Best Egg is a financial technology platform that provides a fully digital lending experience to its customers. The company is the consumer brand of Marlette Funding, which holds its headquarters in Wilmington, Delaware. Marlette Funding was launched in 2014, and all of Best Egg’s loans are issued by Cross River Bank, a New Jersey state-chartered commercial bank.
Since the company’s founding, customers have borrowed over $8 billion using over 600,000 Best Egg loans. Best Egg targets high-income earners with above-average credit scores, and the online algorithm helps ensure that the customer will be able to repay the loan. Consumer’s Choice rated Best Egg No. 1 for personal loans thanks to its competitive rates positive reviews from consumers.
How Best Egg stacks up
- Low Starting APR
- Fast Funding Process
- Easy Online Application
- Requires High Credit Score
- $100,000 Income to Qualify for Lowest APR
What’s interesting about Best Egg
Best Egg knows its target market— high-net-worth individuals with excellent credit scores. These requirements allow the company to issue loans that are low-risk and more likely to be paid off. For anyone who qualifies, Best Egg offers low starting fixed APRs on its personal loans. Best Egg loans aim for people who already have money but need access to more cash for things like home improvement projects or medical bills.
They also have a rapid turn-around process after the application is received. A customer can be approved in minutes and receive their money by the next business day. Approval at Best Egg can be much faster than some of the competition. The fully digital platform and its use of an algorithm help facilitate the speedy process.
Things to consider
A Best Egg loan is not available to everyone. If you don’t have a great credit score or a high income, you may not qualify for one of its personal loans. Also, even if you do qualify, you may not get Best Egg’s lowest rate. Furthermore, its fully digital platform may be difficult for people who aren’t comfortable using the internet to navigate financial services.
Best Egg offers between $2,000 and $35,000 of funding for expenses such as credit card refinancing, home remodeling, car maintenance or medical expenses. The duration of a Best Egg loan is three to five years.
Best Egg offers a starting APR of 5.99% and goes to 29.99%. To qualify for the lowest APR, you need a minimum FICO score of 700 and an annual income of $100,000 or more. The lowest credit score Best Egg will accept is 640, although the average is higher since the company is targeting higher income individuals. One benefit of Best Egg is the quick approval process — you can receive funds by the next business day. Other lenders may take an entire week to receive the money.
The company charges a one-time origination fee of 0.99% to 5.99% of the loan amount. Before depositing your funds into your bank account, Best Egg deducts this fee from the loan amount. Additionally, the company may charge a $15 late fee for payments made after the due date.
Best Egg doesn’t offer mortgage loans. Other online options are Social Finance (SoFi) and Quicken Loans. SoFi considers more than your credit score when considering if you qualify — it is interested in your potential earnings and higher education degrees as well. This option could work for a customer with subpar credit. Quicken Loans is the largest mortgage lender around because of its competitive rates and easy application process.
While Best Egg offers loans for credit card refinancing and debt consolidation, it doesn’t have a loan for mortgage refinancing. Some external options worth looking into are Guild Mortgage and Fairway Independent Mortgage. Guild Mortgage could be great for customers looking for generous loans, as it offers a jumbo loan option for up to $3 million.
Fairway Independent Mortgage has been around for 20 years and has high customer satisfaction ratings. The company provides a wide selection of mortgage options but doesn’t offer home equity loans or home equity lines of credit.
Home equity loans and HELOCs
Best Egg also doesn’t offer home equity loans or home equity lines of credit. For anyone looking to borrow money against their home, try Discover Bank or Alliant Credit Union. Discover’s home equity loans could be a good option because it doesn’t charge lender fees and requires only a 620 credit score. Alliant Credit Union offers up to $2.5 million loans and also requires a 620 credit score.
Best Egg doesn’t have a car loan option. If you’re in the market for cash to put toward a vehicle, take a look at Carvana. Like Best Egg, Carvana is a fully online platform. The company offers a one-stop-shop in car buying from the comfort of your home. Directly from Carvana’s website, you can apply for a car loan, shop available vehicles, and choose the car for you. You can even have it shipped to you. For anyone accustomed to using an online service, Carvana could be a great option.
For a more traditional car loan option, consider turning to a credit union, such as Consumers Credit Union. These institutions typically offer much lower rates than their big bank counterparts.
The final word
Anyone with a high credit score and high annual earnings could find Best Egg helpful. If you are comfortable using a platform that is 100% online, you might find yourself gliding through the application process and getting your funding quickly.
Who might want to skip Best Egg Loans? A customer with a credit score below 640 or a low annual income might find a better lender elsewhere. Additionally, anyone who isn’t familiar with a fully digital user experience might find themselves getting overwhelmed with the Best Egg process.