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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 of LightStream personal loans review.
| Lending Partner | Best For | Min. Credit Score | Loan Amounts | APR Range | Next Steps |
|---|---|---|---|---|---|
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Rating image, 5.0 out of 5 stars.
5.0 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Best For: Borrowers with good credit | Min. Credit Score: 660 | Loan Amounts: $5k-$10k | APR Range: 2.49% - 19.99% (w/AutoPay*) |
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On Secure Website. |
Full LightStream Personal Loans review
This personal loan is a good fit for: Borrowers with strong credit in search of extremely low interest rates.
Pros
- One of the lowest APRs in the industry
- Low-rate guarantee
- Super fast funding
- High maximum loan amounts
Cons
- Strict qualification requirements
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 APR is hands down 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 your education, buy stocks, 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. 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 on smaller loans to as long as 12 years on large sums.
0.50% AutoPay discount: This is one of the larger AutoPay rate discounts on offer.
High customer satisfaction: Customers rate LightStream highly. It's currently No. 1 with J.D. Power personal loan rankings for customer satisfaction. In a day and age when we're all telling the world what we think, that's saying something.
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.
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.
- 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:
- Select the type of application and loan purpose.
- Provide your personal information.
- Answer a few security questions to confirm your identity.
- 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 and LendingClub finance 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: Other lenders have more flexible approval requirements. Avant and LendingPoint both provide funding to borrowers with bad credit, albeit at high rates, while Upstart considers more than just your credit score, so you may be able to get approved based on your job history and education.
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 on the market now.
About the Author
Dana has been writing about personal finance for more than 20 years, specializing in loans, debt management, investments, and business. Her work has appeared on San Jose Mercury News, The Detroit News, Oakland Tribune, and Dun & Bradstreet. After moving around the globe, she's thrilled to be living in her hometown of Kansas City.
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* Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
© 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
