In this Review..
There are tons of personal loan lenders that offer a wide range of options to people who are seeking funds. Some of the best in the business today are SoFi and Best Egg. This review will compare these two options in a wide range of ways.
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|---|---|---|
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% – 23.43% (with discounts) | 7.99% – 29.99%
|
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.
| 24-84 months
| 36-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$50,000
|
Min Score | 680 | 640 |
When SoFi Shines
SoFi is known as being one of the best lenders around, offering zero fees, a flexible range of loan options, as well as great repayment terms. It has been around since 2011 and began its life as a student loan lender before branching into other areas.
SoFi personal loan can be a better choice than Best Egg if:
- Solid credit score and income level
- Seeking no fees
- Looking to borrow a large sum
When Best Egg Shines
Best Egg was started in 2014 and has funded more than 788,000 loans since then, providing more than $14 billion in funding. It offers a great range of loan amounts, as well as offering a secured loan option, and accepts lower credit scores than many other lenders.
Best Egg personal loan can be a better choice than SoFi if:
- You have a lower credit score
- Looking for a secured loan
- Seeking debt consolidation
Requirements
You are able to get a personal loan from SoFi that starts from $5,000 and can reach $100,000. Best Egg is a good fit for those people who are seeking lower loan sizes, with their offering starting at $2,000 and going up to $50,000.
If you are getting a SoFi personal loan, then you will have to possess a credit score of 68 or greater. This is just 640 for SoFi, which is lower than a lot of the lenders in the online space today.
SoFi does not disclose any specific debt-to-income (DTI) ratio that is required in order to get a personal loan. For a Best Egg personal loan, the required DTI will usually be lower than 40%. Both of these lenders are only going to provide personal loans to people who are at least 18 years old and people who are either US citizens, permanent residents, or a relevant visa holder.
SoFi | Best Egg | |
|---|---|---|
APR | 8.99% – 23.43% (with discounts) | 7.99% – 29.99%
|
Terms | 24-84 months
| $2,000 -$50,000
|
Range | $5,000 – $100,000
| 36-60 months
|
Minimum Score | 680
| 640
|
SoFi - Pros
- No Fees
SoFi does not charge any origination fee or any late fees, which is ideal.
- Flexible Loan Options
SoFi offers a good range of different loan options, including fixed-rate and variable rate options. You also have a decent max loan amount, as well as flexible term lengths.
- Solid Repayment Terms
There is plenty of flexibility given by SoFi when it comes to making repayments. This includes no late fees, the ability to change your repayment due dates, as well as getting access to forbearance if needed.
- Quality Advice
When you commit to getting a SoFi personal loan, you will be able to get direct access to financial advice from a range of experts.
SoFi - Cons
- Not the Fastest Option
The time for you to get your personal loan application approved can be three days, which is longer than most competitors. You also need to wait about seven days to get access to the funds.
- High Rerquirements
You will find that the minimum required credit score at SoFi is going to be higher than a lot of other lenders.
- Certain Constraints
One of the downsides of the SoFi offering is that it does not have any joint loan or secured loan options.
Best Egg - Pros
- Flexible Loan Amounts
Best Egg allows you to borrow just $2,000 and up to $50,000. This means that it will be a good fit for people who are looking to borrow relatively small sums.
- Fast Funding
Best Egg aims to give you access to your borrowed funds in one to three business days, which is faster than a lot of competitors.
- Offers Secured Loans
Unlike many online lenders, Best Egg offers both secured and unsecured loans.
- Fair Credit Score
You only need to have a credit score of 640 to get a personal loan with Best Egg, which is lower than a lot of the other online lenders.
Best Egg - Cons
- Fees
There is an origination fee charged of between 0.99% and 5.99%. While some competitors have bigger origination fees, many have zero fees.
- No Mobile App Option
Best Egg does not currently offer a mobile app for you to manage your loan. Its app is currently focused on its credit card offering.
Repayment Options
SoFi is quite flexible when it comes to the prepayment terms that it lays out. If you have a fixed-rate loan, you will be able to easily change the due date of your repayments. You can get three months of forbearance if you lose your job under certain circumstances, while there are no late fees or early payment penalties that you need to deal with. Finally, there is a 0.25% discount if you are making automatic repayments.
Best Egg will allow you to change the payment due date up to two times and there are repayment terms available of 3-5 years. If you have a debt consolidation loan, you will be able to make direct payments to your creditors. There is a late fee in place and you will not get a discount for making automatic repayments.
Customer Experience
SoFi | Best Egg | |
|---|---|---|
iOS App Score | 4.8 | N/A |
Android App Score | 4.2 | N/A |
BBB Rating | A+ | A+ |
WalletHub Rating | 3.1 | 4.8 |
Contact Options | phone/social | phone/mail |
Availability | 5 am – 7 pm (PT) | 8 am – 10 pm (ET) |
SoFi provides you with plenty of resources in the help center which can lead to you becoming a lot more informed about what you can expect when getting a SoFi personal loan. The customer service team works seven days a week, having distinct opening hours. As well as ringing the team via phone, you can also send them an email. SoFi has an easy-to-use mobile app, while the A+ Better Business Bureau rating is another good indicator of its quality.
Best Egg has numerous different ways for your to contact the customer support team. You can speak with an agent over the phone six days a week during opening hours. You can also send the team an email or contact them via social media. There is a help center that provides solutions to common questions and there is some decent financial education that you can also get access to. The Best Egg mobile app does not currently allow you to manage your personal loan. Finally, Best Egg has an A+ rating from the Better Business Bureau.
Which Personal Loan Is Better For You?
SoFi is a five-star personal loan lender. It ticks nearly every box, from zero fees to having competitive rates, and flexible repayment options.
However, it is a bit slow to provide you with your funds. Best Egg has some standout benefits, including relatively fast time to funding and a low required credit score. Therefore, most types of borrowers will find one of these lenders will fit their needs.
| |
| |
|---|---|---|---|
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% – 23.43% (with discounts) | 7.99% – 29.99%
| 5.40% – 35.99%, Best Rate Guarantee * |
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.
| 24-84 months
| 36-60 months
| Compare Various Lenders
|
Loan Amount | $5,000 – $100,000
| $2,000 -$50,000
| Up to $100,000
|
on SoFi website |
on Credible website |
on Credible's website |
Compare Alternative Lenders
SoFi vs FIGURE vs Upstart
Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.
Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?
SoFi vs FIGURE vs Prosper
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, whereas FIGURE is best suited to people who want quick and easy access to funds.
Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?
SoFi vs Payoff vs OneMain
Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers
SoFi vs Rocketloans vs Marcus
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
SoFi vs Discover
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
SoFi vs LendingClub
Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.
Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?
SoFi vs PenFED vs Axos
Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.
When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.
Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?
SoFi vs Upstart
Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.
SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.
Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?
Best Egg vs Prosper vs Marcus
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.
Read Full Comparison: Best Egg Vs Prosper Vs Marcus: Choose The Right Personal Loan For You
Best Egg vs Rocketloans vs Upgrade
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?
Best Egg vs Upstart vs Marcus
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
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