Best Egg - Home Secured Loans

Overview

Best Egg, launched in 2014 by Marlette Funding, LLC, has expanded its offerings to include home-secured loans as a specific product within its suite of financial solutions. This particular loan product is designed to provide homeowners with an additional avenue for accessible funding, primarily for purposes such as managing general finances, consolidating debt, or covering unexpected expenses. Best Egg continues to leverage its advanced analytics and machine learning capabilities to assess creditworthiness for these secured loans. The home-secured loan option aims to offer potentially easier qualification criteria and less stringent requirements compared to their unsecured counterparts, making it a viable option for individuals who might have lower credit scores or a more limited credit history, by using their home equity as collateral.

Customer Views

What They Like

Customers considering home-secured options may find significant value in the fact that Best Egg's home-secured loans are often perceived as having easier qualification requirements compared to unsecured personal loans. This reduced barrier to entry can be a crucial advantage for individuals with lower credit scores or a limited credit history who might otherwise struggle to obtain credit. The ability to leverage home equity to secure a loan can lead to more favorable terms than might be available with an unsecured loan, potentially offering a valuable financial resource during times of need.

What They Dislike

However, a specific minimum credit score for Best Egg's home-secured loans is not explicitly stated in public information, which can make it difficult for potential applicants to gauge their eligibility upfront. While the general indication is "easier qualifications," the precise requirements for these loans may necessitate direct inquiry with the lender. (Furthermore, like other Best Egg products, if not explicitly excluded for secured loans, customers might also encounter origination fees, which are deducted from the loan amount, affecting the net principal received).

FAQs

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's customers are saying...

Point was great!!!! They gave me money from my home equity when no one else would. I did not qualify for refi or reverse mortgage. They were fast and the customer service was great. I recommend them, highly.

Terri C.

I think is a better alternative to refinance similar in my opinion to a reverse mortgage. your immediate cash flow is not impacted if what you are trying to do is control your cashflow by eliminating smaller loans that do impact your current cashflow.

Jose Castillo

This HEI was a perfect fit for me. Retired and on a fixed income, I found I was paying interest on home equity loans each month. I never seemed to be able to reduce those loans, which meant I was cash-poor each and every month. I was able to pay off all those loans, leaving me with some cash each month. The payoff will happen when I sell my home in the future.

Bruce M.

The Point process was a lifesaver for me. It allowed me to get completely out of a lot of debt and to make the changes I wanted to make in my house to enjoy my old age. The application process was very easy - just get in what they ask you for as timely as possible. Crystal and John were two of the nicest people you could ever hope to meet. They both got things done as fast as possible - we closed in a month. I see this, especially for elderly people who don't have a lot of equity in their home and can't do a reverse mortgage, as another good option.

Bonnie C.