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Key takeaways
- Best Egg is a good fit for debt consolidation and other loan purposes.
- Upstart considers your education and career in addition to your credit score.
- Both lenders offer standard personal loan terms for borrowers with good to fair credit.
Best Egg and Upstart are online lenders that offer personal loans for a variety of purposes. While both have similar terms, Best Egg stands out for debt consolidation. Upstart will be better for borrowers who don’t meet traditional credit score requirements.
And since they both offer prequalification, you can check your rates with Best Egg and Upstart to determine which is the better fit for you.
Best Egg vs. Upstart at a glance
Both Best Egg and Upstart offer similar personal loan products. However, their loans differ in APR ranges, eligibility requirements and more.
| Best Egg | Upstart | |
|---|---|---|
| Bankrate score | 4.6 | 4.7 |
| Better for |
|
|
| Loan amounts | $2,000–$50,000 | $1,000–$50,000 |
| APRs | 6.99%-35.99% | 7.40%-35.99% |
| Loan term lengths | 36–60 months | 36 or 60 months |
| Fees |
|
|
| Minimum credit score | 600 | No Requirement |
| Time to funding | As soon as the next business day | As soon as 1 business day |
| Cosigners permitted | No | No |
Best Egg personal loans
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Best Egg offers standard loan amounts, terms and fees — and isn’t much different from what Upstart offers. Where it stands out is debt consolidation. Unlike many lenders, Best Egg allows borrowers who are approved for a debt consolidation loan to have Best Egg pay off their creditors directly, simplifying the process.
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Pros
- Personal loans can be secured or unsecured.
- Option to change payment due date.
- Debt consolidation payments sent directly to creditors.
Cons
- Minimum origination fee of 0.99 percent.
- No cosigners or joint applications.
- High income required to qualify for the lowest rates.
Upstart personal loans
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Unlike many lenders, Upstart uses an alternative underwriting process that evaluates factors such as your education and job history to approve you for the loan. Its biggest difference to Best Egg is that you may qualify with poor credit or even no credit history — Upstart doesn’t set a minimum credit score for its borrowers. In addition, you may qualify for a loan without an origination fee, which could save you money over a loan from Best Egg.
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Pros
- Low starting rate compared to industry standards.
- Flexible eligibility requirements beyond credit score.
- Loans eligible for education-related expenses.
Cons
- High maximum origination fee of 12 percent.
- No cosigners or joint applications.
- Loan terms limited to 36 or 60 months.
How to choose between Best Egg and Upstart
Both Best Egg and Upstart are good choices if you need a personal loan with less-than-perfect credit. Since both lenders allow you to prequalify, you can check your loan terms with both to determine which is the better choice for you.
APR range
Upstart has a slightly higher starting APR than Best Egg. If you have good to excellent credit, this could make Best Egg a better choice — provided you qualify for a low interest rate and a smaller origination fee.
That said, most borrowers need to pay attention to the maximum APR. Best Egg and Upstart have the same maximum APR.
Minimum credit score
Best Egg has a set minimum credit score of 600, so it’s a good option for fair credit borrowers. Upstart, on the other hand, claims not to have a minimum credit score at all. It considers your education, career and other factors in addition to your credit score. This can make it a good choice if you don’t have a strong credit history.
Repayment terms
Best Egg is the better choice — barely. It offers loan terms between 36 to 60 months, while Upstart offers terms of either 36 months or 60 months. If you want a loan for 48 months, then Best Egg is the clear choice. This is especially true if you’ve already calculated potential monthly payments and know the exact loan term you want.
Loan amount
Both Upstart and Best Egg loan up to $50,000, but Best Egg starts at $2,000 and Upstart starts at $1,000. That makes Upstart the better choice if you’re looking to borrow in the $1,000 to $2,000 range. However, if you want to borrow less than $1,000, you will have to look at other lenders, and the same goes if you need more than $50,000.
Fees
Both lenders charge origination fees on top of late fees and returned payment fees. Like with APR, Upstart comes out ahead when you consider its minimum origination fee of 0 percent. If you are able to qualify for a personal loan without an origination fee, then it will be the better option.
Best Egg has a lower maximum origination fee. For most people, it makes sense to prequalify with both lenders and see which offers a more competitive origination fee.
The bottom line: Which lender is best?
Best Egg and Upstart are good options to consider if you need a personal loan with a fair credit score. Both offer competitive rates and the ability to prequalify. And since there aren’t any significant differences between their offers, it makes sense to see what you could qualify for and compare rates before committing.
Compare more lenders before applying
Upstart and Best Egg aren’t the only lenders that make for good debt consolidation or bad credit options. It pays to compare at least three lenders to make sure you are getting the best rates. Other options to consider include:
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