WILMINGTON, Del.--(BUSINESS WIRE)--Best Egg 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, 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.
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 through its parent company, Marlette Funding LLC. To learn more about Best Egg, visit www.mybestegg.com. For more information on becoming an investor or partner, visit www.marlettefunding.com.