LightStream Personal Loan full review
LightStream offers consumer-friendly features and loans with sufficient size to cover substantial expenses.
Looking for a Loan? LightStream has You Covered!
Are you in need of a loan but have a good credit score? Look no further, because LightStream is the perfect place for you.
Why Choose LightStream for Personal Loans?
LightStream stands out from regular lenders by offering personal loans up to $100,000 for various objectives, such as land acquisition or financing a tiny house. Their high loan amounts, quick application process, and fast funding schedule make them an ideal choice for borrowers looking for flexibility with big loans.
While LightStream does impose restrictions on the use of borrowed funds, like other online lenders, many borrowers still find it to be a versatile option. With a range of loan amounts, repayment periods, and competitive annual percentage rates (APRs), coupled with a minimum credit score requirement of 660, LightStream is a popular choice for borrowers in all 50 states, Washington D.C., and Puerto Rico.
How Does a LightStream Personal Loan Work?
Using personal loans strategically can be beneficial if you understand the terms and select flexible repayment arrangements that fit your budget. LightStream Personal Loans are highly recommended due to their low APRs, making them an excellent choice for various financing needs such as home improvements and credit card refinancing.
To be eligible for a LightStream loan, you need at least a decent credit score, but an excellent score will provide you with the best lending terms. While they offer loans for almost everything, please note that higher education and small business loans are not included.
The APRs offered by LightStream range from 3.49% to 19.99%, and enrolling in autopay can earn you a 0.5% reduction. The specific APR you qualify for depends on factors such as your credit score, loan size, and repayment period. The type of loan you need may also impact your rate, with auto loans starting at 3.49%, debt consolidation loans at 5.95%, and home improvement loans at 3.99% APR.
Perks and Fees
If you apply, get approved, and electronically sign your loan agreement on a business day before banks close, LightStream offers same-day funding via wire transfer or ACH. After loan approval, you have 30 days to deposit the money into a checking account before your application becomes inactive.
LightStream is also committed to environmental preservation. For every loan they make, they partner with American Forests to plant a tree.
In terms of customer satisfaction, LightStream’s customer service was ranked first among providers of personal loans by J.D. Power in 2020. Additionally, LightStream does not charge origination or late fees, and there are no penalties for early loan repayment, making it a flexible option for those with erratic cash flow needs.
LightStream Personal Loan’s Key Benefits
Low Rates and Zero Fees
LightStream offers low starting rates depending on the loan size, purpose, length, and applicant’s credit history. Borrowers with excellent credit can access the lowest rates, and opting for autopay can further reduce the rate by 0.5 percentage points. Plus, LightStream does not charge fees for loan applications, late payments, or early repayment.
Special Features for Home Improvement
Borrowers with strong or exceptional credit can enjoy extended loan terms of up to 12 years for home repair projects without appraisal or home equity restrictions. Longer repayment terms can lower monthly costs, making it beneficial for expensive home improvements like kitchen remodels, solar panel installations, or swimming pool expansions. LightStream also offers the option to delay loan funding for up to 90 days, allowing borrowers more time to plan without accruing interest.
Wide Range of Loan Terms
LightStream provides borrowers with the choice between shorter terms with lower total interest rates or longer terms with lower monthly payments. With repayment options ranging from two to seven years, borrowers can select the term that best suits their financial needs.
Rate Beat Program
If you can show that you’ve been approved for an unsecured, fixed-rate loan with identical parameters from a competitor, LightStream promises to beat the competitor’s interest rate by 0.10 percentage points.
