Personal loans can be used as a stepping stone for your dreams. However, finding the perfect lender is crucial.
Let’s compare Best Egg Vs Lending Club to find the company that is best fit for you and your family.
What is Best Egg?
Best Egg was founded in 2014. Best Egg is a growing online lender that is on a mission to help you to pay back your debts faster. Best Egg helps their customers to find a rate that best fits them. Although Best Egg is a new company compared to some of the other well-known lending platforms, Best Egg boasts over 400,000 borrowers who use their platform. In total, Best Egg has funded well over $6 billion in loans. Personal loans can be used for businesses, baby & adoption, moving expenses, credit card refinancing, and more. Best Egg loans are unsecured personal loans, which means you won’t have to worry about collateral. They are made by Cross River Bank.
What is LendingClub?
LendingClub Corp was founded by Renaud Laplanche in 2006. The goal of LendingClub is simple. Their goal is to help you meet your life goals. LendingClub is not your typical online lending platform such as SoFi or Prosper. LendingClub is a peer lending platform that benefits both borrowers and investors. Peer lending is an alternative form of lending that removes banks and substitutes with individuals and investors. P2P lenders will usually allow you to get loans at lower rates. With over 2.5 million customers, LendingClub is one of the largest lending and investing platforms in the nation.
Reputation comparison
Best Egg
Best Egg is recognized by Credit Karma, Trustpilot, Bestcompany.com, and Better Business Bureau as one on the top online lending platforms.
Four months after Best Egg’s BBB file was opened Best Egg became an accredited BBB business. The company received the highest Better Business rating possible with an “A+” BBB rating. In total, Best Egg has over 1700 customer review. With so many customer reviews Best Egg still received an almost perfect 5 out of 5 star rating.
Best Egg has1700+ Trustpilot reviews and has a TrustScore of 9.5 out of 10.
LendingClub
LendingClub is a household name. If you ever tried to get a personal loan before, then most likely you heard of or was recommended to LendingClub.com. LendingClub has been recognized by Forbes, TechCrunch, BBB, and INC. as one of the top peer lenders in the industry. LendingClub received an “A-” grade in the Better Business Bureau rating overview. The company has been BBB accredited since 2008.
Personal loan rates
Best Egg
Best Egg borrowers may qualify for a loan with an interest rate as low as 5.99%. Best Egg rates range from 5.99% – 29.99% APR. This is one of the lowest personal rate ranges in the lending industry.
Lending Club
LendingClub is known for their low rates. However, their interests are slightly higher than Best Egg. Rates with LendingClub range from 6.16% – 35.89% APR.
Fees comparison
Lending Club does not have prepayment penalty fees. However, Lending Club does offer origination fees that range from 1% – 6%.
With Best Egg you will not have to worry about prepayment penalty fees. However, they do have origination fees. Best Egg origination fees range from 0.99% – 5.99%.
Both lenders have late fees.
With Best Egg you will be given a 3-day grace period to pay your monthly bill. If your bill is not paid within 3 calendar days after your due date, then you will be charged $15. Also, you may be charged a $7 processing fee if you are not enrolled in automatic billing.
With Lending Club, you will have a 15-day grace period. If your monthly bill is not paid within 15 days of the due date, then you will be charged the greater amount of 5% of your past due bill or $15.
Start a loan with Lending Club today!
Features comparison
Best Egg benefits
- Low, Fair Rates
- Intuitive Tools – Best Egg offers great tools that are designed to put you in control. You will easily be able to customize your loan. Best Egg tools are available 24/7.
- Faster than normal loan funding times.
- 3 or 5-year loan payoff options.
- Simple and quick loan process.
- Soft credit check so your credit score will not be affected.
Lending Club benefits
- Trusted platform that screens borrowers, facilitates the transaction, and services your personal loans.
- Hardship Plan – This feature is one of the best features that Lending Club has to offer. Lending Club knows that unexpected life events can happen at any time. If you ever have trouble making payments, then Lending Club will help you to lighten the load by allowing you to make interest only payments.
- Affordable rates
- Co-signer option – With a co-signer getting a loan will be easier and you will also be able to get lower interest rates on your loan.
- Soft credit check
- With Lending Club, you will not have to worry about prepayment penalty fees
Funding time
Best Egg has one of the fastest funding times among online lenders. With Best Egg you will be able to get your loan within one business day of being approved.
Lending Club offers fast funding times as well. You will be able to get your loan within 1 to 7 days.
Get a loan with LendingClub here!
Loan terms
Both Lending Club and Best Egg have 3 or 5-year loan options for you to choose from.
Online personal loan application
I love the online application with both lenders. Getting rates has never been easier and can be done in a couple minutes. The online difference is with the approach. With Lending Club, you will be borrowing from investors instead of borrowing from a bank.
Borrow amount
Let’s find out how much that you will be able to borrow with each online lender.
With Lending Club, you will have more flexible options. Borrowing with Lending Club ranges from $1000 to $40,000. If you need a smaller loan under $2000, then Lending Club will be a great loan option.
With Best Egg you will need to borrow a loan of at least $2000. Best Egg loans range from $2000 to $35,000.
Minimum credit requirement
It’s hard for any online lender to compete with Lending Club in this category. Lending Club easily beats out most lenders.
To be eligible to get a loan with Lending Club you will at least need a 600-credit score. However, most Lending Club borrowers have an average credit score of around 700.
Best Egg is not far off from Lending Club. With Best Egg you should have at least a 640-credit score before you apply. With Best Egg you will not have to worry about having years and years of credit history.
Support
The Best Egg Help Center is filled with several featured topics. With their Help Center you can learn more about borrowing, fees, security, and more. You can contact their customer service from Monday–Thursday 9am–9pm ET, Friday 9am–7pm ET and Saturday 10am–5pm ET.
Lending Club offers a resource center for their borrowers and investors. You can contact them regarding help with personal loans, business loans, education loans, and more. Their phone support is available from Monday to Friday from 6am to 5pm PT and Saturday from 8am to 5pm PT.
Which lender should I choose?
Both Lenders are awesome choices. Best Egg might give you slightly lower rates, but Lending Club has a lower minimum credit requirement with more toys included with your loan. I recommend that you apply and get rates now and take advantage of the low rates on the market.