Overview
Best Egg
$2,000
$50,000
36–60 Months
600
Percentage
Neither
13 Years
SoFi
$5,000
$100,000
24–84 Months
N/A
N/A
N/A
15 Years
Ratings
Best Egg
SoFi
Reviews
Best Egg
Reviews
SoFi
Reviews for Best Egg
Helpful Favorable Review
Bob Martin
April 20th, 2022
Greenfield, IN
DETAILS
The process is pretty darn fast, so good I decided to borrow again to get a better rate than the one I had from another Lending service. Paid that one off and a couple small credit card's and get to keep more money in the pocket.
Helpful Critical Review
Seth Lasher
March 12th, 2022
MN
Very easy to use and a great app and system. BUT I have had a couple loans in my day and that origination fee is not ok. My loan was for a specific amount “that I needed” which I now will not receive because you charged me a fee? I am narrowing money that I’ll pay back with interest so why would you need an “origin fee” ? Future barrows make sure this is ok for you
Reviews for SoFi
Helpful Favorable Review
HC
October 24th, 2021
Draper, UT
Edited October 25th, 2021
I love how simple their products are and how amazing the rewards are because they are not just giving them to you for the sake of giving them to you, they are really actually competitive when you compare them to other lending entities.. I love how they are geared toward younger generations that merge generations that invest or are learning about investment.
Helpful Critical Review
AV
April 28th, 2021
Las Vegas, NV
DETAILS
I had quite the awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways. Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income. After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways. The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.
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.
