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If you’re looking for a personal loan and have a solid credit score, there are two online lenders to consider: LightStream and SoFi. Both lenders offer a variety of features and similar loan products.
SoFi started as a student-focused lender in 2011 but has since expanded to offer a range of banking and lending services. LightStream is the online lending division of Truist Bank, which started in 2013 as a lender specializing in borrowers with good credit.
When comparing Sofi vs LightStream, both lenders are good options for people with good credit, so compare all the details to determine which is best for you and look into other great credit loans before applying.
LightStream vs SoFi
Both LightStream and SoFi offer unsecured personal loans, and because they offer very similar products, you should do a detailed comparison to see which one is best suited to your financial situation.
| Sophie | Light Stream | |
|---|---|---|
| Bankrate Score | 4.7 | 4.7 |
| Better yet | Borrowers with co-borrowers | Rapid Funding |
| Loan amount | $5,000-100,000 | $5,000-100,000 |
| APR | 8.99%-29.49% Fixed APR | 7.49%-25.49% Fixed APR (*On Autopay) |
| Length of loan term | 24-84 months | 24-84 months |
| Fee | Optional charges | none |
| Minimum Credit Score | 680 | 695 |
| Time to fundraise | Within a few days | Same day at the earliest |
Lightstream Personal Loans
Great for quick funding
SoFi Personal Loan
Advantageous for borrowers with co-borrowers
Choosing between LightStream and SoFi
LightStream and SoFi offer nearly identical products when it comes to loan amounts, interest rates, and loan terms. This can make it difficult to choose between them. If you decide that one best suits your needs, it may actually be beneficial to apply for both.
APR Range
LightStream has a fixed APR range, with a lower starting and upper limit than SoFi. Both ranges are similar, but LightStream may offer a lower APR if you qualify.
Another benefit of choosing LightStream is that they offer a Rate Beat program: if you get approved for a better rate with another lender, they promise to beat that rate by 0.10 percentage points.
Minimum Credit Score
According to FICO, a good credit score is between 670 and 739. SoFi and LightStream both require borrowers to have a good credit score, but LightStream has a higher minimum credit score.
LightStream requires a minimum score of 695, while SoFi requires a minimum score of 680. Both lenders require a relatively good credit score, but if you have a lower score, you may have a better chance of being approved with SoFi.
Repayment Terms
Both lenders offer the same repayment term options. SoFi and LightStream can offer flexible repayment terms ranging from 24 to 84 months. The maximum repayment term is much longer than many of their competitors, who typically offer terms up to 60 months. This allows you to make smaller payments over a longer period of time.
Loan amount
The loan amounts offered by both SoFi and LightStream are also the same. You can borrow between $5,000 and $100,000 from both lenders. However, it is important to note that each individual is not approved for the maximum loan amount. The $100,000 is just the maximum loan amount that you can borrow.
Fee
When it comes to fees, LightStream is the winner: the lender doesn’t charge fees on personal loans. But SoFi isn’t far behind. SoFi’s fees are optional, and you can get a lower interest rate in exchange for paying a loan origination fee.
Conclusion: Which Lender is Better?
Both LightStream and SoFi offer similar loans, but for borrowers with good credit, LightStream has an edge over its competitors with its Rate Beat program and the ability to get your money the same day you apply. However, it’s still a reliable lender if you already use other financial services from SoFi or if you need to apply with a co-borrower.
SoFi offers pre-qualification, so make sure you get the best loan rate before you apply. If you’ve narrowed it down to SoFi and LightStream, apply to both to see which one has the better offer. Keep your application short so it counts as one credit inquiry.
Compare multiple lenders before applying
LightStream and SoFi aren’t the only lenders that offer personal loans, so we recommend researching a few lenders before deciding where to apply.
Consider these personal loan options for borrowers with good credit.
