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LightStream Personal Loans: 2021 Review

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Susan Guillory
Susan GuilloryUpdated April 14, 2021

Overview of LightStream

LightStream Financing touts itself as providing “loans for practically anything.” If you’re looking for financing for home improvement, a vehicle, adoption, dental work, or even buying a horse, this might be a good option.
Pros and cons


  • No fees
  • Low rates for those who qualify
  • Rate Beat Program, which can help ensure qualified borrowers get lowest rate


  • Not a business loan
  • Pre-approvals not available
  • Minimum FICO® Score of 660 may make it challenging for borrowers with less than good credit to qualify

LightStream Personal Loan Terms, Rates, and Fees

Loan amounts: $5,000-100,000APR range: 2.99-20.49%, (Does not include 0.50% autopay discount.) LightStream only offers fixed interest rates. (Updated as of 8/23/2021.)Origination fee: NoneMinimum credit score: 660Time to funding: as soon as same dayCo-borrower needed: No

LightStream Personal Loans: Overall Rating

LightStream loan reviews are generally positive, which can give you an indication of what it’s like to work with the company.

Other Lenders

When looking for online personal loans, it can be helpful to compare several lenders so you can find lenders and loans for your unique needs.

LightStream Customer Reviews

What is LightStream’s customer service like? How fast are they to respond to issues? Reading LightStream reviews can give you an indication of common customer feedback, which could be useful in deciding whether or not you’re interested in borrowing from LightStream.

What Types of Loans Does LightStream Offer?

LightStream offers unsecured personal loans for a variety of situations, including:
  • Home remodel
  • Vehicle purchase
  • Boat or RV repair
  • Dental work
  • Horse or horse trailer purchase
  • Adoption or fertility treatment
  • K-12 school financing
  • Wedding expenses
If you have one of the above needs and have solid credit (and meet their other underwriting criteria), LightStream financing might be an option worth looking into.

Important to Keep in Mind

Keep in mind that these are not business loans—they are unsecured personal loans. It is unclear whether using the funds from a LightStream loan for business purposes is permissible, but there may be other reasons for taking out an actual business loan if you need it to run or grow your company. Taking out a business loan can help you to build your company’s credit history, which could potentially allow you to qualify for even more financing options down the road. A personal loan used for business purposes won’t do that.If your needs do align with what LightStream offers loans for, take note of its Rate Beat Program. LightStream claims they offer an interest rate 0.10% lower than the rate offered by a competing lender if qualified borrowers are offered a lower rate elsewhere.

Applying for a LightStream Personal Loan

Applying for a LightStream loan takes a few minutes, and it is possible to receive approval and funds the same day as the application was filed.

Qualifications for a LightStream Loan

To qualify, potential borrowers will generally need to have good credit, a solid credit history, and sufficient income and assets to support current debt obligations as well as the amount of money you are seeking to borrow. According to our research, LightStream requires a minimum credit score of 660 to qualify.Those approved for a loan, will also need to provide credit card information for verification purposes.

The Application

On the application form, you will be asked whether you are submitting an individual or joint application, as well as the purpose of the loan. You have the option of choosing autopay for your monthly payments, which would shave a little off of your APR. In order to qualify for the autopay discount, potential borrowers would need to enroll in autopay prior to their loan being funded. Applicants will also be asked for personal information, including contact details and information about their work, expenses, and assets.Once the application is submitted,  it’s possible to get approval the same day. Note that LightStream will run a hard credit check when evaluating the application. If approved, applicants have the option to review the loan terms and sign the loan agreement electronically. After accepting the loan, borrowers have 30 days to transfer funds to their account.

The Bottom Line

For applicants with solid credit  looking for affordable financing for a personal project or expense, LightStream may be an option to consider. If, on the other hand, you are looking for a business loan, you might want to look at lenders that specialize in business loans.Looking for more personal loan options? With Lantern's help, you can find the right one for you.

Frequently Asked Questions

Is Lightstream a reputable lender?
Is it hard to get approved by LightStream?
How long does it take to get approved for a LightStream loan?
What credit score do you need for LightStream?
What does LightStream consider “excellent credit?”
Can you pay off a LightStream loan early?
Are LightStream loans secured?

About the Author

Susan Guillory
Susan GuillorySusan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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