Our Verdict
LightStream is your best plug if you prefer a lender who offers rate-reward programs, gives larger loan amounts, charges no fees—origination, late payments, or prepayment,—offers both competitive rates, and extended repayment terms. The lender processes loans and releases funds quickly. Need to consolidate your debts or want to fund a huge home improvements project? LightStream is there for you!
Consider this lender to source funds because of its extendable loan terms. For example, you get up to 144 months repayment term for a home improvement (such as energy efficient-related installation or swimming pool) loan. But ensure your credit score is at least 660 before you proceed with your application.
Other additional information about this lender includes:
LightStream
Corporate Headquarters
Address: 2202 N Westshore Blvd, Tampa, FL 33607, United States
Phone: +1 813-482-0162
Pros
- No origination, late payments, or prepayment fees.
- Rate discount reward for autopay.
- Competitive interest rates and extendable repayment terms.
- Larger loan amounts.
- Quick loan processing and funding.
Cons
- Limited options for loan purpose.
- No pre-qualification check.
- No option to make direct payments to creditors in order to consolidate debts.
- Opened to borrowers with good to excellent credit scores
Who This Product Is Best For
Consider LightStream person loans if you:
- Want to consolidate your debts, buy a little land or house.
- Need a large amount with a favorable repayment term.
- Live in any geographical location, including the District of Columbia and Puerto Rico across the country.
- Have a credit score of 660 or more on FICO scale.
Who This Product Isn't Right For
Think of other alternatives in order to get a personal loan if you:
- Want to pay your post-secondary education fees.
- Need to use the funding for any purpose you require than as provided by the lender.
- Have bad credit.
- Require a lower loan amount with a lesser interest rate.
What This Product Offers
- Debt consolidation loans. Embrace LightStream’s personal loan products so that you can pay off all your high-interest debts. Combine the loans into a single lower interest where you make monthly installment payment.
- Wedding loans. Get up to $100,000 in order to finance your wedding ceremony with LightStream product.
- Adoption loans. To cover your adoption expenses—agency fees, attorney charges, court costs, and home study fee,—apply for LightStream personal loan.
- Medical loans. Pay your medical bills effortlessly by opting for LightStream personal loan.
- Hot tub loans. Need a new hot tub in your home or repair an existing hot tub? Check out LightStream products! It offers you anything between $5,000 and $100,000 with interest rates dangling from 6.99% to 24.49%.
- Boat loans. Buy a new boat or refinance an existing (from another lender) boat loan seamlessly with LightStream personal loan.
- Auto loans. Cruise the car you desire by getting funding from LightStream. The loan processing is quick and promises to deliver your car even the same day you apply provided you meet the requirements.
- Timeshare loans. Want something special for your next vacation? Preview LightStream’s timeshare loan requirements and check your eligibility.
Product Details
Debt consolidation loans
Tired of servicing multiple high-interest debts? Here’s a way out: Pay off those debts once with the LightStream’s debt consolidation loan and then make a monthly repayment at a lower interest rate (from 9.99% with autopay) to the lender. The repayment term spans up to 84 months, but you require an excellent credit in order to get the loan.
Wedding loans
Finance your wedding and make it a memorable event. Thanks to LightStream personal loans, you can get the amount your require up to $100,000 so that you can clear your wedding expenses. Have an excellent credit score and get the cash you need at 11.99% to 16.74% APR with autopay and excellent credit. The amount you require (from $5,000 to $100,000) determines your rate and term.
Medical and adoption loans
Cater for an emergency medical situation with LightStream’s personal loan products. Want to adopt a child and not having enough cash? Get the amount you require from LightStream and satisfy every single financial obligation. Both medical and adoption loan amounts start at $5,000 and max out at $100,000. The exact amount you want determines your interest rates and terms.
Boat and auto loans
With LightStream’s boat loan, you can repair or buy a new boat. Plus you can refinance an existing boat loan—from another lender, though. Need a new car? If yes, you’re just a few steps away from getting the amount you need. Check your rate and term on LightStream’s website. The rate starts at 6.99% (as it is for all the lender’s personal loans) with the repayment term reaching up to 84 months.
Where This Product Stands Out
- Competitive rates and no fees. Get the lowest possible rate with LightStream. The product calculates your rate and term according to the loan purpose, amount, and credit score. Plus you get additional 0.50% discount in interest if you opt for autopay.
- Flexible repayment terms. Choose the most convenient term in order to repay your loan.
- Perks for home improvement loans. Choose more time to repay your home improvement loan—up to 12 years. This makes more sense for financing huge home improvement projects, including kitchen remodeling, swimming pool, or solar installation.
- Experience guarantee. Your loan has started (less than 30 days) buy yourself unhappy with the lender’s product? Contact LightStream and fill the complaint form. If your case makes sense, you get $100 compensation fee for free.
- Rate beat program. Compare LightStream’s offer with other lenders. If you get the same rate and term LightStream offers from another lender, inform LightStream and get an instant 0.10% discount.
Where This Product Falls Short
- No direct pre-qualification. You can use the lender’s loan calculator to know your rates and terms but does not require soft check unlike what is obtainable from other lenders.
- No payment to your creditors in order to consolidate your debts. LightStream doesn’t pay your creditors directly in order to consolidate your debts. Upon approval, you get the funds and pay your creditors yourself.
- Less than stellar customer service. Don’t expect much from the lender’s customer service. If you have any complaints, fill out the complaint form online.
How to Qualify for This Product
Understand LightStream’s eligibility requirements for its personal loans. Check what to put in place below:
- Have a credit score of 660 or more.
- Present a proof of robust income to service your existing loans and LightStream loan.
- Maintain a credible credit history that portrays on-time payments with little to no derogatory items.
- Show you savings plans—investment or personal savings, for example.
- Get your proof of income, security number, and address ready before you apply.
How to Apply for This Product
- Use the lender’s loan calculator to know your possible rates and terms. Visit the lender’s website and enter the type of loan and amount your require into the loan calculator. You see the possible rates and terms you’re likely to qualify for.
- Create an account with the lender. Sign up for the lender’s service and provide your personal information such as your name, address, date of birth, among others—plus your employment and income details.
- Submit your application. Complete the loan application form. Get your pay stubs, bank statement, and W-2s handy for this stage. Upon submitting your application, the lender conducts a hard check which hurts your credit score temporarily.
- Receive funds. Once approved, LightStream releases funds within one business day of approving your application.
- Repay your debt. Stay on top of your payment. Sign up for autopay in order to make early payments. Remember, the lender reports your payments to the credit bureaus. That said, late payments hurt your credit score.
Alternatives to This Product
SoFi
Get anything from $5,000 to $100,000 from SoFi. It offers lower higher rates than LightStream and does not charge origination, late payments, or prepayment fees. If you suddenly lose your job but has been making on-time payments on your loan, you can qualify for SoFi’s unemployment protection where you readjust your repayment term without any effect on your credit score.
Marcus
Want a lower loan amount between $3,500 and $40,000? If yes, consider Marcus. The repayment term is short, though—three to six years. Yet, the lender allows you to readjust your repayment date up to three times within the loan period. Also, Marcus makes direct payment to your creditors in order to consolidate your debts.
Customer Reviews
LightStream has a rating of 2.1 out of 5-star on Trust Pilot according to 11 reviews from customers. Better Business Bureau, BBB, has not yet approved the lender and LightStream has no reviews on BBB.
Methodology
We reviewed LightStream personal loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated LightStream personal loans based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.
Finally, we evaluated LightStream customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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