LightStream does not have any fees associated with its personal loans. Borrowers are not subject to an origination fee, late fee or prepayment fee, but you will have to pay interest when you take out a LightStream personal loan.
LightStream Fees and Other Key Terms
Origination Fee: $0
Late Payment Fee: $0
Prepayment Fee: $0
APRs: 5.99% - 22.49%
Loan Amounts: $5,000 - $100,000
Repayment Periods: 24 - 84 months
Credit Score Requirement: 660*
Funding Timeline: As soon as the same day you apply - 2 business days
*According to multiple third-party sources.
Before applying for any personal loan, it’s a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub’s free pre-qualification tool.
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.
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.
LightStream does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other LightStream requirements to be considered, such as being at least 18 years old and being a US citizen or permanent resident. You have a good chance of getting approved if you meet all of these requirements.… read full answer
LightStream Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 660 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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