Pros Explained

• Fast funding times: You can opt to receive loan funds anywhere from the same day you apply (if you complete everything early enough in the day) up to 30 days out from the date you're approved. For home improvement loans, you can even schedule disbursement dates up to 90 days in the future.
  
• Large loan amounts and long term lengths available: You can borrow up to $100,000 with a LightStream loan, much more than most other lenders. And depending on how much you're borrowing, LightStream may offer you loan term lengths ranging from 2 to 20 years. 
• Low interest rates and zero fees: LightStream may not offer the very lowest personal loan rates out there, but they're not far off. In addition, there are zero fees with the loan, aside from interest fees—not even late fees. (Your credit score may still drop if you pay late, however.)
• Rate-beat program: LightStream offers to beat the rate of any competitor by 0.10% if you're approved for a loan. However, you'll need to be aware of a few bits of fine print first, in regards to making sure the loan-to-beat is similar to your LightStream loan.

Cons Explained

• Requires good to excellent credit: If you don't have good or excellent credit, it's unlikely that LightStream will approve you for a loan. There are many lenders out there who do specialize in personal loans for people with suboptimal credit, but LightStream isn't one of them.
• Doesn't offer loan pre-qualification: Unlike most lenders, LightStream doesn't offer any options to check your rate and get pre-approved for a loan using a soft credit pull. Instead, you'll need to complete a full application, which will result in a 澳洲幸运5官方开奖结果体彩网:hard credit inquiry that can ding your score by a little bit.
• Limited customer support options: There's no way to call someone up or launch a live chat if you need immediate help. Instead, the only way to reach out to LightStream initially is via a single email address: customerservice@lightstream.com.

Types of Personal Loans Offered by LightStream

LightStream offers 澳洲幸运5官方开奖结果体彩网:unsecured personal loans for a wide range of purposes. It lists more than 25 different usꦯes on its website, including some of the🔯 following choices:

• Adoption and fertility loans
• Debt consolidation loans
• Swimming pool and hot tub loans
• Medical loans
• Wedding loans
• Auto loans

However, don't let the fancy marketing fool you. These are all basically the same personal loan, just named in ways that people might be searching for online. However, you may find that certain loan purposes have slightly different terms.

LightStream's home improvement loans and vehicle loans typically stand out. The lowest rates offered may be a tad cheaper than other loan types, and with home improvement loans you'll also get more flexibility in when your loan funds are disbursed, as mentioned above.

In fact, just like most other pe🐓rsonal loans, you can basically use a LightStream personal loan for whatever you want, except for 🀅a few things:

• Illegal operations
• Business expenses
• Post-secondary education
• Refinancing a LightStream loan you already have
• Buying investments, life insurance, or saving for retirement or education

Time to Receive Personal Loan Funds

You have a lot of flexibility regarding when you receive your loan funds if you're approved—more than with most lenders. If you need the funds ASAP, you can receive the money as soon as the same day if you complete all requirements before 2:30 p.m. ET on a banking business day (sign loan agreement, provide banking information, and complete final verification).

To use this option, you'll need to log in to your account and schedule a wire transfer for 3 p.m. ET. You can also opt for an 澳洲幸运5官方开奖结果体彩网:ACH transfer, but this may take a bit longer.

If you don't need the funds immediately, you have 30 days to schedule a disbursement for most personal loans. For home improvement loans, that bumps up to 90 days. This can be a handy option if you'd like some time to shop around, or you don't need to make a big purchase yet. For example, there's no point in taking out a home improvement loan if you're still waiting for the contractor to send you an invoice, but knowing you're already approved can give you peace of mind.

By scheduling funds to be sent out later, you won't owe any interest or have to make any payments until you're actually ready to get and spend the money. Just remember that the clock starts ticking from the day you're approved.

Borrower Requirements

You'll need a minimum 澳洲幸运5官方开奖结果体彩网:credit score of at least 680 in order to be approved for a LightStream loan. There are other personal loan requirements as well, but LightStream doesn't disclose this information. You wil😼l need to earn enough income and have a low enough level of debt so that LightStream feels confident you'll be able to repay the money it's lending you.

LightStream Personal Loan Features

• Mobile app: You can handle all aspects of a LightStream personal loan through its iOS and Android apps, including applying for the loan. Reviews of the apps are mixed, however.
• Rate-beat program: LightStream will beat the rate of any competitor by 0.10% if you meet these four requirements: 1) get a cheaper loan offer for the same amount and term length LightStream offered; 2) the loan offer must be generally available to any customer with a similar credit profile to yours, and not an individual promotion; 3) the competing offer must be for an unsecured loan; 4) submit the loan offer to LightStream by 2 p.m. ET no later than two days before your LightStream loan is disbursed. 
• $100 loan experience guarantee: If you're not happy within 30 days of taking the loan out, you can contact customer service to get a questionnaire explaining your reasoning. Then, they'll send you $100. It's not quite a refund, but at least it's something.

Co-Signers and Co-Applicants

LightStream allows you to submit a joint application with another person. It's required if you'll be counting personal income from someone else in your household, such as your spouse. However, LightStream doesn't differentiate between a 澳洲幸运5官方开奖结果体彩网:co-signer and a 澳洲幸运5官方开奖结果体彩网:co-borrower. Everyone listed on the loan will be e💙qually res🔯ponsible for making the payments.

Ca💞n You Refinance a Personal🌞 Loan With LightStream?

LightStream provides refinance loans, but you can't use a LightStream loan to refinance an existing LightStream loan. You can only refinance loans from other lenders.

Customer Service

LightStream doesn't offer as robust a customer support team as some other personal loan lenders. In fact, it's downright bare-bones in comparison. But if you run into problems with your loan or have questions, it is possible to get ahold of someone if you're patient.

Customer Satisfaction

Not too long ago, LightStream had a great reputation. In fact, in 2020, J.D. Power ranked it as the #1 online personal loan lender for customer satisfaction. 

But in our more recent Consumer Review Rating, LightStream earned a rating of just 0.74 out of 5 possible. This metric aggregates reviews and ratings from Trustpilot and the Better Business Bureau. It rewards companies with high ratings and lots of reviews. Unfortunately, LightStream's ratings are low on both services, and it has relatively few reviews.

The 2024 J.D. Power U.S. Consumer Lending Satisfaction Study did not include the lender. In the 2023 edition, it was rated just below average.

How to Qualify and Apply for a LightStream Personal L🦩oan

Since LightStream doesn't offer loan pre-qualification, you'll need to be prepared to 澳洲幸运5官方开奖结果体彩网:complete a full loan application. This doesn't mean you're obligated to take the loan out, but you may get a tempoౠrary hit to your credit from the hard credit inquiry LightStream will need🔴 to do.

You can apply in two ways: on the website, or through the LightStream app. Here's the information you'll need to fill out in the loan application:

• What you plan to use the loan for
• Last four digits of your driver's license
• Your employment and income information
• Your banking and investment account balances
• Length of time you've lived at your current address
• How much you want to borrow, and which term length option you'd like
• Your personal contact information, date of birth, and Social Security number
• Your housing costs (rent or mortgage payment) and any home equity you have

LightStream processes loan applications seven days a week, so you shouldn't need to wait too long before hearing back. If approved, the company will send you a contract to sign. From there, you can schedule when you want to receive the loan funds within the time limits for your selected loan.

Compare LightStream With Other Pe𓄧rsonal Loan Lenders

The Bottom Line

LightStream is a good choice if you're looking for a low-cost loan and you have good or excellent credit. Rates are competitive for qualified applicants, and its funding options and loan terms make it a good pick for home improvement projects. But if that doesn't fit your situation, or if you prefer to pre-qualify or have useful perks like the ability to move your payment date around, we'd suggest looking elsewhere.

Is it hard to get approved by LightStream?

LightStream has relatively strict credit requirements, with a minimum recommended credit score of 680. This is higher than many lenders we've reviewed that disclose credit requirements, and it means LightStream loans are typically reserved for people with good to excellent credit. LightStream doesn't disclose income and other requirements.

If you're dealing with poor credit and struggling to qualify for a loan, check our picks for the best bad credit loans and see if you can 澳洲👍幸运5官方开奖结果体彩网:improve your credit score before applying.

What are the income requirements for a LꦍightStream personal loan?

LightStream doesn't disclose any specific income requirements. Typically, lenders want to see that you make enough money to pay back the amount you'd like to borrow after accounting for other debts. Different lenders have different requirements, but the more you make, the easier it is to qualify for loans and credit cards.

Some lenders have low income requirements, and some actually have no such requirements (but beware working with 澳洲幸运5官方开奖结果体彩网:payday loan lenders and similar companies). Explore the 澳洲幸运5官方开奖结果体彩网:best loans for low income or learn more about 澳洲幸运5官方开奖结果体彩网:loans with no income verification.

Can you pre-qualify for a LightStream loan?

No, you can't pre-qualify for a LightStream loan. Although many lenders do allow you to 澳洲幸运5官方开奖结果体彩网:pre-qualify and check your rates with no effect on your credit, LightStream requires you to submit a full application. This will generate a 澳洲幸运5官方开奖结果体彩网:hard credit inquiry, which can hurt your credit scores a bit temporarily. This is unfortunate because it makes rate shopping a bit more difficult and costly, although the downsides are minimal—and if you get a loan with a great rate, it's worth the ♛trouble.

Is LightStream a legit company?

Yes, LightStream is a legitimate company that primarily offers 澳洲幸运5官方开奖结果体彩网:unsecured personal loans. It was formerly part of 澳洲幸运5官方开奖结果体彩网:SunTrust Bank, and when SunTrust merged with BB&T in 2019 to form a new financial institution—Truist Bank—LightStream became a division of that new bank.

Companies We Reviewed

Achieve, Affinity Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Alliant Credit Union, 澳洲幸运5官方开奖结果体彩网:American Express, Avant, Axos, Best Egg, FourLeaf Federal Credit Union, BHG Financial, Blaze Credit Union, Blue Federal Credit Union, Boeing Employees' Credit Union, Citibank, Connexus Credit Union, Discover, ENT Credit Union, Fig Loans, 澳洲幸运5官方开奖结果体彩网:First Tech Federal Credit Union, Greenstate Credit Union, Happy Money, 澳洲幸运5官方开奖结果体彩网:Lake Michigan Credit Union, Laurel Road, 澳洲幸运5官方开奖结果体彩网:LendingClub, LendingPoint, LendingUSA, Liberty Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:LightStream, Mariner, Money Key, Mountain America Credit Union, 澳洲幸运5官方开奖结果体彩网:NASA Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Navy Federal Credit Union, Netcredit, Old National Bank, OneMain, OppLoans, 澳洲幸运5官方开奖结果体彩网:Patelco Credit Union, PenFed, Personify Financial, PNC Bank, Prosper, Reach Financial, Regions, Reprise, Rocket Loans, 澳洲幸运5官方开奖结果体彩网:Santander, Service Federal Credit Union, SoFi, 澳洲幸运5官方开奖结果体彩网:Summit Credit Union, TD Bank, Teachers Federal Credit Union, Truist, 澳洲幸运5官方开奖结果体彩网:U.S. Bank, 澳洲幸运5官方开奖结果体彩网:Universal Credit, Upgrade, Upstart, USAA, 澳洲幸运5官方开奖结果体彩网:Wells Fargo, Zable.

Methodology

To evaluate and rank personal loan providers, we collected and scored over 2,600 data poin꧂ts from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria, such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to October 18, 2024. 

We organized the 45 crite༒ria into four categories and weight🌟ed 26 (involving more than 1,500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00% 

Learn more about how we evaluated personal loans in 澳洲幸运5官方开奖结果体彩网:our complete methodology.