In this Review..
As a borrower, you have plenty of different online lenders to consider if you are trying to get a personal loan. This review will compare the offerings available from Best Egg, Prosper, and Marcus.
Best Egg | Prosper | Marcus | |
|---|---|---|---|
APR | 8.99% – 35.99%
| 7.99% – 35.99%
| 6.99% – 24.99%
|
Terms | 36-60 months
| 36-60 Months
| 36-72 months
|
Range | $2,000 -$50,000
| 2,000 – $40,000
| $3,500 – $40,000
|
Minimum Score | 640
| 600
| 660 (FICO)
|
When Best Egg Shines?
Best Egg has been around since 2014 and since then it has provided more than 788,000 loans. There are varying loan sizes available, as well as secured loans, and low credit scores being accepted.
Best Egg personal loan can be a better choice than Prosper and Marcus if:
- You have a relatively low credit score
- Need a secured loan
- Want a debt consolidation loan
When Prosper is Better?
Prosper is a peer-to-peer online lending platform that caters to borrowers who have fair or good credit scores. It offers a good range of loan amounts and it has a lower barrier to entry than many other online lenders. It has been in business since 2005 and has provided personal loans to more than one million people.
Prosper personal loan can be a better choice than Best Egg and Marcus if:
- You have a relatively low credit score
- Seeking a joint loan
- Want flexible repayment dates
When to Consider Marcus?
Marcus is a very well-respected online lender, being an offshoot of the famed Goldman Sachs investment bank. It is one of the best options for people who have good credit, with repayment terms being customizable and having zero fees.
Marcus personal loan can be a better choice than Best Egg and Prosper if:
- You don’t want to pay fees
- Want maximal repayment flexibility
- Prefer to deal with a well-established company
Requirements
Best Egg loans range between $2,000 and $50,000, with Prosper being similar with its $2,000 to $40,000 range. Finally, you can get loan sizes of between $3,500 and $40,000 with Marcus.
You can get a personal loan from Best Egg if you have a credit score of 640, with this being just 600 for Prosper borrowers. Finally, you need a credit score of 660 or greater for a personal loan from Marcus.
The required debt-to-income ratio (DTI) for a Best Egg personal loan has to be no more than 40%, with this rising to 50% at Prosper. The latter also does not have any sort of income requirement, but it does need at least two years of credit history.
All of these lenders are only going to give personal loans to people who are at least 18 years old, with applicants needing to either be a US citizen, have a visa, or be a permanent US resident.
Best Egg - Pros & Cons
- Good Loan Sizes
You can get a loan from Best Egg for just a couple of thousand dollars which is a size that many lenders don’t offer. You also can borrow up to $50,000.
- Rapid Funding
You will be able to get your hands on your funds at Best Egg between one and three business days.
- Secured Loans
You have the option to get both a secured loan and an unsecured loan with Best Egg.
- Low Barrier to Entry
You can get a Best Egg personal loan if you have an income of just $5,000 and a credit score as low as 640.
- Fee Structure
Best Egg will charge you an origination fee of 0.99% to 5.99%. There are also late fees in place.
- Lack of Mobile Support
While there is a Best Egg mobile app, it does not allow you to manage your personal loan.
Prosper - Pros & Cons
- Low Minimum Credit score
If you have a credit score of just 600, you will be able to get a personal loan from Prosper, once you have at least two years of credit history.
- Repayment Flexibility
Prosper provides you with the option to change your repayment date as you please.
- Good Loan Sizes
You are able to borrow as little as $2,000 from Prosper and up to $40,000 through a personal loan.
- Joint Loans Offered
Unlike many online lenders, Prosper offers you the chance to take out a joint loan.
- Fee Structure
There are both origination fees and late fees charged by Prosper.
- Limited Repayment Terms
You can only choose between a three-year and a five-year term length for your personal loan.
Marcus - Pros & Cons
- Stellar Reputation
Marcus has one of the best reputations in the online lending space as it is backed by a giant in the financial sector – Goldman Sachs.
- No Fees
You will not have to pay origination fees or late fees when you get a Marcus personal loan.
- Rate Discount Available
You are able to get a 0.25% discount if you automate your repayments at Marcus.
- Repayment Flexibility
You have a great level of flexibility when it comes to the repayments that you are making.
- Lack of Loan Options
While there are good repayment terms available at Marcus, it does not currently offer secured loans, joint loans, or co-signed loans.
- Funding is a Bit Slow
It can take up to a week for you to get your funds after getting a personal loan from Marcus.
Repayment Options
You have the ability to alter the due date for your repayments up to two times with Best Egg. You have payment terms available of between three and five years for your personal loans. There is a good debt consolidation offering at Best Egg and if you go down this route, you can send payments directly or your creditors. If you are late making your repayments, you will need to pay a fee while there is currently no sort of discount available if you automate your repayments.
Prosper does not currently have any discount for people who automate their repayments, while there are late fees charged if you delay making your repayments. If you get a debt consolidation loan, there is no option to make payments directly to creditors, but you are able to alter your payment due days as needed.
Marcus gives you the ability to get a 0.25% discount when you automate your repayments, while there are no late fees in place. For debt consolidation loans, you are able to directly send payments to your creditors. You also have a huge range of repayment term lengths to choose from, ranging between three and six years. There is also a payment deferral option in place after you have made twelve consecutive months’ worth of payments on time.
Customer Experience
Best Egg | Marcus | Prosper | |
|---|---|---|---|
iOS App Score | No App | 4.9 | 4.7 |
Android App Score | No App | 4.4 | 3.9 |
BBB Rating | A+ | A+ | A+ |
WalletHub Rating | 4.8 | 2.9 | 2.6 |
Contact Options | phone/mail | phone | phone |
Availability | 8 am – 10 pm ET | 8 am – 10 pm | 9 am – 8 pm (ET) |
The resource center is very good and you also have access to a high-quality financial education offering. The support team at Best Egg will be reachable six days each week during certain hours. The main contact option is speaking over the phone to a Best Egg agent. The mobile app at Best Egg does not allow you to manage your personal loan, which is something that you should be aware of. Finally, the Better Business Bureau has given Best Egg an A+ rating.
The Prosper customer service team works during regular business hours from Monday to Friday, with no weekend phone support being available. As well as ringing them, you can also send an email to the borrowing team at Prosper. There is a help center, as well as a financial education offering available to you. The Prosper mobile app does not give you the ability to manage your personal loan. Finally, the Better Business Bureau rating for Prosper is A+.
Marcus has a comprehensive help center and plenty of resources to help you boost your financial education. The customer support team can be reached by phone seven days a week during opening hours, but there is no live chat option. Sending an email is also something that you are able to do. You have a top-quality mobile app that allows you to carry out everything you could want when it comes to your Marcus personal loan. Finally, Marcus. Has an A+ rating from the Better Business Bureau.
Which Personal Loan is The Winner?
When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
|  | | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 35.99%
| 7.99% – 35.99%
| 6.99% – 24.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 36-60 months
| 36-60 Months
| 36-72 months
|
Loan Amount | $2,000 -$50,000
| 2,000 – $40,000
| $3,500 – $40,000
|
on Credible website |
on Prosper website |
on Marcus website |
FAQs
Is Best Egg a good debt consolidation option?
Best Egg's personal loans, which include debt consolidation loans of up to $35,000, are designed to make your life easier. Indeed, the company's mantra is to assist you in escaping high interest debt, making it a viable option for those looking for a debt consolidation solution.
Is income verification required for Best Egg personal loans?
Yes, Best Egg will need to verify your identity and income as part of the personal loan application process. The bank may request supporting documentation such as paystubs or bank statements, or it may grant you permission to connect to your bank.
Can I include a cosigner on my Prosper personal loan?
Because Prosper accepts joint applications, you can include a co-borrower in your application to increase your chances of approval. However, the co-status borrower's is important, as marital spouses or relatives have the most success in increasing approval.
The primary distinction between a co-borrower and a co-signer is that a co-signer has financial responsibility to ensure the loan is repaid, but they do not have access to the loan funds. When co-borrowers are involved, both parties are responsible for making payments and have equal access to the loan funds.
Is Marcus a good debt consolidation option?
Marcus does provide personal loans of up to $40,000 with competitive interest rates and low fees, including debt consolidation. What distinguishes Marcus is that it offers nine repayment options, a great feature for debt consolidation since you can tailor your loan to your specific schedule.
You can also use the direct payment to creditors feature, which is a free service available for credit cards and other personal loans.
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Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
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Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
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Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
