Upstart vs. Best Egg: Which Fits Your Needs?

When it comes to personal loans, two names often stand out in the competitive fintech space: Upstart and Best Egg. Both platforms offer quick funding, competitive rates, and a streamlined application process. But which one is the right fit for your financial needs?

In today’s fast-paced world, where inflation, rising interest rates, and economic uncertainty dominate headlines, choosing the right loan provider can make a huge difference. Whether you're consolidating debt, financing a home improvement project, or covering unexpected expenses, understanding the strengths and weaknesses of each lender is crucial.

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How Upstart and Best Egg Stack Up

1. Loan Offerings and Eligibility

Upstart: AI-Driven Lending for Fairer Approvals

Upstart differentiates itself by using artificial intelligence (AI) and machine learning to assess borrowers. This means it looks beyond traditional credit scores, considering factors like education, job history, and even area of study.

• Loan amounts: $1,000 – $50,000
• APR range: 6.40% – 35.99%
• Term lengths: 3 or 5 years
• Minimum credit score: Typically 600+ (but may approve lower with strong alternative data)

This makes Upstart a great option for young professionals, recent graduates, or those with thin credit files who might struggle with traditional lenders.

Best Egg: Fast Funding for Stronger Credit Profiles

Best Egg, backed by Marlette Holdings, focuses on borrowers with good to excellent credit (typically 640+). It’s known for fast approvals and funding—sometimes as quickly as one business day.

• Loan amounts: $2,000 – $50,000
• APR range: 8.99% – 35.99%
• Term lengths: 3 or 5 years
• Minimum credit score: Usually 640+

Best Egg is ideal for borrowers with established credit who want a straightforward, quick loan process.

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2. Interest Rates and Fees

With the Federal Reserve raising interest rates in 2023, securing a low APR is more important than ever. Here’s how the two compare:

Upstart’s Fee Structure

• Origination fee: 0% – 12% (varies by loan)
• No prepayment penalties
• Late fees: 5% of payment or $15 (whichever is greater)

Upstart’s AI-based underwriting can sometimes lead to lower APRs for non-traditional borrowers, but the origination fee can be steep for some.

Best Egg’s Fee Structure

• Origination fee: 0.99% – 5.99%
• No prepayment penalties
• Late fees: $15

Best Egg tends to have lower origination fees but may offer slightly higher APRs to those with borderline credit.

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3. Application Process and Speed

In an era where digital convenience is king, both platforms excel—but in different ways.

Upstart: Tech-Savvy and Flexible

• Soft credit check for pre-approval
• AI-driven approval process (often faster than manual underwriting)
• Funds disbursed as soon as the next business day

Best Egg: Speedy and Efficient

• Instant pre-qualification with soft credit pull
• Fast underwriting (same-day approval possible)
• Next-day funding for approved applicants

If speed is your priority, Best Egg may have a slight edge. But if you have a unique financial profile, Upstart’s AI might work in your favor.

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4. Customer Experience and Reputation

With consumer trust in financial institutions fluctuating, borrower satisfaction matters.

Upstart’s Reviews

• 4.7/5 on Trustpilot (mostly positive)
• Praise for accessibility (helpful for those with limited credit history)
• Some complaints about high APRs for riskier borrowers

Best Egg’s Reviews

• 4.5/5 on Trustpilot
• Liked for transparency and fast service
• Criticism over rigid credit requirements

Both have strong reputations, but Upstart’s flexibility makes it a favorite among those who don’t fit traditional lending molds.

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5. Economic Factors to Consider in 2024

The global financial landscape is shifting, and borrowers must adapt:

• Inflation impact: Rising costs mean lower loan amounts may not suffice—Upstart’s higher max loan ($50K) could be beneficial.
• Job market volatility: Upstart’s AI considers employment trends, which may help gig workers or those in unstable industries.
• Debt consolidation demand: With credit card rates soaring, both lenders are popular for refinancing—but Best Egg may offer better terms for strong-credit applicants.

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Final Thoughts: Who Should Choose Which?

Choose Upstart If You…

✅ Have a limited credit history but strong earning potential
✅ Want AI-driven approvals that look beyond FICO scores
✅ Need a higher loan amount (up to $50K)

Choose Best Egg If You…

✅ Have a credit score of 640+ and want competitive rates
✅ Prioritize fast funding (sometimes within 24 hours)
✅ Prefer a lower origination fee compared to Upstart

The right choice depends on your credit profile, urgency, and loan purpose. In today’s unpredictable economy, weighing these factors carefully can save you thousands in interest and fees.