LightStream vs SoFi

LightStream

• ✓Rate Beat Program guarantees beating competitor rates by 0.10%
• ✓Among the lowest APRs available for personal loans
• ✓Loan amounts up to $100,000 with terms up to 12 years
• ✓No origination fees, prepayment penalties, or other charges
• ✓Same-day funding for applications completed before 2:30 PM ET

SoFi

• ✓Zero fees — no origination, prepayment, or late fees
• ✓Unemployment protection pauses payments if you lose your job
• ✓Loan amounts up to $100,000 for well-qualified borrowers
• ✓Same-day funding available for approved applicants
• ✓Rate discount for autopay enrollment and SoFi membership

LightStream

• !Requires excellent credit — not accessible to average borrowers
• !No pre-qualification check available to preview rates
• !Declining the loan agreement forfeits the Rate Beat offer
• !No mobile app for loan management

SoFi

• !Requires good to excellent credit for the best rates
• !No co-signer option available to strengthen applications
• !Minimum loan amount of $5,000 may exceed what some borrowers need
• !Joint applications are not available

LightStream

• →Excellent-credit borrower wanting the absolute lowest personal loan rate
• →Homeowner financing a large renovation with a long repayment term
• →Borrower who found a competitive rate elsewhere and wants LightStream to beat it

SoFi

• →High-credit borrower consolidating credit card debt at a lower rate
• →Professional financing a major home renovation with no-fee funding
• →Borrower wanting unemployment protection as a safety net

LightStream

LightStream, a division of Truist Bank, offers some of the lowest personal loan rates available with loan amounts from $5,000 to $100,000 and terms up to 12 years. The Rate Beat Program promises to beat any qualifying competitor's rate by 0.10 percentage points. LightStream requires excellent credit but rewards qualified borrowers with no fees, same-day funding, and the ability to borrow for specific purposes like auto purchases, home improvement, and debt consolidation at purpose-specific rates.

SoFi

SoFi offers personal loans from $5,000 to $100,000 with competitive fixed rates, no origination fees, no prepayment penalties, and no late fees. What sets SoFi apart is its unemployment protection program that pauses your payments and helps you find a new job if you lose yours. The company also offers rate discounts for autopay and for existing SoFi members. SoFi personal loans can be used for debt consolidation, home improvement, relocation, and virtually any other purpose, with same-day funding available for qualifying borrowers.