Personal Loans » Compare Loans » Best Egg Vs Prosper: Choose The Right Personal Loan For You
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Best Egg Vs Prosper: Choose The Right Personal Loan For You

Prosper provides repayment flexibility and accepts slower credit scores, while Best Egg offers secured loans and debt consolidation options.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

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 and Prosper.

Best Egg
Prosper
APR
8.99% – 35.99%
6.99% – 35.99%
Terms
36-60 months
36-60 Months
Range
$2,000 -$50,000
2,000 – $40,000
Minimum Score
640
600

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 if:

bestegg_logo svg
bestegg_logo svg

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 if:

prosper logo
prosper logo

Requirements

Best Egg loans range between $2,000 and $50,000, with Prosper being similar with its $2,000 to $40,000 range. 

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. 

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

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.

You will be able to get your hands on your funds at Best Egg between one and three business days.

You have the option to get both a secured loan and an unsecured loan with Best Egg.

 

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.

Best Egg charges origination fees ranging from 0.99% to 8.99%, which can increase the overall cost of borrowing. There are also late fees in place.

Unlike some other lenders, Best Egg does not offer rate discounts for setting up automatic payments or paying off other creditors directly.

While there is a Best Egg mobile app, it does not allow you to manage your personal loan.

 

Prosper - Pros & Cons

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.

Prosper provides you with the option to change your repayment date as you please.

You are able to borrow as little as $2,000 from Prosper and up to $40,000 through a personal loan.

Unlike many online lenders, Prosper offers you the chance to take out a joint loan.

Borrowers may incur origination fees ranging from 1% to 7.99% of the loan amount, reducing the total amount received.

Also, Prosper charges fees for check payments, late payments, and insufficient funds, increasing the overall cost of borrowing.

Prosper offers repayment terms only from two to five years, limiting flexibility compared to lenders offering longer terms.

Unlike some competitors, Prosper does not offer a rate discount for borrowers who set up autopay, missing out on potential savings.

Repayment Options

Best Egg offers flexibility with up to two changes to repayment due dates and terms spanning three to five years. They provide robust debt consolidation options allowing direct payments to creditors. Late payments incur fees, and there's no autopay discount.

Prosper lacks autopay discounts and imposes late fees. Debt consolidation lacks direct creditor payments but allows due date adjustments.

Customer Experience

Best Egg
Prosper
iOS App Score
No App
4.7
Android App Score
No App
3.9
BBB Rating
A+
A+
Contact Options
phone/mail
phone
Availability
8 am – 10 pm ET
9 am – 8 pm (ET)

Best Egg offers excellent resources and financial education. Their support team is available six days a week for phone assistance, but their mobile app lacks loan management features. Best Egg has an A+ rating from the Better Business Bureau.

Prosper's customer service operates on weekdays, lacking weekend support. While you can call or email them, their app also lacks loan management. Prosper also has an A+ rating from the Better Business Bureau.

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60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

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70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

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2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Which Personal Loan is The Winner?

Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.

bestegg_logo svg

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%
6.99% – 35.99%
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
Loan Amount
$2,000 -$50,000
2,000 – $40,000
Learn More
on Credible website
Learn more
on Prosper website

FAQs

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.

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.

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.

More Lender Reviews

Compare Alternative Lenders

Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.

Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.

Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?

Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.

Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.

Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options

Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.

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.

Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders

SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores.

Read Full Comparison:  SoFi Vs Prosper: Which Personal Loan Is Better?

All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.

Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.

Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?

In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.

Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?

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.

Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?

Picture of Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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