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

Are LightStream debt consolidation loans any good?

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This question is about LightStream

Adam McCann, Financial Writer

@adam_mccann • 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.

Answer Question

What credit score do you need for LightStream?

Applicants 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 ... read full answer 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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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 interest rate.... read full answer

LightStream’s auto refinance loans reportedly require a credit score of at least 660 to qualify. For context, the credit bureau Experian states that the average auto loan APR for a new vehicle ranges between 7.52% and 14.41% for people with a credit score of 660. So LightStream’s refinancing option is extremely cheap, even if you only qualify for the highest rate of 8.84%. There are several other important details to know about LightStream auto refinance loans, too.

LightStream auto refinance loan details:

APRs: 3.99% - 8.84%

Fees: None

Loan amounts: $5,000 - $100,000

Loan lengths: 24 - 84 months

Approval/funding timeline: As soon as the day you apply; usually within 2 business days.

LightStream also has a few other great perks. The first is their “Rate Beat Program.” LightStream says they’ll beat a rate a competitor offers you by 0.1 percentage points. But you’ll need to prove you were approved for a loan with said competitor by 2 p.m. EST the business day before your LightStream loan gets funded. And if you’re not completely satisfied with your loan, you can fill out a questionnaire and receive $100 back from LightStream.

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