See how SoFi and Best Egg — two top online lenders — stack up side-by-side.
Life’s big adventures usually come with a big price tag. Sometimes those costs just aren’t feasible to cover with the cash you have on hand. That’s where a personal loan comes in. With online lenders offering loans for just about any legitimate reason, it can be overwhelming to compare all of your options. We compare two big-name providers to help you decide which would be better for you.
First, am I eligible for a loan with SoFi and Best Egg?
Both lenders offer services across the US with similar basic eligibility requirements. Both require a credit score that’s in the good or excellent range to meet underwriting standards, though neither state a specific cutoff credit score.
To qualify for a personal loan through SoFi, you must have good to excellent credit. You must be employed or have an offer of employment that begins within 90 days. You must also be an American citizen or permanent US resident and at least the age of majority in your state.
To qualify for a Best Egg personal loan, you must have good to excellent credit. You must be at least the age of majority in your state, hold a valid bank account in your name and be an American citizen or a permanent US resident.
An overview of SoFi and Best Egg
SoFi and Best Egg are two leading online lenders. SoFi was established in 2011 to help make private student loans more affordable. It’s since grown to offer mortgages and personal loans alongside its student-centric products. Best Egg is a bit newer, established in 2014 as a product by Marlette Funding. Personal loans are the only types of loans currently offered through Best Egg.
Which lender offers lower interest rates?
SoFi’s fixed-rate APRs start at 6.99%, and variable-rate APRs start at 6.26%. These starting APRs include a 0.25% autopay discount.
Best Egg offers fixed-rate personal loans only, with APRs that start at 5.99%.
SoFi wins out with starting APRs that are lower than Best Egg’s and the option to choose a fixed rate or variable rate.
Which comes with fewer fees?
You won’t find any fees or extra costs — including origination, late or prepayment fees — when it comes to SoFi.
Best Egg charges an origination fee of 0.99% to 5.99% when you take out a loan. Each payment received through a method other than autopay is also subjected to a $7 fee. Payments over 15 days late incur a $15 fee.
SoFi doesn’t charge any fees on its loans — not even late or nonsufficient funds fees — giving it the edge in this category.
Mary’s Venetian vacationMary is taking a nine-day tour of Venice, Florence and Rome in a couple of months with her best friend. Her friend is covering his portion of the trip, along with their international flights. Mary just needs to pay the cost of the tour package for herself, which ends up being $4,500. Outside the cost of the tour, she also wants a fair amount of spending money. Mary decides to apply for a personal loan of $5,000.
|Starting APR||Fees||Ease of application|
|SoFi||6.99%||No fees||Check your rates without affecting your credit score in under two minutes. If you decide to move forward with SoFi, the application is straightforward but highly detailed. You’ll want to have personal, income and employment information on hand.|
|Best Egg||5.99%||$49.50–$299.50 for an origination fee on a $5,000 loan||Get a quick rate check without affecting your credit score with Best Egg. The full application isn’t overly time-consuming, and you could get a preapproval decision within a few minutes.|
Mary decides to go with SoFi for a lower cost loan. She can borrow the amount she needs without worrying about origination fees or charges for making payments online without setting up autopay. Should Mary had wanted to apply for a loan of less than $5,000, she would’ve had to go with Best Egg or another lender offer smaller loan amounts.
Which lender has a better reputation?
SoFi has more than 740 reviews on Trustpilot that come to an excellent rating and an average 9.6 out of 10. Positive reviews reference SoFi’s high level of professionalism and ease of use.
With more than 790 reviews, Best Egg also carries a 9.6 out of 10 and an excellent rating on Trustpilot — though it’s listed as “Asking for reviews,” where SoFi is not. Ease of use and the speed of funding are well praised by reviewers.
SoFi and Best Egg are neck and neck when it comes to consumer reviews. Both have outstanding reputations overall.
How much can I borrow with each lender?
You can apply for a personal loan of $5,000 to $100,000 with SoFi. Lending limits for other loan types differ, which you can learn about through our reviews of SoFi’s student loan refinancing and mortgages.
Best Egg can be helpful if you need to finance a smaller purchase, but SoFi’s upper limit can cover more costly projects.
Which lender can get me money faster?
Once you submit your application, SoFi begins its underwriting process. Should you be approved and accept the terms of the loan, you’ll speak with a representative and provide e-signatures to complete documentation. From there, it should be only a few business days before your funds are deposited.
Best Egg’s application takes only a few minutes to complete, and you can get a decision within minutes. Funding is deposited directly into your bank account and can be delivered within as soon as one business day.
Winner: Best Egg
With funding available in as little as one business day, Best Egg takes the win for turnaround time.
Best Egg may offer a better solution if you’re looking for a loan amount between $2,000 to $5,000 or need fast funding. Keep in mind that you’ll still need to meet Best Egg’s eligibility requirements which include having good to excellent credit. SoFi comes ahead when you’re looking at potential APRs and higher loan amounts above $50,000. Even with a solid breakdown of these two lenders, you may want to get a full picture of your loan options. You can compare other lenders to potentially find a personal loan that’s a better fit for your needs.
See how other top lenders compare
|SoFi vs. Prosper|
|SoFi vs. LendingClub|
|Prosper vs. LendingClub vs. Upstart||See comparison|
|Upstart vs. Prosper|
|LendingClub vs. Prosper|
|LendingClub vs. LendingTree|
|Best Egg vs. LendingClub||See comparison|
Frequently asked questions
Best Egg Disclaimer: *The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%–29.99%, which may include an origination fee from 0.99%–5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than the lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than the lowest advertised rate. You need a minimum FICO® score of 640+ to qualify.
Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000–$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.
Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank’s policies.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.