When it comes down to it, Prosper and Best Egg are very similar. Both have simple online applications in addition to comparable rates and loan amounts. Even the eligibility requirements are almost the same. Prosper might be better if you need a large loan. But if you’re looking for funding fast, Best Egg may have the edge.
First, am I eligible for a loan with Prosper and Best Egg?
Here are the minimum requirements for each lender:
Prosper
Credit score of at least 640
Not live in Iowa, North Dakota or West Virginia
Must be a US citizen or permanent resident
Must be over 18 years old
Best Egg
Credit score of at least 600
Not live in Iowa, Vermont, West Virginia, Puerto Rico or Guam
Must be a US citizen or permanent resident
It can also be difficult for self-employed applicants to qualify for a loan from Best Egg.
An overview of Prosper and Best Egg
Here’s how the two lenders stack up in terms of time in business, number of loans funded and more:
Prosper
Founded in 2005, Prosper is one of the first peer-to-peer lenders to set up shop in the US. Since then, it’s funded over $13 billion in loans to over 852,000 borrowers. Prosper specializes in debt consolidation, though you can use your funds for any legitimate purpose.
Instead of providing the money itself, Prosper connects borrowers with investors. The application process is similar to working with a direct lender, though it can take longer for investors to approve your funds.
Best Egg
Best Egg is nearly a decade younger than Prosper, opening its doors in 2014. Since then, it’s funded over $6 billion in loans to over 420,000 customers. It’s an online lending platform that offers personal loans for almost any need, from covering moving expenses to adopting a child.
Its easy-to-use interface is what really sets Best Egg apart from the crowd, and it has the rave customer reviews and industry awards to show for it. Its customer service team also has a strong reputation.
Which offers lower interest rates and better loan terms?
Prosper
APR range: 8.99% to 35.99%
Loan terms: 36 or 60 months.
Best Egg
APR range: 8.99% to 35.99%
Loan terms: 36 to 60 months.
Winner: Prosper
Prosper barely wins by offering rates that start and end slightly lower than Prosper. They both have the same two loan terms, however. If you want a different amount of time to make repayments, another provider might be a better choice.
Which comes with fewer fees?
Prosper
Origination fee: 1% to 7.99%
Late fee: $15 or 5% of payment amount, whichever is greater
Insufficient funds fee: $15
Check fee: $5 or 5% of the amount due, whichever is less
Best Egg
Origination fee: 0.99% to 8.99%
Late fee: $15
Insufficient funds fee: $15
Check fee: $15
Winner: Prosper
While Best Egg’s origination fees start lower, they also end higher than what you’d find with Prosper. But the real kicker is the $7 fee that Best Egg charges for each payment if you choose not to sign up for automatic payments.
Aden consolidates his credit card debt
Aden has $10,000 in credit card debt with high interest rates that are quickly adding up. He wants to take out a personal loan to pay off his creditors and have one fixed monthly repayment at a lower rate.
After researching several lenders, he’s narrowed down his options to Prosper and Best Egg. He prequalifies with both and compares his options.
Prosper
Best Egg
Loan amount
$10,000
$10,000
APR
11%
9%
Origination fee
3%
2.5%
Loan term
3 years
3 years
It’s a close call, but he decides to go with Best Egg. The APR and origination fee are both lower, plus he wants to work with a company that has a fast turnaround and strong customer service team.
Which has a better reputation?
Prosper
Prosper is accredited by the Better Business Bureau (BBB) and earns an A+ rating as of March 2021. But customer reviews tell a different story. It only scores 1.22 out of 5 stars on the BBB site and a 4.6 out of 10 on Trustpilot.
Many customers experienced hiccups with the application or repayment process, with several calling out poor customer service. However, the few positive reviews praised its easy application and quick turnaround time.
Best Egg
Best Egg is also accredited with the BBB and earns an A+ rating as of July 2023. But unlike Prosper, it has stellar customer reviews. Nearly 2696 BBB reviewers give it an almost perfect rating of 4.87 out of 5 stars. And it scores a 4.6 out of 5 based on over 8,544 reviews on Trustpilot.
Borrowers were happy with the quality of customer service and how quick and easy it was to get approved. On top of this, Best Egg’s won several awards, including being named #1 in customer satisfaction from LendingTree in 2017.
Winner: Best Egg
Not only does Best Egg have all-around better ratings than Prosper, it’s also won awards for its stellar customer service.
How much can I borrow with each?
Prosper
Minimum amount: $2,000
Maximum amount: $50,000
Best Egg
Minimum amount: $2,000
Maximum amount: $50,000
Winner: It’s a tie
Which can get me money faster?
Here’s how soon you can get your funds with each:
Prosper
Typical turnaround time: Up to 14 business days
Best Egg
Typical turnaround time: 1 business day
Winner: Best Egg
While both may be able to get you your funds within a day of approval, online lending platforms like Best Egg have to jump through less hoops than a peer-to-peer lender like Prosper.
In the end, Prosper and Best Egg offer very similar personal loans. Which option is best for you depends on your priorities. Prosper offers larger loan amounts, but Best Egg has a stronger reputation. The only way to truly know how they stack up for you is to prequalify with both.
While both Prosper and LendingClub offer peer-to-peer loans, which company you might want to go with depends on your personal preferences and needs. You can compare the two by reading our page on LendingClub versus Prosper.
Yes, all personal loans show up on your credit report as an installment loan. Having a personal loan on your credit report can improve your score by diversifying the types of credit you have and giving you the opportunity to make on-time repayments. If you’re late on a payment or default, however, it can hurt your credit score.
Both Prosper and Best Egg require borrowers to have a credit score of at least 640 to qualify.
Anna Serio is 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.
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