actual amount would be $14,551.50. When determining how much money is needed for your loan, be sure to consider this.

Remember that not all lenders charge an origination cost. Some lenders provide personal loans with no origination fees — allowing you to borrow more.

You can pay your loan off early if Best Egg does not charge prepayment fees.

Good credit scores get competitive interest rates

Best Egg is a lending option for high-earning people with excellent credit. Best Egg reserves the right to offer its highest rates to those with FICO(r), credit scores of at minimum 700, and an individual income of at most 0,000.

The lender does not approve joint applicants. This means you can’t rely on income from a co-borrower to increase your approval chances or possibly improve your annual percentage rate.

Option for a second loan

Some lenders limit you to one loan per month. Best Egg is not one of these lenders. As long as your combined loan amount doesn’t exceed,000, you can get two Best Egg loans. Best Egg will also take into account your payment history.

Be sure to be able to handle additional financial obligations before you take on more debt.

Who is the Best Egg Loan good for?

Best Egg’s competitive interest rates could be a good choice for you if you have the income and credit requirements. You may still be eligible for loans, depending on your creditworthiness.

Need money fast for an emergency? Best Egg funds loans direct, unlike peer-to-peer lenders who rely on investors. Best Egg claims that half of its customers get their loan proceeds within the next day.

Best Egg does not offer personal loans to residents of D.C. or Iowa.

How to apply for Best Egg Loan

Best Egg will provide a soft inquiry to determine your rate potential. This is done when you apply for prequalification. Prequalification does not guarantee loan approval. Accepting a loan offer will result in a hard credit inquiry that could lower your credit score.

You must be a U.S. citizen, permanent resident, or legal resident of the U.S. to apply for a loan offer.

It’s a smart idea to review your credit before applying for an auto loan through Best Egg. Also, compare other loan offers. Understanding your credit score can help you set expectations.

In general, higher credit scores will lead to higher interest rates. Shopping around will help you find the best terms and loan rates for your situation.

Are you unsure if a Best Egg personal loan is right for your needs? These are some alternatives

  • Eloan – Want to avoid the origination fee Eloan may be a better choice for you.
  • Marcus by Goldman Sachs – If you want direct payments for debt consolidation, Marcus might be a better choice.

Compare your options

An online calculator such as BFN’s easy loan calculator can help you better understand the cost of personal loans.

A loan calculator will help you calculate your monthly payment and the amount you would pay in interest over the loan term.


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I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.  I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.

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A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.