Article
Best Egg Loans Review & Alternatives 2026
Compare Best Egg personal loans with top alternatives. Find the best rates, terms, and lenders for debt consolidation, home improvement, and major purchases in 2026.
Looking for a personal loan to consolidate debt, fund home improvements, or cover major expenses? Best Egg has helped thousands of borrowers since 2014 with competitive rates and fast funding—but it’s not the only option worth considering.
Our team analyzed over 30 personal loan lenders, comparing interest rates, fees, funding speed, and borrower requirements. Whether you need Best Egg’s secured loan option or prefer a no-fee lender like SoFi, we’ll help you find the right personal loan for your situation.
Quick Comparison
| Lender | Best For | APR Range | Rating |
|---|---|---|---|
| 1. Best Egg | Best for Secured Loans | 5.99% - 35.99% APR | ★4.7/5 |
| 2. SoFi | Best Overall Value | 8.99% - 29.99% APR | ★4.8/5 |
| 3. LightStream | Best for Excellent Credit | 7.49% - 25.99% APR | ★4.7/5 |
| 4. Marcus by Goldman Sachs | Best for No Fees | 7.99% - 29.99% APR | ★4.6/5 |
| 5. Discover Personal Loans | Best for Debt Consolidation | 7.99% - 24.99% APR | ★4.6/5 |
| 6. Upstart | Best for Fair Credit | 7.80% - 35.99% APR | ★4.5/5 |
| 7. LendingClub | Best for Joint Applications | 9.57% - 35.99% APR | ★4.4/5 |
| 8. Prosper | Best for Flexible Terms | 8.99% - 35.99% APR | ★4.3/5 |
| 9. Avant | Best for Average Credit | 9.95% - 35.99% APR | ★4.2/5 |
| 10. Upgrade | Best for Credit Monitoring | 8.49% - 35.99% APR | ★4.3/5 |
Our Top Picks in Detail
Best Egg
Best Egg offers competitive rates and quick funding with a unique secured loan option that can significantly reduce your APR. The origination fee is offset by the flexibility to consolidate debt with direct creditor payments and fast access to funds.
Pros
- ✓Fast funding in as little as 1 business day
- ✓Secured loan option with 20% average rate discount
- ✓Direct payment to creditors for debt consolidation
- ✓No prepayment penalties
- ✓Free credit score monitoring included
Cons
- ✗Origination fee of 0.99% - 9.99%
- ✗Limited to $50,000 maximum loan amount
- ✗No joint or co-signed loan options
SoFi
SoFi stands out as the best overall personal loan provider with zero fees, generous loan amounts up to $100,000, and unique member benefits including career coaching and unemployment protection that add significant value beyond the loan itself.
Pros
- ✓No fees whatsoever (no origination, prepayment, or late fees)
- ✓Loan amounts up to $100,000
- ✓Unemployment protection and career coaching included
- ✓Member benefits like financial planning tools
- ✓Direct payment to creditors for debt consolidation
Cons
- ✗Requires good to excellent credit
- ✗No secured loan option
- ✗Slightly slower funding than Best Egg
LightStream
LightStream by Truist Bank offers the lowest rates in the industry for borrowers with excellent credit, backed by a Rate Beat Program that guarantees you get the best deal. Their same-day funding and zero-fee structure make them ideal for qualified borrowers.
Pros
- ✓Lowest rates for excellent credit borrowers
- ✓Rate Beat Program (0.10% discount if you find lower)
- ✓No fees of any kind
- ✓Same-day funding available
- ✓Loan amounts up to $100,000
Cons
- ✗Requires minimum 695 credit score
- ✗No secured loan option
- ✗Limited to borrowers with excellent credit profiles
Marcus by Goldman Sachs
Marcus brings Goldman Sachs' financial expertise to personal lending with zero fees, flexible payment options, and unique on-time payment rewards. While loan amounts are capped at $40,000, the no-fee structure and banking pedigree provide peace of mind.
Pros
- ✓No fees (no origination, prepayment, or late fees)
- ✓Flexible payment options and on-time payment rewards
- ✓Backed by Goldman Sachs reputation
- ✓Simple application process
- ✓Direct creditor payment for debt consolidation
Cons
- ✗Lower maximum loan amount ($40,000)
- ✗No secured loan option
- ✗Funding slower than some competitors
Discover Personal Loans
Discover extends its trusted credit card expertise to personal loans with excellent debt consolidation features, including direct creditor payments and a unique 30-day return policy. Their U.S.-based customer service and fast funding make the borrowing experience smooth.
Pros
- ✓No origination fees or prepayment penalties
- ✓Direct payment to creditors for debt consolidation
- ✓30-day return policy on loan proceeds
- ✓Fast funding in 1 business day
- ✓24/7 customer service by U.S.-based agents
Cons
- ✗Maximum loan amount limited to $40,000
- ✗Requires good credit
- ✗No secured loan option
Upstart
Upstart uses artificial intelligence to evaluate borrowers beyond just credit scores, considering factors like education and employment. This makes them ideal for younger borrowers or those with limited credit history who might not qualify elsewhere.
Pros
- ✓AI-powered underwriting considers more than credit score
- ✓Accepts borrowers with limited credit history
- ✓Fast funding in 1 business day
- ✓Lower minimum loan amount ($1,000)
- ✓Considers education and employment history
Cons
- ✗Origination fee up to 12%
- ✗Higher APR range for fair credit borrowers
- ✗Shorter maximum repayment terms
LendingClub
LendingClub pioneered peer-to-peer lending and now offers joint applications, making it easier for couples or partners to qualify together. Their direct creditor payment option and accessible credit requirements make debt consolidation achievable for more borrowers.
Pros
- ✓Joint loan applications accepted
- ✓Direct payment to creditors for debt consolidation
- ✓Lower minimum credit score (600)
- ✓Peer-to-peer lending platform heritage
- ✓Flexible loan amounts from $1,000
Cons
- ✗Origination fee of 3% - 8%
- ✗Higher APR ranges
- ✗Longer funding time than competitors
Prosper
Prosper offers flexible lending with joint application options and competitive rates for borrowers with good credit. As one of the original peer-to-peer lenders, they bring experience and a range of loan amounts suitable for various financial needs.
Pros
- ✓Joint loan applications available
- ✓Competitive rates for good credit
- ✓Flexible repayment terms
- ✓Peer-to-peer lending model
- ✓No prepayment penalties
Cons
- ✗Origination fee of 2.41% - 5%
- ✗Slower funding process
- ✗Limited customer service hours
Avant
Avant specializes in serving borrowers with average credit scores as low as 580, providing access to personal loans when traditional lenders might decline. Their fast funding and mobile-first approach make borrowing convenient for those rebuilding credit.
Pros
- ✓Lowest minimum credit score (580)
- ✓Fast funding in 1 business day
- ✓Prequalification with soft credit check
- ✓User-friendly mobile app
- ✓Accepts lower credit scores than most lenders
Cons
- ✗Administration fee up to 4.75%
- ✗Higher APRs for average credit
- ✗Lower maximum loan amount
Upgrade
Upgrade combines personal lending with credit improvement tools, offering free credit monitoring and educational resources to help borrowers build better financial habits. Their direct creditor payment option and longer terms make debt consolidation more manageable.
Pros
- ✓Free credit monitoring and education tools
- ✓Direct payment to creditors for debt consolidation
- ✓Lower minimum credit score (580)
- ✓Longer repayment terms available (up to 7 years)
- ✓Prequalification available
Cons
- ✗Origination fee of 1.85% - 9.99%
- ✗Higher APRs for fair credit
- ✗Some negative customer service reviews
How We Evaluate Personal Loans
Our personal loan evaluation process examines every aspect that affects your borrowing experience:
Interest Rates and APR
We analyze the full APR range, including:
- Starting rates: Lowest APR available for excellent credit
- Rate factors: How credit score, income, and debt-to-income ratio affect pricing
- Rate discounts: Autopay discounts, secured loan options, and rate matching programs
- True cost: APR including origination fees and other charges
Fees and Charges
We identify all costs associated with borrowing:
- Origination fees: Upfront charges deducted from loan proceeds
- Prepayment penalties: Fees for paying off your loan early
- Late payment fees: Charges for missed or delayed payments
- Other fees: Check processing, insufficient funds, or administrative charges
Funding Speed and Process
We evaluate the application and funding timeline:
- Application process complexity and time required
- Prequalification availability and soft credit check options
- Approval timeline and funding speed
- Direct creditor payment options for debt consolidation
Borrower Requirements
We assess accessibility for different credit profiles:
- Minimum credit score requirements
- Income and employment verification needs
- Debt-to-income ratio limits
- Joint application and co-signer options
Understanding Personal Loan Basics
What is a Personal Loan?
A personal loan is an unsecured installment loan that provides a lump sum of money you repay over a fixed period with regular monthly payments. Unlike credit cards, personal loans have:
- Fixed interest rates: Your rate stays the same throughout the loan term
- Predictable payments: Same monthly payment amount for the entire loan
- Set repayment timeline: Know exactly when you’ll be debt-free
- One-time funding: Receive all money upfront, not a revolving credit line
Secured vs. Unsecured Personal Loans
Unsecured loans don’t require collateral. Your approval is based on:
- Credit score and history
- Income and employment
- Debt-to-income ratio
Secured loans use collateral like home equity or a vehicle to back the loan. Benefits include:
- Lower interest rates (Best Egg offers 20% average discount)
- Higher approval odds for borderline credit
- Larger loan amounts available
- Risk: Lender can seize collateral if you default
Common Uses for Personal Loans
Personal loans are flexible and can be used for:
- Debt consolidation: Combine multiple debts into one lower payment
- Home improvements: Renovations, repairs, or upgrades
- Major purchases: Appliances, furniture, or equipment
- Medical expenses: Procedures, treatments, or dental work
- Emergency expenses: Unexpected costs or urgent needs
- Moving costs: Relocation expenses or cross-country moves
Personal Loan Interest Rates Explained
What Determines Your Rate?
Lenders consider multiple factors when setting your APR:
Credit Score Impact
- 750+: Qualify for lowest advertised rates
- 700-749: Slightly higher than best rates
- 650-699: Mid-range rates
- 600-649: Higher rates, limited options
- Below 600: Highest rates or may not qualify
Income and Employment
- Stable employment history
- Sufficient income to cover payments
- Lower debt-to-income ratio
- Professional occupation or industry
Loan Details
- Loan amount (larger loans may have better rates)
- Repayment term (shorter terms often have lower rates)
- Secured vs. unsecured
- Purpose of loan
How to Get the Best Rate
Before applying:
- Check your credit score and fix any errors
- Pay down existing debts to improve debt-to-income ratio
- Increase income or consider adding a co-borrower
- Shop around and compare at least 3-5 lenders
During application:
- Use prequalification to compare rates without hard inquiries
- Consider secured loan options if available
- Opt for autopay discounts (typically 0.25% - 0.50%)
- Choose the shortest term you can afford
Debt Consolidation with Personal Loans
How Debt Consolidation Works
Debt consolidation combines multiple debts into one new personal loan:
- Calculate total debt: Add up all credit cards and loans you want to consolidate
- Apply for personal loan: Request enough to pay off all existing debts
- Pay off creditors: Either you or the lender pays off your old debts
- Make one payment: Repay only the new personal loan
Benefits of Consolidation
- Lower interest rate: Personal loan APRs often beat credit card rates (20%+)
- Simplified payments: One monthly payment instead of multiple
- Fixed timeline: Know exactly when you’ll be debt-free
- Potential savings: Lower rate can save thousands in interest
Direct Creditor Payment
Several lenders offer direct creditor payment:
- Best Egg: Pays creditors directly for debt consolidation loans
- SoFi: Sends payments to your creditors on your behalf
- Discover: Direct payment option for debt consolidation
- LendingClub: Can pay creditors directly
- Upgrade: Offers direct creditor payment
Benefits include:
- Ensures debts are actually paid off
- Prevents temptation to spend loan proceeds elsewhere
- Often streamlines the process
- Provides peace of mind
Frequently Asked Questions
Is Best Egg a legitimate lender?
Yes, Best Egg is a legitimate online lender that has originated over $15 billion in personal loans since 2014. They have an A+ Better Business Bureau rating and 4.6 out of 5 stars on Trustpilot based on over 9,100 reviews. Best Egg is backed by Marlette Funding and operates nationwide except in a few states.
What credit score do you need for Best Egg?
Best Egg requires a minimum credit score of 640, though some borrowers may qualify with a 600 FICO score when applying through certain partners like Credible. To qualify for the lowest APR (starting at 5.99% for secured loans), you need a minimum 700 FICO score and annual income of at least $100,000.
How fast can I get a Best Egg loan?
Best Egg offers some of the fastest funding in the industry, with loan proceeds available as quickly as one business day after approval. The application takes about 5 minutes, approval is often same-day, and funds are typically deposited within 1-3 business days of acceptance.
What is Best Egg’s origination fee?
Best Egg charges an origination fee ranging from 0.99% to 9.99% of your loan amount, depending on your creditworthiness. This fee is deducted from your loan proceeds, so if you borrow $10,000 with a 5% origination fee ($500), you’ll receive $9,500. The origination fee is included in your APR calculation.
Can I pay off a Best Egg loan early?
Yes, Best Egg does not charge prepayment penalties. You can pay off your loan early without any extra fees, which can save you money on interest charges. This is a standard feature among most reputable personal loan lenders.
What’s better: Best Egg or SoFi?
It depends on your needs. Best Egg is better if you need fast funding (1 day vs. 2-4 days) or want a secured loan option with lower rates. SoFi is better if you want to avoid all fees (Best Egg charges 0.99%-9.99% origination fee), need a larger loan ($100,000 vs. $50,000), or value member benefits like unemployment protection and career coaching.
What’s the difference between APR and interest rate?
The interest rate is the base cost of borrowing, while APR (Annual Percentage Rate) includes both the interest rate and fees like origination charges. APR provides a more accurate picture of the true cost of a loan. For example, Best Egg’s APR includes their origination fee, which is why it’s important to compare APRs rather than just interest rates.
How does a secured personal loan work?
A secured personal loan uses collateral—such as home equity or a vehicle—to back the loan. Best Egg offers secured loans using home fixtures as collateral, providing an average 20% rate discount compared to unsecured loans. If you default on the loan, the lender can claim the collateral, which is why rates are lower (less risk for the lender).
Can I use a personal loan for anything?
Most personal loans can be used for various purposes including debt consolidation, home improvements, medical expenses, or major purchases. However, lenders typically prohibit using personal loans for illegal activities, business expenses (need a business loan instead), or educational expenses (federal student loans are better). Always check your lender’s terms for specific restrictions.
What happens if I miss a personal loan payment?
Missing a payment can result in late fees (varies by lender), negative impact on your credit score (usually reported after 30 days late), and potential default if you miss multiple payments. If you’re struggling to make payments, contact your lender immediately—many offer hardship programs or payment modifications to help borrowers in temporary financial difficulty.