LightStream is a particularly solid option if you have good credit and need to finance a large expense, like a home improvement project.
4.4
LightStream offers medium to large personal loans to borrowers with a 660 credit score or higher. I especially like these loans for financing a large expense, like a home improvement project.
Not only can you apply for amounts up to $100,000, you’ll have access to longer terms, which helps reduce your monthly payment amount by spreading it out. For most loan purposes, your term is capped at seven years (or six if the loan is under $25,000). But if you’re financing a boat or RV, you may have access to terms up to 12 years for loans of $25,000 or more. If you’re financing a home improvement loan project, you may have access to terms up to 20 years for loans of $25,000 or more.
LightStream also lets you choose when you receive the money — a perk I haven’t seen with any other lender I’ve reviewed. You can delay funding up to 90 days for a home improvement loan or up to 30 days for other loan purposes. Scheduling a later funding date allows you time to plan for your first payment and better align your loan with the expenses you need to cover.
Finally, LightStream’s minimum and maximum annual percentage rates are lower than many lenders we reviewed. Lower rates mean you’ll pay less interest over the life of the loan, which is especially important when you’re borrowing a large sum of money.
COMPARE: Best personal loan lenders
“You won’t easily find other lenders with personal loan amounts up to $100,000 and repayment terms up to 20 years for unsecured home improvement loans. This lender also shines by offering to beat a competitor’s rate if you’re approved for a lower APR — essentially setting you up to get the best rate available.”
The total cost of your LightStream loan depends on the amount borrowed, annual percentage rate and loan term. Here’s an example of how different rates affect the costs of a $20,000 loan with a three-year term. LightStream didn’t disclose the APR range for its typical borrower, so these examples are based on its general APR range.
APR | 8%. | 25%. |
Monthly payment | $627. | $795. |
Total interest cost | $2,562. | $8,627. |
Total loan cost | $22,562. | $28,627. |
» MORE: Use our personal loan calculator to estimate your costs
You’ll need good or excellent credit to qualify for a LightStream personal loan. LightStream has a minimum credit score requirement of 660 for most loans, though the lender says the exact minimum can vary by loan purpose and loan amount.
NerdWallet lets you pre-qualify for a LightStream loan, which is important, since this lender doesn’t offer pre-qualification on its website. Once you formally submit your application, LightStream conducts a hard credit pull, which temporarily knocks a few points off your credit score.
LightStream personal loans are available nationwide.
» MORE: How to get a personal loan
Q: Does LightStream offer co-signed or joint loans?
A: LightStream offers joint loans, so you can apply with another person who will then have equal access to the loan funds. LightStream doesn’t offer co-signed loans, in which you add a co-signer who can’t access the loan funds but may help boost your application. For both joint and co-signed loans, all applicants are equally responsible for repaying the loan.
Q: Can I choose my payment due date?
A: You can choose your payment due date with LightStream before the loan is funded, but you can’t change the date after. Post-funding flexibility is offered by other lenders and is especially handy if your pay schedule changes over the life of the loan.
Q: Can I use collateral to get a lower rate?
A: LightStream only offers unsecured loans, so you can’t tie collateral (like a personal vehicle or savings account) to the loan application. Other lenders offer secured loans, which can help you qualify for a lower rate or larger loan amount.
 |  |  |  |
|---|---|---|---|
Est. APRFrom 7.24% to 24.89% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $5,000 to $100,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit score660 | Min. credit scoreNaN | Min. credit score600 | Min. credit score600 |
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
LightStream has low annual percentage rates and zero fees. You can also qualify for a rate discount by setting up automatic payments.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
LightStream reports your payments to the three main credit bureaus. It also offers some payment date flexibility, including letting you choose your initial due date.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
This lender offers medium to large unsecured and joint loans. It doesn’t offer small loans, and you can’t opt to send the loan funds directly to your creditors.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
LightStream loans are available in all 50 states and Washington, D.C. And while you can’t pre-qualify on the lender’s website, you can check your rate through NerdWallet.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
LightStream offers instant approval decisions, and it can even fund your loan that same day. Its website, however, lacks some of the loan details like available loan amounts and terms we like to see from lenders.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
So the time it took to get the loan once I decided that's what I wanted to do was very simple. The website used to do the requesting was very easy to use. And it was easy to gain all the information so that I could do a check against other loans options and decide which one I felt was best.
I didn't make it all the way through the application part. I kind of put my information in, got the rates from several different organizations, and chose the one with the best rate. But what I did do with LightStream was very easy. It's a pretty easy system to use.
Would you recommend this product? Yes
Very satisfied with the product. I've been really happy with it. It got set up I liked how it was pretty automated. It was easy to set up. The process was quick and painless. And the payments just started automatically. It was easy to set up the auto payment feature, which I think is the key for something like this. Obviously, never want to miss a payment. Get it on auto setup, which they helped me do really quickly and easily, and everything's been going great. So, really satisfied. And yes, I would recommend it.
Would you recommend this product? Yes
It was good. It was easy to use and they funded the money fast.
Would you recommend this product? Yes
It went well and I was very satisfied.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
