Need a sizeable personal loan? LightStream can lend up to $100,000.

LightStream personal loans: Overview

APR: 7.99%–25.49% (including autopay discount)

Term length: 24–144 months 

Loan amount: $5,000–$100,000

Fees: None

Online-only lender LightStream is a source of unsecured personal loans with competitive rates and flexible terms. You can borrow as little as $5,000 or as much as $100,000, with funds deposited to your account as soon as the same day you’re approved. There are no fees, including origination fees, late fees, or early payment fees.

According to LightStream, it offers a unique lending solution that helps loan applicants with  good credit to borrow money for purchases that usually require collateral or that otherwise lack financing options. 

LightStream loans can be used for virtually any purpose, including buying a car, refinancing an existing car loan, financing home improvements (including a pool), timeshare financing, buying a boat or aircraft, IVF financing, jewelry financing, medical and dental financing, covering adoption costs, buying a horse, and more. Keep in mind that you must use your loan proceeds for the purpose you indicated in your loan application.

There are a few exceptions to their liberal use-of-fund policy, however. LightStream loans cannot be used for the following purposes:

• Refinancing an existing LightStream loan
• Paying for college or post-secondary educational expenses, or refinancing existing education loans
• Business financing
• Cash-out refinancing
• Purchasing bonds, stocks, stock options, or paying back a loan against a stock option
• Contributing to any sort of retirement, life insurance, or education savings plan

One of the unique features of working with LightStream is that it plants a tree for each loan it provides as a way to celebrate its virtually paperless loan process. The lender partners with American Forests and has planted over a million trees on behalf of customers. 

LightStream also has a “Rate Beat” program. If you were approved for a lower rate on an unsecured loan offered by a competitor, LightStream will beat it by 0.10%. 

LightStream personal loan: eligibility requirements

Everyone’s financial situation is different, and LightStream bases its lending decisions on the specifics of each individual’s current profile. 

That said, LightStream only approves loans for borrowers with good-to-excellent credit profiles. In general, this means successful applicants share the following qualities:

• Five or more years of significant credit history, including a variety of account types, such as credit cards, installment loans, car loans and home loans
• A proven ability to save, with assets such as retirement/investment accounts and liquid deposit accounts
• Stable and sufficient income, with the ability to easily repay current debt obligations
• An excellent history of on-time payments (no delinquencies or other issues with repaying debt)

LightStream personal loan discounts

LightStream offers an AutoPay discount when your payment comes directly out of your bank account, as it’s considered a more efficient arrangement. If you choose to pay by invoice, your rate will be 0.50% higher.

LightStream customer service

LightStream has been accredited by the Better Business Bureau (BBB) since 2021. It holds an A+ rating from the BBB, though users rate it just 1.32 out of 5 stars.

Trustpilot users rate LightStream 1.8 out of 5 stars based on 65 reviews. Negative reviews mention having trouble getting approved for a loan even with good credit or getting preapproved only to have the official loan application rejected.

LightStream customer service is available Monday through Friday from 9:30 a.m. to 7 p.m. ET and Saturday from noon to 4 p.m. ET.

Who is a LightStream personal loan best for?

LightStream personal loans are designed for borrowers with good credit who don’t want to put up collateral to get approved for financing. Borrowers who need funds for purposes that many lenders might not allow may also find LightStream’s use-of-funds policy a way to finance those goals.

How to apply for a LightStream personal loan

LightStream currently doesn’t provide loan pre-approvals. It also doesn’t take application information by phone, fax or email. You must complete and submit an online application to apply for a loan. 

Once you submit your application, you will receive a response shortly and during business hours. From there, you can review the loan offer and accept it. Once approved, you will e-sign your loan agreement and get set up for funding. Loans can be funded as early as the same day.

LightStream personal loans vs. alternatives

LightStream is one of many lenders offering low-cost personal loans today. Before committing to a loan from LightStream, you may want to consider some alternatives.

Best Egg personal loans vs. LightStream personal loans

Best Egg is a similar online lender that offers unsecured personal loans with fast funding. Its interest rates are similar to LightStream’s, which range from 8.99% to 35.99%. Although borrowers with good credit will likely qualify for the best rates and terms, Best Egg notes that it considers more than just an applicant’s credit score when making lending decisions. 

Unlike LightStream, Best Egg does charge an origination fee of 0.99%–8.99%. It also offers smaller loan amounts, with the maximum being $50,000. 

SoFi personal loans vs. LightStream personal loans

Personal loan applicants who are looking to borrow a larger amount at a competitive rate may want to consider a SoFi personal loan. Both LightStream and SoFi offer loan amounts of $5,000 to $100,000. However, the longest SoFi repayment term is 84 months, versus 144 months with LightStream. However, SoFi offers members a number of valuable tools, including unemployment protection, career coaching, and networking opportunities.

Frequently asked questions

Is it hard to get approved by LightStream?

LightStream only approves applicants with good-to-excellent credit. If you have fair or poor credit or no credit history at all, you will likely be denied a LightStream personal loan.

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

LightStream doesn’t disclose a specific credit score needed to qualify for a loan. However, applicants should have a score that falls in the “good” or higher range, which would be a FICO score of at least 670 and up.

Is a LightStream loan fake or real?

LightStream is a legitimate online lender backed by Truist Bank.