Best Egg vs. Upstart: Which is better?
Best Egg and Upstart both offer personal loans, but you may score better rates and fewer fees with one over the other.
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.
Best Egg vs. Upstart: A quick comparison
|Loan products offered
|8.99% to 35.99% APR
|6.40% to 35.99% APR
|0.99% to 8.99%
|0% to 12%
|$2,000 to $50,000
|$1,000 to $50,000
|As soon as one business day
|1 to 3 business days
|Not available in: Iowa, Vermont, West Virginia
|Not available in: West Virginia
Best Egg vs. Upstart: Which one’s better?
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.
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.
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