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 640 credit score.
| Best Egg | Upstart | |
|---|---|---|
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| Finder rating | ★★★★★ | ★★★★★ |
| Loan products offered |
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| Interest rates | 6.99% to 35.99% APR | 6.20%–35.99% (includes any origination fee) APR |
| Fees | 0.99% to 9.99% | 0% to 12% |
| Loan amounts | $2,000 to $100,000 | $1,000–$75,000 (state minimums vary) |
| Turnaround time | As soon as the next business day | As soon as the next business day |
| Eligibility requirements |
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| Ratings |
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| State availability | Not available in: Iowa, Vermont, West Virginia | Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia |
| Pros |
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| Cons |
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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.
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:
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:
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.
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How we picked theseThe Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
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