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Personal Loans

SoFi vs Best Egg: Personal Loan Comparison

Updated Feb 05, 2024   |   4-min read

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 it was introduced, SoFi has expanded its offerings beyond student-focused loans and now provides personal loans and even mortgages. 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.

SoFi vs Best Egg: Which is 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 you have good credit

If you have good credit, SoFi is likely your better option. SoFi advertises a minimum credit score of 660, so if your FICO score is above that number, you can receive a competitive rate.

Best Egg doesn’t disclose its minimum score, but its borrowers have an average credit score of 700 and they usually earn about $60,000 each year, according to the lender.

Best Egg’s interest rates can run much higher, though, indicating that borrowers with lower credit scores may pay a lot for the privilege of borrowing.

>> Ready to apply with SoFi? Click here.

If your credit history is short

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

Best Egg, on the other hand, wants you to have at least seven years of credit history to qualify.

>> Ready to apply with SoFi? Click here.

If you want to avoid fees

There are no fees required when borrowing with SoFi.

Best Egg charges origination fees between 0.99% – 5.99%, and they may also charge fees if you decline to sign up for automatic payments. This can make the upfront cost of getting your loan more expensive, so SoFi is the winner here.

>> Ready to apply with SoFi? Click here.

If you want a six-figure loan

SoFi offers personal loans from $5,000 to $100,000. That’s enough to make major renovations to your home, pay off a heap of medical debt, or finance another large expense.

Personal loans from Best Egg range from $2,000 to $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 just want to borrow a little

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.

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

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

If you want fast funding

Both of these online companies have a quick underwriting process.

After you submit your SoFi personal loan application, you need to get approved and then talk over the phone with a representative. After providing your e-signature, borrowers will get their funds in a few days.

However, Best Egg gets its borrowers their money faster. After you apply online, you can have your money deposited into your bank account within just one business day.

>> 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.