LightStream personal loan review: unsecured loans with zero fees for borrowers with good credit

LightStream private loans: Overview

APR: 7.99%–25.49% (together with autopay low cost)

Time period size: 24–144 months 

Mortgage quantity: $5,000–$100,000

Charges: None

On-line-only lender LightStream is a supply of unsecured personal loans with aggressive charges and versatile phrases. You possibly can borrow as little as $5,000 or as a lot as $100,000, with funds deposited to your account as quickly as the identical day you’re accepted. There are not any charges, together with origination charges, late charges, or early fee charges.

In response to LightStream, it provides a novel lending answer that helps mortgage candidates with  good credit score to borrow cash for purchases that normally require collateral or that in any other case lack financing choices. 

LightStream loans can be utilized for nearly any goal, together with shopping for a automobile, refinancing an present automobile mortgage, financing residence enhancements (together with a pool), timeshare financing, shopping for a ship or plane, IVF financing, jewellery financing, medical and dental financing, protecting adoption prices, shopping for a horse, and extra. Remember that you will need to use your mortgage proceeds for the aim you indicated in your mortgage software.

There are a number of exceptions to their liberal use-of-fund coverage, nevertheless. LightStream loans can’t be used for the next functions:

• Refinancing an present LightStream mortgage
• Paying for faculty or post-secondary instructional bills, or refinancing present training loans
• Enterprise financing
• Money-out refinancing
• Buying bonds, shares, inventory choices, or paying again a mortgage towards a inventory possibility
• Contributing to any type of retirement, life insurance coverage, or training financial savings plan

One of many distinctive options of working with LightStream is that it vegetation a tree for every mortgage it supplies as a approach to rejoice its nearly paperless mortgage course of. The lender companions with American Forests and has planted over one million bushes on behalf of shoppers. 

LightStream additionally has a “Fee Beat” program. In the event you had been accepted for a decrease price on an unsecured mortgage provided by a competitor, LightStream will beat it by 0.10%. 

LightStream private mortgage: eligibility necessities

Everybody’s monetary state of affairs is completely different, and LightStream bases its lending selections on the specifics of every particular person’s present profile. 

That stated, LightStream solely approves loans for debtors with good-to-excellent credit profiles. On the whole, this implies profitable candidates share the next qualities:

• 5 or extra years of serious credit score historical past, together with quite a lot of account sorts, equivalent to bank cards, installment loans, automobile loans and residential loans
• A confirmed capacity to avoid wasting, with property equivalent to retirement/funding accounts and liquid deposit accounts
• Steady and enough earnings, with the power to simply repay present debt obligations
• A superb historical past of on-time funds (no delinquencies or different points with repaying debt)

LightStream private mortgage reductions

LightStream provides an AutoPay low cost when your fee comes immediately out of your checking account, because it’s thought of a extra environment friendly association. In the event you select to pay by bill, your price shall be 0.50% larger.

LightStream customer support

LightStream has been accredited by the Higher Enterprise Bureau (BBB) since 2021. It holds an A+ score from the BBB, although customers price it simply 1.32 out of 5 stars.

Trustpilot customers price LightStream 1.8 out of 5 stars primarily based on 65 opinions. Damaging opinions point out having hassle getting accepted for a mortgage even with good credit score or getting preapproved solely to have the official mortgage software rejected.

LightStream customer support is out there Monday by Friday from 9:30 a.m. to 7 p.m. ET and Saturday from midday to 4 p.m. ET.

Who’s a LightStream private mortgage finest for?

LightStream private loans are designed for debtors with good credit score who don’t need to put up collateral to get accepted for financing. Debtors who want funds for functions that many lenders won’t permit can also discover LightStream’s use-of-funds coverage a approach to finance these objectives.

Find out how to apply for a LightStream private mortgage

LightStream presently doesn’t present mortgage pre-approvals. It additionally doesn’t take software info by cellphone, fax or e mail. You could full and submit an internet software to use for a mortgage. 

When you submit your software, you’ll obtain a response shortly and through enterprise hours. From there, you possibly can evaluate the mortgage supply and settle for it. As soon as accepted, you’ll e-sign your mortgage settlement and get arrange for funding. Loans will be funded as early as the identical day.

LightStream private loans vs. options

LightStream is considered one of many lenders providing low-cost private loans at this time. Earlier than committing to a mortgage from LightStream, it’s possible you’ll need to think about some options.

Finest Egg private loans vs. LightStream private loans

Finest Egg is the same on-line lender that gives unsecured private loans with quick funding. Its rates of interest are much like LightStream’s, which vary from 8.99% to 35.99%. Though debtors with good credit score will seemingly qualify for the very best charges and phrases, Finest Egg notes that it considers extra than simply an applicant’s credit score rating when making lending selections. 

In contrast to LightStream, Finest Egg does cost an origination payment of 0.99%–8.99%. It additionally provides smaller mortgage quantities, with the utmost being $50,000. 

SoFi private loans vs. LightStream private loans

Private mortgage candidates who need to borrow a bigger quantity at a aggressive price could need to think about a SoFi personal loan. Each LightStream and SoFi supply mortgage quantities of $5,000 to $100,000. Nonetheless, the longest SoFi compensation time period is 84 months, versus 144 months with LightStream. Nonetheless, SoFi provides members a lot of worthwhile instruments, together with unemployment safety, profession teaching, and networking alternatives.

Ceaselessly requested questions

Is it laborious to get accepted by LightStream?

LightStream solely approves candidates with good-to-excellent credit score. If in case you have truthful or poor credit score or no credit score historical past in any respect, you’ll seemingly be denied a LightStream private mortgage.

What credit score rating do you want for a LightStream private mortgage?

LightStream doesn’t disclose a particular credit score rating wanted to qualify for a mortgage. Nonetheless, candidates ought to have a rating that falls within the “good” or larger vary, which might be a FICO rating of not less than 670 and up.

Is a LightStream mortgage pretend or actual?

LightStream is a official on-line lender backed by Truist Financial institution.