Is LightStream a reputable lender?

Yes, a LightStream personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a LightStream personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer

How a LightStream Personal Loan Affects Your Credit Score

Hard pull: When you apply for a LightStream personal loan, LightStream will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out a LightStream personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a LightStream personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a LightStream personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a LightStream personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

Yes, LightStream is a legit online personal loan provider that offers competitive interest rates and is registered to do business in the states it services. Another reason why LightStream personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer

Why LightStream Personal Loans Are Legit

• LightStream is registered as a business in the states it services.
• LightStream has a Better Business Bureau rating of A+.
• LightStream has been around since 2004.
• LightStream has an average user rating of 3.8/5 on WalletHub.
• LightStream personal loans have a rating of 5/5 from WalletHub’s editors.
• LightStream has a secure website, which you can tell by the fact that the URL has “https” in front of it.

While LightStream personal loans are legit, they may or not be the best choice for you. It’s important to compare the terms and requirements of LightStream personal loans against your other options before submitting an application.