Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
LightStream vs. SoFi summary
Both
Neither company charges any fees, which makes them great choices compared to other personal loan companies that do.
LightStream | SoFi | |
| Minimum credit score | 660 | 680 |
| Loan amounts | ||
| Term lengths | 2 — 12 years | 2 — 7 years |
| Fees | None | None |
| Cosigners allowed? | No | Yes |
Compare Personal Loan Rates
Pros and cons of LightStream
| Pros | Cons |
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LightStream is the one of the best options out there for personal loans. It has some of the lowest rates of all the companies we've reviewed, and you'll save money on interest payments as a result.
If you apply during business hours, an approval decision should come shortly after applying. Loans can be funded on the same day if the application is approved, verified, and signed before 2:30 p.m. ET.
Pros and cons of SoFi
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One of SoFi's main strengths over LightStream is that you're able to apply with a cosigner, which could help you get better rates if your co-borrower has a good credit history.
SoFi also comes with a unique unemployment protection perk. The company offers forbearance for any personal loan borrower who loses their job during their loan repayment. This unique feature allows borrowers to apply for a three-month forbearance, up to a total of 12 months.
How to choose between LightStream and SoFi
If you want more time to repay the loan, think about LightStream. LightStream offers loans with up to a 12-year term length, so if you want to spread out the costs of your loan, you may consider this lender. SoFi offers loans with up to a seven-year term length. However, keep in mind that the longer you stretch out your loan term, the more money you'll pay in interest. On the bright side, you can pay off your loan early with no penalty through either company.
If you have great credit and want the best APR, think about LightStream. LightStream has lower minimum rates than SoFi, so if your credit history is in great shape, you'll probably be able to qualify for a better rate with LightStream. If your credit isn't as great, you may receive a similar rate with both companies.
If you want the best protection in case you become unemployed, think about SoFi. SoFi's unemployment protection on its personal loans come with forbearance for any borrower who loses their job during their loan repayment. This perk is unique to SoFi and isn't offered by LightStream.
If you need fast cash, think about LightStream. LightStream can fund your loan the same day you apply if you get your application in early. SoFi only takes a few days to get you your money, but it's not as helpful in a pinch.
If you need a cosigner, think about SoFi. SoFi allows cosigners, while LightStream does not. If you need a cosigner to improve your chance of approval or to get a lower rate, you'll want to go with SoFi.
LightStream vs. SoFi trustworthiness 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 evaluates businesses by taking into account a company's response to customer complaints, honesty in advertising, and transparency about business practices.
Neither LightStream nor SoFi have been involved in a controversy in the past three years. Both companies have clean histories and top-notch BBB ratings, so you should feel comfortable borrowing from either company.
Frequently asked questions
Is LightStream hard to get approved for?
You'll need a minimum credit score of 660 to be approved for LightStream's personal loans, and a great 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.