Best for: Large loan amounts
LightStream offers personal loans up to $100,000 to borrowers who have good to excellent credit profiles. The lender also doesn’t charge any fees — no origination fees or even late fees. Plus, once approved, you may receive funds as soon as the same business day. Of the 19 lenders we reviewed, only one other offers higher loan amounts, but its rates are also higher, and it charges an origination fee.
In this review:
- LightStream pros and cons
- LightStream loan details
- LightStream standout features
- What to consider before applying for a LightStream personal loan
- How to qualify for a personal loan from LightStream
- How to take out a personal loan from LightStream
- How to contact LightStream
- How LightStream compares to other lenders
- How LightStream can improve
- LightStream FAQs
LightStream pros and cons
- Competitive rates: Compared to other lenders, LightStream has a competitive annual percentage rate (APR) range ( 7.49% - 25.49% APR with autopay).
- Wide range of loan amounts offered: You can borrow as little as $5,000 and up to $100,000.
- Quick funding: Once you’re approved, LightStream can issue funds as quickly as the same business day.
- No fees: Lightstream charges no fees. For instance, some lenders charge an origination fee when you take out a loan and late fees if you miss payments.
- Good credit is needed: If you have poor credit, you’ll have to find another lender since LightStream only approves applicants with good to excellent credit.
- No prequalification: LightStream doesn’t allow you to prequalify online to see rates you might receive if approved.
LightStream loan details
|APR range||7.49% - 25.49% APR with autopay|
|Loan amounts||$5,000 to $100,000|
|Min. credit score||700|
|Repayment terms||2 to 7 years for most loan purposes; 2 to 12 years for boat loans, RV loans, and home improvement loans|
|Time to fund||As soon as the same business day|
LightStream standout features
LightStream offers a competitive loan product with many perks, including:
- Wide range of repayment terms: LightStream offers personal loans with terms ranging from 2 to 12 years, depending on your loan purpose. As a result, this allows you to choose a loan with monthly payments that fit your financial situation.
- No fees: LightStream doesn’t charge origination fees, prepayment fees, or late fees, which can help save on borrowing costs.
- Rate beat program: If you receive a loan offer from another lender with the same terms as LightStream, the lender may offer you a loan with an APR of 0.10 percentage points lower.
- Autopay discount: If you enroll in autopay, you’ll receive a rate discount of 0.50 percentage points. This is better than some other lenders who grant a 0.25 percentage point autopay discount.
- Loan experience guarantee: If you’re unhappy with your experience, you can contact LightStream and receive $100 after completing a questionnaire. This offer expires 30 days after you receive funds.
What to consider before applying for a LightStream personal loan
When deciding whether a LightStream loan is a good fit, consider the following:
- Good to excellent credit required: Before you apply, check your credit score to see where you stand. You’ll need good credit to qualify — a FICO score 700 or higher.
- Loan amount: LightStream’s minimum loan amount is $5,000 — if you need to take out a smaller loan, choose another lender.
How to qualify for a personal loan from LightStream
You may qualify for a LightStream personal loan if you meet these requirements:
- You have good to excellent credit, with a minimum 700 credit score.
- You have several years of credit history.
- You can provide proof of your ability to save money by sharing financial documents like your bank account or investment statements.
- You have minimal or no delinquencies on your credit report.
- You have sufficient income to handle a LightStream loan in addition to any current debts.
How to take out a personal loan with LightStream
Applying for a LightStream loan is easy. If you think this option is the best fit, take the following steps:
- Fill out an application: Visit LightStream’s homepage and click the “apply now” button. Next, complete the application by selecting whether you want to apply for a joint or individual loan and sharing information, such as your desired loan amount, loan purpose, ZIP code, name, employment information, monthly housing costs, income, and assets such as retirement and bank accounts.
- Submit loan application: Once you’ve completed the application, double-check it for accuracy before hitting submit.
- Sign loan agreement: If your application is approved, LightStream will send you a loan agreement. Review this agreement carefully to ensure you agree with the terms before signing on the dotted line.
- Repay the loan: Once you receive the funds, repay your loan on time to avoid damage to your credit score. Enrolling in autopay can help you avoid missing a payment and reduce your loan rate by 0.50 percentage points.
How to contact LightStream
You can contact LightStream by email at [email protected]. LightStream’s customer service representatives are available Monday through Friday from 9:30 a.m. to 7 p.m. ET, and Saturday from 12 p.m. to 4 p.m. ET.
How LightStream compares to other lenders
When shopping for a loan, it’s wise to compare rates and terms from as many lenders as possible to find the best deal for you. The table below shows how LightStream compares with similar partner lenders.
|APR||7.49% - 25.49% APR with autopay||8.99% - 25.81% APR10||8.49% - 17.99% APR|
|Minimum credit score||700||Does not disclose||700|
|Loan amounts||$5,000 up to $100,000||$5,000 - $100,000||$600 - $50,000|
|Repayment terms||2 to 7 years for most loans; 2 to 12 years for boat/RV loans, home improvement loans||2 - 7 years||1 - 5 years|
|Fees||None||None||Returned payment fee, late fee, check stop fee|
|Discounts||Autopay||Autopay, member rate discount||None|
|Time to fund||As soon as the same business day|
3 business days
3 business days
How LightStream can improve
LightStream is one of our highest-rated lenders, but here’s what we think it can do to improve.
- Allow borrowers to change their due date. Unlike some lenders, LightStream doesn’t allow you to adjust your due date to fit your budget.
- Offer prequalification. Many lenders allow applicants to prequalify online to preview rates they might receive if approved without harming their credit. LightStream doesn’t offer this, which means you must submit a formal loan application.
Here are answers to some commonly asked questions about LightStream.
What types of personal loans does LightSteam offer?
LightStream offers unsecured personal loans, which means you don’t have to secure the loan with an asset, like a certificate of deposit (CD) account or vehicle. You can use a LightStream personal loan for just about anything, including home improvements, dental work, or purchasing a brand new hot tub.
How does a LightStream personal loan affect my credit?
When you submit a formal application for a LightStream personal loan, the lender performs a hard credit check to assess your credit history, which may cause a small, temporary drop in your credit score. If you repay your loan on time, your credit score should recover. However, if you default on your loan, your credit score can take a significant hit.
Can I repay a personal loan from LightStream early?
You can make extra payments on your LightStream loan any time without worrying about a prepayment fee. Most personal loan companies don’t charge prepayment penalties.
Credible evaluated the best personal loan lenders for excellent credit based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.
Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of the Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. Credible may be paid for advertising LightStream.
1Rate reduction of 0.50% when enrolled in autopay.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.