Which personal loan is right for you?

Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”.

LightStream and SoFi are both personal loan companies that offer low interest rates and auto-pay discounts, but there are some distinct differences between them.

Here is a comparison of the two lenders to help you make the right choice.


Credible assessment


Credible lender ratings are reviewed by our editorial team with the assistance of our lending operations team. The rating criteria for lenders encompass 78 data points covering interest rates, loan terms, transparency of eligibility terms, repayment options, fees, discounts, customer service, loan options. co-signer, etc. Read our full methodology.


Credible assessment


Credible lender ratings are reviewed by our editorial team with the assistance of our lending operations team. The rating criteria for lenders encompass 78 data points covering interest rates, loan terms, transparency of eligibility terms, repayment options, fees, discounts, customer service, loan options. co-signer, etc. Read our full methodology.

Fixed rates 2.49% – 19.99% APR 5.99% – 18.83% APR
Amount of the loan $ 5,000 to $ 100,000 $ 5,000 to $ 100,000
Loan conditions 2-7 years 2-7 years
Min. credit rating 660 Do not disclose
It’s time to fund From the same working day 3 working days
Original fees Nothing Nothing
Authorized co-signers Yes Yes
All APRs Reflect Auto Pay and Loyalty Discounts, where applicable | LightStream Disclosure | Learn more about prices and conditions

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LightStream personal loans

Whether you are looking for credit card debt consolidation or money to renovate your bathroom, LightStream offers loans specially designed for your needs. Depending on the use of the loan, you can benefit from a repayment term of up to seven years, and there are no fees (such as a set-up fee or a prepayment penalty). You can borrow between $ 5,000 and $ 100,000.

Advantages

  • Low interest rates: LightStream offers low interest rates and guarantees that it will outperform the lending rates of other lenders with its Rate Beat program. If you find a qualifying lender with a lower rate, LightStream will beat them (terms and conditions apply).
  • Guaranteed loan experience: You decide how much you want to borrow and your repayment term. If you are not happy with your loan experience, LightStream will send you $ 100 (terms and conditions apply).
  • Quick loan disbursement: Depending on the type of loan you take out, you might get your funds from the same working day.
  • Automatic payment discount: If you sign up for automatic payments before the loan is funded, LightStream will give you an interest rate deduction of 0.50%.

The inconvenients

  • Lowest interest rates available only for certain loans: Since LightStream offers loans for specific uses, such as weddings or vacations, interest rates vary. The lower rates are reserved for certain specific loan purposes.
  • Loans only available for those with good credit: LightStream works with clients who have established good credit. If you do not meet the minimum credit score requirements, you will likely need a co-signer, or you will not be eligible for a loan.
  • Loans can only be used for specified expenses: With most personal loans, you can use the money however you want. But with LightStream, you have to use the money for the expenses you specified in your request.

Check out our LightStream Reviews to learn more about his personal loan options.

SoFi personal loans

With SoFi, you can borrow up to $ 100,000 to make a large purchase or to refinance high interest debt. There are no origination fees, prepayment fees or late fees; you only pay the interest on the loan. SoFi offers loan terms of up to seven years.

Advantages

  • Unemployment protection: If you lose your job, you can take advantage of SoFi’s Unemployment Protection Program, which allows you to defer monthly payments for three months at a time, up to 12 months.
  • Variable rate loans: SoFi is one of the few personal lenders to offer variable interest rate loans. Variable interest rates tend to be lower than fixed rate loans initially, but can fluctuate over time.
  • Flexible loan repayment options: SoFi allows you to change your payment date, making it easier to schedule your monthly payments when you get paid.

To find: Upstart vs Sofi: which personal loan is right for you?

The inconvenients

  • Low discount on automatic payment: While LightStream offers a 0.50% discount on automatic payment, SoFi only offers a 0.25% discount.
  • Funds take longer to disburse: With LightStream you can get your money’s worth from the same working day. But with SoFi, the application process can take longer, and it may take a few days before you receive your funds.
  • Not available for all residents of the United States: SoFi personal loans are not available to residents of Mississippi.

For more information on personal loans, see our SoFi Notice.

Learn more: The best personal loans

Choosing a personal loan lender

A personal loan can help you save money on large purchases or high interest debt. But before taking out a loan from LightStream or SoFi, be sure to compare offers from other Personal loan lenders. By shopping around, you can make sure you are getting the best loan for your situation.

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  • A simple form, easy to complete and your information is protected
  • More options, choose the loan option that best suits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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The above company is one of Credible’s approved partner lenders. Because they are competing for your business through Credible, you can request prequalified rates from them by filling out just one form. Then you can compare your available options side by side. Applying for prequalified rates is free and does not affect your credit score. Credible receives compensation if you take out a loan with one of our partner lenders. The rates you collect and the fees you pay (if any) are not affected by this compensation.


About prices and conditions: The personal loan rates provided by the lenders on the Credible platform vary between 4.99% and 35.99% APR with terms of 12 to 84 months. Rates shown include lender discounts for signing up for auto-pay and loyalty programs, where applicable. Actual rates may be different from advertised and / or displayed rates and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, loan usage. credit and history, and vary depending on the purpose of the loan. The lowest rates available generally require excellent credit and, for some lenders, may be reserved for specific loan purposes and / or on shorter loan terms. The origination fees charged by lenders on our platform range from 0% to 8%. Each lender has their own qualifying criteria when it comes to their automatic payment and loyalty discounts (for example, some lenders require the borrower to opt for automatic payment before loan funding in order to qualify for the automatic payment discount. ). All rates are determined by the lender and must be agreed between the borrower and the lender chosen by the borrower. For a loan of $ 10,000 with a three-year repayment period, an interest rate of 7.99%, a set-up fee of $ 350 and an APR of 11.51%, the borrower will receive $ 9,650. at the time of financing the loan and will make 36 monthly payments of $ 313.32. Assuming all on-time payments and full performance of all loan contract conditions and any reduction programs included in the APR / interest rate over the life of the loan, the borrower will pay a total of $ 11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment and charge no prepayment penalties.

About the Author

Kat Tretina

Kat Tretina

Kat Tretina is a freelance writer covering everything from student loans to personal loans to mortgages. His work has been featured in publications like The Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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