Best Egg Loan Reviews Vs. SoFi Personal Loan Reviews
Examining Best Egg loan reviews Vs. SoFi personal loan reviews reveals two similar approaches to online lending from two very different types of companies. Where SoFi offers full online banking services and lending, Best Egg focuses on unsecured personal loans and debt consolidation with a few extra financial services thrown in.
In the Best Egg vs. SoFi matchup, each company offers perks to consider pursuing depending on your current financial situation, borrowing needs, and desired convenience features.
Best Egg Vs. SoFi
|BBB Grade / Rating
|Average Reviews Rating
|Minimum Credit Score
|1.74 / A+
|8.99 – 25.81%
|24 – 84 months
|$5,000 to $100,000
|4.87 / A+
|8.99 – 35.99%
|0.99 – 8.99%
|36 to 60 months
|$2,000 to $50,000
Who is Best Egg Best For?
Best Egg personal and debt consolidation loans are best for borrowers with fair to good credit who are looking for a loan under $50,000 and are willing to pay an origination fee in exchange for the convenience of one-stop shopping and low-risk pre-approvals to avoid hurting their credit score.
Who is SoFi Best For?
SoFi is best for consumers who may already be banking customers with the company and need an unsecured or secured personal or debt consolidation loan as well. SoFi customers must have a credit score in the good to excellent range for most approvals. Some borrower with SoFi may need to borrow more than Best Egg’s highest allowable amount of $50,000 or wish to extend their payment terms for more than 60 months.
Are you familiar with the differences between a debt consolidation and a personal loan? If this topic is new to you or you’re unsure of the differences, you’ll definitely want to check out this 2024 review on debt consolidation vs. personal loans.
How to Choose a Lender
Typically, choosing a personal loan lender comes down to how much you need to borrow, how much you’re willing to pay to borrow it, and your credit score and history situation. Personal and debt consolidation loan variations consist of the following factors.
- Interest rate or the cost of paying back the loan over time
- Loan terms or how long you can finance the loan for, typically in months
- Origination fees or the cost of obtaining the loan
- Approval requirements generally in terms of credit score and history
- The ability to add a joint applicant or co-signer if necessary
To begin your lender search, consider your credit score and history. For those with less-than-stellar credit, consider an online marketplace where lenders compete for your business. Lenders like Credible can often work with consumers to get the funding they need without damaging their credit scores with multiple hard credit report inquiries.
If your credit score is a little higher, an online lender offering several borrowing options, like SoFi, Best Egg, or Above Lending, may offer lower interest rates for similar loans. Physical banks are also an option. However, most traditional lending institutions will run a hard inquiry to determine your eligibility, which can hurt your credit score if you don’t qualify for the loan.
Whichever type of lender you choose, ensure any origination fees are worth the expense to obtain the loan you need and that the interest rate and loan terms offered fit your financial situation. If you wish to apply with a co-applicant or co-signer, check that your chosen lender allows them before formally applying for the loan.