Since 2014, Best Egg has become one of the fastest-growing online lending platforms, with competitive interest rates, fast turnaround and good customer reviews. But you’ll need a credit score of at least 640 to qualify, and you’re on the hook for an origination fee.
If Best Egg isn’t right for you, these alternatives offer online applications, equally competitive rates and, in some cases, no origination fees. Others lend to borrowers with credit scores below 640 — or let you use your funds to pay off student loans.
LightStream offers some of the lowest rates available for excellent credit borrowers, and it will beat a competitor's rate by .10% if you meet certain conditions. It also has a 0.5% autopay discount if you set up payments before loan funding. Loan amounts are higher than Best Egg, starting at $5,000 and going up to $100,000. LightStream doesn't include application fees, origination fees or prepayment penalties.
Upstart might be a good alternative to Best Egg if you're just starting to build your credit. While most lenders like to see credit scores of at least 600, Upstart goes beyond your credit score to look at other factors, such as your education and career. It also offers a wider range of loan amounts than Best Egg, from $1,000 to $50,000. Its rates start as low as 7.8% APR, but origination fees may run as high as 12%.
OneMain Financial is one of the few lenders that accepts bad credit, making it a good alternative to Best Egg for borrowers with a poor credit history. While rates start high at 18% APR, that's lower than what you'll find with most lenders that accept bad credit scores. It also offers a secured option to help you qualify for a lower rate than you might otherwise find with another lender. But due to the high rates, this loan isn't a good option for debt consolidation — even if you can't qualify for another personal loan. Bad credit borrowers may want to consider other debt-relief options or DIY debt payment strategies.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Achieve personal loans have comparable interest rates to Best Egg, but it offers several alternatives for rate discounts. Applying with a co-borrower, having the loan proceeds sent directly to creditors or showing proof of sufficient retirement funds can all help you secure a better rate. While Achieve does charge an origination fee of up to 6.99%, it's lower than Best Egg's highest fee of 8.99%. And like Best Egg, it's also not available in every state.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
Pros
Lower origination fees than Best Egg
Discount for joint applicants
Discount for debt consolidation
Cons
Best rates require excellent credit and loans under $12,000
Upgrade offers loans as low as $1,000 — one of the smallest loans you can find with a personal loan provider. This makes it a good alternative to Best Egg if you want something under the lender's minimum. Upgrade also offers longer loan terms of up to seven years, versus Best Egg's maximum five-year term. Other than that, Upgrade's starting interest rates are slightly lower but its origination fees are a bit more.
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Loans through Prosper are similar to Best Egg loans, offering amounts between $2,000 and $50,000, with APRs between 8.99% and 35.99% and loan terms up to five years. But Prosper charges a 1% to 7.99% origination fee which beats Best Egg's highest origination fee of 8.99%. Plus, Prosper only asks for a minimum credit score of 640, whereas Best Egg requires a score of 640.
Not available in: Iowa, North Dakota, West Virginia
It may be easier to get a loan with Avant than Best Egg because it accepts borrowers with credit scores as low as 580, as opposed to the 640 requirement from Best Egg. But its origination fees are a bit higher at up to 9.99%. Plus, with APRs ranging from 9.95% and 35.99%, borrowers with good credit or higher may want to consider other lending sources. It also settled lawsuits over its collection practices in 2019 and 2021.
Not available in: Colorado, Hawaii, Iowa, Nevada, New York, Vermont, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
Universal Credit may have higher rates and fees than most personal loan providers. But like Best Egg, it's one of the few that gets consistently positive customer reviews across sites like the Better Business Bureau (BBB) and Trustpilot. If you have fair credit and don't mind paying a little extra to avoid hours on the phone with customer service, this might be the choice for you. But for good credit borrowers, the savings from lower rates and fees at another lender may be a better option.
SoFi offers relatively low rates on personal loans and access to extra perks for members. This includes access to financial advisors, networking opportunities and an entrepreneur program — which comes with seed money and more. SoFi offers fixed-rate loans from 8.99% APR to 29.49% APR, which reflects both autopay and direct deposit discounts and is lower than Best Egg's highest rate. But it's unclear if it charges origination fees or not, so borrowers will want to check that before accepting a loan. And it's harder to qualify with this lender than Best Egg, requiring a credit score of at least 680.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
If you're looking for a smaller loan than most personal loan lenders offer — and you want to avoid a pricey payday loan — consider a cash advance app like EarnIn. EarnIn offers cash advances up to $750 per pay period and it doesn't charge interest or late fees making it a more affordable option. It also doesn't charge subscription fees — a common component of other cash advance apps. But you can only request up to $100 a day and the loan is due on your next payday
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
Anna's expertise
Anna has written 251 Finder guides across topics including:
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
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