LightStream vs SoFi: Which Is the Better Personal Loan in 2023?

Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

For borrowers looking for a personal loan, LightStream provides quick funding for cost-conscious borrowers. On the flip side, SoFi offers flexible repayment options, catering to borrowers desiring financial protection.

LightStream vs. SoFi: A quick comparison

	LightStream	SoFi
	Go to site	Go to site
Finder rating	★★★★★	★★★★★
Loan products offered	Kitchen and bath remodel, landscaping, solar, swimming pool, aircraft, boat, credit and debt consolidation, wedding, medical, dental, education (K-12 only) and many others	Personal loans for credit card consolidation, home improvements, family planning, travel, IVF, weddings and more
Interest rates	6.94% to 25.29%	8.99% to 29.99% fixed APR
Fees	No fees	No fees
Loan amounts	$5,000 to $100,000	$5,000 to $100,000
Turnaround time	As soon as same day	Up to 2 business days
Eligibility requirements	Good to excellent credit profiles Proof of income Proof of US permanent citizenship Social Security Number Driver’s license	Minimum 680 credit score Proof of US permanent citizenship, non-permanent, 18 years of age or residing in eligible states Social Security Number Permanent residents need 2-year valid green cards
Ratings	A Rating from Better Business Bureau 1.4 Rating from Trustpilot based on 88 customer reviews	A+ Rating from Better Business Bureau 4.4 Rating from Trustpilot based on 9,143 customer reviews
State availability	Not available in: Iowa, West Virginia	Available in all states
Pros	No fees You can get a 0.50% Home improvement loans are unsecured up to 12 years Offers rate beat program 0.5% autopay discount	No origination or late fees Coapplicants allowed Can have two loans at a time if you qualify 0.25% autopay discount
Cons	Cannot be used for post-secondary expenses Rates differ based on the loan’s purpose Some personal loans can only have a maximum of 7-year terms, not 12 years Only 22% of applicants are approved for the lowest rates	Higher minimum APRs than LightStream Cannot be used for post-secondary education
	Go to site	Go to site

Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

LightStream vs. SoFi: Which one’s better?

LightStream and SoFi both offer unsecured personal loans. LightStream serves as a more compatible fit for most borrowers due to its Rate Beat program, guaranteeing lower rates than competitors and 0.5% autopay discounts, which is larger than SoFi’s 0.25%.

LightStream, a subdivision of Truist Bank, is ideal for borrowers with good to excellent credit looking for the lowest minimum APRs. SoFi, which started later than Lightstream in 2011, might be a good fit for borrowers looking for financial assurance through a suite of repayment options. Both might be a good fit, depending on your financing needs.

When to consider LightStream

LightStream is a compatible fit for borrowers who want:

More rate options: If you get approved by another lender, two days before receiving the funds, LightStream provides a more competitive rate through its rate beat program.
Generous discounts: LightStream offers a 0.50% discount on monthly payments if you choose an automatic payment via your bank account. This is slightly higher than SoFi’s 0.25%
Customer service guarantee: After you receive your loan, LightStream sends you a questionnaire. Once you complete the questionnaire, LightStream reviews your feedback and sends you $100.

When to consider SoFi

SoFi is a great fit for borrowers who prefer:

Loan usage flexibility: Besides some hard and fast rules about not using the funds for secondary school expenses, you don’t need to choose a specific use case for your loan like LightStream requires.
Ability to have two loans at the same time: Any US borrower besides Michigan residents can take out a second SoFi loan as long as they have made three consistent payments on the first loan.

The similarities

While both SoFi and LightStream have different consumer ratings, both have an independent A+ rating from the Better Business Bureau, prefer good to excellent borrowers and offer autopay discounts to lower your monthly costs.

Alternatives to LightStream and SoFi

Here are three alternative products similar to both LightStream and SoFi.

Upstart: This lender may approve loans for borrowers with credit scores starting at 300.
Avant: Ideal for borrowers with a fluctuating income, such as self-employed individuals.
Upgrade: This lender may be a good option for borrowers needing smaller loan amounts, with a minimum loan amount of $1,000.

Compare other personal loans

Compare up to four lenders side by side to see how they stack up.

1 - 5 of 5

Product USFPL	Finder Score	APR	Min. credit score	Loan amount
Best Egg personal loans	Finder score 8.6 Great	7.99% to 35.99%	640	$2,000 to $50,000	Fast and easy personal loan application process. See options first without affecting your credit score.	Go to site View details Compare	loading Fetching your data...
LightStream personal loans	Finder score 9.7 Excellent	6.94% to 25.29%	Good to excellent credit	$5,000 to $100,000	Borrow up to $100,000 with low rates and no fees.	Go to site View details Compare	loading Fetching your data...
Credible personal loans	Finder score 8.6 Great	6.94% to 35.99%	Fair to excellent credit	$1,000 to $200,000	Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.	Go to site View details Compare	loading Fetching your data...
Achieve personal loans	Finder score 6.8 Standard	8.99% to 29.99%	620	$5,000 to $50,000	Consolidate debt and more with these low-interest loans. Cosigners welcome.	Go to site View details Compare	loading Fetching your data...
Upstart personal loans	Finder score 8.3 Great	7.40% to 35.99%	300	$1,000 to $50,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to site View details Compare	loading Fetching your data...

What is the Finder Score?

The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

Read the full Finder Score breakdown

See how other lenders stack up

Check out other side-by-side comparisons of lenders that can help you find the best personal loan for your financial needs.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Dhara Singh

Writer

Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances. Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely. Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio

More resources on Finder

Best Egg vs. Upstart: Which is better? Upgrade vs. Upstart: Which is better?

Ask a question

Click here to cancel reply.

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

More guides on Finder

Choice Financial Review: Avoid This Deceptive Company
Choice Financial promises loan matching, but is it trustworthy? Read our review to find out.
How to Get a $200,000 Personal Loan
Compare $200,000 personal loans, the requirements to qualify and alternative borrowing options.
Best Allotment Loans for Federal Employees
Compare some of the best allotment loans for federal employees, with competitive rates and lenient credit requirements.
5 Best Personal Lines of Credit with Instant Approval
These five lenders offer personal lines of credit with instant approval.
Personal loan vs. HELOC
Compare the interest rates, repayment terms, collateral required and more for personal loans and home equity lines of credit.
Transform Credit personal loans review: Borrow up to $7,000 even with bad credit
Fast funding even with poor credit — but you’ll need a cosigner.
Loans like Best Egg
Find lenders similar to Best Egg for low-interest personal loans.
Personal loans based on employment – not credit – even for new employees
Learn how you can verify your income and increase your chances of approval — even if you’ve only been working a few months.
6 Loans Like NetCredit
These sites like NetCredit offer personal loans online, accept bad credit and can improve your credit score.
Loans like Upstart
Upstart looks beyond your credit history to things like your education and career path when considering you for a loan. Learn about similar online lenders.

LightStream vs. SoFi: Which is better?