LightStream

LightStream does a hard pull of the applicant's credit report for every LightStream personal loan application. LightStream does this in order to get a full look at the prospective borrower's credit history and make an approval decision. A hard credit check does have a temporarily negative effect on the applicant's credit score. However, the score typically drops just 5 - 10 points. So it's easy to bounce back in a few months – especially for people who get approved for a loan and start making timely payments.

It's not unusual that LightStream does a hard pull. Most personal loan providers will use a hard pull during their approval process. The exceptions are some extremely expensive bad-credit lenders, such as payday lenders or auto title lenders.

Some lenders will do a soft credit check, which doesn't hurt your credit score, as part of a “pre-qualification” process. But LightStream does not offer pre-qualification. And even people who are pre-qualified for other loans still need to apply and go through a hard pull before they can get the loan.

LightStream reportedly requires a credit score of 660 or higher for approval. So if you don't want to waste a hard pull on a long shot, check your credit score for free and make sure it's at least 660 before applying.

LightStream's credit score requirement is 660 or higher, according to reports. That's not something LightStream officially states. But it is the consensus among a number of third-party websites, based on the reports of users. A score of 660 is within the fair credit range, 20 points above where fair credit starts and 40 points below where good credit begins. The majority of other personal loan companies also require a credit score of 660 or above, but some offer loans to people with scores as low as 585.

LightStream's requirement is relatively easy for most people to meet. The 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.

LightStream pre-approval is possible through certain personal finance websites only. LightStream does not allow potential applicants to check for pre-approval directly through its website. The site only has the option to submit an application, which results in a hard inquiry into your credit history.

LightStream partners with certain personal finance websites, such as WalletHub, to offer pre-approval. WalletHub's free personal loan pre-qualification tool lets prospective borrowers check their approval odds and potential rates with multiple lenders, including LightStream. This tool has no impact on the user's credit score. Keep in mind, though, that people who are pre-approved must still submit an application and undergo a hard pull in order to receive a loan.

There are a few other ways to gauge your LightStream approval odds, too. First off, many sources report that LightStream requires a minimum credit score of 660. You can check your credit score for free on WalletHub to see how it measures up. If your score is 660 or higher, and you have a steady income, you have a decent shot of getting approved. And the higher above 660 your score is, the better APR you can expect to get. Higher scores can also help you qualify for higher loan amounts.

LightStream also offers a rate calculator on their website. You can see what APR range you can expect based on the loan's purpose, size, and length of time for payoff. And you can select whether you plan to use autopay (the cheaper option) or pay manually after getting a monthly invoice.

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.

LightStream does not allow cosigners, but does offer joint applications. With a joint application, both applicants' credit, income and other details are weighed equally during the approval process. And both people are held equally responsible for paying the loan back. This differs from applying with a cosigner, where approval depends entirely on the cosigner's information, rather than the primary applicant's. And with a cosigner, the primary applicant is responsible for payments while the cosigner just serves as a guarantor in case they can't pay the loan back.

To add a joint applicant on a LightStream application, just find the dropdown box at the top of the application under “Application type” and select “Joint Application.” You should see a message pop up that says “By selecting 'Joint,' you are applying for joint credit and are relying on joint income and assets as the basis for repayment of the credit requested.” Then, once you get to the “Personal Information” page, you'll be able to input details for both you and your fellow applicant.

If you are approved for a joint loan with LightStream, you can pay from either person's bank account. You are even allowed to split up payments so that you each pay a portion, according to LightStream representatives. It's important to keep in mind that with a joint LightStream loan, the payment history on the loan will appear on both people's credit reports. So a missed payment will hurt both borrowers' credit scores.