What bank does LightStream use? This question is about LightStream

What bank does LightStream use?

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This question is about LightStream

Grace Enfield, Content Writer

@grace_enfield • 07/22/22 This answer was first published on 07/22/22. 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 uses Truist Bank to fund personal loans. The company offers loans of $5,000 - $100,000 with APRs of 5.99% - 24.49%, depending on an applicant’s creditworthiness, and gives borrowers 24 - 84 months to repay their loans. You will need a credit score of 660+ to qualify.

Key Things to Know About LightStream Personal Loans

Loan Amounts: $5,000 - $100,000
APRs: 5.99% - 24.49%
Repayment Periods: 24 - 84 months
Credit Score Requirement: 660+
Late Fee: $0
Origination Fee: $0
Prepayment Fee: $0

For more information, check out the full LightStream review on WalletHub.

Answer Question

Does LightStream offer pre-approval?

Yes but you must have a good payment history with your other creditors.

What kinds of loans does LightStream let you refinance?

LightStream lets you refinance car loans, boat loans, timeshares, credit card debt and more. Each of these categories has its own APR range, and the APRs run from 3.99% to 17.29% overall. LightStream also offers general “debt consolidation” loans for refinancing debts that don’t fit into any of those categories. But keep in mind that refinancing any type of debt is only worth it for people who qualify for a lower APR than the one on their existing debt.... read full answer

LightStream’s absolute lowest APRs are 3.99% to 5.95%, depending on the type of loan being refinanced. But to get the minimum APR, you will likely need excellent credit. People with credit scores of 660 or higher can reportedly get a LightStream loan. But people with a score of 660 will likely receive an APR close to LightStream’s maximum, which ranges from 8.84% to 17.29% depending on the loan.

LightStream Refinance Loan APRs:

Auto loan refinancing: 3.99% to 8.84%

Boat/RV/aircraft loan refinancing: 4.29% to 11.34%

Motorcycle loan refinancing: 4.29% to 11.34%

Timeshare loan refinancing: 5.95% to 17.29%

PreK-12 education loan refinancing: 5.95% to 17.29%

Debt consolidation loan refinancing: 5.95% to 17.29%

LightStream refinance loans, like all LightStream loans, don’t charge origination fees or late fees. So you don’t have to worry about costly fees eating into the savings you get from a lower APR.

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What credit score do you need for a LightStream personal loan?

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.

If you're unsure of what your current credit score is, you can check it for free on WalletHub.

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