Best Egg vs. Prosper
Choose Best Egg for lower APRs, Prosper for easier approval
Partner Disclosures
Terms presented, including APR and monthly payment amount, are estimated and created based on information entered by you and through analysis of historical data on loans through Prosper. Your eligibility for a loan and actual terms depend on the information you provide in your application, and other variables including, but not limited to, your credit score, Prosper Rating, loan amount, loan term, employment and income details, credit usage and history. Eligibility for personal loans up to $50,000 depends on a number of factors, including (but not limited to) your financial history, credit score, monthly income, and monthly expenses. Eligibility for personal loans is not guaranteed, and requires sufficient investor commitments to fund. Your monthly payment amount may be different in the final month of your loan. Personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%. For example, a three-year $10,000 personal loan with an interest rate of 16.66% and a 8.99% origination fee results in a 23.53% APR. You would receive $9,101.00 and make 36 scheduled monthly payments of $354.84. A five-year $10,000 personal loan with an interest rate of 18.73% and a 8.99% origination fee results in a 23.26% APR. You would receive $9,101.00 and make 60 scheduled monthly payments of $257.92. The average APR for loans with a 3-year term funded between January 1, 2025, and June 30, 2025, was 23.53%. Whether you are eligible for a specific APR or loan term will depend on a number of factors, including (but not limited to) your current credit rating and information you provide in your application. The lowest rates are for the most creditworthy applicants. Your actual rate may differ. You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s transaction processing speed. All personal loans made by WebBank.
Partner Disclosures
TrustPilot Trust Score = 4.6* *Trustpilot TrustScore as of April 2025. Best Egg loans are personal loans made by Cross River Bank, a New Jersey Chartered Bank, Member FDIC, Equal Housing Lender, or Column N.A., Member FDIC, Equal Housing Lender. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 6.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. Eligibility for the best available rate subject to creditworthiness. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa,Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
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Best Egg and Prosper are two prominent personal loan providers, each offering unique benefits and features. This article will compare these lenders to help you determine which is the best fit for your financial needs.
Best Egg offers competitive APRs and fast funding, making it ideal for quick financial needs.
Jump to insightBest Egg lets qualified borrowers take out two active loans for a higher total borrowing limit.
Jump to insightProsper's peer-to-peer lending model provides flexible terms and a community-driven approach.
Jump to insightProsper has lower credit score requirements than Best Egg, making it easier to qualify.
Jump to insightBest Egg personal loans
Best Egg offers fast personal loans that can be used for a wide variety of purposes. Loans range from $2,000 to $50,000, and you can get up to two loans at once for a total of $100,000 borrowed at a time.
Payment term lengths range between 36 and 60 months. Interest rates range from 6.99% to 35.99%, and the origination fee will be between 0.99% and 9.99%.
Best Egg offers two features that make it easy to use: Direct Pay and Payment Pathway. If you're consolidating loans, Direct Pay will send your payment directly to your old lenders rather than you so you can make the payment yourself.
With the Payment Pathway option, your minimum payment decreases as your loan balance is paid down. This can work well for someone who is struggling to make their payment since the payment will decrease over time.
Prosper personal loans
Prosper is a peer-to-peer lender, meaning the funds you receive are from individual investors. However, the loan is managed by Prosper through WebBank.
It also offers fast personal loans between $2,000 and $50,000 that can be used for just about any purpose. You can have up to two loans at once, but the total amount borrowed can’t exceed $50,000.
Payment term lengths are between two and five years, and the interest rates range between 8.99% to 35.99%. The origination fees run between 1% and 9.99%. If your payment is late, there is a fee of $15 or 5% of the late payment amount, whichever is greater.
Prosper allows you to prequalify for a loan on its website. You can enter your information to see if you qualify and what the terms might be. This lets you see what you qualify for without affecting your credit score. If you're happy with the terms, you can complete your application.
APRs and fees
Both lenders offer online loans and are similar when it comes to annual percentage rates (APRs) and fees. Best Egg and Prosper charge origination fees on all loans. The fees at Best Egg are, potentially, slightly lower, but not by much. The lowest origination fee you can pay at Best Egg is 0.99%, while at Prosper it's 1%. Both have a maximum origination fee of 9.99%.
Best Egg's lowest APR is 6.99%, which is 2% lower than Prosper's lowest rate. That’s a significant amount, especially at higher loan amounts. Both lenders have rates that top out at 35.99%.
| Best Egg | Prosper | |
|---|---|---|
| Origination fee | 0.99% to 9.99% | 1% to 9.99% |
| APR | 6.99% to 35.99% | 8.99% to 35.99% |
| Late fee | None | $15 or 5% of the unpaid monthly payment, whichever is greater |
| Prepayment fee | None | None |
» FIND OUT: Did Best Egg or Prosper make our top picks?
Loan uses and flexibility
Personal loans can be used for a variety of purposes. However, there are some restrictions. For example, you can't use a personal loan for a down payment on a home, college tuition, gambling or anything illegal.
Melissa Cox, owner and certified financial planner at Future-Focused Wealth, said, “Most of my clients use personal loans for consolidating high-interest credit card debt, covering unexpected medical expenses or financing large one-time costs like a wedding, home repairs or even a short-term move.
“In some cases, we also use personal loans as a bridge during career transitions or family emergencies. The key is making sure the loan supports something intentional, not impulsive.”
Best Egg specializes in personal loans for the following:
- Debt consolidation
- Credit card refinancing
- Home improvements
- Moving expenses
- Major purchases
- Fertility and adoption
- Vacations
- Special occasions
Prosper specializes in personal loans for:
- Debt consolidation
- Home improvements
- Health care financing
- Household expenses
- Vehicle purchases
Eligibility and application process
Prosper has lower credit score requirements than Best Egg. With Prosper, you need to have a credit score of at least 600. While at Best Egg, you'll need a credit score of at least 640. Beyond that, the eligibility requirements are similar.
To qualify, both Best Egg and Prosper require applicants to:
- Be a U.S. citizen or permanent resident
- Live in the U.S.
- Be of legal age
- Have a U.S. bank account
- Have a valid email
- Provide a physical address
Most personal loan lenders will also want a debt-to-income ratio under 43%. This means that less than 43% should go towards your current debt payments.
Both lenders allow you to prequalify for a loan. This allows you to see what loan terms you qualify for without impacting your credit score.
When asked how borrowers can increase their odds of approval, Cox said, “First, check your credit report and clean up any errors. Then, work to lower your debt-to-income ratio, either by paying down revolving debt or increasing income.
“Lenders want to see consistent income, low credit utilization, and a history of on-time payments. If you’re not quite there yet, I sometimes help clients apply with a co-borrower or explore secured loan options to boost approval chances.”
FAQ
Is Best Egg the same as Prosper?
No, Best Egg and Prosper are different companies. Both offer personal loans, but they operate independently with different terms, rates and qualification requirements.
How quickly can I get a loan from Best Egg?
Once your loan is approved, your funds will be deposited into your bank account in one to three business days.
Are there any prepayment penalties with Best Egg or Prosper?
There are no prepayment penalties with Best Egg or Prosper. You can pay your loan off with either lender at any time.
How do I apply for a loan with Prosper?
You can apply for a loan with Prosper on its website. Prosper allows you to prequalify for a loan, so you can check what terms you would qualify for without impacting your credit.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Best Egg, “What is the origination fee?” Accessed Aug. 4, 2025.
- Best Egg, “What should I expect once my loan is approved?” Accessed Aug. 4, 2025.
- Best Egg, “What is Direct Pay?” Accessed Aug. 4, 2025.
- Best Egg, “Payment Pathways FAQ.” Accessed Aug. 4, 2025.
- Credible, “What You Can’t Use a Personal Loan For.” Accessed Aug. 4, 2025.
- Discover, “What is Debt-to-Income Ratio?” Accessed Aug. 4, 2025.
