LightStream personal loan review

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!

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:

CharacteristicsDetails
FeesLightStream does not charge origination fees. Additionally, there are no prepayment penalties.
Interest RateThe 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.
TermsYou can repay the loan over a period of 2 to 12 years. LightStream offers favorable terms within this range.
AmountLoan 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 ScoreTo 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:

Logo SoFi loans
  • APR: 8.99-25.81%
  • Terms: 2-7 years
  • Amount: $5,000-$100,000
  • Credit Score: no
Logo LightStream loans
  • APR: 7.99-25.49%
  • Terms: 2-12 years
  • Amount: $5,000-$100,000
  • Credit Score: 660
Logo Upstart loan
  • APR: 6.50-35.99%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: no
Logo Happy Money loans
  • APR: 10.50-29.99%
  • Terms: 2-5 years
  • Amount: $5,000-$40,000
  • Credit Score: 640
Logo upgtrade loans
  • APR: 8.24-35.97%
  • Terms: 2-7 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Best Egg loan
  • APR: 8.99-35.99%
  • Terms: 3-5 years
  • Amount: $2,000-$50,000
  • Credit Score: 600
Logo Universal credit loans
  • APR: 11.69-35.93%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Logo Discover personal loans
  • APR: 6.99-24.99%
  • Terms: 3-7 years
  • Amount: $2,500-$40,000
  • Credit Score: 660
logo rocket loans
  • APR: 9.116-29.99%
  • Terms: 3-5 years
  • Amount: $2,000-$45,000
  • Credit Score: 640

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




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:

More information about LightStream

We have created a table with information about LightStream:

InformationDescription
Websitehttps://www.lightstream.com/
Facebookhttps://www.facebook.com/LSLoans
YouTubehttps://www.youtube.com/channel/UCu_Pc0VZjxSPPbGKsxdF-SQ
Twitterhttps://twitter.com/LS_Loans
Instagramhttps://www.instagram.com/lightstreamofficial/
Information about LightStream

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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