Personal Loans » Compare Loans » Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?
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Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?

For those people with a low credit score looking for flexible payment terms, 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.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

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.

Starting off with Best Egg, it has been in operation since 2014 and has serviced over 785,000 loans during the intervening years. It offers a wide range of loan sizes, in addition to accepting low credit scores and secured loans. Rocket Loans is a popular online lender that prides itself on providing people with quick access to funds.

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
8.41%-29.99%
7.99% – 29.99%
7.46%-35.97%
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
620

When to Consider Best Egg Personal Loan?

Best Egg offers a nice range of loan sizes, with as little as $2,000 being obtainable and up to $50,000. Unlike many online lenders, you have the ability to get a secured loan, while there is also fast funding times. Usually, you will get access to your borrowed funds in 1-3 business days. Finally, there is a low barrier to entry with Best Egg as you just need a 640 credit score and an income of $5,000.

There is an origination fee charged by Best Egg. This will range between 0.99% and 5.99% of the total loan. You will also need to pay late fees if you miss a payment. The mobile app at Best Egg also will not give you the ability to manage your loan.

Best Egg personal loan can be better choice than Upgrade and Rocketloans for those people who have a relatively low credit score, need a secured loan, or want access to funds quickly, Best Egg can be a great option.

bestegg_logo svg
bestegg_logo svg

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 0.3% 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.

Rocket Loans personal loan logo
Rocket Loans personal loan logo

When to Consider Upgrade Personal Loan?

You have plenty of different loan types, including joint loans and secured loans with Upgrade, with payment terms of between two and seven years. You also have an ultra-low minimum loan size and people with low credit scores will be able to get access to personal loans through Upgrade.

There is an origination fee of between 2.9% and 8% that will be charged by Upgrade. There will also be late fees charged if you miss a payment.

Upgrade personal loan can be better choice than Best Egg and Rocketloans if you have a low credit score and you want to borrow a relatively small sum. It also has flexible repayment terms and a good autopay discount.

Upgrade logo

UpgradeLogo

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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 0.3% 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

Best Egg has a wide-ranging resource center and a top-tier financial education side of things. The support team works six times per week and will operate during certain hours. Currently, there is no way for you to manage your Best Egg personal loan through the mobile app. Finally, the lender has been granted an A+ rating from the Better Business Bureau.

The Rocket Loans learning center is a good way to boost your education regarding different areas of finance. You can contact the personal loans team is days of the week. The mobile app from Rocket Loans does not allow you to manage your loan, while the Better Business Bureau has granted Rocket Loans an A+ rating.

Upgrade has customer support teams working during certain hours seven days a week. There is also an application process that is done completely online. You can manage your loan through the Upgrade app and the Better Business Bureau rating for Upgrade is 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.

UpgradeLogo

Rocket Loans
bestegg_logo svg
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.
7.46%-35.97%
8.41%-29.99%
7.99% – 29.99%
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
Apply Now
on Upgrade website
Apply Now
on Credible website
Apply Now
on Credible website

FAQs

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.

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.

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.

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.

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Compare Alternative Lenders

When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. 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 Vs Marcus: Choose The Right Personal Loan For You

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

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

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?

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?

Payoff is a lender that 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: Payoff Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

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, Payoff is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs Payoff Vs Discover: Which Personal Loan Suits You Best?

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?

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Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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