In this Review..
As a borrower, you have plenty of different online lenders to consider if you are trying to get a personal loan. This review will compare the offerings available from Best Egg and Prosper.
Best Egg | Prosper | |
|---|---|---|
APR | 8.99% – 35.99%
| 6.99% – 35.99%
|
Terms | 36-60 months
| 36-60 Months
|
Range | $2,000 -$50,000
| 2,000 – $40,000
|
Minimum Score | 640
| 600
|
When Best Egg Shines?
Best Egg has been around since 2014 and since then it has provided more than 788,000 loans. There are varying loan sizes available, as well as secured loans, and low credit scores being accepted.
Best Egg personal loan can be a better choice than Prosper if:
- You have a relatively low credit score
- Need a secured loan
- Want a debt consolidation loan
When Prosper is Better?
Prosper is a peer-to-peer online lending platform that caters to borrowers who have fair or good credit scores. It offers a good range of loan amounts and it has a lower barrier to entry than many other online lenders. It has been in business since 2005 and has provided personal loans to more than one million people.
Prosper personal loan can be a better choice than Best Egg if:
- You have a relatively low credit score
- Seeking a joint loan
- Want flexible repayment dates
Requirements
Best Egg loans range between $2,000 and $50,000, with Prosper being similar with its $2,000 to $40,000 range.
You can get a personal loan from Best Egg if you have a credit score of 640, with this being just 600 for Prosper borrowers.
The required debt-to-income ratio (DTI) for a Best Egg personal loan has to be no more than 40%, with this rising to 50% at Prosper. The latter also does not have any sort of income requirement, but it does need at least two years of credit history.
All of these lenders are only going to give personal loans to people who are at least 18 years old, with applicants needing to either be a US citizen, have a visa, or be a permanent US resident.
Best Egg - Pros & Cons
- Wide Range of Loan Amounts
You can get a loan from Best Egg for just a couple of thousand dollars which is a size that many lenders don’t offer. You also can borrow up to $50,000.
- Rapid Funding
You will be able to get your hands on your funds at Best Egg between one and three business days.
- Secured Loans
You have the option to get both a secured loan and an unsecured loan with Best Egg.
- Low Barrier to Entry
You can get a Best Egg personal loan if you have an income of just $5,000 and a credit score as low as 640.
- Fee Structure
Best Egg charges origination fees ranging from 0.99% to 8.99%, which can increase the overall cost of borrowing. There are also late fees in place.
- No Rate Discounts
Unlike some other lenders, Best Egg does not offer rate discounts for setting up automatic payments or paying off other creditors directly.
- Lack of Mobile Support
While there is a Best Egg mobile app, it does not allow you to manage your personal loan.
Prosper - Pros & Cons
- Low Minimum Credit score
If you have a credit score of just 600, you will be able to get a personal loan from Prosper, once you have at least two years of credit history.
- Repayment Flexibility
Prosper provides you with the option to change your repayment date as you please.
- Good Loan Sizes
You are able to borrow as little as $2,000 from Prosper and up to $40,000 through a personal loan.
- Joint Loans Offered
Unlike many online lenders, Prosper offers you the chance to take out a joint loan.
- Fee Structure
Borrowers may incur origination fees ranging from 1% to 7.99% of the loan amount, reducing the total amount received.
Also, Prosper charges fees for check payments, late payments, and insufficient funds, increasing the overall cost of borrowing.
- Limited Repayment Terms
Prosper offers repayment terms only from two to five years, limiting flexibility compared to lenders offering longer terms.
- No Rate Discount for Autopay
Unlike some competitors, Prosper does not offer a rate discount for borrowers who set up autopay, missing out on potential savings.
Repayment Options
Customer Experience
Best Egg | Prosper | |
|---|---|---|
iOS App Score | No App | 4.7 |
Android App Score | No App | 3.9 |
BBB Rating | A+ | A+ |
Contact Options | phone/mail | phone |
Availability | 8 am – 10 pm ET | 9 am – 8 pm (ET) |
Top Offers
Top Offers From Our Partners
Which Personal Loan is The Winner?
Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
|
| |
|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 35.99%
| 6.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 36-60 months
| 36-60 Months
|
Loan Amount | $2,000 -$50,000
| 2,000 – $40,000
|
on Credible website |
on Prosper website |
FAQs
Is Best Egg a good debt consolidation option?
Best Egg's personal loans, which include debt consolidation loans of up to $35,000, are designed to make your life easier. Indeed, the company's mantra is to assist you in escaping high interest debt, making it a viable option for those looking for a debt consolidation solution.
Is income verification required for Best Egg personal loans?
Yes, Best Egg will need to verify your identity and income as part of the personal loan application process. The bank may request supporting documentation such as paystubs or bank statements, or it may grant you permission to connect to your bank.
Can I include a cosigner on my Prosper personal loan?
Because Prosper accepts joint applications, you can include a co-borrower in your application to increase your chances of approval. However, the co-status borrower's is important, as marital spouses or relatives have the most success in increasing approval.
The primary distinction between a co-borrower and a co-signer is that a co-signer has financial responsibility to ensure the loan is repaid, but they do not have access to the loan funds. When co-borrowers are involved, both parties are responsible for making payments and have equal access to the loan funds.
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Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.
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