Loan amounts and terms
One of the most important decisions when taking out a loan is how much to borrow and how long the term should be.
- Best Egg: Typically, Best Egg lends between $2,000 and $50,000. You can take out a loan for anywhere from three to five years.
- Upgrade: With Upgrade, you have a bit more flexibility. Your loan can start at $1,000 and go up to $50,000. You can also shorten your loan term to two years or extend it to up to seven years.
Another key difference between the two lenders is that Best Egg allows you to stack multiple loans if you qualify. This means that if you still need money after taking out your first loan, you can borrow again without refinancing — though your total loan balances cannot exceed $100,000.
» COMPARE: Top lenders offering personal loans
Interest rates and fees
Best Egg offers a lower starting annual percentage rate (APR), while Upgrade may be more cost-effective if you qualify for discounts.
Here’s how the two lenders compare:
- APR ranges: Best Egg starts at 6.99% and goes up to 35.99%. Upgrade starts at 7.74% and caps at 35.99%.
- Origination fees: Best Egg charges between 0.99% and 9.99% on unsecured loans. Upgrade’s range starts higher, at 1.85%, and maxes out at 9.99%.
- Late payment fees: Best Egg charges a $15 late fee. Upgrade charges $10 for a late payment, plus an additional $10 if the payment fails to process.
Discounts
Upgrade offers a discount if you set up automatic payments from your bank account. You may also qualify for incentives if Upgrade confirms you’re using the loan to consolidate debt.
Best Egg doesn’t offer rate discounts, so Upgrade could be the better choice if you’re eligible.
Borrower requirements
Both Best Egg and Upgrade cater to borrowers with fair to good credit. But the requirements from each lender differ in critical ways.
- Credit scores: Upgrade may approve borrowers with credit scores as low as 580, while Best Egg’s minimum is 640.
- Co-signers: Best Egg doesn’t allow borrowers to use a co-signer. Upgrade, in contrast, will allow you to get a co-signer, which can help you qualify for better terms.
- Debt consolidation: Neither lender has restrictions on consolidating other debts with your unsecured loan. Indeed, Upgrade even offers you the option to pay your creditors directly.
Customer experiences and reviews
Reviews are generally positive for both Best Egg and Upgrade, though borrowers note differences in payment relief and in how each handles missed payments.
- Ease of application: Both lenders get great reviews for making the application process easy. Customers also appreciate how quickly they received their funds. You can sometimes get your money on the same business day.
- Settlement experiences: Both Best Egg and Upgrade have reputations for being easy to settle with if you find yourself unable to pay back your loans. In some cases, borrowers can reduce their balance by a large amount simply by calling customer service.
Which is better: Best Egg or Upgrade?
The better choice depends on whether you value lower fees with Best Egg or more flexible options with Upgrade.
- Choose Upgrade if you need longer payment terms or a lower credit score minimum. You may also want to go with Upgrade if you think you’ll qualify for autopay or debt consolidation discounts.
- Choose Best Egg if you think you may have to stack multiple loans down the road. Also, if you have better credit, Best Egg may offer you a lower interest rate.
Of course, you should always make a decision based on your own financial situation, repayment goals and whether you’re eligible for any discounts. If you’re on the fence, it’s a good idea to prequalify with both lenders and see which company offers you a better rate.
FAQ
Is Best Egg or Upgrade better for long-term loans?
Upgrade is the better choice for longer repayment terms, offering up to seven years compared to Best Egg, which offers a maximum of five.
Is Best Egg a trustworthy lender?
Yes, Best Egg is a well-established online lender with thousands of positive customer reviews. It’s known for transparent loan terms and fast funding.
How do Best Egg and Upgrade handle late payments?
Best Egg charges a flat $15 late fee. Upgrade charges $10 plus an additional $10 if the payment fails.
What are the benefits of using a cosigner with Upgrade?
Adding a co-signer can help you qualify if your credit is borderline. It may also help you secure a lower interest rate.
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:
- Consumer Financial Protection Bureau, “What is a credit inquiry?” Accessed Aug. 31, 2026.
