Best Egg and LightStream have established a reliable reputation in the consumer lending market. LightStream is a National Truist Bank division that operates as an online lender. In addition, since its founding in 2014, Best Egg has funded 1.1 million loans and earned a 95% customer satisfaction rating.
Although neither lender is best suited for borrowers with bad to excellent credit, the loans themselves aren’t universally applicable. To determine which lender would best fit your credit situation, compare the lender details.
Best Egg vs. LightStream at a Glance
Both lenders provide reliable personal loans that can be beneficial in a range of financial circumstances. But there are some significant variations that could influence your decision.
|Borrowers with fair to excellent credit
|Debt consolidation and home improvement
|Loan term lengths
|• Origination fee: 0.99%-8.99%• $15 late fee• $15 returned late payment fee
|Minimum credit score
|Not specified; only approves good-to-excellent credit profiles
|Time to funding
|As soon as one business day
|As soon as same day
How to choose between Best Egg and LightStream
Unsecured personal loans are available from Best Egg and LightStream to borrowers with stable income and good to excellent credit.
In spite of this, Best Egg is the potentially more costly choice because it has a higher APR maximum of 10% and an origination fee. However, since LightStream doesn’t offer prequalification and the majority of the eligibility requirements aren’t listed on its website, you might be taking a chance on approval.
Choose Best Egg if you have excellent credit
Best Egg is only advised for people with excellent FICO credit scores due to its numerous fees, high APR range, and shorter repayment terms than LightStream.
If you don’t qualify for the best rates and fees, you might want to consider lending your business to a lender that offers you a better estimated rate or doesn’t charge an origination fee.
Choose LightStream if you need a large loan
Although only the most creditworthy borrowers will be eligible for the maximum loan amount, LightStream offers a $100,000 maximum loan amount, which is more than most lenders.
The likelihood of being approved for this maximum amount is higher for those with good credit, a low debt-to-income ratio, and a solid repayment history.
Compare more lenders before applying
It’s difficult to beat LightStream because of its large loan amounts, aggressive APRs, and Rate Beat program. But, Best Egg provides prequalification and more precisely outlines its eligibility requirements, so you won’t risk your credit when obtaining your estimated rate and chances of approval.
Rather than accepting the first lender to offer you a loan, compare several lenders who offer prequalification to ensure you’re getting the best rate possible for your credit situation.