Best Egg vs. Upgrade

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 will lend you as little as $2,000 and as much as $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 as low as $1,000 and go up to $50,000. You can also shorten the term of your loan to two years or extend it for as long as 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, even after you take out a first loan, you still need money, you can borrow again without refinancing the first loan.

» COMPARE: Top lenders offering personal loans

Interest rates and fees

Upgrade may be the more cost-effective option thanks to its lower starting annual percentage rate (APR) and available discounts for autopay and debt consolidation. Best Egg, however, can be cheaper up front if you qualify for its lower origination fees.

Here’s how the two lenders compare:

• APR ranges: Best Egg starts at 8.99% and goes up to 35.99%. Upgrade starts slightly lower at 8.49% but also goes up to 35.99%.
• Origination fees: Best Egg charges between 0.99% and 8.99%. Upgrade’s range is higher, from 1.85% to 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.

» MORE: Weigh the pros and cons of debt consolidation

Borrower requirements

Both Best Egg and Upgrade are companies that cater to borrowers with fair to good credit. But the requirements from each lender differ in critical ways.

• Credit scores: Best Egg and Upgrade both will typically approve borrowers with credit scores as low as 620.
• 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 mention contrasts in payment relief and how each handles missed payments.

• Payment flexibility: Best Egg reviewers appreciate that the company offers a four-month payment holiday. So if times are tough, you can place a pause on your payments. Upgrade reviewers, in contrast, say the lender doesn’t provide this option and can be stricter if payments are missed.
• 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 comes down to whether you value lower fees with Best Egg or more flexible options with Upgrade.

• Choose Upgrade if you need to have longer payment terms or if you have a lower credit score. 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’re hoping for lower origination fees or if you think you may have to stack multiple loans down the road. Also, if you have better credit, Best Egg may allow you to get a better 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.