LightStream Personal Loan Review – South Dakota Loan

LightStream Overview

LightStream, the online lending arm of Trust Bank, offers personal loans that can be used for almost any purpose, including debt consolidation, home improvement, auto or boat purchase, and medical costs.

Starting interest rates for excellent-credit borrowers are low — around 5% if you use autopay — and vary based on the loan purpose, term, amount, and credit profile.

LightStream allows borrowers to choose when they’re funded. It can deposit funds in your account as early as the same day, or up to 30 days after approval. Scheduling a later fund date can allow time to plan for your first payment or give you flexibility in aligning your loan with the start of a home improvement project or other large expense.

Pros

No fees.
Competitive rates among online lenders.
Rate discount for autopay.
Special features including a rate beat program and a satisfaction guarantee.

Cons

No option to pre-qualify on its website.
Requires several years of credit history.

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LightStream Feautres

No fees: LightStream does not charge an origination fee, late fee or prepayment penalty fee.
Term availability: LightStream’s wide window of available repayment terms (two to seven years for most loans) gives borrowers the option to prioritize less overall interest with a shorter term or lower monthly payments with a longer-term.
Special home improvement features Borrowers with good or excellent credit looking to finance a home improvement project may qualify for extended loan terms up to 12 years, with no appraisals or home equity requirements. Longer repayment terms can make monthly payments more affordable on expensive home projects, like a kitchen remodel, solar panel installation, or swimming pool addition.
Rate beat program: LightStream says it will beat a competitor’s interest rate by one-tenth of a percentage point, assuming you can show you are approved by the competitor for an unsecured, fixed-rate loan with the same amount, terms, purpose, and payment method.
Satisfaction guarantee: LightStream offers $100 back for unhappy borrowers who have had their loan for less than 30 days. You must contact the company and fill out a questionnaire to receive the $100.

LightStream Qualifications

Minimum credit score: 660.
Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.
Multiple account types within your credit history, like credit cards, a car loan or other installment loan, and a mortgage.
Strong payment history with few or no delinquencies.
Investments, retirement savings or other evidence of an ability to save money.
Enough income to pay existing debts and a new LightStream loan.