Loans Like Best Egg: Top 10 Alternatives Vs. Best Egg Loan
Introduction
If you’re looking for loans like Best Egg but are based in the UK, you might find that Best Egg’s services, primarily designed for US borrowers, are unavailable. Best Egg is known for offering quick, easy personal loans with competitive rates, especially for those with fair to good credit scores.
However, UK borrowers need local alternatives that offer similar features. In this guide, I’ll introduce you to 10 top alternatives to Best Egg loans, each offering unique advantages to UK customers.
What is Best Egg and Why Look for Alternatives?
Best Egg is a popular US-based online lender offering unsecured personal loans. Its main draw is its competitive interest rates and quick loan disbursement. However, because it’s only available in the US, UK borrowers need to look for other options.
Alternatives should offer similar benefits such as quick approvals, flexible loan amounts, and favorable interest rates while catering to the needs of UK customers. Luckily, there are several local lenders that fit the bill.
Top 10 Alternatives to Best Egg in the UK (Loans Like Best Egg)
If you’re searching for alternatives, the following loan providers offer services similar to Best Egg, making them top choices for UK borrowers:
1. Best Egg vs. Zopa
Zopa offers personal loans with interest rates starting at 2.9%, significantly lower than Best Egg’s 5.99%. Zopa, a pioneer in peer-to-peer lending, allows you to borrow between £1,000 and £25,000.
While Best Egg focuses more on US-based borrowers, Zopa’s quick approvals (often within 24 hours) and flexible terms make it a top UK alternative, particularly for those with good to excellent credit scores.
2. Best Egg vs. Ratesetter
Ratesetter competes with Best Egg by offering loans through peer-to-peer lending. You can borrow from £1,000 to £35,000, with rates starting at 3.0%.
Unlike Best Egg, which targets US customers, Ratesetter is tailored for the UK market and provides personalized loan offers based on your credit profile.
It offers competitive rates and flexible terms, making it a strong alternative for those looking for more customizable loan options.
3. Best Egg vs. Tesco Bank Loans
Tesco Bank Loans offers fixed-rate personal loans, similar to Best Egg. You can borrow up to £25,000 with Tesco, and interest rates start as low as 3.0%, making it a solid choice for UK borrowers.
Best Egg provides loans up to £35,000, but Tesco Bank’s reliability as a well-established UK lender makes it a popular option for those seeking predictable repayments and competitive terms. Tesco also offers flexibility for borrowers with varying credit scores.
4. Best Egg vs. AvantCredit
AvantCredit offers personal loans specifically designed for individuals with less-than-perfect credit, similar to Best Egg’s focus on subprime borrowers.
While Best Egg provides loans with rates starting at 5.99%, AvantCredit’s interest rates are higher, starting from 9.95%. However, AvantCredit’s same-day approval process and loan amounts ranging from £1,000 to £20,000 make it ideal for UK borrowers who might struggle to get approval elsewhere due to their credit history.
5. Best Egg vs. Monevo
Monevo acts as a loan marketplace, similar to Best Egg’s ability to provide competitive rates through its platform.
Monevo allows UK borrowers to compare personalized loan offers from various lenders, making it easy to find the best deal.
With loan amounts up to £35,000 and varying interest rates depending on the lender, Monevo provides more flexibility than Best Egg by offering a wider range of loan options through its comparison tool.
6. Best Egg vs. Barclays Personal Loans
Barclays Personal Loans stands out by offering up to £50,000, higher than Best Egg’s maximum of £35,000. With interest rates starting at 2.9%, Barclays offers more attractive rates for those with good credit.
While Best Egg primarily caters to US borrowers, Barclays provides a tailored UK service with flexible repayment terms and excellent customer support, making it an ideal choice for borrowers seeking larger loan amounts and favorable terms.
7. Best Egg vs. Hitachi Personal Finance
Hitachi Personal Finance provides unsecured loans with interest rates starting at 3.1%. Similar to Best Egg’s fixed-rate loans, Hitachi allows you to borrow between £1,000 and £25,000.
It’s an excellent option for UK borrowers looking for straightforward terms, with flexible repayment options and no hidden fees. Best Egg may offer slightly higher loan amounts, but Hitachi’s simplicity and competitive rates make it a strong alternative for UK customers.
8. Best Egg vs. Shawbrook Bank
Shawbrook Bank offers personalized loans, particularly for home improvements or debt consolidation.
While Best Egg offers a maximum loan of £35,000, Shawbrook also provides loans up to this amount, with interest rates starting at 3.4%.
Shawbrook Bank’s focus on tailored solutions and transparent terms makes it a great choice for UK borrowers who need more specific lending solutions. Best Egg’s more generic approach doesn’t offer this level of customization.
9. Best Egg vs. Lendable
Lendable offers a quick loan approval process, often providing same-day funding, similar to Best Egg’s promise of fast loan disbursement. With interest rates ranging from 6.0% to 35.8%, Lendable targets borrowers who need funds quickly and offers loan amounts up to £25,000.
For UK borrowers, Lendable provides a local alternative with an easy-to-use platform and no hidden fees, while Best Egg operates in the US market with comparable rates and loan amounts.
10. Best Egg vs. Freedom Finance
Freedom Finance functions as a loan comparison platform, much like Best Egg’s marketplace model, but for UK borrowers. Freedom Finance allows users to compare loans from various lenders, with loan amounts up to £35,000.
It provides a wide range of borrowing options, making it easier to find a loan that suits individual needs. While Best Egg offers a simpler, more streamlined process, Freedom Finance’s diverse lender options give borrowers more control over finding the best possible deal.
How to Choose the Best Loan for Your Needs?
When selecting a loan provider, there are a few critical factors to consider:
- Interest Rates: The lower the interest rate, the less you’ll pay over the life of the loan. Make sure to compare the APRs offered by different lenders.
- Loan Amounts: Ensure the lender offers the right loan amount for your needs. Some lenders have lower maximums, so if you need a larger loan, choose a provider like Barclays or Shawbrook.
- Repayment Terms: Look for lenders that offer flexible terms, allowing you to repay the loan in a time frame that suits your financial situation.
- Credit Score Requirements: If you have poor credit, look for lenders like AvantCredit that cater to loans for borrowers with lower credit scores.
How Do These Alternatives Compare Vs Best Egg?
| Loan Provider | Interest Rates | Loan Amounts | Approval Time | Best For |
|---|---|---|---|---|
| Best Egg | 5.99% – 29.99% | £2,000 – £35,000 | 24-48 hours | Fast approval, fair-good credit borrowers |
| Zopa | 2.9% – 24.5% | £1,000 – £25,000 | 24 hours | Peer-to-peer lending, low rates |
| Ratesetter | 3.0% – 19.9% | £1,000 – £35,000 | 24-48 hours | Personalized loans, peer-to-peer lending |
| Tesco Bank Loans | 3.0% – 25.9% | £1,000 – £25,000 | 48 hours | Flexible repayment, trusted UK lender |
| AvantCredit | 9.95% – 35.99% | £1,000 – £20,000 | Same day | Bad credit loans, fast approvals |
| Monevo | Varies by lender | £1,000 – £35,000 | Varies (24 hours typical) | Loan comparison, finding the best rates |
| Barclays | 2.9% – 18.9% | £1,000 – £50,000 | 1-3 business days | Large loans, strong customer support |
| Hitachi Personal | 3.1% – 16.9% | £1,000 – £25,000 | 24-48 hours | Unsecured loans, flexible terms |
| Shawbrook Bank | 3.4% – 24.9% | £1,000 – £35,000 | 48 hours | Tailored loans for specific needs |
| Lendable | 6.0% – 35.8% | £1,000 – £25,000 | Same day | Fast approvals, no hidden fees |
| Freedom Finance | Varies by lender | £1,000 – £35,000 | Varies (24 hours typical) | Loan marketplace, diverse options |
Key Comparisons of other loans
- Best for Low Rates: Zopa and Barclays stand out with the most competitive interest rates for borrowers with good credit scores.
- Best for Bad Credit: AvantCredit and Lendable are ideal for borrowers with bad credit, offering quick approval processes.
- Loan Amount Flexibility: Barclays offers the highest loan amount, up to £50,000, while others are typically capped at £25,000-£35,000.
- Approval Speed: Lendable and AvantCredit provide the fastest approval times, often offering same-day funding, ideal for borrowers in need of quick cash.
How to Apply for These Loans?
Applying for a personal loan with these UK-based providers is typically straightforward. Here’s a general outline:
- Check Eligibility: Visit the lender’s website and check if you qualify.
- Submit an Application: Provide personal information, employment details, and financial history.
- Receive Approval: If approved, you’ll receive an offer, typically within 24-48 hours.
- Accept the Loan: Review the loan terms carefully before accepting.
- Receive Funds: Once accepted, funds are usually deposited directly into your account within 1-3 business days.
What Are the Benefits of Choosing UK-Based Lenders Over Best Egg?
- No Currency Conversion: You avoid complications related to currency exchange rates or fees.
- Localized Services: UK lenders understand local regulations and consumer protections, ensuring you have access to the right financial advice.
- Quicker Approval: Many UK lenders offer same-day or next-day approval, allowing for faster access to funds.
Conclusion
There are plenty of UK-based alternatives to Best Egg, each offering competitive loan products with unique features. Whether you’re looking for quick approval, low-interest rates, or flexible repayment terms, you can find the right loan provider that suits your needs.
By comparing these options, you’ll be well-equipped to secure a loan that works for your financial situation.
