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LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
Details
Regular Annual Percentage Rate (APR)
7.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)
Loan Amount Range
$5,000 to $100,000
Minimum Credit Score
660
Editor's Rating
4.75/5
4.75 out of
5 Stars
Pros & Cons
Pros
Competitive APR
Approval decisions should come shortly after applying
Loans can be funded the same day
Wide range of borrowing amounts and terms
No fees
Cons
Only available to people with good credit
No pre-approval option
Highlights
More Information
Loan amounts range from $5,000 to $100,000
Loan term lengths range from 2 to 12 years
Apply online and you'll receive a response shortly during business hours.
However, borrowers looking to shop around for the best rates might prefer a different company, as Lightstream doesn't offer loan preapproval. Instead, it will conduct a hard credit inquiry when producing your rate, which will likely temporarily ding your credit score.
LightStream Personal Loans Details
Regular annual percentage rate (APR): 7.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)
Minimum credit score: 660
Fees: None
Loan amount range: $5,000 to $100,000
Repayment terms: two to 12 years
Funding as soon as the same day or next business day
LightStream loans made by Truist Bank.
How to qualify for a LightStream Personal Loan
To qualify for a LightStream personal loan, you'll need to have a good credit score of 660 or better. The lender will also look at your credit report to see if you have have a mix of credit types, other assets on hand, few or no delinquent payments.
Although LightStream doesn't disclose its specific income requirements, you'll also have to show that you earn enough to comfortably make the monthly payments on the loan. That amount will vary depending on how much you want to borrow. A debt-to-income ratio of 30% or lower will also increase the chances that you'll qualify for a LightStream loan.
LightStream Personal Loans Pros and Cons
How to Apply for a LightStream Personal Loan
1. Fill out personal information on Lightstream website. Choose if you're applying for an individual or joint loan, as well as your loan's purpose. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally send in an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Sign loan agreement and get your money. After you sign your loan agreement, you may get your money as soon as the same day with LightStream if the application is approved, verified, and signed before 2:30 p.m. ET.
4. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
Details
Regular Annual Percentage Rate (APR)
7.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)
Loan Amount Range
$5,000 to $100,000
Minimum Credit Score
660
Editor's Rating
4.75/5
4.75 out of
5 Stars
Pros & Cons
Pros
Competitive APR
Approval decisions should come shortly after applying
Loans can be funded the same day
Wide range of borrowing amounts and terms
No fees
Cons
Only available to people with good credit
No pre-approval option
Highlights
More Information
Loan amounts range from $5,000 to $100,000
Loan term lengths range from 2 to 12 years
Apply online and you'll receive a response shortly during business hours.
LightStream Personal Loan Frequently Asked Questions
Is LightStream a legitimate company?
LightStream is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives LightStream an A+ rating. The BBB evaluates companies by reviewing a business' responses to customer complaints, honesty in advertising, and clarity surrounding business practices.
How long does LightStream take to approve loan applications?
If you apply during business hours, you'll get a decision soon after you apply — but it may not be instant.
Does LightStream do a hard credit check?
Yes, Lightstream does a hard credit check when you apply, which will likely hurt your credit score. Other lenders allow you to prequalify for a loan before your credit score is impacted.
What credit score is needed for a LightStream loan?
You'll need to have a credit score of at least 660 to qualify for a LightStream personal loan. You'll also need to show that you have have a mix of credit types, other assets on hand, few or no delinquent payments, and a steady income.
What is the minimum income for LightStream?
LighStream does not specify the minimum income needed to qualify for a personal loan.
LightStream Personal Loan Competitors
LightStream vs. SoFi Personal Loans
LightStream and SoFi Personal Loan have quite a few similarities. Both offer loan amounts between $5,000 to $100,000, and they don't require any fees. However, SoFi loans require a higher minimum credit score and also have higher minimum interest rates than LightStream.
SoFi stands out with its unemployment protection program. If you lose your job through no fault of your own and you're approved for the program, SoFi will put your loans into forbearance, suspending your monthly payments.
LightStream vs. Upgrade Personal Loans
Upgrade Personal Loanalso offers loan amounts between $1,000 to $50,000. However, with Upgrade, you'll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You won't pay an origination fee with LightStream.
How We Rated LightStream Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths and loan amounts (15% of rating)
Funding speed (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
Details
Regular Annual Percentage Rate (APR)
7.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)
Loan Amount Range
$5,000 to $100,000
Minimum Credit Score
660
Editor's Rating
4.75/5
4.75 out of
5 Stars
Pros & Cons
Pros
Competitive APR
Approval decisions should come shortly after applying
Loans can be funded the same day
Wide range of borrowing amounts and terms
No fees
Cons
Only available to people with good credit
No pre-approval option
Highlights
More Information
Loan amounts range from $5,000 to $100,000
Loan term lengths range from 2 to 12 years
Apply online and you'll receive a response shortly during business hours.
Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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