Overview
LightStream
$5,000
$100,000
Undisclosed
Undisclosed
N/A
N/A
Undisclosed
SoFi
$5,000
$100,000
24–84 Months
N/A
N/A
N/A
15 Years
Ratings
LightStream
SoFi
Reviews
LightStream
Reviews
SoFi
Reviews for LightStream
Helpful Favorable Review
jeff molitor
February 28th, 2022
DETAILS
When I needed a quick loan for a personal need I found Lightstream as the clear best option. LightStream helped me all online to scour the best rate for the right loan amount and provided quick application approval and funding direct to my bank account. Their customer service was solid and the monthly payment schedule is emailed and communicated very clearly.
Helpful Critical Review
Nick Massey
September 14th, 2021
They keep asking for more information and each time they want more personal information added to each request. Had I know that they were asking for information that’s not actually required I would have been better off. Now my identity has been stolen and credit compromised! What a nightmare. Beware what you send them!
Reviews for SoFi
Helpful Favorable Review
HC
October 24th, 2021
Draper, UT
Edited October 25th, 2021
I love how simple their products are and how amazing the rewards are because they are not just giving them to you for the sake of giving them to you, they are really actually competitive when you compare them to other lending entities.. I love how they are geared toward younger generations that merge generations that invest or are learning about investment.
Helpful Critical Review
AV
April 28th, 2021
Las Vegas, NV
DETAILS
I had quite the awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways. Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income. After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways. The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.
The Final Word
Application Process Timeline
LightStream offers same-day approval and funding if the consumer completes their application and meets other specific criteria by 2:30 p.m. Eastern time on any banking business day:
- The applicant must review and electronically sign the loan agreement
- Banking information and funding preferences must be submitted
- The final verification process must be completed
SoFi, on the other hand, does not have as quick a process and can take up to a week to approve an application and provide funding. This is due to a comprehensive background check of each applicant, allowing SoFi to fund each applicant the best rates based on their circumstances.
Benefits Different Borrowers
While both offer debt consolidation plans, LightStream and SoFi differ in the types of consumers who will benefit from their services.
LightStream offers personal loans for various personal costs including, cars, kitchen and/or bath remodeling, swimming pools, medical expenses, and weddings. If a consumer chooses to finance through LightStream and signs a contract, they must use their loan on what they specified in their loan application. There is no flexibility in what funds are used for, which is not the case with SoFi.
SoFi offers more flexibility in what a consumer uses their loan for, and is also an excellent option for young professionals and students, as well as other consumers. SoFi provides student loans, student loan debt refinancing, personal loans, and home loans.
Loan Term Length
LightStream and SoFi differ from many companies in the personal loan industry, offering loan terms up to 60 months. SoFi’s loan terms range from 24–84 months, while LightStream ranges from 24–144 months.
Longer term loans mean lower monthly payments for the consumer. However, repayment term length is dependent on what the loan will be used for. No matter the term length of the loan, a consumer has the possibility to repay their loans before the term is up with both LightStream and SoFi.
It is important to note that neither company has prepayment penalties, and it is generally encouraged to pay off loans faster, if possible. Prepaying a loan will not hurt a consumer’s credit; however, completing the full term length could ultimately help a consumer’s credit score.
Circumstantial Flexibility
SoFi offers unemployment protection as well as payment due date changes for qualifying customers, two services which are not available through LightStream.
SoFi’s unemployment protection is available to approved customers who, through no fault of their own, lose their job. This service suspends monthly payments for a time and provides job placement assistance.
Additionally, SoFi allows payment due date changes to customers who have no outstanding payments. To change a due date, a customer must have made their first loan payment, and should also consider that their payment due date can only be changed once a year.
Customer Reviews
As far as positive customer reviews are concerned, SoFi has LightStream beat. The majority of SoFi reviews award it an average customer rating of 4.5/5 stars, while 60 percent of LightStream reviews are negative, awarding it 1 star.
SoFi customer reviews most often praise SoFi’s low rates, quick application approval, and great customer service. These contrast LightStream reviews, in which customers comment on poor customer service and an overall bad experience receiving a loan from LightStream.
