Best Egg Review
In this Best Egg Review, we will be taking a look at another Peer-to-Peer lending marketplace that is supposedly famous for accommodating those who might not have the sharpest of credit. In this Best Egg Review we found that Best Egg offers loan amounts ranging from $2,000-$50,000. Those requirements are definitely something we will be covering in this Best Egg Review. Another little nugget that we found is that their highest APR is 30%. Which is pretty steep if you ask me. Not as steep as some other companies out there, but still very steep. With all that being said, let’s take a look at how Best Egg fairs against our standards of doing business in this Best Egg Review. Hopefully we can determine whether or not they’ll be a viable option for those whose credit is not up to the gold standard.
I want to start off this Best Egg Review by talking about the service that is offered by Best Egg. One might think that because they are more accommodating to those with lower credit scores, they themselves might be lower in the quality of service they offer or the quality of business they conduct. If you thought that, you’re sort of correct. Let me explain. In conducting this Best Egg Review, I found a great of number of complaints from consumers about every aspect of Best Egg. The bulk of these complaints revolved around their Sales/Advertising, and their Service. I’m sure that Best Egg is doing everything in their power to address said comments, like every company should do when heat is thrown at them. Though regardless of their efforts, there’s no ignoring the incredibly spotty track record they have when it comes to their service.
Let me be clear, it’s not the fact that Best Egg has received some negativity in some area that alarms me. It’s the fact that after dozens of complaints about the same thing, they continue to make the same mistakes over and over again. Here’s what one consumer had to say about the service at Best Egg in this Best Egg Review.
“I got a letter in the mail from Best Egg informing me that they were unable to offer me credit from my loan application. I never ever applied for a Best Egg loan. I called multiple times to try and get this cleared up, but just go the run around from them. Dealing with their customer service department was an absolute nightmare. They wouldn’t tell me if the situation had been cleared up or not. I needed to know that this was not going to affect my credit, and they wouldn’t say a word.”
Fortunately, this situation was resolved and the consumers’ mind was put to ease. This is one of many situations where Best Egg pulls something like this, and the ones that suffer are the either their customers or folks who never even asked for a loan. Best Egg really needs to step up their game and put an end to these constant mishaps.
Funding & Time Frame
Onto the next category in this Best Egg Review. In terms of funding, Best Egg is funded completely by Cross Rivers Banks, which is located in the state of New Jersey. Some of you might be thinking, “Well, does that mean that their loans are exclusive to New Jersey residents?” the answer is most definitely no. That would kind of render an online Peer-to-Peer marketplace ineffective. Cross River Banks was founded during the Great Recession, They have become a trusted community institution with a steadfast commitment to innovation and an unwavering dedication to best practice standards and compliance. The Bank is focused on providing their customers the personal attention they deserve, the flexibility they demand and the assurance they need. With these goals at the forefront, they are constantly evolving to meet the needs of their customers.
In this Best Egg Review we found that Cross River Banks is actually a pretty trustworthy establishment. It’s good to see that Best Egg has them in their corner. You know, for the times that they actually get someone who wants a loan through them.
In terms of how long it will take to receive the funds you applied for, in this Best Egg Review, we found it shouldn’t be more than a few days. All of these Peer-to Peer marketplaces all do direct deposit. So it really should not take too long. Sometimes you’ll see the funds appear instantly. If it’s been over a week, and you’ve still seen no funds, then you might have an issue on your hands. I’d recommend giving them a call just to see what’s up.
Fixed Terms & interest Rates
In this Best Egg Review, we discovered that they only offers fixed terms of 3-5 years. They are very adamant about their terms, and will not accommodate anything more or less. So if you a want to get you out of debt quicker, I suggest you look elsewhere. As suggested in this Best Egg Review. There is always the option of paying it all off at once. If you wanted to do that, Best Egg has no prepayment fees. Realistically though if you had the cash in the first place, you wouldn’t be asking for a loan. As for their interest rates, I’d say it’s pretty straight forward and standard. Except for the fact that you could get stuck with a 30% rate. It starts at 5.99% just like everywhere else. It all depends on your credit score. If you have golden credit, you should be fine. If your credit is no good, then you could be looking at a 30% rate with a 6% origination fee.
In this Best Egg Review I want to explain to you what an origination fee is. An origination fee is an up-front fee charged by a lender for processing a new loan application, used as compensation for putting the loan in place. Origination fees are quoted as a percentage of the total loan. If your loan amount is $50,000. Then you’re looking at an upfront fee of $3,000 just get things started. I think it’s a bit hypocritical for a company to market themselves as the savior to those in need and then slap them with a rate and fee that could be considered as highway robbery.
Best Egg Requirements
In this Best Egg Review we found that Best Egg has been known to be quite fickle when it comes to their requirements. If you ask them how to attain that golden 5.99% interest rate, they will simply not tell you. They list some very basic requirements on their website, but one could argue that they aren’t even real qualifications. They sound more like little notes to silence the people who try to attain their golden number. Why all the secrecy, Best Egg?
So how did Best Egg fair against our standards in this Best Egg Review? Well, I will break it down for you. In the Service Category, they received a 61% for their efforts in attempting to ease the minds of their disgruntle customers. Though they still have a great deal of room for improvement. In Funding they received a 71%. Regardless of all their issues, they still have a fairly trustworthy bank backing them. In Time Frame, they received an 87%. Not because they did something spectacular, but simply because you really got a be a screw up of a company to not get down direct deposit. In Terms they received a 27%. For being so rigid about 3-5 year terms. Will all that taken into account, they received an Approval Rate of 69%. For an accumulative score of 63% in this Best Egg Review.