I see quite a few negative reviews here and this is somewhat baffling to me. I know that everyone's experience is different and perspective makes all the difference in the world. So, here's my experience with a little back story. Hopefully someone will find it helpful.
I work in technology and I have always had good jobs. Although, compensation hasn't always been great. Unfortunatley, I wasn't educated when I was younger on how to manage my finances or plan financially. As a result, I got credit cards and carried balances for years. I made enough to make my payments but not enough to get out from under the burden of debt. For years and years I lived this way, very slowly paying off what are relatively low balances. I tried over and over again to get a debt consolidation loan, but every time I was turned down. My credit score is fair and I pay all my bills on time, but no matter...rejected every time.
I stayed the course, continuing to slowly pay my balances down. As my balances got lower, I started getting more credit card offers. I continued to open credit accounts, but didn't carry balances or carried small balances. I would use my cards to buy things I needed and had the cash to pay for. As a result, my credit score continued to rise. With each new account I opened, my available credit increased while my overall credit usage decreased. I have been on this path for about 2.5 years now and finally got my credit usage to under 40% of my available credit.
Then about a week ago, I got a letter from Best Egg. Normally I would just throw these away, but I figured what the hell. Applying can't hurt.
First, let me address rates. There are a lot of factors that affect the rate you will get. They always advertise the lowest rate. Everyone who has every gotten a credit offer for anything knows this. I saw the 4.99% rate and knew that wouldn't be me. I don't have perfect credit but I pay my bills on time...ALWAYS! If you don't have perfect credit you shouldn't expect a low rate. It's common sense. Overall, I didn't do too bad at 12.13%. That's half of my average credit card interest rate.
Second, let's discuss the application and approval process. I logged on, filled out the form, put in my offer code and got my approval. Easy as that. Less than 10 minutes and all I had to do was pick the amount I wanted. I qualified for more than I accepted, but I opted for a lower rate and just enough to cover all my debt. I got an email telling me I was approved and that was that.
Third, let's cover funding. I applied for the loan on Monday and got the approval immediately. On Tuesday evening (around 7pm), I got an email telling me my loan was funded and instructions for how to setup my account. On Wednesday morning at around 7am, I woke up and logged into my banking app. Like magic, the loan funds were deposited.
It Wednesday at 9am. I just finished paying of all of my credit cards and I'm finishing writing this review. Thanks to Best Egg, I am free of credit card debt and have a plan to be debt free while saving a ton of money on interest. I know my experience may not be typical, but I have nothing but positive things to say.