Best Egg is one of several relatively new lending companies to emerge on the scene. They offer 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.
- Easy application process
- Fast loan funding
- Multiple loån types
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. If you are struggling with debt, personal/consolidation loans could be an option to consider.
- High interest rates
- Less than five years in the industry
- Customer complaints
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 percent of the loan amount. On top of that, interest rates can be as high as 29.99 percent. This should cause caution in someone looking to get out of debt.
New to the Game
The company only has four years in business, and also has no certified debt counselors on staff, no industry credentials, no money back guarantee, and isn’t ISO certified. Without the ISO certification – there is no guarantee that any sort of independent auditing is taking place. These are all major drawbacks to working with Best Egg.
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.
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