It is undeniable that personal loans are an important tool for many people who find themselves in a difficult financial situation and need help getting back on their feet. This is because personal loans allow people to take out money without having to take out a loan from the bank or any other institution. This makes it easy to borrow money when someone needs it and apply for a personal loan quickly.
LightStream is one good example that offers personal loans to financially-drought persons. Moreover, LightStream personal loans are geared towards those who want to make a change in their lives and have a good chance of succeeding. They offer flexible loan terms and the ability to repay the loan over time, with minimal to no prepayment fees or penalties. For more information, this article will talk about LightStream Personal Loans.
Who is LightStream best for?
LightStream is best for people who need quick cash and good to almost excellent credit history. The company offers flexible repayment plans, which makes its products popular among borrowers who don’t want to take out large amounts of debt at once.
Aside from the flexible reimbursement period, LightStream has made it easier for people to borrow money by providing them with an online application process. Not only does this make the entire process easier for borrowers but it also saves time for those who don’t want to go through the hassle of filling out paperwork.
But unlike other online lenders that also offer personal loans, the purposes of LightStream’s personal loans are somehow limited. This is because borrowers cannot use the money to pay for post-secondary education or business expenses. But other than this, borrowers can use it for other purposes.
What are the purposes of LightStream personal loans?
LightStream personal loans are a tool that can be used to help people make the most of their money and to achieve their dreams. They offer personal loans to help borrowers have money with their:
- Home Improvements
- Medical Expenses
- Debt Consolidation
- Wedding Expenses
- Land Purchasing and Other Purposes.
Indeed, LightStream personal loans are designed to help borrowers build a better life. But it is prohibited for other uses such as
- Refinancing existing loan with LightStream.
- Business loans
- Investment in stock and bonds
- Illegal activities
- Post-secondary or college education
Anyhow, LightStream is still considered a helping tool to fulfill everyday financial needs without being stuck in a limited repayment period. With this in mind, LightStream personal loan is one of the fastest-growing personal loan companies that provide a range of online loan options and purposes to their customers.
LightStream Personal Loan Details
Personal Loan Amount: LightStream loan amount terms consist of being able to acquire a personal loan from $5,000 to $100,000. The borrower can maximize the limit of borrowing amount depending on the requirement and qualifications they can present.
Loan Terms: On the other hand, LightStream loan terms in terms of reimbursement period can vary between two to seven years (2 to 7 years) – making it more flexible as compared to other lenders that only allow 6 months to 1 year of the repayment period. In fact, if borrower purchases personal loans with LightStream and use it for home improvement, the terms can go up to 12 years.
Advantages and Features
Rate Beat Program: LightStream knows the loan industry tends to be competitive and the borrowers do everything in their power to find the best personal loan they can get. This is why LightStream started the Rate Beat Program where borrowers can show that they’ve been approved by other lenders so LightStream can bet their interest by 0.1%. Terms still apply.
Loan Experience Guarantee: LightStream is dedicated to the best experience for its borrowers. And with the Loan Experience Guarantee, borrowers can contact LightStream by submitting a questionnaire consisting of the needs and improvement windows of the company. Once done, borrowers can receive up to $100.
Joint Application: If the borrower wants to have a joint application, it must be indicated in the application process and provide income, details, and other requirements before the evaluation. Note: Joint applications don’t necessitate the same addresses for both applicants.
LightStream Personal Loan Interest Rates and Fees
Interest Rate: The interest rate a borrower can get with LightStream varies between 3.99% to 19.99%, but take note that this interest rate only applies to borrowers with signed-in autopay. Those who do not are subject to a 0.50% higher interest rate.
Fees: LightStream Personal Loans don’t charge any origination fees, late fees, and prepayment penalty fees to borrowers.