Overview
Best Egg
$2,000
$50,000
36–60 Months
600
Percentage
Neither
12 Years
SoFi
$5,000
$100,000
24–84 Months
N/A
N/A
N/A
14 Years
Ratings
Best Egg
SoFi
Reviews
Best Egg
Reviews
SoFi
Reviews for Best Egg
Helpful Favorable Review
Laura Marie
December 17th, 2024
The loan process was pretty easy. I was waiting for the other shoe to fall, but my loan was approved in about 15 minutes. Still waiting for the funding to my credit cards but was assured that everything is all set.
Helpful Critical Review
Jessica Nicole Bumgarner
December 30th, 2024
DETAILS
I was mislead from the beginning about the process and timing of a personal loan, even after expressing the urgency of needed funds. And after speaking with several people and a supervisor. The best response I received was " I apologize for the inconvenience and Happy New Year"
Reviews for SoFi
Helpful Favorable Review
Abidoye Timilehin
January 23rd, 2024
Otan Ayegbaju, OS
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
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.
