LightStream personal loan review 2023

Do you want to learn about all the features of the LightStream personal loan? At Responsible Economy, we present you with all the characteristics that LightStream loans offer, along with a comparison to the best personal loans for bad credit scores. Let’s get started!

table of contents

Features

In this section, we analyze in detail all the features:

Fees

LightStream does not have origination fees. This is a very beneficial feature since most lenders do charge this fee. Additionally, there are no prepayment penalties either.

Interest rate

The loan’s interest rate ranges from 7.99% to 25.49% APR. Keep in mind that this rate is subject to change based on factors such as your credit score, the purpose of the loan, and the loan amount you’re seeking. Although a higher interest rate might initially appear attractive, it’s advisable to strive for the lowest rate to ensure the loan remains advantageous for your situation.

Terms

You have the option to repay the loan over a period of 2 to 12 years. LightStream provides favorable terms for loan repayment in this range.

Amount

The minimum amount of money that can be requested is $5,000, and the maximum amount is $100,000. While the maximum amount is quite high, the minimum requirement of $5,000 is relatively steep.

Credit score

To obtain loan approval with LightStream, you need a minimum credit score of 660.

Summary table

Here is a summary table with al features:

Characteristics	Details
Fees	LightStream does not charge origination fees. Additionally, there are no prepayment penalties.
Interest Rate	The loan’s interest rate ranges from 7.99% to 25.49% APR. This rate may vary based on factors like your credit score, loan purpose, and amount requested. Opting for a lower interest rate is recommended for better loan terms.
Terms	You can repay the loan over a period of 2 to 12 years. LightStream offers favorable terms within this range.
Amount	Loan amounts range from a minimum of $5,000 to a maximum of $100,000. The minimum requirement is $5,000, while the maximum allows for higher borrowing needs.
Credit Score	To secure loan approval, a minimum credit score of 660 is required with LightStream.

Summary table LightStream features

Best personal loans

We have created a comparative table of LightStream with the best personal loans for bad credit score. You have the key features of each loan:

APR: 8.99-25.81%
Terms: 2-7 years
Amount: $5,000-$100,000
Credit Score: no

SoFi personal Loans

APR: 7.99-25.49%
Terms: 2-12 years
Amount: $5,000-$100,000
Credit Score: 660

LightStream personal loans

APR: 6.50-35.99%
Terms: 3-5 years
Amount: $1,000-$50,000
Credit Score: no

Upstart personal loans

APR: 10.50-29.99%
Terms: 2-5 years
Amount: $5,000-$40,000
Credit Score: 640

Happy Money personal loans

APR: 8.24-35.97%
Terms: 2-7 years
Amount: $1,000-$50,000
Credit Score: 560

Upgrade personal loans

APR: 8.99-35.99%
Terms: 3-5 years
Amount: $2,000-$50,000
Credit Score: 600

Best Egg personal loans

APR: 11.69-35.93%
Terms: 3-5 years
Amount: $1,000-$50,000
Credit Score: 560

Universal personal loans

APR: 6.99-24.99%
Terms: 3-7 years
Amount: $2,500-$40,000
Credit Score: 660

Discover personal loans

APR: 9.116-29.99%
Terms: 3-5 years
Amount: $2,000-$45,000
Credit Score: 640

Discover personal loans

Pros

We have compiled a list of all the advantages of LightStream loans:

Low minimum interest rate
Checking your rate won’t affect your credit score
No prepayment fees.
No origination fees

Cons

You also have a list of all the negative features of LightStream loans:

Very high highest interest rate.
Minimum credit score of 660.
Relatively high minimum amount to request.

Requirements

The minimum requirements to obtain a personal loan with LightStream are:

Being a resident of the United States.
Must be over 18 years old.
Completing the online process
Having stable and steady income.

Loan Calculator

We’ve developed a personalized loan calculator that provides a clear and simplified overview of your interest payments. With this tool, you have the ability to perform multiple calculations, enabling you to plan effectively and minimize your interest expenses. Employing this intelligent approach has the potential to lead to substantial long-term savings on interest.

Lightstream Loan Calculator

LightStream Loan Calculator

Loan Amount ($):
Interest Rate (%):
Loan Term (years):

Conclusion

Considering the results of our analysis, we recommend considering LightStream as a viable option only if you can secure the most advantageous available interest rate. The potentially higher interest rate might not be competitive, underscoring the importance of striving for the lowest possible rate. Additionally, it's crucial to highlight that LightStream distinguishes itself by not charging an origination fee, and it also does not impose any prepayment penalties.

Frequent questions

Here is a list of the most frequently asked questions about lightStream loans:

What kind of fees lightstream charge?

LightStream does not charge any fees.

Can I get pre-approved?

We regret to inform you that LightStream does not offer loan pre-approvals, and we do not collect application information through phone, fax, or email channels. To be eligible for loan consideration, it is necessary for you to fully complete and submit our online application. Furthermore, if your loan application is approved, you are not required to proceed with accepting the loan offer.

How Lightstream determine interest rates, and where can I find them?

The interest rates offered by LightStream are set at a fixed rate. To ascertain the potential range of your interest rate, you can visit the Rates/Terms page and indicate your specific loan purpose, desired loan amount, and preferred loan term. Your precise interest rate will be established based on an evaluation of your credit profile. Applicants who meet LightStream's stringent criteria for excellent credit will qualify for the lowest available rate. In the event that you opt for invoicing, the interest rate will be slightly higher by 0.50% points.
The Rates/Terms page also provides access to various alternative loan terms, allowing you to calculate your monthly payments using our dedicated payment calculator.

When can I schedule to receive funds?

For home improvement loans, you have the option to arrange for the disbursement of your funds within 90 days from the date of loan approval. For all other loan purposes, you can schedule to receive your funds within 30 days of loan approval.
The funds can be transferred either through an ACH (Automated Clearing House) deposit or a wire transfer. This service is available from Monday to Friday, excluding banking holidays. To ensure same-day wire transfer of funds, you need to log into your account and initiate the funding process before 2:30 p.m. Eastern Time, with funding scheduled by 3 p.m. Eastern Time.
If you prefer to receive your funds via wire transfer, it's important to check with your financial institution for any specific wire instructions or potential wire fees.
To have the funds directly deposited into your personal bank account via ACH Transfer, you must complete the funding process before 5:30 p.m. Eastern Time on the day before your desired receipt date, with funding scheduled by 6 p.m. Eastern Time.
It's worth noting that the funds cannot be deposited into a business or third-party account; they must be directed to your personal bank account.

More information about LightStream

We have created a table with information about LightStream:

Information	Description
Website	https://www.lightstream.com/
Facebook	https://www.facebook.com/LSLoans
YouTube	https://www.youtube.com/channel/UCu_Pc0VZjxSPPbGKsxdF-SQ
Twitter	https://twitter.com/LS_Loans
Instagram	https://www.instagram.com/lightstreamofficial/

Information about LightStream

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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Alfredo Barandiarán

CEO at Economía Responsable

Alfredo Barandiarán is not only passionate about finance and the economy, but also has more than 10 years of experience helping people find the best possible financial product. He has worked for 5 years at Iahorro and 2 years at Atrapacrédito. He has currently been running the financial comparator Responsible Economy for 3 years. I graduated in business from Complutense University of Madrid and has studied at ESIC and CEF. You can see all the professional experience of Alfredo Barandiarán on his LinkedIn profile

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