As a direct lender, LightStream makes an especially good option for borrowers who have establishes good credit and financial history. Their personal loan service looks at factors like credit history, assets, income, and payment history for loans between $5,000 and $100,000.
Their loan service applies to personal loans for a range of purposes, from home repairs to wedding expenses. LightStream personal loans can also work for car loans, home improvement, recreational costs, solar financing, medical bills, and much more.
LightStream emphasizes that borrowers have a good financial track record, looking at factors like credit score, income, and assets. Not all applicants can qualify, and LightStream has certain requirements for customers to successfully obtain a personal loan. LightStream does look at credit history, and prospective borrowers should have a credit score of at least 640 or higher to qualify. That also means that applicants should have a credit history of at least a few years or more.
LightStream makes it easy to apply for a loan, and prospective borrowers can do so right from the website. When filling in your application, LightStream will ask you to select the loan purpose from their long list of options. Then you can view the range of potential interest rates on your loan for that particular purpose. In some cases, LightStream applicants may need to run a soft credit check. LightStream also allows applicants to receive a loan either on their own or with a co-signer.
After applying, LightStream’s team of underwriters will review the applicant’s details. Approved borrowers can request same-day loans. Once the funding is approved, borrowers have 30 days to transfer money to their personal account or else LightStream will void the loan. In this case, customers will need to re-apply to receive the loan.
LightStream allows borrowers to use their money for a range of purposes including auto expenses, kitchen or bathroom remodel, debt consolidation, swimming pools, medical bills, weddings, or even to purchase a timeshare or a boat.
While some personal loan services allow customers to shop for different loan offers, LightStream actually provides the loan directly themselves. LightStream rates and terms depend on the applicant’s credit history, assets, and income.
Those who set up autopay enjoy better rates. Repayments with LightStream range between two to seven years. In order to ensure the quality of their service, LightStream guarantees to pay customers $100 if they do not feel satisfied with their loan offer. LightStream doesn’t charge any origination fees.
The LightStream website clearly states all of the information prospective borrowers will need prior to signing up. Their website includes the range of rates, repayment terms, and loan options right upfront. The online FAQ also has answers to common questions to help you get started. You can also contact support directly through email by filling in an online contact, and business hours are Monday through Friday, 9:00 a.m. to 8:00 p.m. and Saturday, Noon to 7:00 p.m. Eastern time.
As a Norton Secured Site, customers can rest assured that none of their financial information ends up in the wrong hands. Once you apply, financial and personal data shared with LightStream remains safe using Norton Security protection.
