Best Egg personal loans are available to borrowers who want to consolidate debt and need cash fast, but they don’t have certain features offered by other lenders.

However, Best Egg comes with it’s own pros and cons which will largely be decided by the borrower and some other factors. You also need to ask yourself it their packages are best for you or not.

Let’s now go in-depth.

• Is Best Egg a Legitimate Loan Company?
• Does a Best Egg Loan Hurt Your Credit?
• What Credit Score do You Need For Best Egg Loan?
• Which Is Better Lending Club or Best Egg?
• Complaints Against Best Egg
• Pros And Cons of Best Egg Loans
• Best Egg Customer Service
• Best Egg Loan Status Pending
• Best Egg Loan Requirements
• Can I Pay Off my Best Egg Loan Early?
• How Long Does Best Egg Take to Approve a Loan?

Is Best Egg a Legitimate Loan Company?

Best Egg is backed by Marlette Funding, a financial services company with banking and technology experience. Best Egg was developed by its consumer finance division as a personal loan platform.

Read Also: Top 5 Best VA Loan Lender

The company has provided more than $5.3 billion in loans and served more than 300,000 customers since March 2014. Best Egg partners with Cross River Bank in New Jersey and is a member of the Federal Deposit Insurance Corp.

Does a Best Egg Loan Hurt Your Credit?

When you apply for a Best Egg personal loan, a soft credit inquiry (or pull) will appear on your credit report. This soft inquiry does not impact your credit score.

Understand that after completing your application, if you’re approved, you’ll be able to see the APRs, interest rates, loan terms, and loan amounts of your offers with no obligation to commit and no impact on your credit. In other words, there is no harm involved with checking your rate and seeing what you could be approved for.

If you choose to accept a Best Egg personal loan offer on the other hand, a hard inquiry (or pull) will be generated on your credit report. This hard inquiry may impact your credit score.

Again, this will only happen if you’re presented with loan offers and you decide to accept one – your credit score will not be impacted for checking your rates and offers.

What Credit Score do You Need For Best Egg Loan?

Because your credit score is essentially a measure of how likely you are to repay debt, it’s the primary factor lenders will consider to determine your eligibility for their products.

Minimum credit scores required for loans vary depending on the lender you work with, but generally, your credit score will need to be in the 550 – 600 range to be considered for a loan. If your credit score is in this range your lending options will likely be quite limited, and you can expect your loan to come with high-interest rates.

To be considered for a loan with competitive interest rates, you’ll want your score to be somewhere between the 620 – 700 range, but the higher that 3-digit number is, the better. A high credit score increases the likelihood that you’ll be approved for a loan and receive low interest rates along with it.

Which Is Better Lending Club or Best Egg?

LendingClub and Best Egg are two lending platforms that work in a similar fashion. Both connect borrowers and investors directly. Neither company has a network of brick-and-mortar branches.

This, combined with a streamlined underwriting process, helps keep costs low, which means they can offer low interest rates to consumers. So with that, you may wonder, LendingClub vs. Best Egg: which option is the best?

LendingClub began as a peer-to-peer investing company, but today, large institutional investors are the company’s primary source of capital. However, average people can still invest their savings in LendingClub.

This makes the company different from Best Egg, which only uses large investors. Also, Best Egg requires its investors to buy whole loans, whereas LendingClub allows smaller investors to buy portions of loans.

Another difference: Best Egg takes on some of the loan’s risk, aligning its interest with the investors. Because of this, it also takes a more significant share of the profits.

If you need a personal loan, which company is best for you? Let’s take a closer look so you can make an informed decision.

Interest rates: LendingClub assigns borrowers a score based on a 25-grade system, which will determine what interest rate they qualify for. Overall, BestEgg does not specify the criteria for qualifying the best rates, but it has a lower maximum APR rate. Both lenders charge origination fees.

Fees: LendingClub does not charge an application fee, but it does charge an origination fee. This is taken out of your loan before it’s deposited in your account and the amount is determined by the grade of your loan, which is based on your credit rating.

The percentage of this fee ranges from 1% to 6% of the total loan amount. It’s essential to consider this fee when you’re deciding how large of a loan you need, so you can ensure that the amount you borrow–minus this origination fee–will cover your needs.

Application process: LendingClub’s application is done entirely online. First, you fill out a short questionnaire. If you qualify, you will receive several loan offers from individual investors.

From these, choose the loan that best fits your needs and completes an online application form and data verification process. You should get a response within minutes, and the money should be deposited in your bank account in as few as five days.

Best Egg’s application is also entirely online and you can get an answer very quickly because Best Egg has investors who have pre-approved borrowers that meet certain criteria.

LendingClub is great for people with good credit who want a low interest rate.

If your credit score is at 680 or above, LendingClub is an excellent place to apply for a personal loan. You can get a low-interest rate, a loan for under $5,000 if you need a small infusion of cash, and the application process is quick and straightforward. Or, if you need more, you can borrow up to $40,000.

LendingClub’s loans are a perfect fit for people who have longer-term debt or carry balances on several credit cards. At LendingClub, you can consolidate high-interest debt into a lower interest loan with a fixed rate.

Best Egg is a good option for people who need to be funded quickly

As with any loan, a higher credit score gives you a better chance of qualifying. If your scores are high as well as your income, you should be able to qualify for an interest rate on the low-end of Best Egg’s scale, even though the company doesn’t give specific criteria for its decisions. Another plus: All loans are made by Cross River Bank, a New Jersey chartered bank that is insured by the FDIC.

Remember, before you use any lending platform, do your research and make sure the loan is a good fit for your income and lifestyle.

Complaints Against Best Egg

We have borne witness to the praises and complaints on a number of review sites, including the company’s Better Business Bureau profile, their Credit Karma profile, and their TrustPilot page, as well as the consumer complaints on the Consumer Financial Protection Bureau (CFPB) website.

Although a fair amount of people are happy with Best Egg, some people have expressed frustration with aspects of the lender’s service. Here are the most common problems people run into:

• Denial After Pre-approval: Many customers were disappointed to discover that being “pre-approved” did not necessarily mean that they were eligible for a loan. Best Egg sends out advertisements claiming that people have been pre-approved based on criteria they’ve already been able to collect about them, but as the company gathers and verifies more information, they may discover you’re not a good fit for the loan after all. It’s worth noting that Best Egg addresses what pre-approval means in their FAQ:
  If you’re pre-approved, according to information on your credit report, you look like someone who might benefit from and qualify for a Best Egg loan. It does not mean you are guaranteed to qualify for a loan. To determine your loan eligibility, we need additional information that we get when you check your rate through our simple application.
• High-Interest Rates: Some customers felt that their assigned interest rates were too high.
• Origination Fee: Some reviewers claim they were unaware of the origination fee. However, I saw this fee disclosed prominently on the website in multiple places, and the customer service representative I talked to disclosed the information up-front.
• Continuing Auto Withdrawals: A few people have complained that Best Egg continued to auto withdraw funds after their loan was paid off or after they made a payment in advance. While the customers appear to have gotten their money back, many expressed frustration with how long it took to get the refund.
• Application & Funding Delays: Some customers have experienced hangups during the application and funding process, which means it took much longer to get their money than expected.

It’s worth noting that many of these complaints, such as denials after pre-approval and funding delays, are common in the industry. You are unlikely to come across a lender without a few complaints from customers who experienced funding delays, and Best Egg does not have any more complaints than the average lender.

Pros And Cons of Best Egg Loans

Pros

• 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.

Cons

• 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 Customer Service

The Best Egg team is committed to providing a website that is accessible to the widest possible audience, regardless of technology or ability. The team is actively working to increase the accessibility and usability of their website and seeking to adhere to the latest standards and guidelines.

They strive to conform to level Double-A of the World Wide Web Consortium Web Content Accessibility Guidelines 2.0. The WCAG guidelines explain how to make web content more accessible for people with disabilities and more user-friendly for all consumers.

While they have made significant progress in creating a great customer website, it is not always possible to reach the standard they seek. For example, they deploy “web widgets” –stand-alone applications embedded in the website– that are controlled and supplied by companies with whom they work. If these widgets do not conform to WCAG guidelines, they have limited ability to influence the providers.

The team is continually seeking solutions to improve this website’s accessibility. In the meantime, if you experience any difficulty in accessing the Best Egg website, please don’t hesitate to contact them at 855-282-6353.

Best Egg Loan Status Pending

The personal loan approval process has never been easier. In three simple steps, you could get approved and have your Best Egg personal loan in your bank account in as little as one business day. It’s important to understand the loan approval process so you know what to expect when you’re applying. This will help you make the best financial decision.

There are three steps to the Best Egg personal loan process:

1. Pre-Approval: Pre-approval is not required to get approved, but if you receive a pre-approved offer, it’s a great opportunity to check your rate, with no impact to your credit score
2. Apply: Next, apply for a loan online. To apply for a Best Egg personal loan, you will need to have some information nearby, including your contact info and some important financial information.
3. Get Approved: The last step in the loan approval process is to get approved and funded. You may need to verify your information during this final step.

Step 1: Pre-Approval

Pre-approval is a good way to find out if you qualify for a loan. Personal loan pre-approval is determined by key financial factors that creditors identify as good indications that you are a responsible borrower.

You do not need to be pre-approved to be able to get a Best Egg personal loan, but pre-approval is a good indication that you may qualify. Sometimes pre-approval can help streamline the personal loan process because you know a creditor thinks you may qualify for their personal loan approval process.

Even if you are pre-approved, you may not be approved. If you are pre-approved for a Best Egg loan, you will receive a letter in the mail that details your pre-approved offer.

Step 2: Apply

To apply for a personal loan, you will need some basic information such as:

• Your name
• Your reason for applying for a personal loan
• Your contact information including your address, phone number, and email
• Date of birth
• Your social security number (note that Best Egg uses a “soft pull” credit inquiry and this will not impact your credit score)

The Best Egg personal loan process also requires some important financial information such as:

• Your employment status (Salary, Retired, Self-employed, etc.)
• Whether you rent or own your home
• How much your monthly housing payment costs
• Your individual income
• Your household income (Your individual income plus any other income to be considered, such as alimony or child support)
• Other financial information like how many cash advances you may have had in the last six months

Step 3: Get Approved

The final step in the loan approval process is to get approved. When you apply for a Best Egg personal loan online, you can find out if you have offers within a few minutes. Once you select an offer, make sure you read all of the information and disclosures.

The loan approval process may also require you to verify the information you entered when you applied for a personal loan. The quickest way to get approved is to have information like a pay stub, bank statements, and a W-2 handy. Once, approved, congrats!

Upon approval for a Best Egg loan, you will be sent an email with all of the important loan details. After that, you can expect to have the money deposited into your bank account in as little as one business day. That’s right, it could take as little as one business day to get a personal loan from Best Egg.

Once you have your money, mark your calendar for your first monthly due date. You can expect your first monthly payment to be 30 days after you’ve been funded. Your Best Egg Welcome Email will detail your official first due date.

Applying for a Best Egg personal loan may take under five minutes online. The entire Best Egg personal loan approval process usually takes 1-3 business days to apply, get approved, and be funded.

In some cases, customers could be approved and funded on the same day, but most customers can expect the personal loan process to take just a few days.

If approved, your money will be deposited into your bank account. After that, the money is yours to consolidate debt, refinance credit cards, make home repairs, or use for almost anything else!

How Long Does it Take for a Loan to Process?

On average, it can take anywhere between 1 and 3 business days to process your Best Egg personal loan. The best way to help your loan process as quickly as possible is to have important financial information and documents nearby so you can quickly refer to them if you need to.

Once your loan is successfully approved and processed, your money will be sent and deposited into your bank account.

Best Egg Loan Requirements

Here are 4 tips to help you get prepared to qualify for a personal loan.

1. Get a copy of your credit report: Staying up-to-date on your credit isn’t just important for your overall finances, it will help you figure out where to apply and how much you should ask for in your application. Also included in your credit report will be your credit score, which is often a key element in your application.
2. Stay up-to-date with your payments: Your payment history is one of the most important factors in your credit score, which means it’s also an important factor in a personal loan application. If you have a history of making your payments on-time, you may be more qualified for a personal loan.
3. Be mindful of your debt-to-income ratio: Your debt-to-income ratio is also an important factor when applying for a personal loan. A low debt-to-income ratio can increase your chances of qualifying.
4. Keep that paycheck (or any proof of income) handy: You may not be asked to show any proof of income, but having it in hand will help you provide a more exact estimate of your gross income.

There are a ton of options out there when it comes to applying for a personal loan. We recommend that you consider your options before selecting any offer.

Here’s what you can expect if you apply for a Best Egg personal loan:

1. We’ll ask a few questions in an online application to learn more about you and your finances.
2. Once you submit an application, you’ll see what offers are available.
3. If you qualify, you can select an offer (If you select an offer, your credit score may be impacted when we generate a hard inquiry on your credit report).
4. After that, we may ask to verify your identity and the information you submitted in your original application. We may ask you to connect to your bank or submit documents to help us:
   • Verify your identity and address
   • Verify your income
   • Verify a credit score of at least 640
   • Evaluate your debt-to-income ratio
5. Once verified, customers can expect money in their bank account within 1-3 days.

When you apply for a Best Egg loan, we want to let you know as soon as possible if you qualify. If you’re curious, you can check your rates at any time, and find out in minutes if you qualify for a personal loan from Best Egg (at no impact to your credit score).

Can I Pay Off my Best Egg Loan Early?

Here are 5 steps to pay off your debt, with practical tips on how you can pay debt off faster.

How to Pay off Debt: 5 Steps for Paying Off Debt Fast

Below are 5 steps to take when figuring out how to pay off debt faster than what you’re doing now. This guide will share several different steps you can take to pay off debt, but remember to keep the plates spinning.

No matter your debt payoff strategy or what financial moves you set in motion, continue to make your minimum payments. Having too much debt can feel like your head is falling below the water, but you can keep treading as you swim to shore.

1. Consider all your debt payoff options

Before taking any major financial action, do your research on what’s out there. There’s no one right way to pay off debt, as long as you make progress. Four of the most popular ways people pay off debt include:

• Make major budget adjustments: Instead of shuffling between a bunch of financial and lifestyle priorities, some people opt to get laser-focused on one or two debts they want to pay off fast.
• Balance transfer high-interest debt: Some people can save money on interest by transferring a high-interest credit card balance to a credit card with a lower interest rate.
• Consolidate or refinance debt to a lower interest rate: Instead of transferring a balance from one credit card to another, some people opt to consolidate several debts using a personal loan with a lower interest rate than their combined interest rates.
• Change their debt payoff strategy: Instead of making a major financial move, some people opt to simply adopt or change their debt payoff strategy. Two of the most popular debt payoff strategies include the debt snowball and debt avalanche methods. Snowballing your debt means that you pay off your lowest debt balance first, then your second largest, until you finally tackle your highest balance. The debt snowball method helps you psychologically reward yourself for paying off debt. Avalanching your debt means paying off your debts from the highest to lowest interest rate. The debt avalanche method can help you save money over time, but it may not give you those motivational early wins in your debt payoff plan.

2. Take small steps that can lead to major debt payoff

While you’re researching your options, there are seemingly tiny lifestyle changes you can make to help you pay more toward your debt. These are everyday DIY tactics that could potentially save you money that you can use to pay off debt faster:

• Make the room in your budget: If you’re not paying as much toward your debt as you want to, make sure you’re budgeting out more money to make that happen. If your budget is tight and you’re making tough decisions about where to put your money, focus on cutting back any extra spending you can and contribute that toward your debt.
• Cut back spending: Whether money is tight or you’re just hoping to pay off debt faster, everyone could probably benefit from cutting back on some extra spending. Some people take it to the extreme by cutting back all extra spending to only the bare bones essentials. You know yourself best, but if you can cut back expenses and pay more toward your debt… do it!
• Contact your creditors and ask for lower rates or other options: Calling your creditors for a rate reduction is a long shot, but sometimes you can secure a lower interest rate, which means a lower payment… which means you can pay more money toward your debt priorities.
• Use windfalls to your advantage: If you earn credit card cash back, tax refunds or product rebates, use that extra cash toward your debt payoff goals.

3. Understand the ins and outs of your debts

Take some time to know the details about your debt accounts. You know the basics, but many creditors have different policies for fees, payoffs, and payment types. Before you go any further on your debt payoff journey, know the answers to questions like:

• Can I prepay without fees or penalties?
• How are normal payments applied, how are additional payments applied?
• Is my debt secured or unsecured—what are the risks to not paying off my debt?
• What are the fees associated with balance transfers or payoffs?
• If I take out a new loan, what will my new monthly payment be and how much will it cost to borrow the money?

It seems obvious, but being on top of your creditors’ policies will help you make better informed decisions, and potentially avoid fees.

4. Make a major financial move to pay off debt

So no amount of informing yourself or cutting out extra spending is helping. If you’re frustrated by your finances or feel like you’re not paying off debt fast enough, maybe it’s time to consider making a life change.

We’re not talking about cutting out a $5 cup of coffee here and there. We’re talking about major financial moves that transform your finances to help you pay off debt faster, like:

• Move to a home that costs significantly less
• Switch to a higher-paying job or pick up a side hustle
• Revert to your bare bones ‘emergency’ budget by cutting out all spending except the absolute essentials (not for the faint of heart)
• Reduce your expenses by consolidating your debt, refinancing your mortgage or selling your car for a less expensive one

We recommend doing a lot of research and math before taking any of the steps above since they have lasting impacts on your financial situation. If you are serious about making leaps in your debt payoff journey, they could help you pay off debt in a big way.

5. Take A Debt Mental Health Day (AKA: Improve your relationship with your money)

Okay, so you rolled your eyes at the idea of a ‘Debt Mental Health Day.’ We get it; the concept is corny. But for a lot of us with debt, we have a bad relationship with money. Taking a Debt Mental Health Day means scheduling time to examine your relationship with money.

Read Also: Best Egg Personal Loans Review

Do you have strong emotions related to your financial situation? Have you been able to come to terms with that one credit card balance or medical debt? It’s okay to feel angry or ashamed about your debt. Dealing with those emotions can help you be in a better position to pay it off faster.

How Long Does Best Egg Take to Approve a Loan?

Applying for a Best Egg personal loan may take under five minutes online. The entire Best Egg personal loan approval process usually takes 1-3 business days to apply, get approved, and be funded.

In some cases, customers could be approved and funded on the same day, but most customers can expect the personal loan process to take just a few days.

If approved, your money will be deposited into your bank account. After that, the money is yours to consolidate debt, refinance credit cards, make home repairs, or use for almost anything else!

On average, it can take anywhere between 1 and 3 business days to process your Best Egg personal loan. The best way to help your loan process as quickly as possible is to have important financial information and documents nearby so you can quickly refer to them if you need to.

Once your loan is successfully approved and processed, your money will be sent and deposited into your bank account.