In addition to offering attractive and flexible terms, Lightstream does not charge any set-up, late payment or prepayment fees. The lender is also offering a 0.50% rate discount to borrowers who sign up for autopay – higher than most lenders with the same benefit – as well as a 30-day Lending Experience Guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and rate-beating program. LightStream will beat a competitor’s interest rate by 0.1% for applicants who meet certain criteria.
LightStream offers loans in all 50 states, as well as Washington, DC, and Puerto Rico, and applicants can contact the lender’s customer support team seven days a week; current borrowers have access to customer support Monday through Saturday. And, although LightStream does not offer a mobile app for loan management, customers can access their account through LightStream.com.
Eligibility: LightStream recommends that applicants have good to excellent credit before applying for a personal loan. To increase their chances of approval, applicants must also have several years of credit history, including multiple account types, as well as an income stable enough to pay off current debts and a new LightStream loan.
LightStream does not provide prospective borrowers with the ability to prequalify for a loan. This fact, combined with the minimum credit score requirement, makes the platform a better choice for those with a strong credit profile. Applicants with excellent credit are also more likely to obtain favorable terms. LightStream does not allow co-signers, but potential borrowers can submit a joint application.
The loan uses: LightStream personal loans can be used for a variety of purposes, from buying a new car, RV, or jewelry to paying for home improvements. However, LightStream really stands out because the loans can be used to finance land, timeshares, and so-called tiny homes. As with other major lenders, LightStream prohibits the use of its personal loans for post-secondary education expenses, business purposes, and illegal activities. Borrowers are also prohibited from using LightStream loan funds to refinance an existing LightStream loan.
Completion time : LightStream borrowers can receive funds the same day if the loan is approved by 2:30 p.m. EST on a bank business day. To receive same-day financing, the applicant must also review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information; and complete the final verification process, all before 2:30 p.m. on the day the loan is approved.
