Lightstream is an online lending platform that offers personal loans with low-interest rates. SoFi is also an online lending platform where customers can avail of personal loans, student loans, home equity loans, etc.
It provides online personal loans between $5000 and $100000 for two to seven years. Lightstream and SoFi have no fees for borrowers and give loans to people with good to excellent credit. Golden stream has many consumer-friendly features. They allow borrowers to choose when to receive money in their account post-approval. It can deposit money as early as the same day and up to 30 days post-approval.
So borrowers can schedule the later or earlier fund deposit date, allowing them the flexibility to plan their first payment. It also provides the flexibility to use the loan accordingly for their project. They need a minimum credit score of 660 but with several years of credit history. If you want a loan with a low-interest rate, you have to go with Light Stream. Their interest rate varies from 4.99 -19.99 % APR.
SoFi’s interest rate varies between 7.99% – 23.43%. Both provided a minimum loan amount of $5000. SoFi’s loan period is between two and seven years. If you want more time to pay off the loan, you can choose light stream as it allows up to 12 years to pay off the loan. If you wish unemployment protection, you should go for SoFi, as Lightstream does not provide this feature. SoFi offers co-applicant options, which are not available for Light Stream.
If you need cash urgently, go for Lightstream, as they fund the amount on the same day, whereas SoFi might take a few days. Lightstream also offers $100 back for the unhappy customer who had their loan from them for less than 30 days. The customer has to contact the company and fill out their questionnaire to receive the $100. This is not available in SoFi. So, in short, there are pros and cons for both lending agencies. It is up to the customer to choose according to their requirements.
Featured Image Credit: Credible