Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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Who is LightStream Best For?
LightStream is a great lender for borrowers with excellent credit, as it offers some of the lowest personal loan interest rates on the market. It also doesn't charge any fees, which will limit the overall cost of your loan. It's one of our top picks for the best debt consolidation loan companies, and one of the best home improvement loans thanks to its low minimum APR.
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):
LightStream Personal Loan - Regular APR - Minimum credit score: 660
- Fees:
LightStream Personal Loan - Fees Display - Loan amount range:
LightStream Personal Loan - Loan Amount Range - 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 Personal Loan Frequently Asked Questions
Is it hard to get approved by LightStream?
It can be difficult to get approved for a LightStream loan as the lender requires a credit score of at least 660. LightStream also does not allow loan prequalification. It will conduct a hard credit inquiry when producing your rate, which will temporarily ding your credit score.
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.
Do you need proof of income for LightStream?
LightStream, like most lenders, will require documentation proving your income before it will approve your personal loan.
LightStream Personal Loan Competitors
LightStream vs. SoFi Personal Loans
LightStream and
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
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.