LightStream’s credit score requirement is 660 or higher, according to reports. That’s not something LightStream officially states. But it is the consensus among a number of third-party websites, based on the reports of users. A score of 660 is within the fair credit range, 20 points above where fair credit starts and 40 points below where good credit begins. The majority of other personal loan companies also require a credit score of 660 or above, but some offer loans to people with scores as low as 585.
LightStream’s requirement is relatively easy for most people to meet. The average credit score is above 660. However, a credit score of 660 will not guarantee that you can get a personal loan from LightStream. One of the other major factors is your income. LightStream does not disclose a minimum. But you will need a steady source of income to get approved. In addition, LightStream will consider other factors such as your recent credit inquires, existing debts, number of open credit accounts and more.
It’s also important to note that while a credit score of 660 gives you a decent chance to be approved for a loan from LightStream, a score that just barely qualifies for approval will likely result in a high APR. LightStream offers loans with APRs as low as 3.99% in some cases. But their highest APR is 17.29%. People with a score of only 660 are likely to get a rate at the top of that range. In addition, while LightStream offers loans ranging from $5,000 to $100,000, people with credit scores right on the borderline of approval will have a difficult time getting approved for high loan amounts.
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