Yes, LightStream is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it’s more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from LightStream, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
LightStream lets you refinance car loans, boat loans, timeshares, credit card debt and more. Each of these categories has its own APR range, and the APRs run from 3.99% to 17.29% overall. LightStream also offers general “debt consolidation” loans for refinancing debts that don’t fit into any of those categories. But keep in mind that refinancing any type of debt is only worth it for people who qualify for a lower APR than the one on their existing debt.… read full answer
LightStream’s absolute lowest APRs are 3.99% to 5.95%, depending on the type of loan being refinanced. But to get the minimum APR, you will likely need excellent credit. People with credit scores of 660 or higher can reportedly get a LightStream loan. But people with a score of 660 will likely receive an APR close to LightStream’s maximum, which ranges from 8.84% to 17.29% depending on the loan.
LightStream Refinance Loan APRs:
Auto loan refinancing: 3.99% to 8.84%
Boat/RV/aircraft loan refinancing: 4.29% to 11.34%
Motorcycle loan refinancing: 4.29% to 11.34%
Timeshare loan refinancing: 5.95% to 17.29%
PreK-12 education loan refinancing: 5.95% to 17.29%
Debt consolidation loan refinancing: 5.95% to 17.29%
LightStream refinance loans, like all LightStream loans, don’t charge origination fees or late fees. So you don’t have to worry about costly fees eating into the savings you get from a lower APR.
Applicants need a credit score of 660 to get a personal loan from LightStream, according to multiple third-party sources. That means the LightStream personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.… read full answer
Keep in mind that just having a 660 credit score is not enough to qualify you for a LightStream personal loan. LightStream will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from LightStream with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
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