Best Egg is a new lending company that recently emerged in the consolidation industry. They offer personal loans to be used as a medium to consolidate high-interest credit card debt. Even though Best Egg doesn’t operate in the traditional debt consolidation sense, they do offer the opportunity to combine multiple credit payments into one monthly payment, even if the interest rate is less attractive than many of their competitors.

The Good

  • Easy application process
  • Fast loan funding
  • Multiple lain types

Easy Online Application

The online application is easy to navigate and quick to fill out. The process starts out with some personal information to set the account up, which is guaranteed to be safeguarded. Following this, you select the type of loan you will need. In the end, you will look over the details of your selections and confirm the application to proceed. Approvals generally take two business days to go through. If you are having financial problems with debt, personal/consolidation loans could be a viable option to follow through on.

The Bad

  • High interest rates
  • Less than five years in the industry
  • Customer complaints

High Rates

Best Egg is not a debt consolidation company. Unfortunately, this becomes apparent from their unusually high fees and interest rates offer they offer. Specifically, they charge 1 to 5 percent of the loan amount. On top of that, interest rates can be seen as high as 29.99 percent. Clients looking to enroll with Best Egg should proceed with caution.

New to the Game

The company only has four years of experience with no certified debt counselors on staff, no credentials, no money-back guarantee, and no ISO accreditation. Without the ISO certification – there is no guarantee that any sort of independent auditing is taking place. These are all major downfalls with Best Egg.

Customer Complaints

Customer complaints tend to center around their high-interest rates offered on loans. There are several examples of potential customers receiving quotes of interest rates higher than the ones they received from their creditors. In these cases, going with Best Egg would leave customers in a more difficult position than before.

The Bottom Line

Overall, if you know someone with good credit but is struggling to keep up with their credit card debt, Best Egg could help by lowering their monthly payment to get out of debt faster (usually between 3 and 5 years). Although this can be helpful for some, the truth is, using a personal loan to consolidate debt isn’t the most cost efficient way to do so. We do not recommend Best Egg for debt consolidation at this time.

 

 

About Best Egg

As one of the newest debt consolidation companies, Best Egg is a personal loan provider that works to provide the low-interest rates and fees. Best Egg does not offer debt consolidation programs. Rather, Best Egg offers a personal loan to allow customers to consolidate their different debt accumulated into one monthly loan payment. In most cases, the interest rates on the consolidation loans will be lower than the previous debt, but this isn’t always the case. Best Egg does not offer any other financial resources.