Helpful Favorable Review
I applied for a credit card consolidation loan and in 2 days the money was in my account. I was very pleased with the easy process and how quickly I was able to get the funds. I got a good interest rate and an affordable monthly payment and will be debt free in 48 months! I highly recommend LightStream!!
Helpful Critical Review
Horrible!!!!! 0 stars! I have a beautiful credit and have plenty of money! Yet, they denied me twice for not having a sufficient credit score and finances!?? Not doing their jobs correctly and pissing people off in the process. My frustration will be written everywhere! If u are reading this... do ur self a favor and and save ur self the time and frustration... Find another company!
Helpful Favorable Review
We refinanced with SoFi. They took care of all of the transferring over. There were zero fees involved and they got us from a 6.8% interest fee to a 4.2% interest fee! They were extremely easy to work with and saved us tons of money!! We love SoFi
Helpful Critical Review
I was sent a "pre-qualified" email, so I decided to apply and consolidate a few credit cards to get better control. I sent in everything they asked for in the application, but in addition, sent in a record of ALL of my bank deposits for the last two years to show them just how much money I put into my account each month. Anything to prove low risk. My credit score is very good. I have never in my life missed a payment or been late. I also explained that I have had a lot of medical bills the past few years due to severe cancer my wife has, and yet with all of those additional bills, I STILL DO NOT miss payments and I make enough money, shown by my monthly deposits and income. DENIED. I asked for an appeal to someone to actually "meet me by phone and speak with me" and was told it had already been reviewed and was declined. Personal care? Uh huh...right. You can assess looking at paperwork, or, you can do that AND speak to the person requesting a loan. You know, like the good ol' days when personal banking was actually...personal? So I risked a hard pull on my credit because they said I was pre-qualified, and even with more than enough proof I am little to no risk...declined. Be very choosy who you go to.
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:
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.
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.
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.
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.
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.