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, Marcus and Upstart.
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.
When to Consider Marcus?
Marcus is one of the most reputable online lenders you will come across, being an offering from Goldman Sachs. It promises personal loans that have no fees and a variety of different loan types.
When to consider Marcus?
You want to get a low-cost personal loan that comes from a reputable lender. You will also get access to top-tier financial education and good APRs.
Upstart has a very low minimum loan size of just $1,000 which is ideal for people who do not need to borrow big sums. It also allows you to borrow up to $50,000. Personal loans from Marcus start at $3,5000 ad will only go up to $40,000. Finally, Best Egg allows you to get a loan of between $2,000 and $50,000.
Upstart does not put as much weight into FICO scores as a result of its AI-based system. It usually will deal with people who have a FICO score of at least 600. It will also consider applications from people who do not have sufficient credit history to get a FICO score. Marcus requires credit scores of at least 660 and you sometimes will have to showcase proof of income. Best Egg’s credit score requirement is somewhere between Marcus and Upstart, catering to people with credit scores of at least 640.
There is a need for applicants to have an annual income that is $12,000 or greater with Upstart, but Marcus does not have such a transparent figure in place. Best Egg requires an annual income of at least $45,000, as well as a max debt-to-income ratio of 40%. Each of these lenders will want you to be at least 18 years old, as well as be a US resident or citizen.
Upstart - Pros & Cons
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.
You can choose the due date for your personal loan repayments with Upstart, which gives you a great level of flexibility.
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.
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.
Upstart does not currently offer any type of joint loan options for people who are seeking a personal loan.
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 8% of the loan value.
Best Egg- Pros & Cons
You will get a loan of just $2,000 from Best Egg and up to $50,000 which is a decent range.
Best Egg aims to process applications very quickly and it also will usually fund loans within 1-3 business days.
Unlike a lot of online lenders, Best Egg offers both secured and unsecured loans.
Best Egg allows borrowers to get their hands on multiple loans if they wish.
You will need to pay an origination fee for your Best Egg personal loan and there are also late fees in place.
You will not be able to get a rate discount for when you set up autopay.
Marcus - Pros & Cons
Marcus does not charge any fees like origination fees, late fees, or prepayment penalties. This is ideal for people who want to minimize costs
You will have the option to defer a single payment from your personal loan if you have made 12 consecutive monthly payments on time.
There are nine different options when it comes to Marcus loan term lengths. These range from 36 months to 72 months.
Marcus makes sure that the application process is very straightforward, only taking a matter of minutes in most cases.
Marcus has a higher credit score threshold than many competitors, requiring a score of at least 620.
The minimum loans size is quite high at $3,500 and the biggest loan you can get from Marcus is $40,000.
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.
Marcus does not charge you any sort of late fees or prepayment penalties. It also allows you to make direct payments to creditors if you have consolidated debt. There is also a payment deferral option after meeting your repayments for 12 months. Unlike Upstart, Marcus has an autopay discount of 0.25%.
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.
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The Upstart website provides plenty of insight into the AI-based system that is used, allowing you to quickly educate yourself about the inner workings of this lender. The customer support team works seven days a week. Currently, you cannot manage your loan through the Upstart app, with the Better Business Bureau score for the lender being a B+.
The Marcus support team can be reached seven days a week and the mobile app can be utilized in order to manage your loan. There are plenty of useful resources available through the Marcus website, including FAQs and financial education. There has been an A+ rating granted to Marcus 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. Similar to Marcus, Best Egg also has an A+ rating from the Better Business Bureau.
Which Personal Loan is The Winner?
For people who want to deal with a highly reputable lender with no fees, then Marcus is the option for you. 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.
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?
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus 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: Freedom Vs Upstart Vs Avant: Choose The Right Personal Loan
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
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 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?
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 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?
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?
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
Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
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.