LightStream Personal Loans: 2022 Review (2023)

Rebecca Betterton

Aylea Wilkins

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Do you qualify?

• Credit score requirements: Good to excellent credit
• Income requirements: Not specified
• Co-signers and co-borrowers: Does not accept co-signers, does accept co-borrowers

When evaluating your loan application, LightStream considers your:

• Credit history.
• Requested loan amount.
• Requested loan purpose.
• Repayment term.
• Available assets.
• Payment record on all loans and credit cards.

What we like and what we don’t like

What we like

• Low rates: LightStream’s lowest APR is currently 6.99 percent. For borrowers with good credit, this could make LightStream a very affordable option for funding.
• No fees: LightStream doesn’t charge any fees, not even an origination fee.
• Fast approval and funding: Borrowers may receive funds as soon as the same day they apply with LightStream, which is great for time-sensitive needs.

What we don't like

• Minimum loan amount is high: While many personal loan lenders let you borrow as little as $1,000, LightStream’s minimum is $5,000. This could be too much for some borrowers.
• Requires a long credit history: LightStream borrowers must have several years of credit history with a variety of account types, so it’s not a good choice for borrowers just starting out with credit.
• No preapproval process: LightStream does not offer preapproval for its loans. When you apply, it will do a hard pull of your credit, which can have a negative impact on your credit score.

How to apply for a personal loan with LightStream

LightStream’s application process is quick and straightforward. It should take less than 15 minutes to complete if you have all your information ready to go.

Fees and penalties

LightStream charges no origination fees, prepayment penalties or late fees.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.