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LightStream and Best Egg have gained a trusted reputation in the consumer lending space. LightStream is an online lender that is a division of the national Truist Bank, while Best Egg has funded over 1 million loans and has garnered a 95 percent customer satisfaction rating since its inception in 2014.
Both lenders are ideal for those with good to excellent credit, but the loans themselves aren’t a one-size-fits-all solution. Compare the lender details to decide which lender would be the best fit for your credit situation.
Best Egg vs. LightStream at a glance
Both lenders offer solid personal loans that can help in a variety of financial situations. However, there are key differences that may impact your choice.
|Better for||• High income earners
• Borrowers with fair to excellent credit
|Loan term lengths||36-60 months||24-84 months|
|Fees||• Origination fee: 0.99%-8.99%
• $15 late fee
• $15 returned late payment fee
|Minimum credit score||600||Not specified|
|Requirements||• U.S. citizen or permanent resident
• Meet the state-mandated legal age requirement
• Minimum individual annual income of $100,000
• Verifiable checking account
• Valid email address
• Verifiable physical address
|Time to funding||As soon as one business day||As soon as same day|
Best Egg personal loans
Offering unsecured personal loans geared toward borrowers with excellent credit, Best Egg has gained a trusted reputation in the consumer lending space.
Borrowers with a FICO score of at least 600 can qualify, but those with a minimum score of 700 and an annual income of at least $100,000 will be offered the best rates and terms.
While the lender does have a fairly wide credit criteria for approval, those with a solid, steady income who need to finance a larger expense will benefit most from a Best Egg personal loan.
- Prequalification offered
- Wide amount range
- Flexible credit criteria
- Origination fee
- No rate discounts
- No mobile app
LightStream personal loans
LightStream is an ideal option for consolidating large amounts of high-interest debt due to its low APR range and no fees. It also has a high minimum loan amount of $100,000, which gives borrowers with good to excellent credit the ability to organize multiple debts.
It also could benefit borrowers who are taking on a large home improvement project, as the lender offers flexible repayment lengths and a wide range of loan amounts.
Plus, LightStream’s Rate Beat program offers a .10 interest rate reduction than the rate you’re offered on any competing lender’s unsecured loan (given that you’re approved for that rate and loan amount).
- No fees
- Low maximum APR
- Rate Beat program
- High credit requirements
- No prequalification offered
- High minimum loan amount
How to choose between Best Egg and LightStream
Best Egg and LightStream both offer unsecured personal loans that are geared toward borrowers with good to excellent credit and a high, steady income.
Despite this, Best Egg has a higher APR maximum by 10 percent and charges an origination fee, making it the potentially more expensive option. However, with LightStream you could be taking a gamble when it comes to the approval, as most of the eligibility requirements aren’t listed on its website and it doesn’t offer prequalification.
Choose Best Egg if you have excellent credit
Because of its multiple fees, high APR range and shorter repayment terms than LightStream, Best Egg is only recommended for those with an excellent FICO credit score.
Those who don’t qualify for the most competitive rates and fees may want to take their business to a lender that doesn’t charge an origination fee or one that offers you a better predicted rate.
Choose LightStream if you need a large loan
LightStream’s maximum loan amount of $100,000 is higher than most lender’s, although only the most creditworthy borrowers will qualify for the maximum loan amount.
Those who have excellent credit, a low debt-to-income ratio and a good history of repayment are more likely to get approved for this maximum amount.
Compare more lenders before applying
LightStream’s high loan amount, competitive APRs and its Rate Beat program make this lender hard to beat. However, Best Egg offers prequalificaiton and more clearly lays out its eligibility criteria, so you won’t incur credit damage when getting your predicted rate and approval odds.
Compare more lenders that offer prequalification to make sure you’re getting the best rate possible for your credit situation, rather than going for the first lender that offers you a loan.