LightStream is different from many lenders because it allows people with excellent credit to get an unsecured loan with a low interest rate. It is a great option for people who meet the following criteria:

  • A credit score above 720
  • An established credit history of five years
  • A retirement savings account
  • Few payment delinquencies
  • A co-signer with great credit
  • Different types of credit
  • A low debt-to-income ratio

LightStream also offers some of the best interest rates on personal loans. For example, a person who takes out an unsecured, three-year $25,000 loan would be able to pay 2.19 APR on a new car loan. They would also be able to get a 4.29 percent interest rate on a home improvement loan. Additionally, people can get a 5.49 interest rate on a debt consolidation or a credit card loan.

How to Apply

You will have to go to the website in order to apply. You will also have to select the loan purpose. The next step is to fill out the application. It will ask detailed questions about your finances, income and identity. Most people will know whether or not they have been approved within a few minutes.

You will have to select a payment date before you can get your funds. You will also have to set a date to receive the funds.

Minimum Requirements for a LightStream Personal Loan

  • No minimum gross income required, but people who get approved typically have high incomes
  • A minimum credit of 680, but most people who get approved typically have a higher credit score
  • An established credit history of five years
  • Low debt-to-income ratio

The interest rates typically range from 4.99 to 14.99 percent. The minimum loan amount is $5,000, and the maximum loan account is $100,000. The minimum loan duration is two years. The maximum loan duration is seven years. In many cases, you can get the funds the same day. However, it can take up to 30 days to receive the funds.

There are no prepayment, origination or late fees. You will have to pay a 0.5 percent processing fee for non-auto payments.

Before Taking out a Personal Loan

You may want to consider getting a credit card with a 0 percent APR rate. If you have great credit, then you will likely get approved for a credit card. It is also important to find out exactly how personal loans work.