LightStream offers personal loans ranging from $5,000 to $100,000 that can be used for nearly any purpose, except for higher education financing. The platform provides some of the most competitive interest rates available, along with repayment terms varying from two to 20 years, depending on the loan type. Additionally, you can benefit from same-day funding (depending on when your application is submitted and approved) and there are no prepayment penalties if you decide to pay off your loan early.
Key features include a best-rate guarantee, a loan experience guarantee (where LightStream will pay you $100 if you’re not completely satisfied with your loan), and a 0.50% discount for setting up autopay.
However, one drawback is that LightStream does not offer a prequalification option. To find out what rate you might receive, you’ll need to submit a full application, which includes a hard credit check. Furthermore, LightStream typically only approves borrowers with good to excellent credit, requiring a minimum FICO score of 670.
