Review of LightStream Personal Loans 2022 – Forbes Advisor


Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

To qualify for a LightStream loan, applicants must have a minimum FICO credit score of at least 660. Additionally, a strong applicant will have several years of credit history, including multiple account types: credit cards, car loans and mortgage debt, for example. — as evidenced by their credit profile. Although a good credit score may be enough to be approved, the lowest rates require excellent credit.

Unlike many other online lenders, LightStream does not have a prequalification process. Therefore, potential borrowers must submit a formal application and go through a rigorous credit check to find out if they qualify and, if so, at what rate.

Income requirements

To be approved, LightStream requires loan applicants to have stable enough income to pay off both current debts and a new LightStream loan. In addition to income requirements, LightStream assesses applicants based on their liquid assets, cash down payments on real estate, retirement savings, and revolving credit card debt. Keep in mind, however, that LightStream does not take into account revenue from the marijuana industry.

Taken together with the purpose of the loan, these factors help determine the debt to income ratio (DTI) of the applicant and the likelihood of approval.

Co-signers and co-applicants

LightStream does not allow co-signers, but potential borrowers can submit a joint application. Unlike some lenders, co-applicants do not need to live at the same address as the primary applicant.

Prospective borrowers should indicate at the start of the application process that they will be applying jointly and provide details of both applicants in the online application. LightStream will then evaluate each applicant’s credit, income, and other details equally when evaluating the application.


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