LightStream Reviews

4.6 out of 5 stars
19 Reviews

From Borrowers in the last year


Application Process

3.5 out of 5 stars

Customer Service

3.5 out of 5 stars

4.5 5

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These reviews were written by current and former borrowers in the last year.

Apr 30, 2017
Easiest Loan Application Ever
Anonymous Borrower

After submitting my application, I received an approval response for an unsecured loan in about 7 minutes!  I could have had the funds deposited the same day but chose a next-day deposit.  Money was in my account the following day as requested.  I got to choose when to fund, when to start repayments and the form of the repayment (invoice or bank debit).  Moreover, I received the lowest interest rate available anywhere, and there are no prepayment penalites.  This was the easiest, quickest loan application I've ever done.

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Apr 20, 2017
Quick and easy
Cookc21 Borrower

Very easy to apply and maintain. Great service.

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Apr 06, 2017
Unexpectedly approved for unsecured loan
Anonymous Borrower

I applied to Lightstream more or less as a pipe dream.  I was not really expecting to be approved as I fall quite short of what their FAQ regards as "excellent credit."  Nevertheless, I figured another application wouldn't hurt since I was also applying wth a handful of other lenders.

For reference, my credit scores as shown on Credit Karma are 725 and 729, and my FICO score provided by a couple of my credit cards is 744.  Despite these decent scores, I have a low average age of accounts (<3 years) and fairly high utilization on one of my credit cards.  I do make low six figures, but it's offset by fairly substantial debt.  From what I could garner through online forums, Lightstream was only interested in people who had a 750+ credit score with a much more substantial credit history than mine.

Much to my surprise, I was approved for their lowest advertised rate for the term I wanted (2.99% at 60 months) for an unsecured loan.  The application process took minutes and I was approved in less than 2 hours without any additinoal input.  They did not even ask what vehicle I was applying for financing for.  I signed my loan agreement in the morning, and funds were sent to my bank account the next day.  Having an unsecured loan made the process so easy, not to mention they don't even have a lien on my truck.

Moral of the story: Don't think Lightstream is out of reach just because you don't have the 750+ credit score.

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Mar 23, 2017
gomaster Borrower

My FICO credit score is > 740 and I have a 6 figures income. Applied for a small 14k loan, they asked for too many documents, too many calls back and forward with nonsense questions, they even asked for tax returns even though I am NOT self employed. I was approved but it wasn't smooth as promised, I am a home owner and getting a mortgage earlier this year was a lot easier. At the end got a much better rate and instant approval somewhere else.

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Mar 02, 2017
Fast, easy, No hassels
hardak Borrower

Applied for minimum amount, so didn't get the lowest rate, but still better than the banks and credit unions offered. Will use this company for funding again.

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Feb 07, 2017
So Easy, So Amazing
Anonymous Borrower

I bought a used car in February 2017 for $17,000.  My income is $50,000 and my credit score is 785.  I applied for a used car loan through local banks and my best offer was 4.99%.  I knew I could do better than that.  That's where Lightstream came into play.  After researching, I didn't think I would get approved since I read that they require substantial income (which I would say mine is not).  They also require excellent credit, which I knew wouldn't be an issue for me.  I had also read that they may require collateral for the loan.  I was unsure whether or not to apply, but they advertised rates as low as 2.49% for a 5 year used car loan.

With the possibility of cutting my APR in half, I took the extra hit on my credit report and applied.  An hour later I received an email stating that I was approved for the $17,000 at 2.49%! All I had to do was log onto their website and complete and sign the loan agreement and sign up for automatic payments from my bank account.  So I logged in and signed the loan agreement (their language is very fair FYI).  After that, I was allowed to pick the date when the funds would be deposited into my account (as soon as 2 business days after your application) and that was it.  No salary or asset verifications, no collateral, no nothing.  It was so easy I was honestly worried it could be a scam.  So I was holding my breath until the day when the funds were to be deposited into my account.  8 AM that morning, I logged into my bank account and the $17,000 was already there! Now I can go to the car dealership and be a cash buyer. There was no origination fee and no down payment required.  Even with my 4.99% offer from the bank I had to make a $1,500 downpayment.  Now I get to keep that down payment and my APR is 50% lower.

The entire process was so easy and so amazing! I would highly recommend Lightsteam to anyone who has excellent credit.

FYI - I did not deal with their customer service, so I cannot comment on that

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Feb 14, 2017

Can you make monthly payments with credit card?
Because I know with car refinance you can pay with credit card. Im looking for a refinance company that accepts credit card payments besides car refinance( they won't give me a quote unless they run my credit) don't want unnecessary inquiries.

Jan 15, 2017
Super Easy and Lowest Rates

The application process couldn't be easier and their rates have always been the lowest.  I've applied three times, but until recently never chose them because the banks the dealerships worked with were always competitive.  Also, until my last application I didn't qualify for the unsecured Anything loan.  With the unsecured Anything loan you don't have a leinholder, simplifying your vehicle ownership.  I've recommended this to many people and will continue to.

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Jan 13, 2017
Best. Car. Buying. Experience. Ever.
tajmrogers1 Borrower

My experience was Awesome.

It took less than 24 hours from the time I started my application to the time I had the same amount I had applied for then deposited into my personal checking account ($30,000 by 7 a.m.). Of that time, the application took about 5 minutes, then about 40 minutes before I received the request for verification information (pay stub and drivers license) which was submitted online, then about an hour before I had my final approval. 

This was all by email and their website. No faxing documents. No phone calls. No relentlessly scrutinizing every aspect of your finances with you over the phone expecting you to remember why you had that one late payment 6 years ago. 

Then you review and sign the contract electronically (straightforward without surprises), choose your payment date (my first payment not due for 6-7 weeks), and provide routing and account numbers for the account into which the loan funds are to be deposited.

I also chose to have my payments automatically withdrawn from my bank account (discounted interest rate that way), so that has to be provided as well (or simply check the box to have it withdrawn from the same account). They also require a personal credit card number for verification purposes but no charges to it are authorized or made.

Right away LightStream provides very simple instructions on what you and the dealer have to do to complete the loan process once you have received the funds. Then there are seriously ZERO surprises. I was stunned. 

There was one thing I wanted clarified a little better, so I contacted LightStream customer support through their online form and received a quick and friendly response that answered my question in about 30 minutes. It's not a live chat, and I had only a general question rather than anything specific about my account or loan, but I was impressed with the speed and ease--since most companies require a phone call and long hold times after navigating through menus before you can ever get an answer.

Once I picked the vehicle and negotiated the price, I got a cashier's check from my bank (this isn't a requirement, it just depends on whether your dealer will accept a personal check for tens of thousands of dollars and I didn't want any hassle when it came time to sign anyway). This basically made it a cash transaction at the dealership (though they do have to include the lienholder information), so it took all of 5 minutes to sign the paperwork.

The best part really was being able to go to the dealership to look for the right car and negotiate for the right price knowing I didn't have to worry about dealership financing gimmicks and pressure. It made the entire process better by an order of magnitude. 

I would absolutely refer people to LightStream and plan to return in a few years when it's time to upgrade our other vehicle.

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Feb 14, 2017

I saw you mentioned credit card
Can you make monthly payments with credit card?
Because I know with car refinance you can pay with credit card. Im looking for a refinance company that accepts credit card payments besides car refinance( they won't give me a quote unless they run my credit) don't want unnecessary inquiries.

Jan 09, 2017
super fast and easy
arnie2103 Borrower

Application was super fast easy.  I got my money within 2 days.  What surprised me the most it wasn't collateralized loan!  No info about my car was given to them.  They just wired the money that i asked for, 20k.  and essential said, use it as you see fit.  They gave me a lower rate because i set up auto withdrawal.  I paid it back prematurely with no problems.  I do have excellent credit.  Not sure what the process will be like for those that are not.  

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