#27
Best Egg
Best Egg is a relatively new non-traditional debt consolidation company. The company offers a personal/consolidation loan rather than a consolidation service.
- Easy online application: Best Egg has a simple online application process. Approvals are generally completed within two business days.
- More expensive: Best Egg deals in standard unsecured loans to help with debt consolidation. The fees charged and interest rates offered are significantly higher than most debt consolidation companies. Their fees are typically 1 to 6 percent of the loan amount, and interest rates can be as high as 29.99 percent, which are very high for the industry.
- Multi-purpose loans available: Lenders are accommodating to a large array of personal loan purposes for borrowers including; debt consolidation, credit card refinancing, home improvement, moving expenses, vacation, and more.
- No accreditations: Best Egg has no industry accreditations and isn’t ISO certified. Without the ISO certification – there is no guarantee that any sort of independent auditing is taking place.
- New to the industry: The company only has four years in business, and also has no certified debt counselors on staff, no industry credentials, no money back guarantee.
- High customer complaints: 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.
- Our recommendation: Due to their high fees and lack of standard industry practices and accreditations, we recommend another company for debt consolidation and counseling services such as Consolidated Credit.
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User Score00 people found this review helpful!Ridiculous 😠😡. Do not take a loan out with them. There interest rate is disgusting! For a $7500. Loan for 60 month. My monthly payments were $ 228.00 . In 27 months, I paid $3700.00 of interest alone!
I was able to pay it off in the 27th month due to a small inheritance. Thank Goodness! At that point, I still owed $5410! Had I paid it in 33 months later, I would have paid over $14,000.00 for that $7500 loan. They charged me $3.84 cents a day!
Don’t do it!!Was this review helpful? YesRead More -
User Score10 people found this review helpful!In 2 years I paid $10292 in interest on a $20,000 loan. I was lead to believe it was a lower interest rate was really a 27.25%.(Don’t know what I was thinking!) I have good credit (792) got a personal line of credit at the bank and paid off these leaches. I normally do more research but was busy trying to start up a business no excuse but do your research. There was also a $1000 processing fee taken out. Best Egg is more like the worst Egg!Was this review helpful? YesRead More
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User Score12 people found this review helpful!Apllied for a loan was approved for 2000.00 . I then was emailed that the needed further documents they wanted my bank user name an password. I was extremely hesitant but i gave it to them anyway. After that they still wanted more documentation my last 2 years of tax returns that showed income etc. I then was called and asked about my application and stated i was self employed receiving same income as previous tax returns. They told me that they were unable to approve due to being selfemployed. I was disappointed and confused and now have to change passwords and secure my info. Not knowing what the security of this site is being its fairly new .Was this review helpful? YesRead More
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User Score22 people found this review helpful!Applied online and was quoted a lower payment than charged. When I called they stated I had a 3 yr or 5 yr repay option. This option was not clearly stated or I would not have used this company. I only saw $199 for 3 yrs. Since the funds were deposited to my account so quickly, I was unable to cancel the transaction and they stated they could make no modifications.Was this review helpful? YesRead More
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User Score07 people found this review helpful!Company is a joke. My FICO score is 820 I have two credit cards with rate of 5.99% each. Thought I would consolidate with Best Egg but their ridiculous percent rate was quoted at 10.99%. Maybe I can lend them money at a lower rate they offer to the public!Was this review helpful? YesRead More
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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