LightStream Loans – Is it Right For You?

LightStream loans are a great option for consumers with a credit history and a stable income. To qualify, you must have several financial accounts in good standing, good credit, and a steady income. You can apply online and get funds the same day. Those with bad credit may want to consider other options. Despite LightStream’s favorable ratings, it is important to check the terms and conditions carefully. LightStream may not be the right choice for your financial needs.

LightStream’s application process is fairly simple. In most cases, you will be asked to provide your Social Security number and your driver’s license number. You will also be required to provide documents verifying your income and employment history. LightStream will send you an email letting you know whether or not your application has been approved or declined. Once approved, you can sign your loan agreement online and choose the date you will receive your funds. LightStream will process your application in just a few minutes.

While LightStream prefers to work with borrowers with good to excellent credit, this does not mean that people with less than stellar credit will not be approved for a loan. Check your credit report to ensure you have a clean score and a positive payment history. It is not uncommon to receive several loan offers from different lenders, so check out your options to find the right one for your needs. If you meet all of these requirements, you will likely be approved for a LightStream personal loan.

For more information on LightStream’s history, read reviews. LightStream is owned by Truist Bank, an Equal Housing Lender. While the company offers no prequalification option, it recommends that you apply together with your spouse if possible. Joint applications will improve your eligibility. LightStream is a member of the Better Business Bureau. Truist, LightStream, and the company’s logo are registered service marks of Truist Financial Corporation. Most other trademarks are the property of their respective owners.

The only downfall of LightStream is that it does not provide pre-approvals. All applicants must complete the application process online. However, once approved, they are given the option to schedule funding dates. For instance, home improvement loans can be scheduled within 90 days of approval. For other types of loans, funding can be deposited into an account the same day. However, the funding will expire after this time frame is up. So it is important to apply for a LightStream loan as soon as possible.

For applicants to qualify for a LightStream loan, they must have a FICO credit score of 660 or higher. Strong applicants will have several years of credit history and a range of account types. Having excellent credit is necessary in order to qualify for low rates. Additionally, LightStream does not have a prequalification process for borrowers. Prospective borrowers must complete a formal application that includes a credit check. It is important to note that LightStream does not offer pre-approvals for their personal loans.