Best Egg vs. SoFi: Which Personal Loan Is Right for You?

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Edited byMargarita Barresi
Edited byMargarita Barresi

Updated: July 25, 2023

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MoneyGeek helps you compare the best personal loans and choose one that meets your needs. We researched the up-to-date features of Best Egg and SoFi, so you can make an informed decision about which personal loan is best for your needs.

Best Egg offers loan amounts of $2,000 to $50,000, which is ideal for people who are looking to make small purchases. On the other hand, SoFi offers personal loan amounts of up to $100,000. This is helpful for those who find themselves in an emergency.

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Best Egg or SoFi: Overview

Best Egg and SoFi are well-established personal loan companies known for their straightforward lending processes and reasonable rates. While their personal loans differ in APR ranges, repayment flexibility and loan amounts, both companies require similar credit scores and disburse funds quickly.

MoneyGeek compares the two in detail for those considering a personal loan.

Best Egg

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SoFi

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APR Range

Lender
APR Range

Best Egg

4.99% to 35.99%

SoFi

5.74% to 20.28%

The annual percentage rate, or APR, is the interest rate you pay yearly, expressed as a single percentage. A borrower's credit score, risk profile, loan type, size and payment term can impact the loan’s interest rate.

Best Egg's personal loan APRs range from 4.99% to 35.99%, while SoFi's APRs range from 5.74% to 20.28%. Although both lenders offer low starting APRs, Best Egg’s maximum is significantly higher than SoFi’s.

A low APR is preferable to a high one, but it’s only one of many factors to consider when choosing a personal loan lender.

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MONEYGEEK’S VERDICT

Loans with lower APRs cost less over time, so always shop around and compare offers before making your final decision.

In this comparison, SoFi beats Best Egg with a significantly lower maximum APR of 20.28%. Remember that the best rates are available to individuals with good credit.

Minimum Credit Score

Lender
Credit Score

Best Egg

700

SoFi

680

A credit score is a numerical summary of your creditworthiness based on factors such as the amount of debt you carry and whether you've paid your bills on time. Credit scores range from 300 to 850.

Generally, a high credit score can help you secure the best loan terms, such as a low-interest rate. Building your credit over time requires consistency and commitment to your financial responsibilities.

Lenders consider borrowers with credit scores above 670 acceptable or low-risk applicants and may offer them quick loan approval. Best Egg requires that borrowers have a minimum credit score of 700, 20 points higher than SoFi’s 680 minimum requirement. SoFi's low APRs are slightly easier to obtain than Best Egg's.

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MONEYGEEK’S VERDICT

SoFi beats Best Egg in this category, but only by a small margin. A SoFi borrower with a 680 score could get a similar APR to a Best Egg borrower with a 700 credit score.

However, borrowers must consider additional factors when selecting the right personal loan.

Loan Amount Range

Lender
Loan Amount Range

Best Egg

$2,000 to $50,000

SoFi

$5,000 to $100,000

The loan amount range spans the lowest and highest amounts a lender will offer borrowers. Lenders determine loan amounts based on your needs and the lender’s loan amount range.

Best Egg’s personal loan amounts range from $2,000 to $50,000. Meanwhile, SoFi has higher minimum and maximum limits — $5,000 to $100,000. The ranges suggest Best Egg loans are better for minor expenses, like paying for a car repair or a small kitchen renovation. In contrast, SoFi’s personal loans are great for larger expenses, such as debt consolidation.

Your ideal loan amount depends on your current financial situation. Assess your needs and determine the loan amount you require before applying. Loans cost money, so only apply for the amount you need.

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MONEYGEEK’S VERDICT

The winner in this category depends on your needs. However, SoFi is generally a better choice than Best Egg for many, as it offers a broader range of loan amounts. However, if you need a loan of less than $5,000, Best Egg is your best choice.

Note that loan amounts are one factor to consider in choosing a lender, but you should review other aspects of personal loans to make an informed decision.

Repayment Terms

Lender
Repayment Terms

Best Egg

36 to 60 months

SoFi

12 to 60 months

The time it takes to pay off your loan is called the repayment term. Repayment terms usually range from two to four years, depending on your needs and financial situation. Or course, the longer you have to repay the loan, the higher your interest rate will be (although factors like your credit score and debt-to-income ratio also help determine your interest rate).

Best Egg and SoFi have a maximum repayment term of 60 months. However, SoFi has a shorter minimum repayment window of 12 months compared to Best Egg’s minimum of 36 months.

The repayment term you need depends on your unique situation, although securing a short-term loan is best if you want to save on interest rates.

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MONEYGEEK’S VERDICT

SoFi takes the lead over Best Egg in this category because it offers more flexible repayment terms. Borrowers can choose loan repayment lengths based on their needs and circumstances. A short repayment term usually means low interest rates but high monthly payments. Consider your financial priorities before determining a repayment term.

As always, considering other factors besides the repayment term is in your best interest when choosing a lender.

Time to Receive Funds

Lender
Time to Receive Funds

Best Egg

Next day

SoFi

Two days

While a traditional lender can take days to weeks to disburse loan funds, Best Egg and SoFi offer rapid funding. The former can deliver funds the next business day after signing a contract. Meanwhile, the latter can provide funds after two days.

However, note that the loan amount, length of your repayment period and your credit score can affect the disbursement time. The best way to secure funding fast is to apply online since companies allow you to prequalify via their websites or mobile apps.

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MONEYGEEK’S VERDICT

If you’re experiencing a financial emergency and need funds immediately, Best Egg provides funds the next business day after your loan is approved. SoFi takes two days to disburse funds.

Quick loan disbursement is one of many factors to consider when choosing a lender. Take time to know your options, even in an emergency.

Final Thoughts

SoFi beats Best Egg in this comparison. It has lower APRs, a lower credit score requirement and larger loan amounts than Best Egg. SoFi also disburses loans after a few days, although Best Egg has next-day disbursement.

However, your unique circumstances will determine which of the two lenders is best. Always assess your needs and research your options before choosing a personal loan lender.

Frequently Asked Questions About Personal Loan Lenders

MoneyGeek answers common questions about personal loans that can help you make a decision.

What documents do I need to provide to personal loan lenders?
How do I know what my credit score is?
Do lenders conduct a hard inquiry?
Are interest rates on personal loans the same for all lenders?
Do lenders charge fees for personal loans?
What are the advantages of applying for a personal loan online?
Is prepayment allowed on personal loans?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.