By requiring a minimum credit score of only 600, Lending Club is far more lenient that LightStream when it comes to approving borrowers. There are, however, some tradeoffs. For instance, Lending Club charges APRs as high as 35.89%, and loans from this peer-to-peer service come with obligatory origination fees ranging from 1.00% to 6.00%. In additional, Lending Club charges late fees of $15 or 5% of the missed amount — whichever is greater.
» MORE: LendingClub Personal Loan Review
LightStream For Debt Consolidation
If your credit card bills are stacking up, you might want to consider simplifying your finances with a LightStream debt consolidation loan. This is among the most popular reasons people choose this lender. Between LightStream’s lengthy repayment plans and their Rate Beat program, it can be tough to find a better deal — just as long as your credit is good enough to qualify.
» MORE: Debt Consolidation Loans
LightStream For Home Improvement
Thanks to LightStream’s 12-year repayment plans, qualified borrowers can take out home improvement loans to without the need for any appraisals or home equity obligations. This means you can finally install that swimming pool, remodel your kitchen, or get those solar panels you’ve had your eye on, without worrying about high-interest, short-term financing. However, it’s important to note that only applicants with exceptional credit records will be approved for loans with the lowest rate and longest repayment terms.
» MORE: Personal Loans For Home Improvement
Drawbacks of LightStream Loans
While the majority of LightStream loan reviews are positive, customers don’t give this lender great marks across the board. Some borrowers have issued complaints because LightStream conducts hard inquiries on applicants’ credit reports, which can negatively impact an individual’s credit score in the short term. Also, all loans with LightStream include fixed rates, whereas other lenders offer variable rates, which could result in reduced interest payments.
Another drawback: Someone with average or poor credit won’t qualify for a LightStream loan. In addition, you’ll need a valid Visa or Mastercard credit card for identity verification.
If you’ve worked hard to maintain a clean credit report, and now you’re interested in taking out a loan, LightStream is definitely worth a look. While not all applicants will get approved for a LightStream loan, those who do are likely to be satisfied with the terms they’re offered. And considering that LightStream will send you $100^ if the borrowing experience isn’t the best one you’ve ever had, what do you have to lose?
**You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
^After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.