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 verified_user
#1 Best Egg
9.3 Overall Score
4.9
starstarstarstarstar_half
(7,912)
SoFi logo verified_user
#3 SoFi
6.8 Overall Score
4.7
starstarstarstarstar_half
(120)

Overview

Best Egg

SoFi

Loan Amounts
Loan Amounts
$2,000–$35,000
$5,000–$100,000
Loan Terms
Loan Terms
36–60 Months
24–84
Min Credit Score
Min Credit Score
640
680
Joint Applications
Joint Applications
Not Accepted
Co-Borrowers Accepted
Time In Business
Time In Business
7 Years
9 Years

Ratings

Best Egg

SoFi

Overall Score
Overall Score
9.3 of 10
6.8 of 10
Review Score
Review Score
4.9
starstarstarstarstar_half
4.7
starstarstarstarstar_half
Value for Money
Value for Money
4.7
starstarstarstarstar_half
4.7
starstarstarstarstar_half
Quality of Product or Service
Quality of Product or Service
4.9
starstarstarstarstar_half
4.8
starstarstarstarstar_half
Customer Service
Customer Service
4.9
starstarstarstarstar_half
4.8
starstarstarstarstar_half
Company Trustworthiness
Company Trustworthiness
4.9
starstarstarstarstar_half
4.7
starstarstarstarstar_half
Likely to Recommend
Likely to Recommend
9.7 of 10
9.6 of 10

Reviews

Best Egg

SoFi

Number of Reviews
Number of Reviews
7,912
120
Review Breakdown
Review Breakdown
4.9
starstarstarstarstar_half
5 star
91%
4 star
7%
3 star
1%
2 star
0%
1 star
1%
4.7
starstarstarstarstar_half
5 star
80%
4 star
16%
3 star
0%
2 star
3%
1 star
1%

Reviews for Best Egg

Helpful Favorable Review

starstarstarstarstar

Rocio Rodriguez

September 24th, 2020 Fort Lauderdale, FL DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

I have taken out several loans with Best Egg. They are absolutely amazing.! Quick, easy and great customer service. The rates are always lower than other companies. I've been very happy and will continue to use this company


Helpful Critical Review

starstarstar_borderstar_borderstar_border

Timothy Mahony

September 24th, 2020 Sacramento, CA DETAILS arrow_drop_down
Value for your money
starstarstar_borderstar_borderstar_border
Quality of product or service
starstarstarstar_borderstar_border
Customer service
starstarstar_borderstar_borderstar_border
Company trustworthiness
starstarstar_borderstar_borderstar_border

i'm open to getting another load-your company keeps email me ads and mailing ads as well above previewing my new rate for another load-I follow the instructions but I am not able to find that rate? I find this very frustrating- Can you email me my new rate if I took out another loan? I;m currently looking for a company that will give me a good rate since my credit rating is fairly high. Thanks Tim Mahony


Reviews for SoFi

Helpful Favorable Review

starstarstarstarstar

Beth Farmer

September 24th, 2020 Pleasant Grove, UT DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

We refinanced with SoFi. They took care of all of the transferring over. There were zero fees involved and they got us from a 6.8% interest fee to a 4.2% interest fee! They were extremely easy to work with and saved us tons of money!! We love SoFi


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

David Farmer

September 24th, 2020 Holland, MI

I was sent a "pre-qualified" email, so I decided to apply and consolidate a few credit cards to get better control. I sent in everything they asked for in the application, but in addition, sent in a record of ALL of my bank deposits for the last two years to show them just how much money I put into my account each month. Anything to prove low risk. My credit score is very good. I have never in my life missed a payment or been late. I also explained that I have had a lot of medical bills the past few years due to severe cancer my wife has, and yet with all of those additional bills, I STILL DO NOT miss payments and I make enough money, shown by my monthly deposits and income. DENIED. I asked for an appeal to someone to actually "meet me by phone and speak with me" and was told it had already been reviewed and was declined. Personal care? Uh huh...right. You can assess looking at paperwork, or, you can do that AND speak to the person requesting a loan. You know, like the good ol' days when personal banking was actually...personal? So I risked a hard pull on my credit because they said I was pre-qualified, and even with more than enough proof I am little to no risk...declined. Be very choosy who you go to.


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.

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Best Egg
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