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 answeraverage 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.
It takes 7 business days or less to get a personal loan in most cases. The fastest you can get a personal loan is the same day you apply. The longest the process can take is over 30 business days. There are many factors that go into a personal loan decision and how long it takes to come. Two important ones are your creditworthiness and the accuracy of the information on your application.… read full answer
The better your credit history is, the more confident issuers will be in approving your personal loan application. Higher income may also speed up the approval process. The accuracy of the information you submit is important, too, because if you make a mistake on your application – entering the wrong address or SSN, for example – the issuer may not be able to verify your identity or creditworthiness right away. They will have to contact you to request additional info.
How long it takes to get approved for a personal loan and how long it takes to get the money are likely to be different timeframes. In most cases, it’s going to take at least one business day after approval for you to receive your funds. Some online lenders may be able to get you the money the same day.
Probably the most important factor in the personal loan timeline is where you’re getting the loan from. WalletHub reached out to some of the biggest lenders to see how long it takes to get approved for their personal loans and when funds are paid out.
How long it takes to get a personal loan by issuer:
If you want to get approved for a personal loan as quickly as possible, there are a few steps you can take in order to speed the process along.
Tips to Get a Personal Loan Faster:
Check your credit report for any errors and dispute them. Incorrect or fraudulent information can hold your score back and prevent you from being approved.
Only apply for loans with credit requirements that you meet or exceed. This will give you the fastest decision timeline, as it will be easier for the lender to determine you qualify.
Check for pre-qualification before applying. If you receive pre-qualification, you’re not guaranteed approval but your odds are very high.
Apply online for the fastest processing. Applying online immediately plugs your application in to the lender’s automated system – you might even get a decision instantly.
Make sure all the information on the application is accurate. If you accidentally put the wrong address, SSN, etc., the lender will have to hold up your application and contact you to clear it up.
In addition to issuers’ timelines for approval and funding, you should also include the preparation process in your time estimate. Before getting a personal loan, you should check your credit and compare offers from various lenders to find the best one available for your situation. You can check your credit for free in minutes. But you shouldn’t rush through your research. Take as much time as you need to come to a decision, keeping in mind the length of the loan, estimated monthly payments, APRs and more.
You’ll also want to take the time to check for pre-qualification if the lenders you’re interested in allow it. Pre-qualification will give you a better idea of your approval odds. While you won’t always be approved if you pre-qualify, your chances are extremely high. It only takes a few minutes to check for pre-qualification and it doesn’t hurt your credit, so be sure to take advantage of it.
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