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SoFi Vs Best Egg: Which Personal Loan Suits You Best?

from no fees to competitive rates, SoFi is a top-rated loan provider. Best Egg has a quick time to funding and a low required credit score.
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 Review..

There are tons of personal loan lenders that offer a wide range of options to people who are seeking funds. Some of the best in the business today are SoFi and Best Egg. This review will compare these two options in a wide range of ways.

sofi logo
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.
7.99% – 23.43% (with discounts)
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
Loan Amount
$5,000 – $100,000
$2,000 -$50,000
Min Score
680
640

When SoFi Shines

SoFi is known as being one of the best lenders around, offering zero fees, a flexible range of loan options, as well as great repayment terms. It has been around since 2011 and began its life as a student loan lender before branching into other areas.

SoFi personal loan can be a better choice than Best Egg if:

sofi logo
sofi logo

When Best Egg Shines

Best Egg was started in 2014 and has funded more than 788,000 loans since then, providing more than $14 billion in funding. It offers a great range of loan amounts, as well as offering a secured loan option, and accepts lower credit scores than many other lenders.

Best Egg personal loan can be a better choice than SoFi if:

bestegg_logo svg
bestegg_logo svg

Requirements

You are able to get a personal loan from SoFi that starts from $5,000 and can reach $100,000. Best Egg is a good fit for those people who are seeking lower loan sizes, with their offering starting at $2,000 and going up to $50,000.

If you are getting a SoFi personal loan, then you will have to possess a credit score of 68 or greater. This is just 640 for SoFi, which is lower than a lot of the lenders in the online space today.

SoFi does not disclose any specific debt-to-income (DTI) ratio that is required in order to get a personal loan. For a Best Egg personal loan, the required DTI will usually be lower than 40%. Both of these lenders are only going to provide personal loans to people who are at least 18 years old and people who are either US citizens, permanent residents, or a relevant visa holder.

SoFi
Best Egg
APR
7.99% – 23.43% (with discounts)
7.99% – 29.99%
Terms
24-84 months
$2,000 -$50,000
Range
$5,000 – $100,000
36-60 months
Minimum Score
680
640

SoFi - Pros

SoFi does not charge any origination fee or any late fees, which is ideal.

SoFi offers a good range of different loan options, including fixed-rate and variable rate options. You also have a decent max loan amount, as well as flexible term lengths.

There is plenty of flexibility given by SoFi when it comes to making repayments. This includes no late fees, the ability to change your repayment due dates, as well as getting access to forbearance if needed.

When you commit to getting a SoFi personal loan, you will be able to get direct access to financial advice from a range of experts.

SoFi - Cons

The time for you to get your personal loan application approved can be three days, which is longer than most competitors. You also need to wait about seven days to get access to the funds.

You will find that the minimum required credit score at SoFi is going to be higher than a lot of other lenders.

One of the downsides of the SoFi offering is that it does not have any joint loan or secured loan options.

 

Best Egg - Pros

Best Egg allows you to borrow just $2,000 and up to $50,000. This means that it will be a good fit for people who are looking to borrow relatively small sums.

Best Egg aims to give you access to your borrowed funds in one to three business days, which is faster than a lot of competitors.

Unlike many online lenders, Best Egg offers both secured and unsecured loans.

You only need to have a credit score of 640 to get a personal loan with Best Egg, which is lower than a lot of the other online lenders.

Best Egg - Cons

There is an origination fee charged of between 0.99% and 5.99%. While some competitors have bigger origination fees, many have zero fees.

Best Egg does not currently offer a mobile app for you to manage your loan. Its app is currently focused on its credit card offering.

Repayment Options

SoFi is quite flexible when it comes to the prepayment terms that it lays out. If you have a fixed-rate loan, you will be able to easily change the due date of your repayments. You can get three months of forbearance if you lose your job under certain circumstances, while there are no late fees or early payment penalties that you need to deal with. Finally, there is a 0.25% discount if you are making automatic repayments.

Best Egg will allow you to change the payment due date up to two times and there are repayment terms available of 3-5 years. If you have a debt consolidation loan, you will be able to make direct payments to your creditors. There is a late fee in place and you will not get a discount for making automatic repayments.

Customer Experience

SoFi
Best Egg
iOS App Score
4.8
N/A
Android App Score
4.2
N/A
BBB Rating
A+
A+
WalletHub Rating
3.1
4.8
Contact Options
phone/social
phone/mail
Availability
5 am – 7 pm (PT)
8 am – 10 pm (ET)

SoFi provides you with plenty of resources in the help center which can lead to you becoming a lot more informed about what you can expect when getting a SoFi personal loan. The customer service team works seven days a week, having distinct opening hours. As well as ringing the team via phone, you can also send them an email. SoFi has an easy-to-use mobile app, while the A+ Better Business Bureau rating is another good indicator of its quality.

Best Egg has numerous different ways for your to contact the customer support team. You can speak with an agent over the phone six days a week during opening hours. You can also send the team an email or contact them via social media. There is a help center that provides solutions to common questions and there is some decent financial education that you can also get access to. The Best Egg mobile app does not currently allow you to manage your personal loan. Finally, Best Egg has an A+ rating from the Better Business Bureau.

Which Personal Loan Is Better For You?

SoFi is a five-star personal loan lender. It ticks nearly every box, from zero fees to having competitive rates, and flexible repayment options.

However, it is a bit slow to provide you with your funds. Best Egg has some standout benefits, including relatively fast time to funding and a low required credit score. Therefore, most types of borrowers will find one of these lenders will fit their needs.

sofi logo
bestegg_logo svg

credible logo

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.
7.99% – 23.43% (with discounts)
7.99% – 29.99%
5.40% – 35.99%,
Best Rate Guarantee *
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
Compare Various Lenders
Loan Amount
$5,000 – $100,000
$2,000 -$50,000
Up to $100,000
Apply Now
on SoFi website
Apply Now
on Credible website
Compare
on Credible's website

Compare Alternative Lenders

Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.

Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?

SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores, whereas FIGURE is best suited to people who want quick and easy access to funds.

Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?

Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers

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?

SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.

Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.

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

Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.

LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.

Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?

Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.

When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.

Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?

Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.

SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.

Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?

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

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.

Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.

Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?

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

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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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