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Ratings on Trusted Company Reviews are given by experts in that particular industry. Our experts monitor the brand closely and then give the brand a rating which you can trust.

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Best Egg Vs. SoFi Which A+ Graded Company is Better for You?

Home » Guides & Tips » Best Egg Vs. SoFi Which A+ Graded Company is Better for You?

Best Egg

7.1 Good

  • Consistently high company ratings

  • A+ BBB grade

  • Loan pre-qualifying won’t hurt credit score

  • No early payment penalties

  • Debt consolidation direct creditor payments available

  • Direct lending company

  • Other financial services available

Best Egg Loan Features

Best Egg partners with multiple banking institutions to bring its customers a host of loan services. Clients can choose from several types of personal loans for all kinds of purchase needs or a debt consolidation option in which Best Egg offers the convenience of paying your creditors directly. Also available through Best Egg is its credit card, which features no annual fees or maintenance costs.
Highly rated company

  • Personal loan amounts from $2,000 to $50,000
  • Loan terms from 36 to 60 months
  • Interest rates from 8.99% – 35.99%
  • Origination fees from  0.99% – 8.99% apply
  • A fair or better credit score is necessary for most approvals
  • Co-signers or co-applicants aren’t allowed
  • Works with multiple lenders
  • Other financial products are available

Best Egg Loans Editorial Rating

Trusted Company Reviews Rating Score for Best Egg: 7.1

Best Egg just missed the cut in our best debt consolidation companies review. However, the competition was brutal, and Best Egg holds its own for a number of reasons. The company scores well across many consumer and expert rating sites and offers solid benefits for those who qualify for its financial products.

Our rating system deducted some points from Best Egg for offering slightly higher starting interest rates than its competitors, requiring an origination fee, and having limited repayment length options.

Best Egg Loan Facts

Our Best Egg review highlights a lending company offering personal loans, debt consolidation loans, and credit cards through its website. Best Egg offers interest rates between 8.99% and 35.99% on unsecured loans, with origination fees between 0.99% and 8.99%. Loan repayment terms vary from 36 to 60 months, and personal loan amounts can range from $2,000 to $50,000.

The company’s website offers a pre-qualification step that allows consumers to input financial information and see the loan terms they may qualify for with only a soft credit inquiry that won’t affect their score. Best Egg requires a minimum credit score of 640 and doesn’t allow joint applications or co-signers on its loan products. Customers can have up to two Best Egg loans at a time, provided their total balance owed is under $100,000.

Best Egg also offers secured personal loans, vehicle equity loans and refinancing, and a credit card that allows customers to apply without affecting their credit score. The Best Egg credit card offers perks, including a low-risk application that won’t hurt your score if you’re not approved. Other benefits include no annual fees and the potential for an increased credit limit after six months.

Interest Rates 8.99% – 35.99%
Origination Fee 0.99% – 8.99%
Loan Terms 36 – 60 months
Minimum Credit Score 640
Loan Amounts $2,000 – $50,000
BBB Rating 4.87 / A+

Best Egg is Best For

A Best Egg personal loan can be a good fit for anyone with fair credit and above who wants to avoid taking a hit on their credit score just to see if they qualify for a loan. Best Egg’s convenient online pre-qualification process takes just a few minutes to complete by filling in some personal and financial information and waiting for a response from the company. Responses generally happen within minutes but can sometimes take a few days.

After pre-approval, the customer can choose from several loan or debt consolidation options from one of Best Egg’s partner banks and formally apply. Working with Best Egg is really just about simplicity and low risk while finding the right loan for your needs. Customers with borderline credit scores or histories will likely find the pre-approval process refreshing when options at traditional lending sources require hard inquiries.

Best Egg isn’t likely to appeal to consumers with excellent credit scores who can obtain a more traditional bank loan with a lower interest rate and no origination fees. However, Best Egg’s credit card may appeal to those with lower scores as applying for the card won’t affect their credit score.

Best Egg vs. Other Top-Rated Loans

(Compare APR & Credit Score Requirements)

Lender Fixed (APR) Loan Amounts
Minimum Credit Score
Upstart Personal Loan 6.40% to 35.99% $1,000 to $50,000 620
LightStream Personal Loan 7.49% to 25.49% $5,000 to $100,000 700
Discover Personal Loan 7.99% to 24.99% $2,500 to $40,000 660
PenFed Credit Union Loan 8.49% to 17.99% $600 to $50,000 700
Upgrade Personal Loan 8.49% to $35.99% $1,000 to $50,000 600
Sofi Personal Loan 8.99% to 25.81% $50,000 to $100,000
Does Not Disclose
Best Egg Personal Loan 8.99% to 35.99% $20,000 to $50,000 600
LendingClub Personal Loan 9.57% to 35.99% $1,000 to $40,000 660
Avant Personal Loan 9.95% to 35.99% $20,000 to $35,000 550
Universal Credit Personal Loan 11.69% to 35.99% $1,000 to $50,000 560
OneMain Financial Personal Loan 18% to 35.99% $1,500 to $20,000
Does Not Disclose
Zable Personal Loans 8% to 30% $1,000 to $25,000 600
Happy Money Debt Consolidation Loan 11.72% to 24.67% $3,000 to $40,000 640

Source: Top Personal Loans and Lenders for Fair Credit 

Best Egg Loan Reviews

The Better Business Bureau awards Best Egg a high rating of 4.87 out of 5 stars with an A+ grade for the company’s prompt response to customer complaints and concerns. Trustpilot scores the company almost equally, with an average rating of 4.6 out of 5 stars from over 8,480 customer reviews.

Overall, Trustpilot reviewers award five stars to Best Egg at least 88% of the time. 5% of reviews are four stars, while the remaining 12% are distributed between one to three-star reports. Customers reporting excellent experiences liked the company’s ease and convenience during the application process.  Poor reports included complaints about Best Egg’s approval process and potentially misleading claims.

SoFi

7.2 Good

  • Pre-qualifying has no credit score affect

  • No origination fees apply

  • Complete online banking services are available

  • No early payment fees apply

  • Mobile app available

  • Repayment terms of up to 84 months

  • Autopay and direct deposit discounts are available

SoFi Loans Features

SoFi is a full-service online bank offering a comprehensive list of banking services. While the organization has no brick-and-mortar locations, the fact doesn’t limit its ability to function similarly to a traditional bank. The company offers everything from personal loans and checking accounts to credit cards and mortgage lending.

  • Complete online banking services are available.
  • Personal loan amounts from $5,000 to $100,000
  • Pre-qualification step won’t affect credit score
  • Doesn’t offer direct lender payments for debt consolidation
  • Loan length terms from 24 to 84 months
  • Interest rates from 8.99% – 25.81%
  • Autopay and direct deposit discounts are available
  • Best for borrowers with good to excellent credit
  • Joint borrowing available

SoFi Loan Reviews Editorial Rating

Trusted Company Reviews Rating Score for SoFi: 7.2

SoFi offers numerous banking services and does so with high average consumer and expert ratings from multiple reviews and ratings sites. The company’s offerings are excellent and feature valuable benefits for consumers. SoFi just missed landing a spot on our best personal loans review due to its lower-than-average Better Business Bureau rating and high credit score requirements for borrowers.

SoFi Personal Loans Facts

SoFi reviews, including our own SoFi review showcase a full-service online banking institution with several added benefits. The company offers a full suite of lending and banking products, including personal and debt consolidation loans, checking and savings accounts, multiple credit card options, investing opportunities, mortgage lending, autopay and direct deposit rate discounts, and more.

The company offers its personal and debt consolidation loans with interest rates between 8.99% and 25.81%, which aligns with more traditional banks’ lending rates. There are no loan origination fees for SoFi personal loans. However, a good to excellent credit score of 680 or above is generally required for approval but not stated. Loan amounts range from $5,000 to $100,000, and the company offers a wide range of repayment terms extending from 24 to 84 months.

SoFi customers can take advantage of the company’s pre-qualification application on its website, which allows them to see loan solutions they may qualify for without affecting their credit score. SoFi won’t perform a hard inquiry on a credit report until after the customer makes a formal loan application after the pre-qualifying step. SoFi doesn’t provide direct lender payments for its debt consolidation customers.

Interest Rates 8.99% – 25.81%
Origination Fee 0
Loan Terms 24 – 84 months
Minimum Credit Score 680
Loan Amounts $5,000 – $100,000
BBB Rating 1.74 / A+

SoFi is Best For

With so many banking options available to SoFi customers, getting a personal or debt consolidation loan through the company may just be the next step in their financial journey with the company. SoFi’s low top-end interest rate and lack of origination fees may entice consumers who don’t already bank with SoFi. However, qualifying for an unsecured SoFi loan requires a good to excellent credit score of 680 or above, which sends many consumers with lower scores elsewhere.

SoFi personal and debt consolidation loans are great for two groups of consumers. The first group already banks with the company and obtains a loan through SoFi for convenience. The second group is looking for either an all-around online banking solution that also offers financing or is looking for financing and is willing to become a SoFi customer to take advantage of interest rate savings.

The savings for SoFi customers can total a 0.50% interest rate reduction and are only available to those who choose an autopay plan or have direct deposit services through a SoFi checking or savings account.

A SoFi loan may also appeal to consumers with good to excellent credit who wish to borrow a sum above $50,000 from an online lender. Most online lenders cap borrowing at that amount, while SoFi allows unsecured loans of up to $100,000.

SoFi Personal Loans Reviews

SoFi personal loans reviews are generally fair to good across most review platforms. However, many customers remain discontented by the company’s recent move to become an official online bank instead of remaining an online lending marketplace.

That said, SoFi earns an A+ grade at the Better Business Bureau despite receiving relatively low marks on its review score from the organization. At Trustpilot, SoFi gets an excellent score of 4.7 out of 5 stars. Excellent reviews generally relate to the company’s easy application process and great customer service, while poor reviews reflect some communication problems between customers and the company.

Table of Contents

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 Interest Rates Origination Fee Loan Terms Minimum Credit Score Loan Amount
SoFi 1.74 / A+ 4.6 8.99 – 25.81% $0 24 – 84 months 680 $5,000 to $100,000
Best Egg 4.87 / A+ 4.8 8.99 – 35.99% 0.99 – 8.99% 36 to 60 months 640 $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.

Frequently Asked Questions

How long does Best Egg take to approve a loan?

Can I refinance my Best Egg loan?

How long does SoFi take to approve a loan?

How long does a SoFi loan take to process?

Conclusion

Both Best Egg and SoFi have decent customer ratings scores and offer similar features concerning the loan application process. Both companies can work well for borrowers. However, Best Egg can be slightly better for those with somewhat lower credit scores, while SoFi requires higher scores. SoFi borrowers may find the company’s other banking services convenient. Best Egg customers might benefit more from receiving several loan options after pre-approval and without affecting their credit scores.

Source

Image Sources: sofi.co – bestegg.com – trustpilot.com – bbb.org

About Author

Dr. Ali
Who is Deane Biermeier? In the dynamic realms of finance and home improvement, a luminary has emerged over the last decade—Deane Biermeier. Widely recognized as the go-to expert for insightful reviews and content, his prolific writings grace esteemed publications, including Forbes, Angi.com, U.S. News and World Report, LifeWire, Family Handyman, and several others. He also acts as an expert consultant for The Spruce and Family Handyman. In 2023, Deane joined the esteemed team at TrustedCompanyReviews.com, solidifying his status as a sought-after authority. What sets Deane Biermeier apart? His writing isn't merely informative; it's a delightful blend of honesty, expertise, and entertainment. Deane's crafted content aids millions of consumers, steering them away from pitfalls and toward near-perfect purchases. TrustedCompanyReviews.com feels blessed to have Deane on their team, and now you, too, can be blessed with his insightful writing. Dive into some of Deane's latest reviews on personal loans, credit monitoring, identity theft, and related topics and industries. Follow Deane Biermeier to read his exciting newest reviews, soon to come in 2024! In the upcoming year, Deane has queued up an exhilarating series of reviews that you won't want to miss. He'll be uncovering the inside scoop on cutting-edge products designed to enhance the security of your finances, starting with credit card reviews as 2024 starts. Don't forget to bookmark Deane's author bio page before you navigate away from this page! All of Deane's newest reviews will be featured right here on his author profile page. If you appreciate Deane's insightful reviews and find them helpful in making informed decisions, please consider sharing this author bio on your social media channels. No fluff, just the unbiased facts that matter are what you'll discover with Deane Biermeier's reviews. You won't get sold by anyone, and it's not a marketing gimmick but rather the stuff you need to know before making a purchase. Deane's passion goes beyond mere technical expertise; he believes in the transformative power of knowledge. His commitment lies in equipping consumers and homeowners with the necessary resources to make informed decisions, guiding them with confidence throughout their home improvement projects and when facing financial choices. Determining the right credit cards or personal loans amidst a myriad of companies vying for your business can be stressful and challenging. Dealing with fast-talking salespeople can often result in poor decisions, as individuals may be misled by enticing portrayals, only to discover later that reality falls short of expectations after becoming a client and paying upfront costs. Such situations can be avoided by following Deane's reviews and gaining insight from the information he shares. His reviews illustrate the facts about companies and products, sharing customer experiences that occur after the sale, enabling individuals to make informed choices and avoid potential pitfalls. Deane's insights are not just recognized but actively sought after by leading publications like Forbes Home, Angi.com, USNews, Family Handyman, and Lifewire. He consistently delivers credible, unbiased information, providing readers with the confidence to navigate the intricacies of home improvement and finance. Deane is more than a writer; he is your trusted partner in realizing your home improvement dreams. Combining decades of hands-on experience with meticulously researched insights, he offers practical guidance and financial knowledge to support you at every step of your journey.
Dr. Ali

Deane Biermeier

Last Updated: January 3, 2024

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