In this Comparison
For those people who are looking to get their hands on a personal loan, there is a multitude of different options that you can check out. This review will be focusing on what is on offer from Upgrade, Rocket Loans, and Best Egg.
Best Egg has been around since 2014 and has helped over 785,000 customers with their loan needs. They offer a variety of loan sizes and are open to borrowers with lower credit scores, including options for secured loans. On the other hand, Rocket Loans is a well-known online lender, offering fast access to funds for those in need.
Finally, Upgrade has served more than 500,000 customers during its time in business, providing borrowings worth more than $7 billion. It has all sorts of great perks available, including fast funding, big autopay discounts, and flexible repayment terms.
RocketLoans | Best Egg | Upgrade | |
|---|---|---|---|
APR | 9.11% – 29.99%
| 8.99% – 35.99%
| 9.99% – 35.99%
|
Terms | 36-60 months
| 36-60 months
| 24 – 84 months
|
Range | $2,000 -$45,000
| $2,000 -$50,000
| $1,000 – $50,000
|
Minimum Score | 640
| 640
| 600
|
When to Consider Best Egg Personal Loan?
Best Egg offers personal loans between $2,000 and $50,000, with the option for secured loans and fast funding in 1-3 business days. However, there is an origination fee ranging from 0.99% to 8.99%, and late fees apply if payments are missed. The mobile app doesn't have loan management features.
With a 640 credit score and $5,000 income, it's an accessible option. Best Egg is a great choice for those looking for quick funding or a secured loan, especially if they have lower credit scores, offering a good alternative to Upgrade and Rocket Loans.
When to Consider RocketLoans?
The minimum necessary credit score to get a Rocket Loans loan is not the highest, while Rocket Loans will also aim to fund your loans in one to three business days. There is a good range of loan sizes, while you can also get a discount on your payments if you sent up autopay.
There is no way for you to change your repayment dates and you will also need to deal with an origination fee that is between 1% and 6% of the total loan.
Rocketloans personal loan can be better choice than Upgrade and Best Egg if you are looking to get access to your money at a relatively fast speed and you are looking to get a decent discount when setting up autopay.
When to Consider Upgrade Personal Loan?
Requirements
You are able to get a loan from Best Egg that is between $2,000 and $50,000 in size, with Rocket Loans having a very similar loan range of between $2,000 and $45,000. Finally, Upgrade offers the lowest minimum loan size of them all at just $1,000 and up to $50,000.
For a Best Egg or a Rocket Loans personal loan, you will need your credit score to be 640 or greater. This drops to an ultra-low credit score of 560 if you are getting an Upgrade personal loan. If you are seeking a Best Egg or Rocket Loans personal loan, then the debt-to-income (DTI) ratio needs to be a max of 40%. For Upgrade, the DTI can be no more than 75%.
Each lender is going to only deal with applicants who are 18 years old, as well as being a US citizen, permanent resident, or a holder of a relevant visa.
Repayment Options
Best Egg provides you with the ability to alter the repayment due date. You are able to do so twice during the loan life cycle. For debt consolidation loans, you will have the ability to directly send your payments to creditors. There is a late fee in place, as well as zero discount for automatically setting up payments.
You don’t have the option with Rocket Loans to change the due date of your payments, but you do have the ability or get a discount when you set up autopay. If you want to make early payments, there is no charge in place for doing so.
Finally, Upgrade provides a 0.5% rate discount for autopay and an additional discount if you are an existing checking customer. If you get a debt consolidation loan, you can send creditors direct payments. There is a late fee charged by Upgrade, but there is no fee charged for making an early payment.
Customer Service
Best Egg | RocketLoans | Upgrade | |
|---|---|---|---|
iOS App Score | No App | 4.9 | 4.8 |
Android App Score | No App | 4.8 | 4.7 |
BBB Rating | A+ | A+ | B+ |
WalletHub Rating | 4.8 | 4.5 | 3.5 |
Contact Options | phone/mail | phone/mail | mail |
Availability | 8 am – 10 pm ET | 9 am – 7 pm ET | N/A |
Which Personal Loan Lender Wins?
For those people who want to get access to personal loans with a low credit score and you want flexible payment terms, then Upgrade is for you. The likes of Best Egg offer secured loans and quick access to loans, while Rocket Loans also process your payments quickly and give you a good autopay discount.
|  | | |
|---|---|---|---|
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.
| 9.99% – 35.99%
| 9.11% – 29.99%
| 8.99% – 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.
| 24 – 84 months
| 36-60 months
| 36-60 months
|
Loan Amount | $1,000 – $50,000
| $2,000 -$45,000
| $2,000 -$50,000
|
on Upgrade website |
on RocketLoans website |
on Credible website |
FAQs
Can i negotiate my rate with Best Egg?
Best Egg does not explicitly state that it will assist those seeking debt settlement, but that does not mean it isn't worth a shot.
If you're experiencing financial hardship or want to rearrange your finances to take steps toward a brighter financial future, it's a good idea to contact Egg. You might be able to work out a settlement figure.
Is it possible to pay off the Best Egg loan early with no additional fee?
Although Best Egg charges fees, including a $15 late or returned payment fee, there are no early repayment fees if you repay your loan early or make extra payments. This makes the loans a good option if your finances may change in the future and you may be able to pay off the loan early.
Can I get a Rocketloans loan with a 600 credit score?
Unfortunately, the ideal requirement for a Rocketloans loan is 640+. However, since 600 and 640 are both considered a fair score, you may be able to qualify if you have a strong profile with low debt to income ratio, low credit utilization ratio and other factors.
Just be aware that if you do qualify with your 600 score, you are unlikely to access the best rates and you may find a better deal with another lender.
Does Rocketloans offer more financial products besides personal loans?
As its name would suggest, Rocketloans is a loans specialist. While this lender can also offer home loans, its specialty is personal loans, so you will not be able to access any other financial products. So, if you’re looking for a lender that can also provide various banking products, Rocketloans is not the right option for you.
More Lender Reviews
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Best Egg
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Upstart
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Personal Loan Reviews
Compare Alternative Lenders
Best Egg vs Prosper vs Marcus
Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
Read Full Comparison: Best Egg Vs Prosper: Choose The Right Personal Loan For You
Best Egg vs SoFi
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Best Egg vs Upstart vs Marcus
Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.
Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders
Rocketloans vs Prosper vs Upstart
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Rocketloans vs SoFi vs Marcus
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
Upgrade vs Payoff vs LendingClub
Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
Upgrade vs Payoff vs Discover
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.
Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?
Upgrade vs Upstart
Upgrade has been in operation for over 15 years and has served the needs of millions of customers during that time. It provides its borrowers with a high level of flexibility as well as a wealth of excellent educational resources.
Upstart takes a different approach than most online lenders because it heavily relies on artificial intelligence (AI) in its operations. Upstart accepts people with low credit scores and will quickly disburse your borrowed funds.
Read Full Comparison: Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?
