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Best Egg offers unsecured personal loans to consumers who want to consolidate debt, buy a car, make home repairs or just take a much-needed vacation. Read on to learn whether Best Egg personal loans are a smart move.

Application process

There’s no fee to apply for a loan with Best Egg. You must be a U.S. citizen or a permanent resident aged 18 or older. All applicants must have a verifiable bank account, and loans aren’t available to Kansas residents.

Best Egg looks at your credit report and score, as well as your income and overall debt when making approval decisions. You can apply online, but may have to upload supporting documentation to verify your finances and identity before the loan is finalized.

Lending terms

Best Egg offers loans ranging from $2,000 to $35,000. There’s a $6,000 borrowing minimum for Massachusetts residents and a $3,000 minimum if you live in Georgia.

A broad range of rates are offered by Best Egg, based on your creditworthiness. APRs start at 5.99 percent and go all the way up to 29.99 percent.

Loan terms are either 3 or 5 years, and you can make additional payments to speed up your debt payoff with no penalty fee. You will, however, pay a loan origination fee ranging from 1 percent to 5 percent, which is taken right off the top of the loan. The higher your APR is, the higher the origination fee.

Loan funding

“Best Egg” is a trademark of Marlette Funding LLC, which launched Best Egg in March, 2014. In announcing a $75 million equity fund raise in July, 2015, Marlette Funding said it had originated $1 billion in loans through Best Egg. Marlette Funding is partnered with New Jersey-based Cross River Bank to make Best Egg loans to consumers.

Cross River Bank has partnered to make loans through a number of websites and services that include Pave, Upstart, LendingUSA, Affirm, New Credit America, Vouch, Health Credit Services, ApplePie Capital, and Promise Financial.

According to the Best Egg website, applications can be in approved in a matter of minutes and loans can be funded within one business day. The money is deposited electronically into your bank account.

Consumer complaints and reviews

Best Egg is accredited with the Better Business Bureau and has an “A” rating from the Wilmington, Delaware chapter of the BBB.

Factors that raised Best Eggs rating were the relatively low volume of complaints received for a business its size, and the company’s response to and resolution of those complaints.

As of December 2015, the Bureau had closed 66 complaints lodged against Best Egg over the last three years, including 35 related to advertising or sales and 26 linked to issues with loan products. Two other complaints dealt with billing or collection issues.

Most of the complaints concerning advertising or sales involved unwanted solicitations for a loan. Some consumers filing complains about loan products said they were approved at a higher rate than they were originally quoted.

Best Egg has 144 consumer reviews listed on its BBB page, 74 of which are positive. Nine are listed as neutral and the remaining 61 are negative. Negative reviews echoed the issues in the complaints.

Some reviewing Best Egg on other sites, including CreditKarma, were positive, but others claimed that Best Egg uses misleading tactics to try to get people to apply for loans.

Is Best Egg a good choice?

If you’ve been turned down for a personal loan with a traditional bank or peer-to-peer lender, you might have an easier time getting approved with Best Egg. The trade-off is that you’re likely to pay a higher interest rate on what you borrow.

On the flip side, Best Egg may not be the right fit if you need a shorter or longer loan term and you don’t want to pay an origination fee. Ultimately, you should compare rates and terms from multiple lenders before applying with Best Egg to make sure it’s the best deal.

Compare rates and terms offered by multiple, vetted lenders at Credible.com.

Rebecca Lake is a writer and blogger who specializes in all things finance. She likes writing about debt, credit, investing, retirement, taxes, college planning, insurance and real estate.