LightStream Personal Loans Review: Low Annual Rates, No Commissions



Select’s editorial team works independently to analyze financial products and write articles that we believe will be useful to our readers. We may receive a commission when you click on links to our affiliate partners’ products.

Personal loans can be a strategic option for financing large purchases if you understand the terms of your loan. When shopping around your budget, you can sometimes find flexible payment terms to suit your needs.

LightStream Personal Loans the best Select choice for personal loans because they offer the lowest annual interest rates of any lender (pending your loan approval). The only caveat about this loan is that you will need at least good credit rating qualify and have excellent mark necessary to get the most advantageous loan packages

LightStream offers loans for almost everything from credit card refinancing to improve housing conditions (however, loans for higher education and small business are not included).

To make your search easier, To choose tested LightStream loans by examining the annual interest rate, benefits, fees, loan amounts and condition factors. (More about our methodology Below is a breakdown of everything you need to know.

LightStream Personal Loan Review

LightStream Personal Loans

On a secure LightStream site

  • Annual Percentage Rate (APR)

    From 2.49% to 19.99% * when subscribing to auto payment

  • Purpose of the loan

    Debt Consolidation, Home Improvement, Car Loans, Medical Expenses, Weddings, etc.

  • Loan amounts

  • Conditions

  • Credit required

  • Creation fee

  • Early payment penalty

  • Late penalty

Annual interest rate

LightStream offers an annual rate of 2.49% to 19.99%, and an auto pay subscription can give you a 0.5% discount. Credit rating, loan amount, and duration of the term all affect which annual interest rate you are entitled to at the time of application.

Your rate may also vary depending on the type of loan needed: auto loans start at 2.49% and debt consolidation loans start at 5.95%. Loans for home improvement start at 3.99% per annum.


Same day funding is available via bank transfer or ACH when you: 1) apply on a business day, 2) get approved, and 3) sign your loan agreement electronically with the time remaining until bank closings. Once you have been approved for a loan, you have 30 days to transfer funds directly to your checking account before your application expires.

A noteworthy bonus for environmentalists, LightStream plants a tree for every loan they make in partnership with American Forests, an organization dedicated to protecting and restoring forests.

LightStream Customer Service was ranked # 1 in Customer Satisfaction among Retail Lenders in 2020 by JD Power.


LightStream does not charge any late fees or clearance fees. There is also no prepayment penalty, making LightStream a good choice if you have fickle cash flow and need flexibility.

The value of the loan

Depending on the loan you are applying for and your loan, you can get anywhere from $ 5,000 to $ 100,000.


LightStream loans have maturities ranging from 24 to 144 months. The duration depends on your loan and other factors.

Bottom line

LightStream Personal Loans great for people with good credit history. Those with solid credit are eligible for the better terms and even lower rates that LightStream provides to qualified borrowers. The flexibility of no early repayment fees allows you to repay your loan earlier than planned, without penalties. The absence of late fees or clearance fees is also an advantage.

Borrowers with imperfect credit may consider obtaining a loan with Upstart for debt consolidation or credit card refinancing. If you are working on construction loan, think twice before taking out a loan for non-essential purchases. Instead, work on the basics like budgeting as well as saving, and learn what is included in your credit rating

Our methodology

To determine which loans to individuals are the best, Select analyzed dozens of loans to individuals in the United States, offered by both online banks and conventional banks, including major credit unions, with no issuance or registration fees, with a fixed annual interest rate and flexible loan amounts. and conditions to suit a range of financial needs.

When narrowing down and ranking the best personal loans, we focused on the following features:

No processing or registration fees: None of our top rated lenders charge borrowers a prepayment to process your loan.

Fixed Rate Annual Interest Rate: Variable rates can go up and down over the life of your loan. With a fixed annual interest rate, you fix the interest rate for the entire term of the loan, which means that your monthly payment will not change, making budgeting easier.

Flexible minimum and maximum loan amounts / conditions: Each lender provides different financing options that you can adjust depending on your monthly budget and loan repayment duration.

No early repayment penalties: Our list of lenders do not charge borrowers for early repayment of loans.

Streamlined Application Process: We looked at whether lenders offer same-day approval solutions and a fast online application process.

Customer Support: Each credit on our list includes customer service via phone, email, or secure online messaging. We have also selected lenders with an online resource center or advisory center to help you learn more about the personal loan process and your finances.

Disbursement of funds: Loans from our list deliver funds immediately, either via electronic bank transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option to pay your creditors directly.

Auto Pay Discounts: We’ve flagged lenders that reward you for participating in Auto Pay by reducing your annual interest rate by 0.25% to 0.5%.

Limits on payments to lenders and loan amounts. The above lenders provide loans of various sizes from $ 500 to $ 100,000. Each lender announces their respective payment limits and loan amounts, and completing the pre-approval process can give you an idea of ​​what your interest rate and monthly payment will be for that amount.

After reviewing the aforementioned features, we have sorted our recommendations on the most suitable for general financing needs, debt consolidation and refinancing, small loans and next day financing.

Note that the rates and commission structure advertised for personal loans may fluctuate in line with the Fed’s rate. However, once you accept your loan agreement, the fixed annual interest rate will guarantee the interest rate and the monthly payment will remain the same throughout the loan term. Your annual interest rate, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will make a serious loan request and ask for a complete application, which may require proof of income, proof of identity, proof of address, and more.

* The terms of your LightStream loan, including the annual interest rate, may differ depending on the purpose, amount, loan term and your credit profile. Excellent credit is required to get the lowest rates. The price is shown with an AutoPay discount. The AutoPay discount is only available before loan financing. Tariffs without AutoPay are 0.50% higher. Subject to loan approval. Conditions and restrictions apply. Advertised rates and conditions are subject to change without notice. Payment example: Monthly payments on a $ 10,000 loan at 3.99% per annum for a period of three years would result in 36 monthly payments of $ 295.20.

Editorial note: The opinions, analyzes, reviews or recommendations expressed in this article are solely owned by the Select editors and have not been reviewed, endorsed or otherwise endorsed by any third party.


Source link