Best Egg vs SoFi

Both founded in the last 10 years, Best Egg and SoFi have quickly become top consumer choices in the personal loan industry. Offering competitive APR rates as low as 5.99 percent on fixed-term loans nearly nationwide, both companies are good options for funding personal loans. It is important to note that although both Best Egg and SoFi have reasonable minimum credit score requirements, both companies require a higher credit score to qualify for the lowest rates.

The majority of customer reviews on BestCompany.com regarding Best Egg and SoFi are positive. Of the 7,846 Best Egg reviews, 91 percent are 5-star reviews, highlighting Best Egg’s quick and easy application process, great customer service, and low rates. SoFi customer reviews are equally positive, praising an easy application process and great customer service.

Although both companies have positive customer reviews, there are a few differences that a consumer should consider when deciding between Best Egg and SoFi for their personal loan:

  • Application Timelines
  • Additional Fees
  • Loan Amounts
  • Types of Loans Offered
  • Joint Applications and Cosigners
Best Egg logo
#1 Best Egg
9.9 Overall Score
5.0
star star star star star
(19,518)
SoFi logo
#12 SoFi
6.1 Overall Score
4.6
star star star star star_half
(147)

Overview

Best Egg

Minimum Loan Amount

$2,000

Maximum Loan Amount

$50,000

Loan Terms

36–60 Months

Minimum Credit Score

600

Origination Fee Type

Percentage

Co-Signers or Co-Borrowers Accepted

Neither

Time in Business

11 Years

SoFi

$5,000

$100,000

24–84 Months

N/A

N/A

N/A

13 Years

Ratings

Best Egg

Overall Score
9.9 of 10
Review Score
5.0
star star star star star
Value for Money
4.7
star star star star star_half
Quality of Product or Service
4.8
star star star star star
Company Trustworthiness
4.8
star star star star star
Likely to Recommend
9.6 of 10

SoFi

6.1 of 10
4.6
star star star star star_half
4.4
star star star star star_half
4.4
star star star star star_half
4.3
star star star star star_half
8.4 of 10

Reviews

Best Egg

Number of Reviews
19,518
Review Breakdown
5.0
star star star star star
1 star
1%
2 star
0%
3 star
1%
4 star
6%
5 star
93%

SoFi

147
4.6
star star star star star_half
1 star
5%
2 star
3%
3 star
1%
4 star
15%
5 star
76%

Reviews for Best Egg

Helpful Favorable Review

star star star star star

Todd Kummer

November 21st, 2024

DETAILS

This company has helped me twice now - the help I need to pay down my credit card debt. The application process is easy and pre-approval doesn’t ding credit reports. I am thankful for BestEgg giving me a chance. In particular, I am super grateful for the help I received from Bobbi Jo

Helpful Critical Review

star star star_border star_border star_border

Harley Be

November 14th, 2023

I thought it was instant deposit or that's what the credit Karma ad stated. The website was quite hard to navigate promoting me to call customer service for assistance. I might update my review later but for now I'm perplexed.

Reviews for SoFi

Helpful Favorable Review

star star star star star

Abidoye Timilehin

January 23rd, 2024

This is my first loan from Sofi. The process is quick, easy and understandable. The people at Sofi are efficient and know what they are doing. These loans are allowing us to get out of debt quicker than expected due to the low interest rates and payment options provided by Sofi. Best of all, there is no origination or up front fee! And you even get a .25% off the rate if you sign up for autopay. We have no complaints at all. This company is amazing and wonderful.

Helpful Critical Review

star star_border star_border star_border star_border

Stanley Ryng

September 26th, 2023

DETAILS

These people STOLE my investments, saving and checking without reason. They refuse me access to my own money for 30+ days without an explanation. They are the worst choice you could make in terms of banking.

The Final Word

Application Approval Timelines

As an online lending company, Best Egg provides customers with an instant decision — either accepted or declined — after an application is submitted. If an application is accepted and all necessary information and documentation is received, customers can receive money in less than one business day.

SoFi’s application process is also simple and easy; however, same-day approval is not offered, and customers can wait up to a week to receive funding. Because SoFi offers a maximum loan amount of $100,000, which is much higher than many competing companies in the industry, the application process is more involved. SoFi checks an applicant’s credit score, financial history, employment status, and income, among other things, to get each customer the best rates based on their individual needs and circumstances.

Additional Fees

Neither Best Egg nor SoFi have any prepayment penalty fees, allowing customers to pay off their loans faster if they choose. However, Best Egg has a loan origination fee, requiring payment of 0.99 percent and 5.99 percent of the total loan amount to process the loan. This fee is deducted from funding before being deposited in a consumer's bank account. Conversely, SoFi does not have an origination fee or any other fees.

Loan Amounts

Best Egg offers loans ranging from $2,000–$35,000, while SoFi offers loans ranging from $5,000–$100,000.

Most companies in the industry cap loan amounts at $35,000, but the ability to receive a higher loan with SoFi allows customers more flexibility in how money is used. Additionally, for consumers considering a personal loan for debt consolidation purposes, a higher loan amount offering is ideal.

Types of Loans Offered

Best Egg loans are generally used for debt consolidation, but they can also be used for home improvement, other major purchases, or unexpected expenses.

SoFi is also a good option for debt consolidation purposes, but is also a great option for young professionals and students, offering student loans and student loan refinancing options. Best Egg does not provide student loan services.

Joint Applications and Cosigners

Best Egg does not accept joint applications or cosigners, but SoFi accepts both.

Joint applications and cosigners add another individual’s income and credit history to a loan, increasing the likelihood that a consumer could be approved. Joint applications and cosigners differ in who makes payments — joint applications are ideal if both parties are working together to pay off the loan, whereas including a cosigner indicates that the applicant will pay off their loan. If for whatever reason a consumer is unable to pay off their loan, payment responsibility would fall to the cosigner.

Top Choice

Best Egg Logo
Best Egg

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