LightStream’s rates range from a minimum of 3.99% to a maximum of 17.29%, depending on the borrower’s creditworthiness and the type of LightStream loan. Unlike most personal loan providers, LightStream has separate APR ranges for different types of loan purposes. For example, LightStream’s rates for debt consolidation loans range from 5.95% to 17.29%. And the range is 4.99% to 13.79% for swimming pool loans.
No matter what type of loan you get, your LightStream rate will be 0.5% cheaper if you set up automatic payments from a bank account, rather than manually making a payment after receiving an invoice each month. In addition, if you have already been approved for a loan from another lender, LightStream promises to beat their rate by 0.1%. But LightStream requires proof that you were approved for a loan with the exact same terms (other than a lower rate) by 2 p.m. EST the business day before your LightStream loan gets funded.
LightStream’s rates for 2023:
Home improvement/solar/pool loans: 4.99% to 13.79%
Debt consolidation loans: 5.95% to 17.29%
New auto purchase loans: 3.99% to 8.84%
Used auto purchase from dealer loans: 3.99% to 8.84%
Used auto purchase from individual loans: 4.99% to 9.69%
Auto lease buyout loans: 4.99% to 9.69%
Auto loan refinance loans: 3.99% to 8.84%
Boat/RV/aircraft purchase or refinance loans: 4.29% to 11.34%
Motorcycle purchase or refinance loans: 4.29% to 11.34%
Timeshare/fractional purchase or refinance loans: 5.95% to 17.29%
PreK-12 education or refinance loans: 5.95% to 17.29%
Medical/adoption expense loans: 5.95% to 17.29%
LightStream’s rates are remarkably inexpensive compared to many other online lenders, which may charge up to a 36% APR on their personal loans.
Personal loans affect your credit score in the short-term and in the long-term. In the short-term, a personal loan may damage your score because it causes a hard credit inquiry and increases your debt load. But in the long-term, a personal loan can either help or hurt your credit, depending largely on whether or not you pay the bills on time. Ultimately, it’s up to you how much impact the personal loan will have.
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.
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