Best Egg Exceeds $3 Billion in Personal Loans with Focus on Debt Consolidation

WILMINGTON, Del.–([1])–Best
Egg
[2] announced today its loan origination has surpassed $3 billion as
it reaches its third year in business. With its A+
rating with the Better Business Bureau
[3], Best Egg is a personal loan
product that leverages technology to simplify and speed the process for
getting a loan.

Online personal loans have surged over the past three years. Consumers
were underserved by the options available from the incumbent banks and
credit unions, which are many times saddled with slow processes, small
loan amounts, and lack of product innovation. TransUnion’s February 2017
Quarterly Industry Insights Report highlights significant growth in
personal loan uptake over the last few years. “At the end of 2011, there
was only about $47 billion in personal loan balances. Just 5 years
later, we sit at over $100 billion in part because an additional 6
million people have loans. This increase in credit activity is due to
strong economic fundamentals and FinTech lenders continuing to
substantially grow their market share.”

“While our personal loans can be used for virtually any financing, debt
consolidation was a driving force behind the launch of Best Egg. We are
proud to have achieved our goal in parallel to assisting over 200,000
customers start their path to a healthy financial life,” said Josh
Tonderys, president of Best Egg. “In fact, more than half of our
customers have used the proceeds to consolidate credit card debt. We’ve
seen the FICO score for customers who pay down their debt increase by an
average of 28 points. That’s a significant improvement to their credit
profile and a terrific byproduct of the loan.”

Best Egg customers find the online application process quick and
hassle-free, offering a great way to improve their financial health
without the heavy paperwork and days of waiting for approval that is
typical when working with traditional banks. “Wow…thank you for such a
quick and easy process. As a single mother, I was overwhelmed with
divorce and not making the best financial decisions. My credit cards
spiraled and keeping up with different pay dates was also becoming a
problem. Having one bill due at one time will definitely get me back on
the road to financial stability! Thank You!” Sonya via Trustpilot[4].

ABOUT BEST EGG

Best Egg, with loans originated by Cross River Bank, has helped hundreds
of thousands of customers who have borrowed over $3 billion in personal
loans since it began offering in March 2014. Best Egg’s easy online
application enables qualified applicants to see loan offers in as little
as three seconds and check loan interest rates with no effect on their
credit score. Whether applicants need funds to consolidate high rate
credit card balances, fund a home improvement project, or to cover an
unexpected expense, Best Egg provides a responsible solution that
includes a fixed interest rate, fixed payments and a fixed payment
period. Once approved, customer may receive their funds in their bank
account in as little as one day. The Best Egg personal loan platform has
been nominated
by Lendit as a Top Consumer Lending Platform
[5] through its parent
company, Marlette Funding LLC. To learn more about Best Egg, visit www.mybestegg.com[6].
For more information on becoming an investor or partner, visit www.marlettefunding.com[7].

References

  1. ^ (www.businesswire.com)
  2. ^ Best Egg (cts.businesswire.com)
  3. ^ A+ rating with the Better Business Bureau (cts.businesswire.com)
  4. ^ Trustpilot (cts.businesswire.com)
  5. ^ nominated by Lendit as a Top Consumer Lending Platform (cts.businesswire.com)
  6. ^ www.mybestegg.com (cts.businesswire.com)
  7. ^ www.marlettefunding.com (cts.businesswire.com)
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