*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.
The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001.
For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL–Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
An $8,000 personal loan can help you cover a variety of expenses, from home improvements to unexpected medical bills. Many banks, credit unions and online lenders offer loans of this size, and finding the right one can make repayment manageable while covering your immediate financial needs.
$8,000 personal loan lenders
Compare top lenders that offer $8,000 personal loans based on APR, credit score and loan terms. Select up to four providers to see side-by-side benefits and find the best fit for your financial goals.
If you’re considering taking out an $8,000 loan, here are the steps you’ll need to follow:
Check your credit score. A provider largely bases the loan terms it offers on your credit score. If your credit score is low, consider improving it before applying for better rates.
Assess your financial situation. Review your monthly income and expenses, then calculate how much it would cost to borrow $8,000 to determine how much of a loan payment you can afford each month.
Research lenders. Evaluate lenders that offer $8,000 personal loans. Consider the pros and cons of working with a bank or credit union versus online lenders to find which best meets your needs.
Check eligibility requirements. Make sure you meet the basic eligibility requirements for an $8,000 loan, including employment status, income, credit score, debt-to-income ratio, age and citizenship requirements. You may even consider prequalifying to get an idea of the rates and terms a lender may offer without harming your credit score.
Compare loan offers. Once you have several prequalified offers to choose from, compare their features to find the best option. Be sure to make note of any differences in interest rates, terms, eligibility requirements and more.
Submit a full application. After choosing which loan you want, provide the lender with any additional documentation, which may include pay stubs, bank statements and proof of identification.
Review the loan agreement and receive funds. Once your application has been approved, you’ll receive a copy of the loan agreement. Look it over carefully to make sure you understand the terms, then sign and return it to the lender. After signing the loan agreement, funds are typically deposited into your bank account within a few days.
Eligibility requirements for an $8,000 loan
Before approving your application, lenders assess your eligibility to ensure you can repay the loan. While specific requirements vary by lender, these are some of the most common criteria you’ll need to meet to qualify for an $8,000 personal loan.
Proof of income. Lenders need proof of steady income so they know you can repay the loan.
Minimum credit score. Most lenders require at least a fair credit score, which is 620 or higher, though you can find some companies that offer $8,000 loans even if you have bad credit.
Debt-to-income (DTI) ratio. This ratio compares your monthly debts against your income to evaluate your ability to repay the loan. Lower than 36% DTI is ideal, though some lenders may consider borrowers with a DTI up to 50%.
Minimum age. You must be 18 years of age or older to borrow $8,000 in most states.
US Citizenship or residency. Most lenders require that borrowers be a US citizen or permanent resident.
Valid bank account. You must have a valid bank account in your name to receive funds from your chosen lender.
How to increase your chances of approval
If you’re concerned you may not qualify for an $8,000 loan, you can do a few things to improve your chances of approval. The best way to get approved — and receive better loan terms — is to improve your credit score. You can do this by paying down balances, making payments on time and fixing any errors on your credit report.
Lowering your debt-to-income ratio also helps. To do this, you’ll need to either reduce your current debt load, increase your income or a combination of the two. You can also increase the odds of approval by offering collateral or applying with a cosigner who has a better credit history than yours.
How much does an $8,000 loan cost?
The cost of your $8,000 loan depends on the loan terms you agree to, specifically the interest rates, repayment terms and fees. Let’s look at a couple of examples to illustrate how these factors make a difference in the cost of your loan.
If you take out an $8,000 loan at 7.99% that’s repaid over five years, your monthly payments will be $162.17 per month and you’ll repay $9,730.37 over the life of the loan. The same loan repaid over 10 years would add up to monthly payments of $97.02 and a total repayment amount of $11,642.38 — that’s almost $2,000 more in interest.
Let’s say you don’t qualify for a low interest rate and are charged 10.99% instead. If the loan is repaid over five years, you’ll pay $173.90 per month or $10,433.97 total. Compare that to the 7.99% interest rate, and you’ll see what a difference a few percentage points can make!
Loan origination fees can also make your loan more expensive. These fees are charged up front, deducting a percentage from the total loan amount you receive. For example, if the lender charges a 4% origination fee, you’ll only receive $7,680 of your $8,000 loan, but you’ll need to repay the entire amount.
Calculate your monthly loan repayments
Want to know how much monthly payments on an $8,000 will be? Input your estimated interest rate and repayment terms into our calculator to find out!
How long does it take to get an $8,000 loan funded?
It can take up to seven business days to receive your loan after applying, though the timeline may be shorter depending on how quickly you submit documentation and the lender processes your application. For faster approvals, seek out lenders that offer next-day funding.
Can I get a loan for $8,000 with bad credit?
Bad credit is typically considered to be a credit score of 580 or lower. While it can be challenging to get an $8,000 loan with bad credit, it’s not impossible. Check with lenders or loan marketplaces that specialize in working with bad credit borrowers, such as Upstart, Monevo and One Main Financial.
However, keep in mind that you’ll likely end up with much higher APRs since borrowers with bad credit are considered a greater risk. Compare offers and check loan terms carefully to make sure you can afford the payments before committing to a loan.
7 tips to get a low rate on your loan
To get a better interest rate on your $8,000 loan, you can:
Improve your credit score.
Use collateral.
Apply with a co-applicant or cosigner.
Shop around and compare multiple offers.
Choose a shorter loan term.
Look for rate discounts.
Apply during promotions.
How to pay off $8,000 in debt
Carrying $8,000 in debt over the next two to five years can put pressure on your finances. To make the process easier, here are some strategies to help you pay it off faster and lighten the load.
Automated payments. Set up automatic payments so you never have to worry about missing a due date.
Pay more than the minimum. Round up your payments to the nearest $50 or $100 dollars to reduce your balance faster.
Extra payments. Make extra payments toward the principal balance, but make sure your lender doesn’t charge prepayment fees.
Consider refinancing. If interest rates go down as you’re repaying your $8,000 loan, consider refinancing to get a better rate.
Consolidate your debt. If you have multiple debts that you’re paying off at once, you could take out a debt consolidation loan to roll all your payments into one.
What to watch out for
When shopping around for an $8,000 personal loan, there are a few red flags to be on the lookout for.
Excessively high APRs. Avoid lenders that charge higher than average APRs; these loans cost a lot more money over the life of the loan.
Guaranteed approval. Lenders that claim to approve all applications typically don’t offer very good loan terms.
Additional fees. Not every lender charges loan application, origination or prepayment fees. To save money on your loan, avoid these fees whenever possible.
Lack of transparency. Check out lenders’ websites before applying. If they don’t provide information on interest rates, eligibility requirements or fees, try another lender.
Poor track record. Read reviews provided by past customers and avoid any lenders with a reputation for bad customer service.
Alternatives to personal loans
If you need to borrow $8,000 but you’re not sure a personal loan is the right option, you might consider these alternatives:
Home equity line of credit. A home equity line of credit (HELOC) that offers a revolving line of credit secured by the equity in your home.
Home equity loan. A home equity loan that uses your home as collateral and provides lower interest rates than personal loans.
P2P lending. Peer-to-peer lending that allows you to borrow money directly from individual investors through an online platform.
Christi Gorbett is a freelance writer with more than eight years of experience and a master's degree in English. She’s created a wide range of content for banks, financial product comparison sites, and marketing companies on topics like small business loans, credit cards, mortgages, retirement planning, lender reviews, and more.
As a former teacher, Christi excels at making complex financial topics accessible and easy to understand. Her interest in finance grew when she returned to the U.S. after living in South Korea for nearly a decade.
This shift was driven by several personal financial challenges: rebuilding her financial base after the move home, starting her own business, and catching up on retirement savings. These experiences deepened Christi’s practical understanding of finance and intensified her interest in the field. See full bio
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