topic Re: Best Egg Loans? in Personal Finance

Best Egg Loans?

Anonymous — Wed, 14 May 2014 14:17:09 GMT

Anyone else heard of these loans?

It is a new product that started upa few months ago. They do personal loans mainly focused at credit card consolidation. They are funded by a NJ bank Cross River Bank.

I received an invite to apply but can't find much about them, what credit bureau they pull, what kind of score for their better rates, etc.

If you've applied or spoken to them about this product please share.

They softed me on experian prior to sending me the invite. The inquiry shows as marlette funding.

Re: Best Egg Loans?

Anonymous — Wed, 14 May 2014 14:35:43 GMT

Product seems similar to Lending Club or what a local CU would offer.

Didn't find any specific reviews, but Cross River Bank seems to check out okay with the BBB and Bauer Financial bank ratings.

Re: Best Egg Loans?

Anonymous — Thu, 15 May 2014 02:12:41 GMT

Thanks for that info.

Bumping for others as well.

Re: Best Egg Loans?

Anonymous — Thu, 29 May 2014 22:55:34 GMT

I am in the process of applying for a best egg loan currently. Not sure if it will work or not but I will let you know. I am wondering if they are the same as Peerform. I was denied by them...

The rate for the best egg loan is a bit up their (based on my crappy credit score). $15,000, 5yr repay @ 26%. No pre-pay penalties though, so that is good. It is NOT a good rate by any means. I'd be better off keeping my credit cards, therefore either way it goes I will be fine.

My scores are 648-EQ; 624-TU and 598-EX. No lated payments in the last 4 years, but the damage was done when I divorced and filed bankruptsy CH 7 back in 2010.

I will post the outcome to this thread either way.

Cheers!

Re: Best Egg Loans?

Anonymous — Fri, 30 May 2014 13:25:29 GMT

The $15,000 loan was approved as of this morning. They emailed confirmation that the funds will be direct deposited in 1-2 business days.

648-EQ; 624-TU and 598-EX.

No late payments in 4 years.

CH 7 Bankruptsy discharged 10/2010.

Re: Best Egg Loans?

Anonymous — Fri, 30 May 2014 16:28:19 GMT

Did they soft or hard pull? Which bureau did they pull?

Thanks for the feedback.

Re: Best Egg Loans?

Anonymous — Fri, 30 May 2014 16:29:31 GMT

Btw I ended up going with lending club because they would soft pull and give me a rate and I didn't know if best egg would soft or hard to give a rate.

Re: Best Egg Loans?

psimac — Tue, 03 Jun 2014 06:18:16 GMT

Are they offering any sort of referral link? It seems they're by invitation only.

Re: Best Egg Loans?

rampman10 — Fri, 13 Jun 2014 03:18:14 GMT

Can you please tell me if it was a hard or soft pull? I called their customer service number today and the representative said it was a soft pull. I asked her if she was sure. She asked someone close by and said it is a soft pull. I asked her what bureau they pull and she said they use Experian. She did not sound sure about the soft pull. I might call back tomorrow. I started the application and got to the credit authorization page and unlike Prosper and The Lending Club it did not say it would be a soft pull on the page or in the disclosure. I would like to know for sure. If anyone knows please share. Their website does say it is not peer to peer like Prosper, but it is funded by a bank and I see that their highest tier is a little lower than both Prosper and The Lending Club and their origination fees seem a little lower also.

Thanks for your help.

Re: Best Egg Loans?

rampman10 — Fri, 13 Jun 2014 03:19:09 GMT

It does say they are invitation only and you need an invitation code to proceed with the application.

Re: Best Egg Loans?

Anonymous — Fri, 13 Jun 2014 04:38:43 GMT

It was a soft pull and I got my money on the Tuesday following the Friday approval. First payment is due on June 28th.

Hope this helps!

Re: Best Egg Loans?

rampman10 — Fri, 13 Jun 2014 05:10:43 GMT

Thanks for the update. Sorry to ask another question but do you know if the soft pull was Experian? Thanks.

Re: Best Egg Loans?

d170 — Sun, 15 Jun 2014 03:38:05 GMT

Sent you a pm rampman10

Re: Best Egg Loans?

rampman10 — Sun, 15 Jun 2014 16:13:43 GMT

Best Egg does a hard pull! They use Experian and it is a hard pull. Their customer service will tell you it is not but it is. They use Experian and it is a hard pull. I do not know why people in this thread say it is a soft pull. If you are posting here you should know the difference.

Best Egg does a hard pull and they use Experian. I am going to try to have it removed. I called twice and was told both times it is a soft pull. It is not a soft pull.

Re: Best Egg Loans?

09Lexie — Mon, 16 Jun 2014 02:55:08 GMT

@rampman10 wrote:
Best Egg does a hard pull! They use Experian and it is a hard pull. Their customer service will tell you it is not but it is. They use Experian and it is a hard pull. I do not know why people in this thread say it is a soft pull. If you are posting here you should know the difference.

Best Egg does a hard pull and they use Experian. I am going to try to have it removed. I called twice and was told both times it is a soft pull. It is not a soft pull.
If you applied for credit ALWAYS expect a hp. You have no valid reason to dispute an inquiry when you initiated the request no matter what a CSR tells you.

Re: Best Egg Loans?

rampman10 — Mon, 16 Jun 2014 03:08:46 GMT

False. They are a licensed bank and have a fiduciary responsibility to provide accurate information. They do not state in the disclosure what kind of pull it will be. Therefore, consumers can only rely on the information provided through contact with their employees. I specifically told the representative I did not want to apply if it would be a hard pull, and was assured it was not a hard pull. Had I been provided accurate information I would not have applied. This exact thing happened with Chase. They went back and listened to the recorded call and then sent me a letter and I had the hard pull taken off my credit report. I probably have a copy of it somewhere, but I will just wait and share the one I get from Best Egg.

Re: Best Egg Loans?

09Lexie — Mon, 16 Jun 2014 05:38:15 GMT

While I am not an expert on fudiciary law, I still standby the statement to always expect a hp when applying for credit. CSR 's may or may not know the difference between a hp vs sp. Yes, they should provide accurate information, yes you should follow up with their supervisor and hope for the best.

It might have been clearer if the app was in writing, where they would clearly state that you are giving them permission to view your credit report.

I am pasting a response from our resident expert RobertG re: unauthorized HP's:

'Application for credit with a new creditor is not the only way a party can make a legitimate inquiry for your credit report without your express permission.

Again, the entire purpose of the listing of the many permissible purposes under FCRA 604 is to permit the pull of consumer credit reports without having to first obtain express permission from the consumer. Otherwise, business would creep to a halt.

Any buinsess transaction you intitiate for which they have a legitimate business to review your credit as part of that transaction provides permissible purpose, and does not require express consumer permission. Likewise, debt collectors have permissible pupose as long as they have legitimate collection authority.

They can make those inquiries as so-called "hard" inquiries.

The only statutory requirement that an inquiry cannot appear in a consumer report made available to others (i.e., a "hard" inquiry) pertains to so-called promotional inqiiries for a lsitng of your name and address.

The CRAs have their own administrative rules that require certain types of inquiries to be coded as soft, such as internal account reviews by an existing creditor.'

Re: Best Egg Loans?

rampman10 — Mon, 16 Jun 2014 06:07:13 GMT

I am not a lawyer and not qualified to interpret what you posted. I understand you want to be right on this and think I am wrong or this is my fault. I continue to disagree with you. If I do business with any company, and their representatives provide me with incorrect information, especially on a recorded line, I expect them to make it right. All it takes is a letter I can forward to the bureaus. Which brings me to the second reason which is I have been through this exact thing before and I got a letter from Chase and it was removed from my credit report. I don't know what all of the legal stuff you posted means, but I do know that full and accurate disclosure must be made, and this was not done in my case and it is recorded on a phone call.

I expect any business, bank, merchant or otherwise, to stand by the information they provide. If Best Egg won't do this then I will let everyone here know and follow up with the BBB and CFPB. They have a record of the phone call. They can tell what happened. A letter is the easiest way out for them.

Re: Best Egg Loans?

rampman10 — Mon, 16 Jun 2014 06:21:33 GMT

I am not trying to be argumentative. I know there are different opinions out there. I would not be disputing this had I not specifically asked their CSR's multiple times and been given incorrect information multiple times. Banks have an obligation to provide accurate information. I do not agree that poor training on the banks part, should result in a consumer being penalized. They have a responsibility to provide accurate information and they failed to do it.

Re: Best Egg Loans?

09Lexie — Mon, 16 Jun 2014 07:36:23 GMT

@rampman10 wrote:
I am not a lawyer and not qualified to interpret what you posted. I understand you want to be right on this and think I am wrong or this is my fault. I continue to disagree with you. If I do business with any company, and their representatives provide me with incorrect information, especially on a recorded line, I expect them to make it right. All it takes is a letter I can forward to the bureaus. Which brings me to the second reason which is I have been through this exact thing before and I got a letter from Chase and it was removed from my credit report. I don't know what all of the legal stuff you posted means, but I do know that full and accurate disclosure must be made, and this was not done in my case and it is recorded on a phone call.

I expect any business, bank, merchant or otherwise, to stand by the information they provide. If Best Egg won't do this then I will let everyone here know and follow up with the BBB and CFPB. They have a record of the phone call. They can tell what happened. A letter is the easiest way out for them.

Nope, not stating that you are wrong or I am right. Simply, I never trust anything that comes out of CSRs mouth because it goes against how I conduct business transactions- I get it in writing or review their app before proceeding. Yes, you can use the recorded phone call to prove you asked and they gave you the wrong information. My point is simply, if you expect a hp (which is the way most credit transactions begin) then you won't be upset when the CSR was mistaken. The information I posted, was regarding permissible purpose when the consumer initiates the transaction. The creditor does not require express consumer permission. In other words, when you called and asked for a loan, you gave them permission to pull your credit. They did not have to tell you they were pulling your credit. In your case, you asked how they would review your credit report and you were misled. Hopefully, it can be reversed and just be aware that when you ask for a loan or app for credit card, an inquiry can be made and it is up to their discretion on how it is coded by CRA's

Good luck.