Personal loans can be a strategic alternative for financing large expenditures, so long as the loan terms are understood. By searching around while keeping your budget in mind, it is occasionally possible to discover flexible payment options that meet your requirements. Thus, we conducted this LightStream personal loans review to help you know if it is good for you.
List of Contents
- LightStream Personal Loan
- Why We Selected It
- Who Benefits Most from LightStream?
- Details of LightStream Personal Loans
- Qualification Requirements
- Customer Reviews
- Application Procedure for a LightStream Personal Loan
- Pros & Cons
LightStream Personal Loan
Loan amounts: $5,000 to $100,000
APR range: 5.99% to 21.49% with autopay
Minimum credit score: 660
Why We Selected It
LightStream is a consumer lender that provides unsecured personal loans for various applications. The lender claims no origination, late payment, or prepayment fees. Moreover, it offers rate discounts to borrowers who enroll in autopay. Loans range from $5,000 to $100,000, with terms ranging from two to twelve years, depending on your loan purpose. Furthermore, with a minimum credit score of 660, LightStream is an excellent choice for applicants with good to excellent credit.
Who Benefits Most from LightStream?
LightStream provides personal loans of up to $100,000 for various purposes, including the purchase of land or a tiny house, loan types that conventional lenders rarely offer. LightStream is an excellent option for prospective borrowers needing a sizable, flexible loan, given its high loan amounts, the quick application process, and quick funding time.
In addition, like other online lenders, LightStream imposes restrictions on using loan funds. Borrowers cannot use their loans to finance postsecondary education or business expenses. LightStream’s variety of loan amounts, terms, and annual percentage rates (APRs), along with its low minimum credit score requirement of 660, make it a flexible option for many prospective borrowers. Significantly, LightStream loans are accessible to borrowers in all 50 states and the District of Columbia and Puerto Rico.
Purposes of LightStream Loan
Details of LightStream Personal Loans
Perks & Features
LightStream provides its customers several useful benefits, including a 0.50% APR discount for autopay enrollees.
- Loan experience guarantee
Anybody with a LightStream loan for less than 30 days who are unhappy with their experience can receive $100. To qualify, borrowers must submit a questionnaire that helps LightStream better understand customer needs and improve its services. Each borrower is restricted to a single $100 payment per loan.
- Rate beat program
If you prove that you were approved for a regular fixed-rate loan of the same amount, term, purpose, and payment method with another lender, LightStream will beat that lender’s interest rate by 0.1%. This is subject to the accompanying conditions.
Loan Amounts & Terms
- Loan amounts
Depending on your needs and qualifications, personal loans from $5,000 to $100,000 are available from LightStream.
- Loan terms
Personal loans from LightStream are typically available for terms between two and seven years or 24 and 84 months. However, loans for home improvements, pools, and solar panels may have repayment terms of up to 12 years or 144 months.
- Prepayment penalty fees
Borrowers who want to pay off their loans early are not penalized by LightStream.
- Late fees
Although there are no late fees, late payments will result in a higher interest accrual.
LightStream offers auto paying borrowers APRs ranging from 5.99% to 21.49%. Those who do not enroll in autopay are subject to a 0.50% higher APR. The available APR ranges vary by loan purpose.
Personal loan applications are either granted or denied based on various criteria. Genuinely, each lender has its underwriting standards. However, they often include information from the applicant’s credit history and other factors, such as income, that establish the applicant’s potential to repay the loan. The following requirements are not a guarantee of approval but might help determine if a personal loan is good for you.
Co-signers and Co-applicants
LightStream does not permit co-signers, although applicants may submit a joint application. Contrary to the requirements of some lenders, co-applicants are not required to have the same address as the principal applicant. Prospective borrowers must specify at the outset of the application process that they will be submitting a joint application and include information about both applicants on the online application. LightStream will then evaluate each applicant’s credit, income, and other facts similarly.
LightStream needs applicants to have a regular income that is adequate to cover their existing debts plus a new loan to be authorized for a loan. LightStream examines applicants based on their liquid assets, cash down payments on real estate, retirement savings, and revolving credit card debt, in addition to their income. However, LightStream does not evaluate marijuana business income.
Together with the purpose of the loan, these variables assist in establishing the debt-to-income (DTI) ratio and the chance of acceptance for the applicant.
Credit Score Requirements
Applicants must have a FICO credit score of at least 660 to qualify for a LightStream loan. A solid applicant will also have a lengthy credit history that includes numerous account kinds, such as credit cards, vehicle loans, and mortgage debt, as evidenced by their credit profile. Although a strong credit score may be sufficient for approval, exceptional credit is required for the lowest interest rates. In addition, LightStream, unlike many other online lenders, does not need prequalification. Therefore, potential borrowers must submit a formal application and undergo a rigorous credit check to determine their eligibility and interest rate.
Borrowers who have had excellent experiences with LightStream state that the application process is fast and straightforward. Moreover, money is made accessible within a fair timeframe. Similarly, several consumers concur that the procedure is transparent. Those who rated LightStream poorly mentioned needing to contact the lender for application progress updates, receiving cash later than anticipated, and a lack of reaction from customer service.
Application Procedure for a LightStream Personal Loan
LightStream’s application procedure is entirely online. However, a representative may need to contact you by phone to gather further information. To apply for a personal loan from LightStream, use the online application and submit the following information:
- Loan purpose, amount, and term
- Payment method
- Personal and contact information
- Employment information
- Current expenses, including monthly housing payments
Pros & Cons
✔ Rapid authorization and financing
✔ Low and competitive costs
✔ No origination, prepayment, or late fees
✘ No due date flexibility
✘ Limitations on the use of loan proceeds
✘ No prequalification
In short, LightStream’s borrowers can decide when they will receive their funds, which is just one of the service’s many convenient features. After approval, it can deposit the money into your account the next business day, but no later than 30 days later. Planning for your first payment or timing your loan with the start of a home improvement project or other large expense is possible when you schedule a later fund date.
Yes, LightStream is a regulated broker. It is regulated by the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). It also has a strong reputation for customer service and support.
LightStream Broker offers a variety of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and options. The platform also offers access to international markets, as well as retirement accounts like IRAs.
Yes, LightStream Broker offers a range of educational resources and tools to help investors make informed decisions. These include research and analysis tools, as well as webinars and tutorials on various investment topics.
Yes, LightStream Broker offers a mobile app that allows investors to trade, manage their portfolios, and access research and analysis tools from their mobile devices.
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