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LightStream Personal Loans Review: Leading the Pack on Several Fronts

Review Updated
Dana George
Matt Frankel, CFP®
By: Dana George and Matt Frankel, CFP®

Our Loans Experts

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Borrowers with good credit will appreciate the many benefits of LightStream personal loans. Not only does it make the unusual promise to beat any qualifying offer, LightStream personal loans also come with a $100 loan experience guarantee. We'll cover the pros and cons in our full LightStream personal loans review.

Award Icon 2023 Award Winner

LightStream

Logo for LightStream
Rating image, 4.0 out of 5 stars.
4.0/5
Minimum Credit Score
Good credit
Loan Amounts
$5,000 - $100,000
APR Range
7.99%-25.49% (w/ AutoPay)*
Term Length
24-144 months (varies by loan purpose)

LightStream offers some of the lowest rates on personal loans, as well as high loan limits. Also, LightStream doesn't charge fees. All in all, this is one of the most competitive personal loan lenders you'll come across. The catch is that LightStream has stricter borrowing requirements than some other lenders.

  • Competitive APRs
  • No fees or prepayment penalty
  • Same-day funding available
  • High maximum loan amount
  • Better APRs available
  • No pre-approval for personal loans
Disclaimers

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Full LightStream personal loans review

This personal loan is a good fit for: Borrowers with strong credit in search of extremely low interest rates.

Top perks

Low-rate guarantee: If you can provide evidence a competing lender offered a lower loan interest rate on the same terms, LightStream will beat it by 0.10 percentage points. On top of that, LightStream's published APRs are some of the lowest we've found.

Fast funding: The loan application process can be completed online with timely responses during business hours. Approved borrowers can receive funds the same day. That's one of the quickest turnaround times in the business.

A customer experience guarantee: If you've received a loan but are not satisfied with your experience, LightStream wants to hear from you. It will offer you the chance to complete a questionnaire and receive $100 for your trouble.

Flexibility: LightStream has very few restrictions on how borrowed funds can be used. Consumers can obtain loans for most purposes, including paying medical expenses, financing home renovations, buying a car, or debt consolidation. You can't borrow to fund higher education (pre-K-12) tuition, or refinance existing LightStream loans. Loans are only available to individuals, not businesses.

No fees or prepayment penalties: You will pay no fees with LightStream, even if you want to repay your loan early. Keep the lack of fees in mind as you compare loans, as many lenders charge origination fees that can be in the hundreds or thousands of dollars. Another lender may offer a lower interest rate, but a LightStream loan could ultimately cost less because there are no pesky fees involved.

Large loan amounts: LightStream offers between $5,000 and $100,000 in financing to qualified borrowers. In addition, loan terms can run from two years to 12 years, depending on the loan type.

0.50% AutoPay discount: This is one of the larger autopay rate discounts on offer. To be perfectly clear, LightStream's published APR range and the rates borrowers are quoted assuming you'll be using AutoPay.

What could be improved

Strict qualification requirements: The lender is very restrictive in its approval process. It could offer loans to a wider pool of would-be borrowers, even if it had to do so at higher rates -- but it chooses not to.

No prequalification: Most personal loan companies will let borrowers check their rates without a hard credit pull (no impact on their credit score), but LightStream doesn't. This can be a major differentiator, especially for borrowers who prefer to shop around with a few lenders before applying.

How to qualify for a LightStream personal loan

You'll generally need the following to qualify for a LightStream loan:

  • Good or excellent credit score: You'll need several years of credit history and your credit report should include a mix of different types of accounts.
  • Substantial assets: Borrowers generally need to have some liquid assets such as retirement savings or real estate with equity.
  • Limited debt: Your revolving debt, including credit card debt, must be at a manageable level. In other words, your income and current debt load must justify the new loan.
  • Proof of income: Your source of income must be stable and you must make enough to show you can repay the loan.
  • A strong payment history: You should have no delinquencies on your credit record.

LightStream's application process

LightStream's entire application process can be completed online in four steps:

  1. Select the type of application and loan purpose
  2. Provide your personal information
  3. Answer a few security questions to confirm your identity
  4. Review your information and submit your application

If you apply during business hours, you should receive a swift response. LightStream may ask you to submit additional documents and provide information on funding. If it approves your application, you'll need to e-sign a loan agreement.

Once you've finished these steps, you can get funding as soon as the same day.

Alternatives to consider

LightStream is only an option if you want to borrow at least $5,000 and if you have good or excellent credit. If you want to borrow less or you're unable to qualify for a loan, here are some options for different lenders.

  • If you need to borrow only a small sum: Upstart finances loan amounts as low as $1,000, perfect if you don't need to borrow much.
  • If you don't have a long credit history or your credit score isn't high enough: Avant provides funding to borrowers with bad credit, albeit at high rates.
As of Sep. 19, 2023
Lender
Rating
Min. Credit Score
Loan Amounts
APR Range
Next Steps
LightStream
Rating image, 4.0 out of 5 stars.
4.0/5
Good credit
$5,000 - $100,000
7.99%-25.49% (w/ AutoPay)*
Upstart
Rating image, 4.0 out of 5 stars.
4.0/5
None
$1,000 - $50,000
5.20% - 35.99%
Avant
Rating image, 4.5 out of 5 stars.
4.5/5
580
$2,000 - $35,000
9.95% - 35.99%
Disclaimers

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12.  Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

*Upstart Loan Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

This LightStream personal loan is right for you if:

  • You have the credentials to qualify and want both low interest rates and excellent customer service guaranteed.
  • You want to receive funding very quickly.
  • You need to borrow a larger sum, as LightStream provides loans of up to $100,000.

If LightStream doesn't sound like a fit for you, we'd suggest exploring your options among the best personal loans available now.

FAQs

  • LightStream is known for being one of the more difficult personal lenders to qualify with, as it expects a borrower to have an excellent credit score and payment history, significant assets, relatively low debt, and enough documented income to justify the loan.

  • There's no set-in-stone income requirement for a LightStream personal loan, but the company expects borrowers to have stable income that is enough to justify the loan. LightStream will also look at an applicant's other debts to be sure they can comfortably afford the new loan payments as well as all of their existing obligations.

Our Loans Experts