Best Egg is one of several relatively new lending companies to emerge on the scene offering personal loans that can be used to consolidate high interest credit card debt. Although the company isn’t a traditional debt consolidation company, it does offer users the ability to combine multiple payments into one monthly payment, even if the interest rate is less attractive than many competitors.
Best Egg offers a free consultation over the phone wherein potential clients can receive assistance in filling out their loan application. The money they get from this loan can be used to pay off multiple high-interest accounts (or for any purpose whatsoever), as it is a personal loan.
BBB Rating: A+
Despite only being in business for several years, Best Egg has maintained an ‘A+’ rating through the BBB. It appears that there have been many complaints that have been filed, but the company has been able to resolve many of these. User reviews suggest that consumers were satisfied with the expedited process and with the ease of only having one fixed monthly payment to worry about. Satisfactory resolution of the negative reviews can easily be found and help explain some of the more case-by-case situations that have come up.
Easy Online Application
The online application process appears to be quick and easy. You first enter some personal information to set up your account, which is guaranteed to be kept secure by Best Egg. Then you select the loan that you need. From there you can look over the details and confirm your application. Approvals are generally completed within two business days.
- Free, easy application
- Free consultation
- Fast loan funding
- Multiple loan types to choose from
Best Egg is not a debt consolidation company and it shows. The fees charged and interest rates offered are significantly higher than most debt consolidation companies.Their fees are typically 1% to 5% of the loan amount. On top of that, interest rates can be as high as 29.99%. This should cause caution in someone looking to get out of debt.
New to the Game
The company only has three years in business, has no certified debt counselors on staff, no industry credentials, no money back guarantee, and isn’t ISO certified, so there isn’t any sort of independent auditing going on to ensure it is operating legitimately.
Customer complaints about Best Egg revolve around the high interest rates being offered on the loans. There are multiple reports of customers who considered using Best Egg to consolidate their credit card debt only to find themselves being offered a loan at a higher interest rate than they got on their credit cards. In these cases, using Best Egg would leave customers worse off than they were when they started.
- High fees : 1 – 5% of the loan amount
- High interest rates, up to 29.99%
- Only 3 years in business
- No certified credit counseling
- Not ISO certified
- Unknown state availability
- No industry accreditations
- No money back guarantee
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