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Personal Loans

SoFi vs Best Egg: Personal Loan Comparison

SoFi and Best Egg are two companies that offer personal loans. They both offer loans to eligible borrowers but each has its own rates, terms, benefits, and downsides.

This review will show you how the two lenders stack up, so you can decide which is better for you.

View Rates

View Rates

Rates (APR) 8.99% – 25.81% 8.99%35.99%
Rates (APR) Rates (APR)
8.99% – 25.81% 8.99%35.99%
Loan amounts $5,000 – $100,000 $2,000 – $35,000
Loan amounts Loan amounts
$5,000 – $100,000 $2,000 – $35,000
Repayment terms 2 – 7 years 3 – 5 years
Repayment terms Repayment terms
2 – 7 years 3 – 5 years
Credit score 660+ 600+
Credit score Credit score
660+ 600+

When it comes to lender experience, SoFi is the older of the two, having launched back in 2011 as a private student loan lender.

Since its introduction, SoFi has expanded its offerings beyond student loans and now provides multiple types of financial products, including personal loans. You can learn more with our SoFi personal loan review.

Best Egg, on the other hand, is the younger online lending platform. It was introduced in 2014 by its parent company—Marlette Funding. You can learn more with our Best Egg personal loan review.

Is SoFi or Best Egg right for me?

Which lender is right for you will depend on a host of factors, such as how much you want to borrow and how fast you need funding.

Here are a few scenarios where one lender may be better than the other:

If your credit history is short

Best Egg typically requires borrowers to have at least seven years of credit history to be approved while SoFi doesn’t have any set requirements.

While SoFi borrowers need good credit, the lender doesn’t have any requirements for how long your credit history should be.

>> Ready to apply with SoFi? Click here.

If you want to avoid fees

There are no fees required when borrowing with SoFi. This includes origination, prepayment, and late payment fees.

Best Egg charges origination fees between 0.99% and 5.99%, and it may also charge fees if you decline to sign up for automatic payments.

>> Ready to apply with SoFi? Click here.

If you want a loan larger than $50,000

SoFi offers personal loans up to $100,000. That’s enough to make major renovations to your home, pay off medical debt, or finance a large expense.

Personal loans from Best Egg are capped at $50,000.

That’s still likely enough for many borrowers, but if you’re eyeing a six-figure expense, SoFi is the better option.

>> Ready to apply with SoFi? Click here.

If you want to borrow a small amount

Opposite of the previous section, Best Egg is the better option if you only need to borrow a small amount. SoFi’s minimum loan amount is $5,000, whereas Best Egg allows you to borrow as little as $2,000.

Taking on more debt than you need doesn’t make sense, so if you’re trying to cover a smaller issue that can be solved with just a few thousand dollars, go with Best Egg.

>> Ready to apply with Best Egg? Click here.

Additional resources

If you want to compare additional options, you can check out our guide to the best personal loans.

Interested in seeing how SoFi stacks up against other personal loan lenders? Check out our comparison of SoFi vs Marcus, SoFi vs Upstart, SoFi vs Prosper, and SoFi vs LightStream.