LightStream Personal Loan 2024 Review
LightStream offers unsecured personal loans with low fixed interest rates. These loans are best suited to borrowers with good or excellent credit. Wondering if it’s the best lender out there? This Lightstream review offers a closer look at how these loans work and who they may be right for.
Compare LightStream to Other Lending Companies
Of course, LightStream has competitors at the high end of the market. And some may get better deals from them, even if LightStream advertises the lowest rates. As always, the trick is to compare custom personal loan quotes to find your personal best offer.
Unfortunately, many who are less creditworthy may stand little chance with this lender. So let’s explore some alternatives that might prove perfect for you, regardless of your credit score.
Upgrade
Upgrade offers personal loans of up to $50,000 for eligible borrowers, including those with bad credit. Upgrade loans are typically used for debt consolidation and they do carry a loan origination fee ranging from 1.5% to 6%.
Payoff
Payoff is a peer-to-peer lending marketplace offering loans of up to $35,000. These loans may be suited to borrowers in the fair credit score range who need smaller loan amounts.
LendingClub
LendingClub offers personal loans of up to $40,000 with payoff terms of 36 or 60 months. This lender works with borrowers who have bad credit, but you can expect to pay a higher interest rate for a loan.
See how these lenders and others compare:
Is a Lightstream Loan Right For You?
LightStream personal loans offer flexible funding for people who need money for:
- Home improvement projects or repairs
- Debt consolidation
- Large purchases
- Medical expenses
- Wedding expenses
- Auto repairs or purchases
- Vacations and timeshare rentals
- Boat or RV purchases
So, who qualifies for a LightStream personal loan? While LightStream doesn’t disclose specifics about minimum credit score or income requirements, they generally look for borrowers who have:
- Several years of credit history
- Experience using different types of debt (i.e. installment loans, revolving credit, etc.)
- Stable income
- Good payment history
- Sufficient assets, such as cash savings or investments
You could still apply for a LightStream personal loan if you have fair or bad credit or even no credit at all. But it may be harder to get approved. If you are approved, your loan may come with a higher interest rate, so that’s something to consider.
How Do I Apply With LightStream?
It’s fairly easy to apply for a personal loan with LightStream. You can do so online by completing the application. You’ll need to share some personal and financial information, including your:
- Name
- Address
- Email address and phone number
- Date of birth
- Social Security number
- Employment status
- Income
- Monthly housing payment
- Total assets, including savings and investments
You’ll also need to tell LightStream how much you want to borrow, your preferred loan repayment term, and whether you’d like to sign up for AutoPay to get an interest rate discount. If you decide not to, you can still make your loan payments manually each month online or through the LightStream app.
LightStream doesn’t offer the option to check your rate before applying, but you can use the rate calculator to estimate loan terms. This can make it easier to decide if you actually want to apply based on what you might pay.
Once you submit your application, LightStream performs a hard pull of your credit reports. If you’re approved, you can provide your bank account number and routing number to have your loan proceeds deposited.
How Soon Can I Get My Money With LightStream?
LightStream is understandably proud of its ability to get your funds to you quickly. Some borrowers receive their money on the same day they apply. According to the small print on the lender’s website:
You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time, providing you do the following:
- Review and electronically sign your loan agreement
- Provide us with your funding preferences and relevant banking information
- Complete the final verification process
Rating the Features
When considering any personal loan lender, it’s important to look at the features and benefits you might enjoy. Here’s what you can expect with a LightStream loan.
User experience
Applying for a personal loan with LightStream is easy and the website is also user-friendly. The biggest drawback may be that you can’t check your rates first before applying. In terms of ratings and reviews, LightStream has numerous positive reviews from satisfied borrowers.
Fees and rates
LightStream is one of the most fee-friendly personal loan lenders, with no origination fees, no prepayment penalties, and no late fees. The range of interest rates offered is published on the home page, though again, you won’t know what rate you’ll qualify for until you apply. You can get a 0.50% AutoPay rate discount by indicating that you’d like to enroll in AutoPay when you fill out the application.
Transparency
LightStream is transparent about how its loans work, what they can be used for, what’s required to apply, and how much you’ll pay for fees and interest. The website has a detailed FAQ section that explains the finer points of borrowing with LightStream in more detail.
Flexibility
You do have some flexibility here in terms of what loans can be used for. If you’re using a LightStream loan for debt consolidation, however, it’s important to note that there’s no option for direct payments to creditors. This means you’ll need to be responsible for using loan proceeds to pay off each debt you want to consolidate.
Customer support
Borrowers can manage their LightStream loans online or through the LightStream mobile app. The app is free to download in the Play Store or the App Store. Customer service is available via email at customerservice@lightstream.com Monday through Friday from 10 a.m. to 8 p.m. and Saturdays from noon to 4 p.m.
Pros and Cons of LightStream
Like any other lender, LightStream has both some positives and negatives. Here are the main pros and cons to weigh when deciding if LightStream is right for you.
LightStream FAQs
Does LightStream do personal loans?
Yes, LightStream offers personal loans for a number of uses, including home improvements, debt consolidation, and large purchases.
Does LightStream hurt credit?
LightStream does perform a hard credit check when you apply for a loan. But paying your LightStream loan on time could help to improve your credit score over time.
What credit score do you need to get a loan from LightStream?
LightStream doesn’t specify a minimum credit score, though borrowers do need to have good to excellent credit. So, you may need a credit score of at least 660 to qualify for a loan.
Does LightStream verify income?
When you apply for a personal loan with LightStream, the lender will attempt to verify your income. LightStream does not specify a minimum requirement for personal loan approvals.
Key Points
There are different reasons for applying for a personal loan, and regardless of why you need to borrow, it’s important to find the best lender for your needs.
LightStream can offer flexibility, low rates, and no fees to eligible borrowers with a streamlined application process. If you’re ready to move ahead with getting a personal loan, you can take the next step and apply for a loan with LightStream.
