Best Egg vs. Payoff: Which Personal Loan is Right for You?

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If you’re trying to decide between a personal loan from Best Egg or Payoff, we’ve compared both companies below. Payoff is a good option for borrowers, as its loans can con. For all other purposes, borrowers should consider Best Egg.

Best Egg vs. Payoff

If you’re looking to refinance credit card debt, we’d recommend a loan from Payoff. In other circumstances, consider a loan from Best Egg, since it is not restricted to paying off credit card debt. These loans can be used for home improvement, medical expenses or relocation. We also recommend Best Egg for consumers with higher income as you can borrow more at better rates, with the more income you demonstrate that you have.

Best Egg (Review)Payoff (Review)
Amounts$2,000 - $35,000 (up to $50,000 for qualified borrowers)$5,000 - $35,000
Rates5.99% - 29.99%8.00% - 25.00%
Terms3 or 5 years2 to 5 years
Fees
  • Origination fee: 0.99% - 5.99%
  • Late payment fee: $15
  • NSF/returned payment fee: $15
  • No check processing fee
  • No prepayment penalty
  • Origination fee: 2% - 5%
  • No late payment fee
  • No NSF/returned payment fee
  • No check processing fee
  • No prepayment penalty
Funding Time1+ days2-5 days
Apply NowApply at Best EggApply at Payoff

How to Qualify

Best Egg doesn't disclose a minimum credit score or annual income to qualify for a loan, but the company does specify what it takes to qualify for its largest loan amounts and lowest rates. You'll need to have a good to excellent credit score and/or a six-figure annual salary to qualify for the lowest rates or largest loan amounts at Best Egg.

Payoff, on the other hand, is very explicit in what it takes for a borrower to qualify, down to the allowable number of delinquencies and installment loans in the past year. The company takes your credit history seriously, looking at the number of accounts you have in good standing, the length of your credit history and the number of delinquencies you have (whether current or past due). It can be a good option for borrowers who may have had great credit initially, but have experienced some issues with their credit in the recent past.

Best EggPayoff
Minimum Criteria
  • U.S. citizen or permanent resident
  • At least 18 years old
  • Annual income of $150,000 or more to qualify for $50,000 loan
  • Credit score of 700 and annual income of $100,000 or more to qualify for 5.99% APR
  • Credit score of 640 or higher
  • Debt-to-income ratio under 51%
  • 3 years of credit history with at least 2 current accounts in good standing
  • No more than one installment loan in last 12 months
  • No current delinquencies
  • No delinquencies greater than 90 days in the last 12 months

How to Choose Between the Two

In order to pick the right personal loan company for you, we have listed out various scenarios:

Best EggPayoff
Better For
  • High income earners
  • Consolidating other types of debt or using funds for other purposes
  • Paying off credit card debt

If you need to refinance existing credit cards, consider Payoff. A personal loan from Payoff can only be used to consolidate credit card debt. One unique advantage to this singular focus is that the company provides tools and services, such as quarterly check-ins and FICO score updates, to help you stay on top of paying down your debt.

If you want to use a loan for a different purpose, consider Best Egg. Unlike Payoff, Best Egg doesn’t impose the same restrictions on how you use its personal loans. The company advertises that its loans can be used for debt consolidation, credit card refinancing, home improvement, moving expenses, vacations, special occasions, adoption, and other major expenses.

If you have high annual income, consider Best Egg. Best Egg will let you borrow more at better terms if you have a six-figure salary and a good credit score. The company is very straightforward about what it takes to qualify for a $50,000 loan and its lowest rate. To borrow $50,000, you’ll need to demonstrate that you have an annual income of at least $150,000. If you want to get the lowest rate, you’ll need a yearly salary of at least $100,000 and a FICO score of 700 or higher.

If you have a credit score under 660, consider other lenders. You’ll need a credit score of 660 to qualify at Payoff. While Best Egg doesn’t disclose its minimum credit criteria, you’ll likely have a harder time qualifying with a credit score below 660. If your credit score happens to be lower, we recommend that you check your rate at other lenders. Both Peerform and Avant are options. Peerform requires a minimum FICO of 600, while Avant serves borrowers with credit scores between 600 and 700.

If none of this applies to you, check your rate at Best Egg and other lenders. If you don’t need to pay off credit card debt and none of the other criteria above applies to you, we recommend that you check you rate at a few lenders to get the best deal. Most online personal loan companies will let you check your rate without affecting your credit score, so it’s in your best interest to shop around to find a loan that will work for you. You can see a list of our top picks here.

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