2021 LightStream Personal Loan Review

Benefits explained

  • No charges – In an industry plagued with fees (this is how lenders make extra money), LightStream loans are remarkably free of extra expenses. No creation, prepayment or late fees are hidden in the fine print.
  • Joint application option – If you think you don’t qualify for a LightStream personal loan on your own, you can try adding a co-applicant. This means that your application will include your credit and that of someone else, usually someone with a higher credit score or more established credit history, to help you close the deal.
  • Discount on automatic payment – LightStream allows you to save up to 0.50% per month on interest when you sign up for automatic payments. In other words, you get paid for being fast, and at a generous rate too – other lenders offer automatic payment discounts, but 0.025% is more the norm.

Disadvantages Explained

  • No prequalification option – Many online lenders will give you some sort of snapshot – a no-obligation approval and the interest rates you’ll get – before you officially apply for a loan. LightStream does not, which means the only way to see if you qualify is to complete a full application. This triggers a firm credit check, which can lead to a drop in your credit rating. And you might get turned down, which means your score will drop and you’ll still have to find another way to take out a personal loan.
  • Good or excellent credit required – LightStream applicants will need a credit rating of at least 670 to be eligible for a personal loan.
  • Inflexible deadline – Some lenders are flexible about when you make your monthly payment, but once you lock in your due date with LightStream, it stays that way. If your income is volatile and you don’t think you will be able to make payments the day you receive it, you may want to look for a personal loan elsewhere.

Types of personal loans offered by LightStream

LightStream offers a wide variety of personal loans, including vehicle loans, home improvement loans, leisure loans, family life loans, debt consolidation loans, family education loans. kindergarten to grade 12, etc.

Deadline for receipt of funds

You can get your money the same day your loan is approved.

LightStream personal loan features

  • Online application
  • Joint request available
  • Long repayment terms
  • Low tap
  • Discount on automatic payment
  • Wide range of loan amounts

Apply for a LightStream personal loan

To get a LightStream personal loan, you will need to put some documents in order. Here’s what you need to provide on a LightStream personal loan application.

  • Information on the co-applicant – Since LightStream offers both individual and joint apps, you will need to share up front if you plan to have someone else on loan with you.
  • Loan Information – You will detail the amount you need, the desired loan conditions and the purpose of your loan. For example, do you use the funds to buy a new car or to debt consolidation? You’ll want to share this information.
  • personal details – In addition to your full name and address, you will need to indicate if you are a citizen of the United States, Cuba, Iran, Myanmar (formerly Burma), Syria, Sudan, Korea North or elsewhere.
  • Work and employment information – LightStream wants to make sure that you are financially able to pay off your loan on time every month. You will need to specify your annual income, professional status, and any other way to earn money outside of your regular job. You will also be asked to share your monthly housing costs, as well as any money you have in your chequing, savings and retirement accounts.

After that, you will create a connection with LightStream, so that you can track your application and, if approved, monitor your loan. Once you have carefully reviewed all of your details, you will submit the request to LightStream.

Can I refinance a personal loan with LightStream?

LightStream offers a variety of refinancing option. including loans for:

  • Cars
  • Boats, motorhomes, planes and motorcycles
  • Timeshare

In your application, you can select the best refinancing option for your needs.


The lender is touting their product as the “Refreshingly Simple LightStream Loan,” and it lives up to that tagline at no cost, with low APRs and one-day release of funds. Add to that its impressive variety of loan sizes and types, with funding for almost any purpose and any occasion, and LightStream seems like a good choice for many individual borrowers.

However, without the prequalification option, you cannot know in advance if you qualify for a LightStream personal loan. And LightStream is not a lender of last resort: you must have a strong credit rating and history to be eligible for its financing. Fortunately, if your file is sketchy, you can use a joint application and enlist the help of someone with a better credit rating to help you increase your eligibility.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get it right. borrowing decision for their needs.

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