Are LightStream debt consolidation loans any good? This question is about LightStream

Are LightStream debt consolidation loans any good?

This question is about LightStream

Adam McCann, Financial Writer

@adam_mcan • 09/30/19 This answer was first published on 09/30/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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LightStream debt consolidation loans allow borrowers to combine existing debts – such as other personal loans, credit cards, payday loans, bills and more – into one monthly payment, both for simplicity and the potential for a lower APR. LightStream debt consolidation loans have APRs ranging from 5.95% to 17.29%, depending on the applicant’s credit history, income and existing debt. Those are some of the lowest rates on the market overall.

Overall, LightStream debt consolidation loans are excellent, but it’s important to be aware of the fine print before applying. And like with any debt consolidation loan, LightStream debt consolidation loans are only worth getting if your APR will be lower than the APRs on the existing debts that you’re trying to consolidate.

LightStream Debt Consolidation Loan Details:

APR range: 5.95% - 17.29%
Origination fee: $0
Late fee: $0
Loan amounts: $5,000 - $100,000
Payback periods: 24 - 84 months
Timeline for approval/funding: Same day - 2 business days

If you’re looking to refinance existing auto debt, you shouldn’t choose a LightStream debt consolidation loan. Rather, you should get a LightStream auto refinancing loan. They function the same way: You receive a lump sum, use it to pay off your existing debt and pay the new debt back over time. But the auto refinancing loans are significantly cheaper, with APRs ranging from 3.99% to 8.64%.

To get either a regular LightStream debt consolidation loan or an auto refinancing loan, you’ll reportedly need a credit score of at least 660.

What credit score do you need for LightStream?

You need a minimum credit score of at least 660 to get a personal loan from LightStream. That means the LightStream personal loan credit score requirement is in the fair-to-good credit range, which is on par with most other major personal loan companies.

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...

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How good are LightStream auto refinance loans?

LightStream auto refinance loans are inexpensive, and they offer the potential for a lot of funding very quickly. In fact, auto refinance loans are some of the cheapest loans that LightStream offers, with APRs as low as 3.99%. Borrowers take out the loan from LightStream and then use it to pay off their existing car loan. This effectively “refinances” the car loan and can allow the borrower to pay off the balance at a lower...

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