LightStream is best for those with good to excellent credit. They offer longer terms, more loan uses, and higher amounts than other personal loan providers. They also have no fees, such as a high-cost origination fee.
APR
6.99% - 25.49% (with autopay)
Loan Amount
$5,000 - $100,000
Term
Flexible
Min score
660
LightStream is best for those with good to excellent credit. They offer longer terms, more loan uses, and higher amounts than other personal loan providers. They also have no fees, such as a high-cost origination fee.
APR
6.99% - 25.49% (with autopay)
Loan Amount
$5,000 - $100,000
Term
Flexible
Min score
660
Our Verdict
LightStream personal loans are a type of borrowing option where you can get money from LightStream, an online lender. These loans are helpful if you need some cash for different things like paying off debts, fixing up your home, or even planning a wedding. LightStream offers loans from $5,000 – $100,000, meaning you can borrow a range of amounts based on your needs.
One good thing about LightStream loans is that they don't charge any fees like origination fees or late fees. Plus, if you sign up for automatic payments, you could get a discount on your interest rate.
To get a LightStream loan, you need to have a decent credit score, usually around 660
or higher. They'll also check your income and other financial details to make sure you can afford to pay back the loan. If you're approved, you could get the money on the same day, which is pretty quick.
Getting Approved for a LightStream Personal Loan
To apply for a LightStream personal loan, you'll need to meet certain requirements. Here's what you need to know:
- Credit Score Requirements: LightStream typically requires a minimum credit score of 660
to qualify for a personal loan. - Income Requirements: You must have a stable income and sufficient assets to repay the loan, including investments, retirement savings, and liquid assets.
- Co-signers and Co-applicants: LightStream does not allow co-signers, but you can apply jointly with another person who shares equal responsibility for the loan.
- Additional Documentation: You'll need to provide personal information such as your name, address, Social Security number, employment details, and financial information.
- Verification Process: LightStream may require additional documents, such as bank statements, tax returns, or proof of income, to verify the information provided in your application.
Understanding LightStream Repayment Options
LightStream Personal Loan Pros & Cons
Like all lenders, LightStream has its own set of advantages and drawbacks that potential borrowers should consider:
Pros | Cons |
|---|---|
No Fees | Not For Bad Credit Borrowers |
Flexible Term Options | No Soft Pull |
Competitive Interest Rates | High Minimum Loan Amount |
High Maximum Loan Amount | High Credit Score Requirement |
Loan Experience Guarantee | No Direct Payment to Creditors |
Available in All States | No Option for Co-signers |
Quick Turnaround Times | |
Joint Applicants |
- No Fees
LightStream has no origination, administration, or late fees. These fees should always be considered in the cost of your loan.
- Flexible Term Options
LightStream offers many different terms on each product. Many personal loan providers do not provide this flexibility.
- Competitive Interest Rates
Interest rates are competitive and rates are not as high as those of many other lenders for personal loans. LightStream states it will beat any competitor by 0.10%.
- High Maximum Loan Amount
LightStream has one of the highest maximum loan amounts, up to $100,000.
- Loan Experience Guarantee
Borrowers dissatisfied with their loan experience within the first 30 days can receive $100, demonstrating LightStream's commitment to customer satisfaction.
- Available in All States
LightStream is licensed to do business in all 50 states.
- Quick Turnaround Times
LightStream has a quick process and many borrowers are approved or rejected within 24 hours. Many borrowers have money in their account by the end of the day.
- Joint Applicants
LightStream allows loans with joint borrowers. This can help improve your chances of getting approved.
- Not For Bad Credit Borrowers
If you do not have the best credit history you may not be able to get a loan through LightStream. They cater to those with good to excellent credit history.
- No Soft Pull
Many personal loan providers do a soft pull inquiry on your credit to see what possible credit options they can offer you. LightStream only does a hard pull from the start, which will affect your credit.
- High Minimum Loan Amount
LightStream's minimum loan amount of $5,000 may be too high for borrowers seeking smaller loans.
- High Credit Score Requirement
LightStream typically requires a minimum credit score of 660
, limiting access for borrowers with lower credit scores.
- No Direct Payment to Creditors
Unlike some lenders, LightStream does not offer direct payment to creditors for debt consolidation loans, requiring borrowers to manage payments independently.
- No Option for Co-signers
LightStream does not allow co-signers on personal loans, limiting options for applicants with weaker credit profiles.
LightStream Customer Experience
Customer reviews for LightStream are mixed. While some borrowers report quick and easy application processes, along with same-day funding, others mention issues with application status updates and delayed fund disbursements.
LightStream holds an A+ rating with the Better Business Bureau, but customer reviews on Trustpilot average around 1.7 stars out of 5. Some users express dissatisfaction with customer support responsiveness and difficulty in getting approved despite having good credit.
LightStream | |
|---|---|
iOS App Score | 3 |
Android App Score | 2.6 |
Trustpilot Rating | 1.7 |
BBB Rating | A+ |
Contact Options | phone/mail |
You can reach LightStream's customer service by phone or email. They are available Monday through Friday from 9:30 a.m. to 7 p.m. ET, and on Saturdays from noon to 4 p.m. ET. Additionally, you can visit their website for FAQs and other resources
Additional Insights to Keep in Mind
Before applying for a personal loan with LightStream, it's important to understand additional factors that could impact your borrowing experience:
-
What is the funding time?
LightStream offers fast funding, with approved loans typically disbursed as soon as the same day, provided all necessary steps are completed before the cutoff time. This quick turnaround time allows borrowers to access funds promptly for their financial needs.
-
What Happens If I miss a payment?
Common Uses of LightStream Personal Loans
Who Should Consider Applying?
Considering LightStream for a personal loan? Here are some individuals who should consider applying:
- Borrowers with Good to Excellent Credit: LightStream typically approves applicants with good to excellent credit scores, making it an attractive option for those with strong credit histories.
- Individuals in Need of Fast Funding: With same-day funding available for approved loans, LightStream is suitable for borrowers who require quick access to funds for emergencies or time-sensitive expenses.
- Homeowners Planning Renovations: LightStream offers loan terms of up to 12 years for home improvement projects, making it ideal for homeowners looking to finance renovations without tapping into their home equity.
- Debt Consolidators: Given LightStream's competitive rates and no fees, it's a suitable choice for borrowers looking to consolidate high-interest debt into a single, more manageable loan.
How to Apply For a Personal Loan With LightStream
LightStream does not disclose their minimum requirements for applying like other lenders do, but they have a few guidelines to consider: several years of credit, as well as a variety of credit, savings, liquid assets, and income to pay for a new loan.
LightStream does not do an initial soft pull, so you will have to go through the whole application process to see if you are approved. Applying is a 4 step process that takes only a few minutes. You first pick the type of loan you want, how much and what term you would like.
You also choose at the beginning if you want the .50% interest discount for autopay. You can apply for a joint or individual application
They require that you provide basic information about yourself including name, contact information, social security number, date of birth, assets, employment, and income. You then will create a LightStream account. The last step is reading over the application agreement and then submitting the application.
LightStream is included in our picks for the best personal loans of 2024. What makes this lender a good place to get a loan is the low rates for prime borrowers. If you have excellent credit and sign up for autopay, you can expect to pay around one of the lowest rates available.
You can also choose when to receive your funds, from the same day up to 30 days after approval. However, LightStream requires good or excellent credit. You also need to have several years of credit history to qualify.
LightStream does require applicants to demonstrate sufficient, stable income or assets to show an ability to repay current debt obligations plus any new LightStream loan. Therefore, it is likely that you will be asked to show proof of income documentation.
However, LightStream does not categorically state that all applicants must provide supporting documentation.
SoFi has more similarities to LightStream compared to Marcus. Both companies offer loans up to $10,000 with no fees. Additionally, SoFi’s rates are similar if you have good credit and use autopay.
Both lenders are suited to those with good to excellent credit. Sofi is best suited to those who want a shorter-term loan, as LightStream offers longer terms of up to 12 years, rather than the 7 offered by SoFi. However, SoFi does have less stringent criteria, so if you may struggle to meet the LightStream requirements, SoFi could be a good alternative.
Alternative Personal Loans Lenders
 |  |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 29.99%
| 9.11% – 29.99%
| 10.49% – 19.49% APR
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 months
| 12-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $2,000 – $30,000
|
Minimum Score | 680
| 640
| 680
|
Funding Time | Up to 7 days
| As soon as same day
| Up to 5 days
|
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