Mostly not recommended
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Where does LightStream do business?
LightStream is based in San Diego, CA. It was founded in 2013 and offers access to personal loans in 50 states (and Washington, DC).
What are the APRs offered via LightStream?
LightStream offers personal loans with APRs starting at 5.99% and up to 14.74%.
Does LightStream charge an origination fee?
No, LightStream does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does LightStream charge a late fee?
No, LightStream will not charge you a late fee.
Does LightStream charge prepayment fees?
No, LightStream does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via LightStream?
Loan amounts start at $5,000 and go up to $100,000.
What is the maximum loan term you can get with LightStream?
LightStream offers personal loans with terms ranging from 24 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with LightStream?
Applicants with a credit score of at least 680 can apply for a loan via LightStream. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a LightStream loan, applicants need a minimum annual income of $50,000 or higher.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via LightStream. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal loan via LightStream?
LightStream will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
Does LightStream report loan payments to credit bureaus?
LightStream reports credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)
- Automatic Payments
- Check by mail