Best Egg, Wilmington, announced its loan origination figure surpassed $3 billion as it reaches its third year in business. The company is part of Marlette Funding.
Best Egg is a personal loan product that leverages technology to simplify and speed the process for getting a loan, a release stated.
Online personal loans have surged over the past three years as more people do their banking online and financial institutions deal with a changing marketplace and regulatory issues.
“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 provides a fixed interest rate, fixed payments and a fixed payment period.
Delaware has seen a number of start-ups in fintech, in addition to Best Egg.
Zenbanx, a company with offices in Claymont and the West Coast, was acquired by fast-growing fintech start-up SoFi for a reported $100 million. Zenbanx’s product is a currency conversion app.