LightStream Personal Loans: 2024 Review

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Enter $2,000 - $100,000
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What is LightStream?

LightStream is a distinguished online lender specializing in personal loans and auto refinance loans. Established in 2012, it operates as a division of Truist Bank, with its headquarters situated in San Diego, California. Over the years, LightStream has successfully originated more than $10 billion in loans, solidifying its reputation in the lending industry.

For individuals seeking personal loans, LightStream extends its services to borrowers with credit scores as low as 660. Notably, their personal loans feature fixed interest rates and terms, offering stability and predictability. Borrowers can choose repayment periods spanning 3, 5, or 7 years, allowing flexibility in meeting their financial goals. One remarkable aspect of LightStream's offerings is the absence of prepayment penalties, empowering borrowers to save money by paying off their loans ahead of schedule.

In addition to personal loans, LightStream also specializes in auto refinance loans. These loans cater to borrowers with credit scores as low as 640. Similar to their personal loan offerings, LightStream's auto refinance loans boast fixed interest rates and terms, enabling borrowers to potentially reduce their monthly payments and save money over time. As with personal loans, LightStream does not impose prepayment penalties on their auto refinance loans, granting borrowers the freedom to pay off their loans early and enjoy significant savings.

LightStream terms & rates (at a glance)


Varies depending on borrower

Loan term:

2 - 7 years

Loan amounts:

$5,000 - $100,000

Hidden fees:

No origination or hidden fees.

Minimum credit score required


Extra perks:

Easy to use LightStream phone app

Fund availability

As soon as same business day.

How does LightStream work?

LightStream is an online lender that offers borrowers loans between $5,000-$100,000. Here's how it works:

  1. Start by submitting your loan application conveniently on LightStream's website or mobile app.
  2. LightStream initiates a thorough review of your application and assesses your credit report.
  3. Upon approval, LightStream presents you with a loan offer tailored to your specific needs and financial circumstances.
  4. If you find the terms favorable, you can accept the offer, signaling your agreement.
  5. Once you've accepted the offer, LightStream promptly deposits the approved funds directly into your designated bank account.
  6. From there, you will proceed to make regular monthly payments to LightStream until the loan is fully repaid, adhering to the agreed-upon terms and schedule.

By following these steps and embracing LightStream's borrower-friendly features, you can experience a streamlined and transparent lending process, allowing you to access the funds you need while enjoying peace of mind throughout your loan journey.

LightStream pros and cons


  • Reputable and trusted lender: LightStream has established itself as a reputable and trusted lender, earning the confidence of borrowers.
  • Exceptional customer service: LightStream is known for its excellent customer service, ensuring a positive and supportive experience for borrowers.
  • Effortless and efficient application process: LightStream offers a streamlined and user-friendly application process, making it quick and hassle-free to apply for a loan.
  • Rapid fund disbursement: Upon loan approval, LightStream strives to deposit the funds into your bank account as soon as the next business day, providing expedited access to the funds you need.
  • Fixed interest rates and transparent terms: LightStream personal loans feature fixed interest rates and clear terms, allowing you to accurately plan and budget your monthly payments while knowing precisely when the loan will be fully repaid.
  • No prepayment penalties: LightStream distinguishes itself by not charging any prepayment penalties, enabling you to save money by paying off your loan ahead of schedule.
  • Flexible loan terms: LightStream offers a range of loan terms spanning from 2 to 7 years, empowering you to choose the repayment duration that best suits your financial goals and preferences.
  • Transparent fee structure: LightStream ensures transparency by openly listing all associated fees on its website, eliminating surprises or hidden charges.


  • Slightly higher interest rates: LightStream's interest rates may be comparatively higher than some other lenders due to their willingness to work with borrowers who have lower credit scores.
  • Potential origination fees: LightStream imposes an origination fee on its personal loans, which can be as high as 6% of the loan amount. It's important to consider this factor when evaluating the overall cost of your loan.
  • Availability limited to certain states: LightStream's lending services may not be available in all states. Checking the company's website will provide the necessary information regarding eligibility in your state.
  • Credit score requirements: LightStream typically requires a minimum credit score of 660 for most loans. If your credit score is lower, you may still qualify for a loan, albeit potentially with a higher interest rate or a shorter repayment term.

By considering these pros and cons, you can make an informed decision when choosing LightStream as your lending partner.

Compare personal loan rates in July, 2024

What is LightStream's minimum credit score requirement?

LightStream generally requires a credit score of at least 660 for most loans. However, if you possess a favorable debt-to-income ratio and other positive factors in your credit history, you may still qualify for a loan with a lower credit score.

What are LightStream's loan amounts?

LightStream offers personal loans with generous amounts, extending up to $100,000. You have the flexibility to select a loan term of 2, 3, 5, or 7 years, tailoring it to your financial needs.

What are LightStream's interest rates?

It's important to note that LightStream's interest rates tend to be slightly higher compared to some other lenders. This accommodating approach is attributed to their willingness to work with borrowers who have lower credit scores. Your specific interest rate will depend on factors such as your credit score, loan amount, and loan term.

What are LightStream's fees?

LightStream applies an origination fee to its personal loans, typically ranging from 2% to 6% of the loan amount. Additionally, a late payment fee of $35 may be charged for delayed payments.

How long does it take to get approved for a LightStream loan?

The approval process for a LightStream loan is typically swift, spanning 1-2 business days. However, the duration may extend if additional information verification is required.

How do I apply for a LightStream loan?

To apply for a LightStream loan, you can conveniently complete the process online or through the user-friendly mobile app. LightStream ensures a quick and straightforward application experience, allowing you to efficiently submit your information.

Steps involved are as follows:

  1. Visit LightStream's official website or download their mobile app, which is available for both iOS and Android devices.
  2. Click on the "Apply Now" or "Get Started" button to initiate the application process.
  3. Provide the required information: You will be asked to provide personal details such as your name, address, phone number, and email address. You may also need to provide information about your employment, income, and financial situation.
  4. Specify the loan details: Indicate the loan amount you are seeking and the purpose of the loan (e.g., debt consolidation, home improvement, auto loan, etc.).
  5. Agree to a credit inquiry: LightStream will request permission to access your credit report and evaluate your creditworthiness. This is a standard procedure in loan applications.
  6. Review and accept the terms: Once you have provided all the necessary information, you will be presented with the loan terms, including the interest rate, repayment period, and any applicable fees. Carefully review these terms to ensure they align with your financial goals and capabilities.
  7. Submit the application: After reviewing the loan terms and confirming your agreement, submit the application to LightStream for further processing.
  8. Verification and approval process: LightStream will review your application, credit history, and financial information. They may contact you for additional verification if needed. The approval process typically takes 1-2 business days.
  9. Loan funding: If your loan is approved, LightStream will inform you of the decision and provide details regarding the loan amount, interest rate, and repayment terms. Once you accept the offer, the funds will be deposited directly into your designated bank account.
  10. Start repaying the loan: You will need to make regular monthly payments according to the agreed-upon terms until the loan is fully repaid.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.