Credit Score Requirements
To qualify for a LightStream loan, applicants must have a minimum FICO credit score of at least 660. … While a good credit score may be enough to get approved, the lowest rates require excellent credit. Unlike many other online lenders, LightStream does not have a prequalification process.
Likewise, can you negotiate with LightStream?
LightStream deposits the money directly into your bank account, so you can make an offer on a car as a “cash” buyer. This means you may have the opportunity to negotiate for a better purchase price.
Regarding this, does LightStream verify income?
You may be required to upload verification of your income during the LightStream application process. This might include pay stubs, bank statements or tax returns. Applicants may also be required to provide proof of identity or residence.
How often does LightStream report to credit bureaus?
LightStream doesn’t charge origination fees, prepayment penalties, or late fees. LightStream reports payments on personal loans to all three credit bureaus. So be sure to pay your loan balance on time each month to avoid any late payments being listed on your Experian, Equifax, and TransUnion credit reports.
Welcome to LightStream! We are a national online consumer lending division of SunTrust Bank, the flagship subsidiary of SunTrust Banks Inc., one of the nation’s leading financial services companies.
To qualify for one of its personal loans, LightStream says borrowers need a minimum credit score of 660. That score is on the upper end of the “fair” range, according to credit bureau Experian. But the lender says it will review an applicant’s overall credit history and financial situation to see if they qualify.
When evaluating your loan application, LightStream considers your:
- Credit history.
- Requested loan amount.
- Requested loan purpose.
- Repayment term (two to 12 years, depending on the loan amount and purpose).
- Available assets.
- Payment record on all loans and credit cards.
LightStream is best for borrowers who:
Have good or excellent credit (690 FICO or higher) and several years of credit history.
How to get a quick loan
- Apply for one of the quickest personal loans. The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. …
- Apply for a secured personal loan. …
- Borrow from family/friends. …
- Use a credit card. …
- Use a HELOC.