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.