UPSTART AND BEST EGG PERSONAL LOANS?

gordoncharles25 · ‎01-10-2021

Hi guys, do you know if someone can both apply for upstart and best egg personal loans at the same time or days apart> i read they both are funded by the same bank cross river bank. so i am not sure if its possible. and since one check experian and the other transunion.

laurenjarrod · ‎01-12-2021

I was looking into both of them too.

Do you know which one checks experian and which checks Transunion?

Anonymous · ‎01-12-2021

Both of those will code as a consumer finance account, just a warning. Generally anything from Cross River Bank will end up coding as a CFA. Found this out the hard way with Best Egg. I would check banks and CUs first, CFAs should be your last resort.

laurenjarrod · ‎01-12-2021

Do you mind explaining why a CFA should be the last resort?

Anonymous · ‎01-12-2021

@laurenjarrod wrote:
Do you mind explaining why a CFA should be the last resort?

Because it's a score ding that won't go away until the loan drops off your report. So for example, say you get a 3 year loan, you will have that score loss for at least 13 years (it's not considered a derogatory account so it stays for 10 years after last payment instead of 7). Trust me, it's extremely infuriating when you clean up your credit reports to the point that the reason code shows up every time your scores are pulled.

laurenjarrod · ‎01-12-2021

Oh wow! Thank you for the information.
How can you tell if the loan you're looking into is a CFA account? It sounds like those should be kept away from.

Anonymous · ‎01-12-2021

@laurenjarrod wrote:
Oh wow! Thank you for the information.
How can you tell if the loan you're looking into is a CFA account? It sounds like those should be kept away from.

Basically if it's not from a bank or CU, there's a decent chance it could be a CFA. SoFi, Lending Club, Best Egg, and Prosper are some big names that all have had CFA reports.

rooeez · ‎01-13-2021

You can try Payoff. They just administer the loan but it is funded by a bank. Mine codes as an unsecured loan. Also, FYI my old Lending Club loan also coded as unsecured loan. Not sure that's across all loans, but just some data points.