Which personal lender is right for you?

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Lender

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Editor’s note

4.5/5
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Excellent rates for those with good credit

Regular APR

3.99% to 19.99% with AutoPay (Rates as of 07/01/2022. Rates vary by loan purpose.)

Editor’s Note

4.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Unemployment protection if you lose your job during repayment

Regular APR

6.99% – 22.23% APR (with all discounts)

Summary LightStream vs. SoFi

Both LightStream and SoFi are designed for borrowers with excellent credit, as you will only qualify for their lowest rates if you have a top-notch credit score. Although you may qualify if you score lower than the accepted scores, you will likely face a higher rate as a result.

Neither company charges fees, making them a great choice over other personal loan companies that do.

Compare personal loan rates

Advantages and disadvantages of LightStream

Regular APR

3.99% to 19.99% with AutoPay (Rates as of 07/01/2022. Rates vary by loan purpose.)

Regular APR

3.99% to 19.99% with AutoPay (Rates as of 07/01/2022. Rates vary by loan purpose.)

More information
  • Loan amounts range from $5,000 to $100,000
  • Loan terms vary from 2 to 12 years
  • Apply online and you will receive an answer shortly during business hours.
  • Receive your funds the same day
  • Loans are provided by Truist Bank, Member FDIC

LightStream is one of the best options for personal loans. It has some of the lowest rates of all the companies we reviewed, so you’ll save money on interest payments.

If you apply during business hours, an approval decision should be made shortly after application. Loans can be funded the same day if the application is approved, verified and signed by 2:30 p.m. ET.

Advantages and disadvantages of SoFi

Regular APR

6.99% – 22.23% APR (with all discounts)

Regular APR

6.99% – 22.23% APR (with all discounts)

More information
  • Loan amounts range from $5,000 to $100,000
  • The duration of the loans varies from 2 to 7 years
  • Usually receive your money a few business days after your application is approved
  • Unemployment protection if you lose your job while paying off your loan, allowing you to request a three-month forbearance, up to a total of 12 months
  • The loans are made by SoFi Lending Corp.

One of the main strengths of SoFi over LightStream is that you can apply with a co-signer, which could help you get better rates if your co-borrower has a good credit history.

SoFi also comes with a unique unemployment protection benefit. The company offers forbearance to any personal loan borrower who loses their job while repaying their loan. This unique feature allows borrowers to request a three month forbearance, up to a total of 12 months.

How to choose between LightStream and SoFi

If you want more time to pay off the loan, consider LightStream. LightStream offers loans for up to 12 years, so if you want to spread the cost of your loan, you might want to consider this lender. SoFi offers loans for up to seven years. However, keep in mind that the longer you extend the term of your loan, the more interest you will pay. On the bright side, you can prepay your loan without penalty by either company.

If you have good credit and want the best APR, consider LightStream. LightStream has lower minimum rates than SoFi, so if your credit history is in good shape, you’ll likely qualify for a better rate with LightStream. If your credit isn’t as good, you may qualify for a similar rate with both companies.

If you want the best unemployment protection, consider SoFi. SoFi’s unemployment protection on its personal loans comes with a waiver for any borrower who loses their job while their loan is being paid off. This benefit is unique to SoFi and not offered by LightStream.

If you need cash fast, consider LightStream. LightStream can fund your loan the same day you apply if you receive your application early. SoFi only takes a few days to get your money, but it’s not nearly as useful in a pinch.

If you need a cosigner, consider SoFi. SoFi allows co-signers, while LightStream does not. If you need a cosigner to improve your chances of approval or to get a lower rate, you’ll want to go with SoFi.

LightStream vs SoFi reliability and BBB ratings

Both LightStream and SoFi have an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates companies taking into account a company’s response to customer complaints, honesty in advertising, and transparency in business practices.

Neither LightStream nor SoFi have been embroiled in any controversy in the past three years. Both companies have clean track records and top-notch BBB ratings, so you should feel comfortable borrowing from either company.

Frequently Asked Questions

Is it difficult to get approval from LightStream?

You’ll need a minimum credit score of 660 to be approved for LightStream personal loans, and an excellent score to get the lowest rates.

Is SoFi a reliable lender?

Yes, SoFi is a reliable lender with an A+ rating from the Better Business Bureau.


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