Upstart vs Best Egg 2024 | Side By Side Comparison

Do you have a budget shortfall? Personal loans are quite popular for many reasons, the most important of which is that they are simple to obtain and use. But does a quick turnaround by the lending company imply higher interest rates? Let us find out.

Best Egg and Upstart, two leading online personal loan lenders, have extremely comparable rates and terms. However, upon closer inspection, it becomes evident that they cater to varied types of borrowers. This comparison of Best Egg vs. Upstart will help you decide which is best for you.

What is Upstart?

Upstart allows you to borrow up to $50,000 for a term of 3 to 5 years. A personal loan from Upstart might be an inexpensive choice for consumers with fair or superior credit. The lender provides loans up to $50,000 with interest rates ranging from 4.37% to 35.99%. While a credit score of 600 is required to apply, the lender will also consider your educational and employment background when making a loan decision. The lender also partners with 17 different coding and technical boot camps, making it a viable option to pay for your education.

What is Best Egg?

Best Egg is a financing platform that caters to creditworthy clients. Although its loans have higher annual percentage rates (APRs) and origination fees than some of its competitors, Best Egg borrower's average loan amount is $15,000, with an average APR of 15%. If your credit score is good, you may be able to borrow more money at a reduced interest rate.

Best Egg, however, has an origination fee, deducted from the loan revenues. The cost varies between 0.99% and 5.99%, based on the state, loan amount, and applicant’s creditworthiness.

What do they both offer?

Some services and offers are somewhat similar at Best Egg and Upstart. From credit card payoffs to debt consolidation, they provide identical services. We suggest you may consider Best Egg if you have decent credit and an annual income of more than $100,000. Choose Upstart when you need to pay for educational fees, such as college or graduate school.

Both Upstart and Best Egg offer the following:

  • Personal Loans
  • Debt Consolidation
  • Credit Card Payoffs
  • Home Improvement loans
  • Moving loans
  • Wedding Loans

What does Upstart uniquely offer?

  • Better rates: On personal loans, Upstart provides rates that are 10% lower than established lenders.
  • Multiple Services: Upstart offers a plethora of services including personal loans, car refinancing, home improvement loans, wedding day celebration loans, medical loans, debt consolidation, and so on.
  • No pre-payment penalties: You can pay off a portion, or the entire loan anytime without incurring fees.
  • Quick service: The funds for 99% of personal loans get sent to the customer within one business day of signing.

What does Best Egg uniquely offer?

  • Multiple Services: Best Egg services include personal loans, debt consolidation, home improvement, moving loans, special occasion loans, vacation loans, credit card service, and financial health services.
  • Flexible due date: Adjust your loan due date via phone, email, or on the lender's chat service.
  • Debt consolidation: Direct payment for consolidating debt is available for borrowers who qualify. It makes you eligible for higher loan amounts and reduced APRs.
  • FICO Score access: You get access to a six-month FICO Score trend and the top score variables. Scores are updated every month.

Rates, terms, and fees comparison

Upstart's rates, terms, and fees are similar to Best Egg. Upstart's APR rates range from 6.12% to 35.99% with origination fees ranging from 0% to 8%. Similarly, Best Egg's APR ranges from 5.99% to 29.99%, with an origination cost of 0.99% to 5.99%. Whereas, many other lenders don't charge any fees at all. Both Upstart and Best Egg loan terms are for 36 to 60 months.





6.12%  - 35.99%

5.99%  -  29.99%

Origination Fees

0%  - 8%

0.99%  -  5.99%

Loan Terms

36 to 60 months

36 to 60 months

Eligibility Criteria for Upstart and Best Egg


  • You need to be a citizen of the US or a permanent resident of the US.
  • The applicant needs to be at least 18 years old or older.
  • Employed full-time, has a full-time job offer beginning in six months, a steady part-time job, or other sources of income.
  • A mandatory credit score of 620 or above.
  • Minimal debt-to-income ratio.
  • No prior bankruptcies.
  • There are no current delinquencies.
  • No more than 5 credit queries in the past 6 months. Excludes student loans, auto loans, or mortgages
  • Upstart also verifies your credit history, application details, anticipated use of funds, and ability to repay.

Best Egg

  • It is required that you have a minimum credit score of 600.
  • A minimum annual income of $3,500 is necessary.
  • Minimum debt-to-income ratio.
  • They need proof of income; also if you are a part-time employee, you are eligible.
  • A valid Social Security number and address in the United States is required.

Which has a better reputation?

Best Egg is regarded for taking exceptional care of its customers and for processing applications swiftly. The support team will be available seven days a week through multiple channels. However, Best Egg does not currently operate in all states. On Trustpilot, Best Egg has a 4.6-star rating based on 5,575 reviews. On the Better Business Bureau website, the platform has a 4.91-star customer rating and an A+ rating.

Upstart provides a wealth of information about AI-based technology. Thus, you will gain a better understanding of how the lender works. The customer service crew is available seven days a week. Upstart has a B+ Better Business Bureau rating. Also, Upstart has a commendable 4.9 rating on Trustpilot.

Final thoughts

Even though Best Egg and Upstart have similar services, Best Egg is more competitive on fee structure and has a better customer experience and reviews.

While Best Egg has some drawbacks, it is an excellent alternative for obtaining a personal loan. We love how some of their lending rules work since it keeps their rates competitive and allows them to succeed. Customers are generally pleased with the company's customer service team and the simple application process. Customer reviews indicate that borrowers are particularly satisfied with the reasonable APRs and the possibility of combining their debts to pay unexpected expenses.

So, if you fit the requirements and seek a loan, you should give them a try.


Is Upstart's APR fixed?

All Upstart loans have a fixed interest rate, they will not fluctuate throughout the loan term. Additionally, a one-time origination fee gets charged on Upstart loans. Hence, they calculate your APR by factoring in your loan's fixed interest rate and the one-time fees.

Is Best Egg a viable option?

Those with good to excellent credit may be able to qualify for Best Egg. Also watch for the origination charge. Comparing different lenders before applying is a smart move. Customer satisfaction is also a strong suit for this lender.

Is it tough to obtain a loan from Best Egg?

The complete application, approval, and funding procedure for a Best Egg personal loan take 1-3 business days. Customers may be authorized and funded on the same day in some situations, but for the most part, the personal loan process will take only a few days.

How long does Upstart take to approve?

Mostly, it takes less than a week from application. You can acquire an estimated quote in minutes, the underwriter tends to decide in 24 to 48 hours, and funds may get transferred the next business day. Upstart's AI-driven approach allows it to approve every loan almost instantly. Upstart authorized 71% of its loans promptly in the first quarter of 2021. Sign the loan agreement and get your money. Within one or two business days after you sign, the loan funds are paid directly to the borrower's bank account.

What is the maximum number of personal loans one can have with Best Egg?

You can apply for two Best Egg loans simultaneously if the total loan amount does not exceed $50,000. These personal loans from Best Egg are available for 36 to 60 months or three to five years. Other variables, such as your payment history, will be considered by Best Egg.

Does checking your credit affect your score?

Your credit score will not be affected by checking your rate. You damage your credit score if you continue to apply after getting a rate.  They conduct a soft investigation when you check your rate.  Your credit score is not lowered with soft credit inquiries on your report.

But you may notice that this inquiry was done when you read your reports. If you accept a loan offer and complete the application, they will conduct a hard credit inquiry to ensure that your application is accurate. This activity will appear on your credit report as an inquiry, which influences your credit score.

What happens if a personal loan is not repaid?

If you default on a personal loan, you could face the following consequences:

Your credit score can plummet significantly by at least 110 points from just one missed payment. For years to come, you'll have trouble obtaining credit. Even if you can acquire credit in the future, it may be difficult to obtain a reasonable interest rate.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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