Personal Loans Compared: 5kfunds vs. Best Egg
If you need a short term loan, you’re likely considering taking a personal loan to get the cash you need quickly. The world of personal loans, at first glance, is complicated and crowded. Understanding the best personal loan providers will help you identify the right lender according to your specific needs.
Two popular lenders, 5kfunds and Best Egg, both provide personal loan services to borrowers. Each company has different offers with competitive rates and options. Learn more about how 5kfunds and Best Egg compare in their personal loan offerings and which might better be suited to your financial needs.
5kfunds vs Best Egg
At a glance, personal loan providers might look the same to you. However, many aspects may differ, like prepayment fees, APR (annual percentage rate), loan amount, and the repayment period. Take a look at how 5kfunds and Best Egg compare:
Must have a bank account?
Access APRs starting from 5.99%
$1,000 to $35,000.
5.99% – 29.99%
$2,000 to $35,000
5kfunds has a few attractive advantages that set it apart from the competition. It should be noted, 5Kfunds is a service designed to assist borrowers, with all types of credit score, in accessing personal loans quickly. It’s not necessarily a lender or an agent. Some advantages of using 5kfunds include:
- APRs starting from 5.99%
- Loan amounts available from $1,000 to $35,000
- Enjoy no fees or obligations
- No credit score required
Introducing Best Egg
Best Egg differs from 5kfunds in a few ways. Most notably, this company tends to lean toward borrowers with better credit. If you’re truly pressed for time and need access to your loan as soon as possible, Best Egg might be right for you.
Best Egg has slightly more strict requirements, however, 50% of its loans are given within one business day. Whether it’s an emergency or a pressing need, you’ll likely get access to funds very quickly. Other benefits of Best Egg include:
- Receiving your loan amount as quickly as one business day
- Enjoy low starting minimums
- No hard credit check is needed to pre-qualify
- No prepayment fees
Pros And Cons Of Personal Loans
Like many things in life, there are always pros and cons to consider, and personal loans are no exception.
If you need access to money quickly, you’re likely drawn to a personal loan and the amount offered as well as the repayment period. Personal loan funds are typically delivered quickly and paid back over a short period of time.
That said, it’s important to keep the following in mind: