In this Comparison
For people who are looking to get a personal loan, there are plenty of different online lenders that do a stellar job of providing great options.
This review will compare the offerings available from Best Egg and Upstart.
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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%
| 5.20% – 35.99%
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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
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Loan Amount | $2,000 -$50,000
| $1,000 – $50,000
|
Min Score | 640 | 600 |
When Upstart Is Better?
Upstart is one of the more standout online lenders as it uses artificial intelligence (AI) in order to guide the way for assessing applications. As a result of this type of system, it often deals with people who have relatively low credit scores or even those people who do not yet have a credit score.
When to consider Upstart?
If you are someone with relatively low credit or don’t have a credit score as of yet then Upstart can be a good option. It is also ideal for people who want to borrow small sums or want to have flexibility when it comes to making repayments.
When Best Egg Shines?
Best Egg is an online lenders that has won numerous awards in recent years for its offering, providing quick approvals and competitive rates.
When to consider Best Egg?
Best Egg is a good fit if you are someone who wants to get quick approval and hands on your borrowed funds as soon as possible. It also gives you access sot multiple loans and competitive interest rates.
Requirements
Upstart has a very low minimum loan size of just $1,000, ideal for people who do not need to borrow significant sums. It also allows you to borrow up to $50,000. Best Egg will enable you to get a loan of between $2,000 and $50,000.
Upstart doesn’t rely heavily on FICO scores because of its AI-based system. While it typically works with individuals who have a FICO score of at least 600, it’s not a strict requirement. Upstart also considers applicants with little to no credit history. On the other hand, Best Egg has a higher credit score requirement, generally needing a score of at least 640.
There is a need for applicants to have an annual income that is $12,000 or greater with Upstart. Best Egg requires an annual income of at least $45,0 andas a max debt-to-income ratio of 40%. Each of these lenders will want you to be at least 18 years and be a US resident or citizen.
Upstart - Pros & Cons
- Lower Barrier to Entry
Thanks to the AI-based system that Upstart uses, people with a relatively lower credit score or those who have not been able to get a score yet have the ability to get a personal loan.
- Broad Loan Purposes
Funds from Upstart personal loans can be used for various purposes, including debt consolidation, home improvements, or medical expenses.
- Small Loans Possible
Unlike a lot of competitors, Upstart will provide you with a loan of just $1,000 which is ideal for people who only want to borrow small amounts.
- Quick Funding
For the most part, Upstart is going to have your personal loan funds available to you within a single business day which is among the fastest turnaround times in the sector.
- No Joint Loan Option
Upstart does not currently offer any type of joint loan options for people who are seeking a personal loan.
- High Maximum APR
The maximum advertised APR of 35.99% is higher than some competitors, potentially leading to higher interest expenses for borrowers with poor credit.
- Fees
You will need to often pay an origination fee in order to get a personal loan from Upstart. This fee can get as high as 12% of the loan value.
Late payments may result in fees, with Upstart typically charging $15 or 5% of the past due amount, potentially increasing the cost of borrowing.
Best Egg- Pros & Cons
- Good Loan Sizes
You will get a loan of just $2,000 from Best Egg and up to $50,000 which is a decent range.
- Fast Funding Times
Best Egg aims to process applications very quickly and it also will usually fund loans within 1-3 business days.
- Offers Secured Loans
Unlike a lot of online lenders, Best Egg offers both secured and unsecured loans.
- Multiple Loans
Best Egg allows borrowers to get their hands on multiple loans if they wish.
- Fees
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.
- Limited Loan Term Options
Borrowers are limited to loan terms between 3 to 5 years, with no shorter or longer-term options available.
- No Discount
You will not be able to get a rate discount for when you set up autopay.
Repayment Options
There are just two loan term lengths available with Upstart, being three years and five years. You can set the payment date as you please, with those people who are consolidating debt also able to directly send these payments to creditors. While there is a lack of an autopay discount, you also do not have to pay any sort of prepayment penalty.
Best Egg is another lender like Upstart that does not have an autopay discount. It does provide fast time to funding and you can send direct payments to creditors like the other two lenders.
Customer Experience
Best Egg | Upstart | |
|---|---|---|
iOS App Score | N/A | N/A |
Android App Score | N/A | N/A |
BBB Rating | A+ | B+ |
Contact Options | phone/mail | phone |
Availability | 8 am – 10 pm (ET) | 8 am – 10 pm |
The Upstart website offers great insights into its AI-based system, making it easy to learn about how the lender operates. Their customer support team is available seven days a week. However, the Upstart app doesn’t currently support loan management. As for its reputation, Upstart holds a B+ rating from the Better Business Bureau.
Best Egg is known for taking good care of customers and tends to quickly approve applications. The support team will be reachable through various channels seven days a week, but there are certain states in which Best Egg does not currently operate. Best Egg also has an A+ rating from the Better Business Bureau.
Which Personal Loan is The Winner?
If you have relatively low credit or no credit score at all, then Upstart will be suitable for your needs, while Best Egg offers a very fast time to funding.
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|---|---|---|
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%
| 5.20% – 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
| $1,000 – $50,000
|
on Credible website |
on Upstart website |
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Upstart vs Achieve vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, Achieve is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Achieve Vs Upstart Vs Avant: Choose The Right Personal Loan
Upstart vs OneMain
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
Upstart vs Rocketloans vs Prosper
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?
Upstart vs Happy Money
Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.
Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?
Upstart vs LendingPoint vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
Upstart vs SoFi
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?
Upstart vs Upgrade
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?
Best Egg vs Prosper
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 Rocketloans vs Upgrade
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?
Best Egg vs SoFi
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.
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Upstart vs Best Egg
Upstart Terms & Conditions
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
