MoneyGeek’s Take: LightStream Personal Loan Review

LightStream provides personal loans for many different purposes. The lender offers low rates, a wide range of repayment terms and same-day funding to borrowers. You need to have a 660 credit score or higher to get approval for a LightStream personal loan.

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Last Updated: 11/1/2022
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LightStream generally allows the use of loan funds for vacations, home improvement, medical procedures, debt consolidation, weddings, purchasing a vehicle and more. MoneyGeek’s LightStream personal loan review will help you decide if the company offers loans that meet your needs.

At a Glance: LightStream Personal Loans


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

MoneyGeek Breakdown - LightStream Personal Loan Details

  • APR

    LightStream charges an APR of 4.49%–20.49% to its borrowers.

  • Credit Score Requirements

    Borrowers typically need to have at least a 660 credit score to get approval for a LightStream personal loan.

  • Income Requirements

    LightStream does not specify the minimum income requirement for its personal loans.

  • Loan Amounts

    LightStream offers loans ranging from $5,000 to $100,000.

  • Loan Terms

    With LightStream, you pay back your loan within 24 and 84 months.

  • Permitted Uses

    You can use a LightStream personal loan for a wide range of purposes, including vacations, debt consolidation, funerals, weddings, home improvements and more.

  • Prohibited Uses

    LightStream prohibits the use of loan funds for funding post-secondary education, business expenses or any illegal activity.

  • Time to Receive Funds

    This lender offers same-day funding to its borrowers.

  • Origination Fees

    LightStream does not charge an origination fee.

  • Late Fees

    This lender does not charge a late payment fee.

  • Prepayment Penalty Fees

    With LightStream, you don’t incur a fee for paying off your loan early.

  • Co-signers and Co-applicants

    LightStream does not allow co-signers. However, the company allows co-borrowers.

  • Perks

    Once LightStream approves your loan, you can get funds on the same day as long as it’s a business day.

  • Mobile Application

    LightStream offers a mobile app that you can use to manage your personal loan.

Is LightStream Right for You?

When making a final decision about a lender, you need to consider various factors. This is because every lender offers different types of personal loans.

Who LightStream Is Perfect For

LightStream personal loans might be a good fit for people who are looking to avoid hefty fees since the company does not charge origination and late payment fees. It also does not have a prepayment penalty, making it a good choice for borrowers who might want to pay off their loans early.

Since the company offers same-day funding, people who need a loan to fund an immediate emergency expense may benefit from this lender. LightStream is also a great option for people looking for a loan with flexible repayment terms.

Who Should Not Choose LightStream

LightStream requires a solid credit history for personal loans and mandates that borrowers have an excellent credit score. As a result, people with a bad credit history may not qualify for loans. The company also does not offer online pre-qualification. If you submit an application and LightStream denies it, your credit score will take a hit because the company performs a hard credit check.

If you’re looking for smaller loans that are less than $5,000, it’s best to look for lenders who offer lower funding amounts.

How to Apply for a LightStream Personal Loan

During LightSream’s loan application process, you need to provide various pieces of information. MoneyGeek explains the steps that you need to take to apply for a loan below.

1

Fill Out Application Form

Once you decide that you want to use LightStream as your lender, you can fill out the application form on its website. You’ll need to provide your personal information, income details, desired loan term and amount and other essential information.

2

Wait for Approval

After submitting the application form, you’ll need to wait a few hours to get a response. Typically, LightStream will get back to you on the same day.

3

Review Loan Agreement

It’s essential to review the loan agreement and consider the fees, interest rates and other penalties charged by LightStream. Doing so will help you avoid losing money in the long run.

4

Sign Loan Agreement

After you have reviewed the loan agreement, you can sign it online.

5

Receive or Direct Funds

LightStream offers same-day funding, which means you’ll typically receive the funds on the same day that you sign the loan agreement.

6

Make Payments

You will typically have to make a monthly payment on your chosen due date. LightStream does not allow you to change your due date after loan approval.

What to Do if You Are Rejected From LightStream

You shouldn’t worry if LightStream rejects your personal loan application. Lenders generally deny personal loans for various reasons, including low credit scores, incomplete information, low-income level, high debt-to-income ratio and unstable employment.

LightStream will usually inform you of the factors that caused your loan application to be denied. It’s best to analyze those factors and consider how you can improve them. For example, if the company rejected your loan due to a low credit score, you can get a credit-building loan or a secured credit card to rebuild your credit.

While you may want to re-apply for a personal loan without working on the factor that caused you to be denied, MoneyGeek advises against this as it will negatively affect your credit score. You are also less likely to get approval unless you have addressed the issue for your original rejection.

Frequently Asked Questions About LightStream Personal Loans

MoneyGeek answered the following frequently asked questions about personal loans to help you determine if Lightstream is the best fit for your needs.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.