Personal loans

LightStream Personal Loans Review: Low APRs, No Fees

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Personal loans can be a strategic option for financing large purchases, as long as you understand the terms of your loan. By shopping around with your budget in mind, you can sometimes find flexible payment terms that suit your needs.

LightStream Personal Loans are Select’s overall best choice for personal loans because they offer the lowest APRs of any lender (pending your credit approval). The only caveat to this loan is that you need at least a good credit rating to qualify, and having an excellent rating is necessary to qualify for the most favorable loan packages..

LightStream offers loans for almost everything from credit card refinancing to home improvements (higher education and small business loans are excluded, however).

To make your search easier, Select has reviewed LightStream Loans, looking at APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Ahead, we break down what you need to know.

LightStream Personal Loan Review

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    2.49% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge


LightStream offers APRs ranging from 2.49% to 19.99%, and signing up for Autopay could qualify you for a 0.5% rebate. Credit score, loan amount, and loan term all impact the APR you qualify for at the time of application.

Your rate can also vary depending on the type of loan you need: car loans start at 2.49% and debt consolidation loans start at 5.95%. Home improvement loans start at 3.99% APR.


Same-day financing is available via wire transfer or ACH when you: 1) apply on a business day, 2) are approved, and 3) electronically sign your loan agreement with time remaining before the banks close. Once you are approved for a loan, you have 30 days to transfer the funds directly to your checking account before your application expires.

A remarkable benefit for conservationists, LightStream plants one tree for every loan granted in partnership with American Forests, an organization dedicated to protecting and rebuilding forests.

LightStream’s customer service was ranked first for customer satisfaction among personal lenders in 2020 by JD Power.


LightStream does not charge any late fees or setup fees. There’s also no penalty for prepaying your loans, which makes LightStream a good choice if you have erratic cash flow and need flexibility.

Amount of the loan

Depending on the loan you apply for and your credit, you can receive between $5,000 and $100,000.

Terms of office

LightStream loan payment terms vary from 24 to 144 months. Terms vary based on your credit and other factors.

At the end of the line

LightStream Personal Loans are ideal for people with good to excellent credit. Those with strong credit are eligible for better terms and even lower rates, which LightStream makes available to qualified borrowers. The flexibility of no prepayment charges allows you to repay the loan sooner than expected without penalty. No late fees or setup fees are also a plus.

Borrowers with less than ideal credit might consider considering a loan with Reached for debt consolidation or credit card refinancing. If you’re working on building credit, think twice before taking out loans for non-essential purchases. Instead, work on the basics like budgeting and saving, and learn what’s going on in your credit score.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

No origination or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.

Fixed Rate APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.

Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize to suit your monthly budget and the length of time you need to repay your loan.

No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.

Streamlined application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.

Customer Service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.

Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.

Autopay rebates: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.

Creditor Payment Limits and Loan Sizes: The lenders above offer different loan sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

*The terms of your LightStream loan, including APR, may differ depending on the purpose of the loan, amount, term and your credit profile. Excellent credit is required to qualify for the lowest rates. The fare is shown with the AutoPay discount. The AutoPay rebate is only available before the loan is funded. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and conditions are subject to change without notice. Payment Example: Monthly payments for a $10,000 loan at 3.99% APR with a term of three years would result in 36 monthly payments of $295.20.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.