Complaints against Best Egg Loans
Best Egg is an online lender offering loans of various categories – personal loans, debt consolidation loans, and credit card refinancing loans. They provide loans up to $50,000. Customers can take out multiple loans without worrying about prepayment fees. They provide personal loans from as little as $2000 to a max of $50,000.
There are specific complaints against Best Egg loans. Application eligibility is very tough. The credit score should be 640 or above. Applicant should have an annual income of a minimum of $35,000. Applicant should have a bank account /email address and be of legal age to accept the loan in the residing state. Applicant should be a US citizen or permanent resident living in the US. They do charge an origination fee for all loans to cover their processing.
They take out a percentage of the loan amount upfront and add this to the annual percentage rate. Also, they charge a $15 late fee if the payment is not made on time and a $15 return fee in case of insufficient funds in the borrower’s account. APR varies from 5.99% to 29.99% and is generally based on the loan duration and the applicant’s credit score. Many customers have accused them of luring them through baits and backing out from their commitment once the loan is sanctioned. The interest rates are pretty high, making it risky to obtain a personal loan.
Overall the cons outweigh the pros here. If anybody is considering taking a loan from Best Egg, they should review the complaints and reviews. Many customers are assured low-interest rates but are charged high once the loan is sanctioned. Best Egg Company has denied all these allegations. Personal loans offered by Best Egg are unsecured, meaning loans are not backed by a car or house, making it riskier for the lenders, which is why Best Egg charges higher interest rates. If the applicant is not making timely payments since the loan is unsecured, Best Egg cannot seize your property to cover their losses.
Hence the customer ends up paying more interest and fees than anticipated. Since it has high interest, customers end up paying hundreds of dollars in interest depending upon the duration of the loan. If the customer misses the payments or defaults on a loan, then Best misreporting to the credit burea affects your credit score. This can lead to wage garnishment, which means the employer would have to withhold a portion of your salary to repay your load.
