Best Egg Loan Alternatives: Choose From Our Top Picks
Best Egg is an online direct lending platform that uses advanced technology to assess your loan application and get funds through to you fast, usually within 1 business day. There are very few restrictions on a short-term loan from Best Egg – you can use it for debt consolidation, emergencies, vacations, and almost any legal purpose apart from education fees.
- Borrow $2,000 to $50,000
- APR rates from 5.99%
- Fixed term of 3 or 5 years
Best Egg invites borrowers to check their rates without a hard credit check. To apply for a loan through Best Egg you need to be over 18 and an American citizen or permanent resident. While Best Egg doesn’t give a minimum credit score for eligibility, you’ll need a credit rating of 700, and higher than average income to get the best rates.
You’ll manage your loan entirely from Best Egg’s website, with the ability to see your payments and adjust your payment options online. While Best Egg does charge an origination fee of 0.99%–5.99% of your loan amount, there are no other fees and no prepayment fees.
5 Alternatives to Best Egg
- Borrow up to $100,000
- APR rates from 5.49%
- Terms of 3, 5, or 7 years
SoFi is a good alternative to Best Egg with a similar loan structure. Like Best Egg, it’s an entirely online direct lending platform with an easy online application process. There are more flexible options on offer with SoFi – as well as loan terms of 3 or 5 years, you can spread payments out further across a 7 year term. Interest rates begin lower and you can choose between fixed or variable rates, which isn’t an option at Best Egg. SoFi doesn’t charge any origination fees nor any penalties for early prepayment or overpayment.
SoFi’s biggest plus is the support it offers to borrowers who lose their jobs and can’t keep up with payments on their loans. If this happens, SoFi uses its community aspect to help you find a job and allows you to request forbearance of 3 months at a time for up to 12 months while you job hunt. Late payment fee is only $5 or 4% (whichever is lower) and is only applied once you’re over 15 days late with your payment. To get a loan with SoFi you’ll need a minimum credit score of 680 and, as always, the best rates go to borrowers with the best credit.
- Borrow from $3,500 to $30,000
- APR rates from 6.99% to 23.99%
- Terms of 36 to 72 months
Marcus is the online lending platform run by respected bank Goldman Sachs. Although it’s part of an established bank, you can apply for and receive your loan through Marcus entirely online. Marcus’s APR rates begin higher than those of Best Egg and the maximum loan amount is lower, but Marcus pushes ahead of Best Egg by not charging any fees at all, including no origination fee, prepayment fees, or even late payment fees. You also have more flexible repayment terms, anywhere between 3 and 6 years. Like Best Egg, Marcus lets you borrow money for almost any purpose apart from education costs.
Marcus promises to design your loan around you so there is a lot of flexibility here. Once your loan begins and you’ve made 12 monthly payments on time, you can skip one payment without increasing the amount of interest you pay. Marcus has similar eligibility requirement to Best Egg with a minimum credit score of 660 and likewise has a fast online application process. You’ll usually get approval and your money through within 2 business days.
- Borrow between $1,000 to $35,000
- APR rates from 5.99% to 35.99%
- Terms of 3 months to 15 years
LendingTree works a little differently than Best Egg because instead of being a direct lender it’s an online lending marketplace. LendingTree connects borrowers with lenders through a fully online process, sending you at least 5 loan offers from just one application. This makes it better for borrowers with lower credit scores, who will probably find better rates with one of LendingTree’s associated lenders than with Best Egg. The best rates for borrowers with excellent credit scores are about the same through both lenders. There’s no minimum credit score to be eligible for a loan from LendingTree and other requirements are similar to Best Egg.
With LendingTree you have a much wider choice of loan terms. You can get an ultra-short loan of just 3 months if all you need is a bridge to cover cash flow issues or spread out payments across 15 years so as to pay smaller amounts each month if you need a really large amount. And most periods of time in between are an option, too. While LendingTree itself doesn’t charge any fees, most of the lenders do.
- Borrow between $1,000 and $40,000
- APR rates from 4.93% to 35.99%
- Terms of 2 to 7 years
GuidetoLenders gives borrowers a number of pre-approved short-term loan offers from multiple lenders. GuidetoLenders lets customers borrow smaller amounts than Best Egg, with loan amounts beginning at $1,000 and only reaching $40,000. This makes it a better choice for borrowers who only need a small amount to fill a gap, especially since the lowest rates offered by GuidetoLenders are lower than Best Egg. On the other hand, GuidetoLenders does have some loan terms of up to 7 years, 2 years longer than Best Egg, which is useful if you want to spread your payments out across a longer period of time.
Like Best Egg, GuidetoLenders’ application process is entirely online, although the amount of time it takes until your loan is fulfilled varies depending on which lender you choose. You won’t be charged any fees by GuidetoLenders, but there could be fees charged by the lender you choose. GuidetoLenders has more loan options for borrowers with less than perfect credit thanks to the range of lenders it presents.
- Borrow between $100 and $35,000
- APR not specified
- Terms are not specified
LifeLoans is another lender marketplace that connects borrowers with lenders for both personal loans and cash advances that don’t require a credit check. This makes loans accessible to borrowers with a poor credit score who might not quality for a Best Egg loan. Unfortunately, the LifeLoans website isn’t as accessible as that of Best Egg and doesn’t show APR rates or loan repayment terms for easy comparison.
LifeLoans does rival Best Egg when it comes to the speed of application. You apply online for LifeLoans and your application is generally processed and funding comes through within 24 hours. LifeLoans also has the advantage of offering very small loans from $100 so that borrowers can borrow only as much as they need to cover a cash flow gap. LifeLoans does not charge any fees, but the direct lender usually does.
Best Egg is an impressive choice thanks to its fast approval process, low fees, and good APR rates. However, there are other lenders that rival it for speed and flexibility and which have lower rates and higher maximum loan amounts. If you’re looking for an unsecured short-term personal loan, you’re likely to find what you need with one of our 5 alternatives to Best Egg.
For more information on lending platforms, see our comparison of the leading personal loan companies on the market.