Lightstream Review

Overview

Lightstream is a great choice when it comes to competitive interest rates. Lightstream provides an online lending platform to those who need a personal loan anywhere from $5,000 up to $100,000. There are repayment plans available for as little as two years up until seven (or even twenty for home improvement loans). Starting at just 3.49%, they can go as high as 19.99% with the AutoPay feature. Plus, they are available across all fifty states and have been in business since 2012.

Lightstream offers a convenient online application system, which can potentially provide you with same-day funding. It is essential to have a long credit history to open an account with Lightstream, and they do not use soft credit checks. Financial education is not mandatory when applying for one of their loans.

Lightstream Requirements. Do you qualify?

When looking at Light Stream’s loan offerings, remember to keep in mind their requirements:

• The company is particularly interested in applicants with a good credit score and diverse portfolio of accounts, including credit cards, mortgages, and auto loans.
• You need to be at least 18 years old and have sufficient income or assets to make the monthly loan payments.
• LightStream don’t accept co-signers but do welcome co-borrowers to apply.
• In order to qualify, your FICO credit score must be at least 660.
• Individuals with an extensive credit history, which encompasses various types of accounts, have a greater likelihood of obtaining competitive rates.
  

Light Stream’s application procedure requires a thorough examination of your credit history before they can grant you eligibility and interest rates. Therefore, a formal application together with a hard credit check is essential.

Lightstream Application process. How to apply?

If you’re planning to apply for a loan with Light Stream, here are the essential details you need to be aware of regarding the application process:

• Choose your application type: Depending on your situation, you can apply either individually or with someone else. Additionally, choose the desired loan amount and duration alongside preferred payment method.
• Provide personal details: You’ll need to provide your personal information, like Social Security number, monthly housing payment and income, in order to proceed.
• Create an account: Once your personal information is verified, you will be able to create an account with Light Stream and check out the rates and monthly payments that apply to you.
• Wait for a decision: After you apply, Light Stream will look over your application and perform a hard credit check. Then they’ll get back to you with the status. Once approved, you can digitally sign the loan and set up your funding timeline as well as payment information on their website.
• Receive funds: Time-sensitive applications should be verified and approved before 2:30 p.m. ET on a business day to receive same-day funding. However, if this is not done, it can take up to one or more business days until the loan is funded.

The application can be filled out quickly if you already have all the necessary information – it shouldn’t take any longer than 15 minutes.

Compare Lightstream with Prosper

LightStream and Prosper are both online lenders that offer personal loans to borrowers. However, there are some notable differences between the two.

When comparing Lightstream and Prosper, there are some notable differences in their loan offerings. Lightstream offers personal loans ranging from $5,000 to $100,000 with loan terms from 2 to 7 years, while Prosper offers loans ranging from $2,000 to $40,000 with terms of three or five years.

Both companies operate in all 50 states, but Lightstream has a higher minimum loan amount compared to Prosper. Lightstream also has more competitive interest rates ranging from 3.49% to 19.99% (with AutoPay) and has no origination, prepayment, or late fees. Prosper, on the other hand, charges an origination fee that varies from lender to lender and has other fees like a $15 or 5% late payment fee.

LightStream:

Pros:

• Low interest rates
• No origination, prepayment, or late fees
• Same-day funding available
• Excellent Android and iOS app

Cons:

• Requires a lengthy credit history
• No soft credit checks
• Minimum loan amount is high

Prosper:

Pros:

• Flexible payment dates
• Fixed rates and joint loan option
• Quick application process

Cons:

• Origination fee and late payment fee
• Limited repayment terms
• High maximum interest rate

In summary, Light Stream offers low interest rates, no fees, and same-day funding, but requires a high credit score and has a high minimum loan amount. Prosper, on the other hand, offers flexible payment dates and fixed rates, but charges origination and late payment fees, has limited repayment terms, and has a high maximum interest rate. Ultimately, borrowers should consider their personal financial situation and preferences when choosing between the two lenders.

Summary

Lightstream provides online loan services ranging from $5,000 to $100,000 with loan tenures of 2-7 years. The interest rates they offer start at 3.49% and can go up to 19.99%, making them a great choice for those who want to borrow money without worrying about any hidden charges such as origination fees, prepayment penalties or late fees. Lightstream has been providing personal loan services for 8 years now, across all states in America. Applying is quite easy and, if you do so soon enough, you can receive funds the same day. If you are considering a personal loan option, Lightstream may be an excellent choice for you. Lightstream is a great choice for those with established credit as its apps have impressive ratings. While preapproval cannot be guaranteed, it provides an uncomplicated and convenient way for good-credit borrowers to access personal loans.