Loan uses: LightStream’s personal loans can be used for a wide range of purposes, from purchasing a new car, RV or jewelry to paying for home improvements. LightStream does not allow co-signers, but prospective borrowers can submit a joint application. Applicants with excellent credit also are more likely to get favorable terms. This fact-combined with the minimum credit score requirement-makes the platform a better fit for those with a strong credit profile. LightStream doesn’t give prospective borrowers the ability to prequalify for a loan. To increase their chances of approval, applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan. And, while LightStream doesn’t offer a mobile app for loan management, customers can access their account through .Įligibility: LightStream recommends applicants have good to excellent credit before applying for a personal loan. and Puerto Rico, and applicants can contact the lender’s customer support team seven days a week current borrowers have access to customer support from Monday through Saturday. LightStream offers loans in all 50 states plus Washington, D.C. LightStream will beat a competitor’s interest rate by 0.1% for applicants who meet certain criteria. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay-higher than most lenders with the same perk-as well as a 30-day loan experience guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and a rate-beat program. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Loan amounts vary based on the loan purpose. The platform offers unsecured personal loans from as little as $5,000 up to $100,000. LightStream is a consumer lending division of Truist-which formed following the merger of SunTrust Bank and BB&T. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties-a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum. SoFi also lets prospective borrowers submit joint applications-although co-signers are not permitted.Īpproved borrowers are rewarded with comparatively low APRs. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). Loan amounts available may vary by the state you live in. Loans are available between $5,000 and $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms. SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state.
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