Get $5K to $100K Personal Loan at Low Interest | Lightstream Personal Loan Review 2022

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Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. It’s accurate to the best of our knowledge when it’s posted. {alertInfo}


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Lightstream Overview

Lightstream is an online lender that provides loans from $5,000 to $100,000 and can be used as debt consolidation loans or any other reason.

Lightstream has the best interest rate compared to other loan lenders in the market. Lightstream allows people to borrow money who have good to excellent credit scores. So the people who have a good credit score and are looking for a big purchase or big amount of loan then they can think of Lightstream as their lender for the personal loan.

Pros

  • Loan amount starting from $5,000 – $100,000
  • Lightstreem offers lowest interest rate compare to other lenders.  
  • Lightstreem Offers 0.5% point rate discount for setting up autopay.
  • Lightsteam offers no origination, prepayment or late fees.{alertSuccess}

 

Cons 
  • There is no Online preapproval on the website
  • It Requires several years of credit history.
  • Borrowers can access only fixed-rate loans. {alertError}

 

Debt Consolidation Loan 

Lightstream Personal loans can be used as debt consolidation loans because of the high amount they are offering with low APR, its possible to use these loans like credit card debt consolidation loans.

Annual Interest Rate and Fees

Lightstream offers personal loans with an annual interest rate of  2.49% to 19.99%. These interest rates are entirely dependent upon your credit score and your creditworthiness. If your credit score is good then your interest rate will be low and vice versa.

Talking about fees Lightstream doesn’t charge any fees which means that there will be no origination fees, late fees, or any kind of prepayment penalty.

You can also receive a 0.25% point discount on your interest rate if you sign up for automatic payments which will really help you to pay less interest on your loan.

Minimum Credit Score Required

Lightstream doesn’t disclose its loan qualification criteria but based on consumer reviews on the internet, Lightstream requires a minimum FICO credit score of 660.

Offered Loan Amount

Lightstream offers personal loans from $5,000 to $100,000. This is very great if you are looking for a big loan that can be used for big medical expenses, dental procedures, travel expenses, home repair, credit card debt consolidation, etc

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must a valid ID Proof or social Security number
  3. You must be a United States citizen or a permanent resident
  4. You must have a valid active US bank checking account
  5. You have to provide a valid email address and a phone number

Required Documents

  • Valid Identity Proof.
  • Have to provide a DOB.
  • Valid current mobile number and Email id.
  • An active American bank account.
  • A social security number

Repayments Terms

The repayment term for Lightstream personal loans is up to 24 to 144 months. Which is 2 to 7 years also there is no prepayment penalty and if you set up your payment on auto-pay then you will get a 0.25% point rate discount on your loan interest rate.

Example of the Lightstream loan

If you have a four-year, $20,000 loan with an 11.2% APR that would cost $519 in monthly payments. You’d pay $4,905 in total interest on that loan.

How to Qualify For Lightstream

  • You should have a minimum credit score of 660.
  • you should have several years of credit history.
  • You will be able to apply for this loan if you have multiple account types within your credit history.
  • You should have investment retirement savings or other evidence of an ability to save money.
  • Also, you should have enough income to pay your existing debts and new Lightstream loan.

Who Is This Loan Good For

Light stream is best for people who have good to excellent credit scores and people who don’t want to pay the loan fees and also the people who want the entire loan process online.

Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}