Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
LightStream and SoFi are both personal loan lenders that offer great perks for borrowers. LightStream is an online lender that’s committed to offering a streamlined loan process for its fixed-rate loans. The lender also provides loan funding as soon as the same day, and you have a wide range of loan amounts to choose from. And if you qualify for its ”rate beat” program, you may be offered rates that are 0.10 percentage points lower than those of LightStream’s competitors.
Like LightStream, SoFi offers large personal loans and can fund your loan the same day you sign your loan agreement. It also offers unique benefits to borrowers. With its unemployment protection program, you may qualify for modified monthly payments and job placement assistance if you get laid off.
While LightStream and SoFi share some similarities, there are some distinct differences between the two. Here’s a comparison of both lenders to help you make a sound choice.
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
|
|---|---|---|
| Fixed rates | 6.49% - 25.29% APR with autopay | 8.74% - 35.49% APR10 |
| Loan amount | $5,000 to $100,000 | $5,000 to $100,000 |
| Loan terms | 2 to 7 years | 2 to 7 years |
| Min. credit score | 700 | Does not disclose |
| Time to fund | As soon as the same business day | 3 business days |
| Origination fee | None | None |
| Cosigners permitted | Yes | Yes |
Compare personal loan rates from
LightStream, SoFi, and other
top lenders in 2 minutes
Find My Rates Now
Checking rates won’t affect your credit
In this post:
LightStream personal loans
Whether you’re looking for credit card debt consolidation or money to renovate your bathroom, LightStream has loans designed to fit your needs. Depending on the use of the loan, you can qualify for a repayment term as long as seven years (up to 12 for certain loans), and there are no fees (like an origination fee or prepayment penalty). You can borrow between $5,000 and $100,000.
Pros
- Low interest rates: LightStream boasts low interest rates, and guarantees that it’ll outdo other lenders’ loan rates with its rate bBeat program. If you find a qualifying lender with a lower rate, LightStream will beat it (terms and conditions apply).
- Loan experience guarantee: You decide how much you want to borrow and your repayment term. If you’re not satisfied 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 could get your funds as soon as the same business day.
- Autopay discount: If you sign up for automatic payments prior to loan funding, LightStream will give you a 0.50% interest rate deduction.
Cons
- Lowest interest rates only available for some loan purposes: Because LightStream offers loans for specific uses — such as weddings or vacations — interest rates vary. The lowest rates are reserved for only some specific loan purposes.
- Loans only available to those with good credit: LightStream works with customers who have established good credit. If you don’t meet the minimum credit score requirements, you’ll likely need a cosigner, or you won’t qualify for a loan.
- Loans can only be used for specified expenses: With most personal loans, you can use the money almost any way you want. But with LightStream, you must use the money for the expense you specified on your application.
Check out our LightStream review to learn more about its 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 aren’t any origination fees, prepayment fees, or late fees; you only pay the interest on the loan. SoFi offers loan terms as long as seven years.
Pros
- Unemployment protection: If you lose your job, you may qualify for SoFi’s unemployment protection program, which allows you to postpone making monthly payments for three months at a time, for up to 12 months.
- Fast funding: SoFi can fund your loan as soon as the same business day that you sign your loan agreement.
- Flexible loan payment options: SoFi allows you to change your payment date once a year, making it easier to schedule your monthly payments around when you get paid.
Find Out: Upstart vs. Sofi: Which Personal Loan Is Right for You?
Cons
- Low autopay discount: While LightStream offers a 0.50% autopay discount, SoFi only offers a 0.25% discount.
- Shorter repayment terms than LightStream: Certain LightStream personal loans (like home improvement loans) have repayment terms up to 12 years, which can make it easier to pay for a large expense. SoFi’s maximum repayment term is 7 years.
- Not available to all U.S. residents: SoFi personal loans are not available to residents in all states.
For more information on its personal loans, check out our SoFi review.
Learn More: The Best Personal Loans
Is Sofi or LightStream better for me?
The ideal lender for you is the one that’s most beneficial for your financial situation. Here are some reasons that you may want to lean toward one lender over the other. Remember, it’s essential to compare many key factors when you choose a lender to determine which one is right for you.
Lower APRs: LightStream
While both LightStream and SoFi offer competitive rates for borrowers with strong credit, LightStream’s rate beat program can help ensure you get a lower rate. The lender will take 0.10 percentage points off a competitor’s rate offer for an unsecured loan.
Its eligibility requirements for this benefit include:
- You must have been approved for the lower rate no later than 2 p.m. ET 2 business days before loan funding.
- The competitor’s loan terms must be the same as LightStream’s.
- You can’t use the rate beat program for secured or collateralized loans.
- The competitor’s offer must be available to any borrower with a similar credit profile.
Unemployment protection: SoFi
You can apply for SoFi’s unemployment protection program if you lose your job through no fault of our own. The lender will work with you to modify your monthly payments and help you with job placement. You can take advantage of this benefit in three-month increments, up to a total of 12 months, over the life of your loan.
Longer repayment terms: LightStream
While both lenders offer repayment terms from two to seven years, LightStream offers extended terms for certain types of loans. For example, the lender offers loan repayment terms up to 12 years for home improvement loans.
Payment flexibility: SoFi
If you need to change your monthly payment due date for any reason, you can do so once a year with SoFi. LightStream doesn’t offer this option.
Ready to find your personal loan?
Credible makes it easy to find the right loan for you.
Find My Rate
Checking rates won’t affect your credit
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.
Kat Tretina has contributed to the reporting of this article.
