Personal Loans

Lightstream Loan Review 2021

LightStream offers personal loans with low fixed interest rates. Check out our LightStream review to learn more and find a loan that is right for you.
A woman uses her computer to look at reviews for loan companies
By Rebecca Lake
Updated on: November 22nd, 2021
Editor's Rating

Personal loans can be a helpful source of funding when you need to cover an emergency expense. You can also use them to consolidate debt, make home improvements, or get caught up on bills. Regardless of what you need them for, personal loans can help create financial peace of mind.

But where do you turn when you need a personal loan?

LightStream is one possibility if you’re comfortable applying for a loan online versus in-person at a bank. LightStream offers personal loans at fixed interest rates. You can find your rate and apply online in minutes. If you’re looking for a personal loan option, this LightStream loan review can help you decide if it’s the right lender for you.

Pros and Cons of LightStream

LightStream offers personal loans online, which is convenient. Before applying for a loan, however, it’s important to consider the potential advantages and disadvantages.

Pros Cons
There are no loan fees of any kind, including origination fees or prepayment penalties. No option for preapproval or prequalification.
Personal loan rates are competitive compared to other online personal loan options. The monthly due date is fixed at the time your loan is approved and can’t be changed.
The Rate Beat program ensures that you get the best rate possible on your loan. Several years of credit history are required for loan approval.
Rate discount applies when you enroll in autopay. No direct payment option to creditors if you’re using a LightStream loan for debt consolidation.
The minimum loan amount is $5,000 while the maximum loan amount is $100,000. Limited customer support options.
User-friendly mobile app for managing loan payments and balances.
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Who Is LightStream For?

LightStream may better suit certain types of borrowers more than others. In general, LightStream personal loans could be a fit for people who:

  • Have good to excellent credit scores or an established credit history
  • Need to borrow at least $5,000 or want to borrow up to $100,000
  • Are interested in debt consolidation, financing home repairs or improvements, or financing a large expense
  • Don’t need to get preapproved or prequalified before applying
  • Want to get the lowest rate possible for a loan

LightStream loans could also be good for people who are looking for a longer repayment term. Depending on how much you borrow, you can take two to seven years to repay your loan.

There are some things you can’t use LightStream personal loans for. If you need a loan for business purposes, for example, or you want to consolidate or refinance student loan debt you’ll need to look elsewhere. You can’t use a LightStream loan to refinance an existing LightStream loan either.

Top Features of LightStream

LightStream sets itself apart from other personal loan lenders in a number of ways. Some of the most notable features associated with LightStream personal loans include:

  • 0.50% interest rate discount when you enroll in autopay
  • Loan limits up to $100,000 which is quite generous compared to some lenders
  • Rate Beat program, which allows you to get an interest rate 0.10% lower than a competitor’s rate
  • Fast funding once approved for a loan, including same-day funding options
  • View rates and estimated monthly payments before you apply
  • Convenient mobile app for Android and Apple users

We’ll rate individual features of LightStream personal loans a little later in this review. But overall, LightStream has a lot to like if you’re interested in getting a personal loan online.

Compare LightStream to Other Personal Loans

LightStream is just one option for getting personal loans online. It’s helpful to shop around and compare other lenders to find the loan that best fits your needs. Here are two other options you might consider for personal loans.

Marcus by Goldman Sachs

Marcus by Goldman Sachs also offers personal loans with no fees of any kind and an autopay discount. The maximum loan amount is $40,000 and the lowest rate available is above what LightStream offers.

SoFi

SoFi offers personal loans of up to $100,000 with no hidden fees, making it similar to LightStream in that respect. Approved borrowers can take advantage of unemployment protection to manage loan payments if they lose their job.

AmOne offers you a way to compare several personal loans in one place to find the best rates and terms for you.

How to Apply

You can apply for a LightStream personal loan online. To complete your application, you’ll need to give LightStream your:

  • Name
  • Address and phone number
  • Email address
  • Date of birth
  • Social Security number
  • Income and employment information

LightStream does perform a hard credit check for personal loans. There’s no option to get prequalified or preapproved using a soft credit check only. So it’s important to understand that applying for a LightStream personal loan can affect your credit scores.

You can check estimates for rates and monthly payments on the LightStream website. You simply plug in the amount you need to borrow and the purpose for your loan to see loan options with different interest rates, repayment terms, and monthly payments. You can then choose which loan you’d like to apply for.

Once approved for a loan, you’ll e-sign your loan agreements and tell LightStream where you want the loan funds sent to. You’ll need to share your bank account number and routing information. Once you’ve done that, it’s possible to receive loan funds as quickly as the same day.

Rating the Features

Every personal loan lender is different and it’s important to look under the hood before you borrow. To round out this LightStream loan review, here’s a closer look at some of the most important features this lender offers.

User Experience

Applying for a LightStream is fairly quick and easy. You can fill out your application online and get a response within hours. It’s possible to receive your loan funds the same day once you’re approved.

Fees and Rates

LightStream offers some of the most competitive interest rates of any personal loan lender. Rates are fixed, meaning you have predictability with your monthly payments. The lowest rates are reserved for the most creditworthy borrowers. And you can get a rate discount with autopay or through the Rate Beat program.

In terms of fees, there are none. LightStream doesn’t charge an origination fee, late payment fees, or prepayment penalties if you decide to pay your loan off early.

Transparency

LightStream offers transparency in terms of being able to compare rates and monthly payments based on your anticipated loan needs. You can’t get personalized loan offers since there’s no preapproval or prequalification. But you can still see how much you might pay and use that to help you decide if you should pursue a loan. There’s also an extensive FAQ section to answer any questions you might have about LightStream loans.

Flexibility

You can apply for LightStream personal loans in all 50 states and they can be used for a wide variety of purposes. Loan terms range from two to seven years so you can choose a repayment term that works for your budget. You can’t choose your due date, however. Once it’s established at the time your loan is finalized, it will remain the same for the life of the loan.

Customer Support

The LightStream mobile app makes it easy to manage your loan account and schedule payments if you’re not enrolled in autopay. If you have questions, you can contact LightStream customer support by email or phone. There is no live chat support option at this time.

LightStream Review: Bottom Line

A personal loan from LightStream could help you to get caught up on bills, pay for an expense you didn’t see coming, or get on track with debt consolidation. If you think LightStream could be the right lender for you, you can take the next step and apply for a loan online today.