Pros
- No fees.
- Rate discount for autopay.
- Long repayment terms and large loan amounts.
- Fast funding.
- Rate Beat program and Experience Guarantee.
Cons
- No option to pre-qualify.
- No direct payment to creditors with debt consolidation loans.
- High minimum loan amount.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
2024BEST PERSONAL LOANOVERALL 5.0 Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet | 8.99-29.99% | $5,000-$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet |
4.5 Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet | 6.99-25.49% | $5,000-$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon Discover's website on Discover's website Check Rateson NerdWallet on NerdWallet | 7.99-24.99% | $2,500-$40,000 | 660 | Visit Lenderon Discover's website on Discover's website Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet | 7.80-35.99% | $1,000-$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet | 8.49-35.99% | $1,000-$50,000 | 580 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet |
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Full Review
LightStream offers unsecured personal loans with no fees for borrowers with good to excellent credit (scores above 690). Loans are available in a wide range of amounts and repayment terms, and borrowers can add a co-borrower to help qualify for a higher loan amount or lower interest rate.
Among its many consumer-friendly features, LightStream allows borrowers to choose when they receive their money. The lender can deposit funds into your account as early as the same day or up to 90 days after approval for home improvement loans. Scheduling a later fund date allows time to plan for your first payment or align your loan with the expenses you need to cover.
» COMPARE: Best personal loans
Table of Contents
LightStream loans at a glance
Where LightStream personal loans stand out and fall short
How to use LightStream personal loans
Do you qualify for a LightStream personal loan?
How to apply for a LightStream personal loan
How LightStream personal loans compare
How we rate LightStream personal loans
LightStream personal loans at a glance
Minimum credit score | 660. |
APR | 6.99% - 25.49%. |
Fees | No fees. |
Loan amount | $5,000 to $100,000. |
Repayment terms |
|
Time to fund after approval | Same-day funding. |
Loan availability | Loans available in all 50 states and Washington, D.C. |
Disclosure from LightStream
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 5 years would result in 60 monthly payments of $202.72. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
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Where LightStream personal loans stand out
No fees: The lender doesn't charge fees for loan origination, late payments or paying a loan off early. Most lenders charge a late fee, and many online lenders charge origination fees..
Rate discount for autopay: LightStream offers a rate discount of 0.50 percentage points if borrowers opt for automatic loan payments from a bank account.
Long repayment terms and large loan amounts: LightStream’s wide window of available repayment terms (two to 20 years, depending on loan purpose and amount) allows borrowers to prioritize lower overall interest with a shorter term or lower monthly payments with a longer term. The lender caps loan amounts at $100,000 — higher than most lenders — and the longest repayment term is seven years for all loan purposes except home improvement, boat and RV financing. Borrowers approved for home improvement loans more than $25,000 are eligible for loan terms up to 20 years. Those financing boats or RVs over $25,000 can get repayment terms up to 12 years.
Fast approval and funding: LightStream says it can approve loan applications within five minutes and fund loans as soon as the same day. Borrowers can request to delay funding a loan for up to 90 days if the funds are used for home improvement and 30 days for all other loan purposes. This can give the borrower more time to coordinate a home remodel, for example, without paying additional interest.
» MORE: Fast personal loans
Rate Beat program and Experience Guarantee: LightStream says it will beat a competitor’s interest rate by 0.10 percentage points if you can show you are approved by the competitor for an unsecured, fixed-rate loan with the same terms. The lender also offers $100 back for unsatisfied borrowers who have had their loan for less than 30 days and complete a questionnaire about their experience.
Where LightStream personal loans fall short
Applicants can’t pre-qualify directly: LightStream’s online loan calculator displays example rates based on your desired loan purpose and loan amount, but the lender does not allow applicants to pre-qualify directly on its website.
No direct payment to creditors with debt consolidation loans: Unlike other lenders, LightStream doesn't send payments directly to creditors when you get a debt consolidation loan. Instead, borrowers must allocate their loan funds to pay off creditors on their own.
High minimum loan amount: LightStream loans start at $5,000, which may be too high for borrowers looking to fund a small expense.
Our expert take:
“LightStream’s personal loan is one of the strongest financing options for home improvement projects. Repayment terms up to 20 years rival those of home equity loans and credit lines, and loan amounts up to $100,000 may be large enough to pay for a room addition or other large renovation. LightStream seems to understand the needs of its target audience and has made updates to its loan over the years to meet them.
If you have the credit to qualify, LightStream may be one of your lowest-rate options. The lender itself doesn’t offer pre-qualification through its website — a major inconvenience for rate shoppers — but allows borrowers to check for offers via affiliate sites like NerdWallet.”
— Annie Millerbernd, Personal Loans Assistant Assigning Editor
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How to use LightStream personal loans
You can use a LightStream personal loan for:
Home improvement projects.
Debt consolidation.
Emergencies.
Medical and dental bills.
Vacations.
Weddings.
Funerals.
Vehicle financing.
K-12 education expenses.
Other large expenses.
LightStream prohibits the use of its personal loans for:
Post-secondary education expenses.
Business expenses.
Investing.
Retirement contributions.
Education savings plan contributions.
Refinancing an existing LightStream loan.
See AlsoAbout Us | LightStream
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Do you qualify for a LightStream personal loan?
LightStream typically accepts loan applicants with good to excellent credit scores, though some fair-credit borrowers may qualify. The lender uses a proprietary scoring model to evaluate applicants’ creditworthiness in addition to checking FICO 8 scores.
Eligible loan applicants must be U.S. citizens or permanent residents who are at least 18 years old and have a U.S. bank account.
LightStream’s borrowing requirements
LightStream’s borrowing requirements can vary by loan purpose and amount, however, here are the lender’s guidelines. (Meeting these requirements doesn’t guarantee approval.)
Minimum credit score: 660.
Maximum debt-to-income ratio: 50%.
Minimum credit history: 3 years.
Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
LightStream’s average borrower snapshot
The lender doesn't disclose much information about its average approved borrower, but says the average home improvement loan is $30,000 and the average debt consolidation loan is $22,000. LightStream says most borrowers get a personal loan for home improvement, debt consolidation or to purchase a vehicle.
Before you apply
Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.
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How to apply for a LightStream personal loan
LightStream does not offer pre-qualification on its website, so borrowers can’t preview their rate before applying. Here are the steps to apply for a LightStream personal loan:
Input loan information on LightStream’s website. You’ll be asked if this is a joint or individual loan application, how much you want to borrow, your preferred loan term in months and what the funds are for. You’ll be able to preview an example monthly payment and APR range.
Provide personal details. Next, you’ll provide personal information like your name, address and Social Security number, as well as information about your income, employment and assets you may have. You’ll also be asked to create a user ID and password.
Submit an application. After confirming the information you provided is correct and reading through all required disclosures, you’ll submit the formal personal loan application. This could require more documents, like W-2s, pay stubs or tax documents, to confirm the information you gave. LightStream will also do a hard credit check when you apply, causing your credit score to temporarily dip.
Make a plan to repay the loan. LightStream reports payments to all three major credit bureaus (Experian, Equifax and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.
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Compare LightStream to other lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
Like LightStream, SoFi and Wells Fargo are nationwide lenders that offer personal loans with high loan amounts and a wide range of repayment terms.
SoFi
» MORE: Read our review of SoFi
Minimum credit score | None. |
APR | 8.99% - 29.99%. |
Fees | Optional origination fee: 0% to 7%. |
Loan amount | $5,000 to $100,000. |
Repayment terms | 2 to 7 years. |
Time to fund after approval | Same-day funding. |
Loan availability | Loans available in all 50 states and Washington, D.C. |
Wells Fargo
» MORE: Read our review of Wells Fargo
Minimum credit score | Not disclosed. |
APR | 7.49% - 23.74%. |
Fees | Late fee: $39. |
Loan amount | $3,000 to $100,000. |
Repayment terms | 1 to 7 years. |
Time to fund after approval | Same or next day. |
Loan availability | Loans available in 50 states and Washington, D.C. |
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How we rate LightStream personal loans
NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:
Category | Star rating |
|---|---|
Affordability | |
Customer experience | |
Underwriting and eligibility | |
Loan flexibility | |
Application process | |
Overall |
Category definitions
Affordability (25%)
An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.
Customer experience (20%)
A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.
Underwriting and eligibility (20%)
The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.
Application process (20%)
Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.
Loan flexibility (15%)
A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.
Discretionary
A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.
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Ready to apply? Select "Get Rate" and head to LightStream's website.
on LightStream's website
