If you need a personal loan, Upstart offers competitive rates for those with limited credit history and fair credit scores. On the flip side, Best Egg offers products including but not limited to secured personal loans for debt consolidation to those with several years of credit history and a minimum 600 credit score.
Personal loans for debt consolidation, credit card refinancing, home improvement, home improvement, relocation, major purchases, baby and adoption, vacation loan and special occasions
Vehicle equity loans
Secured personal loan
Personal loans for but not limited to debt consolidation, medical expenses, home improvement, student debt, relocation, wedding and vacation
Interest rates
8.99% to 35.99% APR
7.80% to 35.99% APR
Fees
0.99% to 8.99%
0% to 12%
Loan amounts
$2,000 to $50,000
$1,000 to $50,000
Turnaround time
As soon as one business day
1 to 3 business days
Eligibility requirements
Min 600 Credit Score
Fair Credit
Proof of Education
Proof of Employment
Ratings
4.6 out of 5 on Trustpilot
A+ Better Business Bureau Rating
4.9 out of 5 on Trustpilot
A+ Better Business Bureau Rating
State availability
Not available in: Iowa, Vermont, West Virginia
Not available in: West Virginia
Pros
Secured loan option for homeowners
Competitive interest rates for good and excellent credit borrowers
Inclusive approval criteria
Approves 44% more applicants than competitors
36% lower APRs than peers
Cons
Higher credit score requirements
You can only have up to two open Best Egg loans at a single time, and combined balances must be below $100,000
No joint loans available
Loans cannot be used to pay for education expenses in California, Connecticut, Illinois, Washington or District of Columbia
$15 late payment fee or 5% of monthly amount due, whichever is greater
Best Egg provides personal loans through Cross River Bank and has a simple application process. It considers a good to excellent credit profile in offering competitive rates as well as providing secured personal loan options to homeowners.
Upstart, on the other hand, is an online lending platform that provides personal loans that offer next-day funding. Upstart also weighs your education and career, which provides relief to borrowers without an extensive credit history.
After evaluating all factors, Upstart is best overall due to its ability to provide lower rates, especially to those with higher credit scores. It also uses an automated model, which approves 44% more applicants than competitors. However, for borrowers who want payment flexibility, Best Egg offers some borrowers the ability to shift due dates.
When to consider Best Egg
If you are a borrower with a strong credit score, Best Egg is an excellent choice with low rates and origination fees. Best Egg is also best for people who want:
Automatic payment to creditors: Best Egg pays up to 10 of your creditors.
Option to shift due date: Select borrowers can shift their due date from the 1st to the 26th.
When to consider Upstart
If you are a borrower with a lower credit score, Upstart is a compatible choice by offering a lower barrier to securing a personal loan. Upstart is also best for people who prefer:
Automated application process: Upstart offers a 100% online application process that eliminates bias.
Quick deposit: You can expect your funds in as little as one business day.
Seek a second loan: Borrowers with previously low credit scores can apply for a second loan as long as they’ve met payments on their existing loan for six consecutive months.
The similarities
Both Best Egg and Upstart have an excellent rating from the Better Business Bureau, an independent authority on scoring businesses. While Best Egg offers lower APRs and origination fees, you can still apply for second loans with both borrowers while still paying down your first loan.
Alternatives to Best Egg and Upstart
To expand your search, here are three other similar lenders:
Prosper: Prosper‘s loan origination fees are lower than Upstart, as well as fees for check payments.
SoFi: SoFi is one of the few no-fee lenders on the market.
LendingClub: LendingClub has more options in its suite of lending solutions.
Compare other personal loans
Compare up to four lenders side-by-side to see how they stack up.
Dhara Singh is a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University.
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