Best Egg vs SoFi

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.