Advertiser Disclosure

Personal Loans

Discover Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

6.99%
To
24.99%

Credit Req.

660

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More

Discover Personal Loan Details
 

Fees and penalties

  • Terms: Discover Personal Loan terms range from 36 to 84 months.
  • APR Range: The APR ranges from 6.99% to 24.99% depending on creditworthiness.
  • Loan amounts: Loan amounts can be anywhere from $2,500 to $35,000.
  • Time to funding: You can get a loan decision as quickly as the same day of your application. Funds may be received as early as the next business day. It may take up to seven days if your application has errors, is funded on a weekend or holiday, or you request funds with some disbursement methods.
  • Hard pull/soft pull: Checking your rate will result in a soft pull that won’t impact your credit score.
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: $39 if payment is not received in full by the due date.
  • Other fees: None

Discover Personal Loans have no fees as long as you make your monthly payments in full and on time. To help avoid late payments, you can set up automatic payment for free at any time. You can also set up the automatic payment to withdraw more than the monthly payment amount if you want to pay off your loan early.

The repayment terms with Discover Personal Loans are more flexible than most personal loan lenders, with 36 to 84 months to repay your loan.

A cool perk that is offered by Discover for anyone to take advantage of (you don’t even have to be a customer of Discover) is the free Credit Scorecard with your FICO® Score. This is a free way to find out your credit score without a hard pull, which means checking your score with Discover won’t lower it.

Discover Personal Loans also offers a 30-day money-back guarantee. This means you have 30 days after the date your loan is funded to return the entire amount without fees or interest and the loan will be canceled. However, this does not apply to loans where funds are disbursed directly to other creditors to consolidate existing debt.

Funds can be used for many different purposes, including vacations, financing a wedding, home improvements, moving costs, medical bills, debt consolidation and more.

Eligibility requirements

  • Minimum credit score: Discover seeks applicants with “good credit”
  • Minimum credit history: Discover seeks applicants with a “strong financial history”
  • Maximum debt-to-income ratio: Not specified

Discover Personal Loans doesn’t specify a minimum credit score, minimum credit history or maximum debt-to-income ratio required to qualify for a loan. However, their website does say their personal loans “may be an ideal solution for people with good credit and a strong financial history.” The exact definition of a good credit history is subjective.

Discover does specify that in order to be eligible for a personal loan, you must:

  • be a U.S. citizen or permanent resident
  • be at least 18 years old
  • have a minimum household income of $25,000

Applying for a personal loan from Discover

You can apply for a personal loan from Discover on their website, or you can call 1-866-248-1255 and apply over the phone. If you received an invitation in the mail to apply, you can also fill out and mail the application.

On their website, you do have the option to view your interest rate and monthly payment without a hard pull on your credit. You have to fill out your requested loan amount, state the funds will be used for, the length of term you’d like, as well as your personal information like your address, etc.

After reviewing this information, you can then decide to finish your application or not.

Make sure you have the following information handy to complete your application:

  • An invitation number if you received an invitation by mail or email to apply
  • Income information
  • Employment history
  • Bank account number and routing number for depositing funds via direct deposit
  • Creditor information (balances and account numbers) if funds will be sent directly to creditors to consolidate debt

According to their website, after your loan application is received, a loan specialist may call to confirm and verify your information.

If your information is all correct and free of errors, you can receive a decision the same business day. Funds may be disbursed as quickly as the next business day depending on the disbursement method you’ve chosen.

Pros and cons of a Discover personal loan

Pros:

Cons:

  • Flexible terms. A repayment term of 36 to 84 months is among the longest for most personal loan lenders.
  • Few fees. No origination fee and no prepayment fees. Fees only apply if payments are late or not paid in full.
  • Check your rate with a soft pull before applying. This means shopping around to see your rate won’t impact your credit score.
  • Interest rates higher than some lenders. It may be a good idea to shop around for a better rate. Definitely take advantage of their pre-qualification form so you can compare your rate with other offers.
  • Application process may be more stringent than other lenders. You may receive a phone call after applying to review and verify your information. This seems more stringent than some other lenders.

Who’s the best fit for a Discover Personal Loan?

If you have high-interest debt to consolidate, a personal loan from Discover may help you get a lower interest rate with a flat monthly payment, which also makes budgeting easier than with fluctuating monthly payments. The longer terms offered by Discover may also result in lower monthly payments than shorter-term personal loan options with other lenders.

Alternative personal loan options

Here are some loan alternatives:

Upgrade

Upgrade
APR

7.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .

While Upgrade charges an origination fee and offers few options for loan terms, you may be able to get a slightly lower APR than with Discover. You may also be able to get a loan more easily with Upgrade since the credit score requirement is low.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

Marcus by Goldman Sachs® offers slightly higher amounts for borrowers. With Discover, you can borrow up to $35,000, while you can borrow up to $40,000with Marcus. However, the shorter repayment terms means that you monthly payments will likely be higher with Marcus.

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

*Rates with .50% autopay discount.

With low APRs available for qualified borrowers and longer terms on personal loans, LightStream is a highly competitive lender. However, there’s no preapproval process to check rates with a soft pull like there is with Discover, so you have to apply and take a hit on your credit report if you want to see your rate. Plus, in order to get the best rates, you have to sign up for autopay to receive an interest rate discount.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kayla Sloan
Kayla Sloan |

Kayla Sloan is a writer at MagnifyMoney. You can email Kayla here

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

American Express Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

American Express
APR

6.98%
To
18.99%

Credit Req.

Fair to excellent

Minimum Credit Score

Terms

12 to 48

months

Origination Fee

None

APPLY NOW Secured

on American Express’s secure website

American Express personal loan details
 

Fees and penalties

  • Term lengths: 12 to 48 months
  • APR range: 6.98% to 18.99%
  • Loan amounts: $3,500 to $40,000
  • Time to funding: Typically 3 to 5 business days after you sign the loan agreement
  • Credit check: Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: $39

American Express product details

Personal loans do not come with the perks often attached to American Express card products, like Membership Rewards, cash back or insurance benefits. However, the only fee associated with personal loans is a late fee — $39 if your payment is late or not made in full, which can result in major savings. To help you avoid late payments, the company offers an autopay feature.

If you’re using a personal loan for debt consolidation, American Express makes the process easy by sending your funds directly to the issuer. Payments can be disbursed to up to four personal credit card accounts held by most major credit card issuers. You’ll find out if your credit card account is eligible during the application process.

Eligibility requirements

  • Minimum credit score: Fair to excellent
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To be preapproved for an American Express personal loan, you must meet the lender’s minimum eligibility requirements. This includes being:

  • A U.S. citizen or resident of the U.S. or its territories
  • At least 18 years old
  • A basic card member with an eligible consumer American Express card with at least nine months of account history that is in good standing at the time of application submission

Applying for a personal loan from American Express

Only preapproved American Express card members are eligible to apply for a personal loan. During the preapproval process, you’ll be asked to provide basic information, like the amount of money you’d like to borrow, desired repayment period, loan purpose, contact information and income. Keep in mind, however, that some card members may only be preapproved to use their personal loan for credit card debt consolidation.

All personal loan applications must be submitted online. You’ll need an American Express online account and valid email address, and you must agree to receive electronic communications and other online documents. Do note, however, that preapproval is not a guarantee that you’ll be granted a loan — but if your application is approved, you’ll have up to three days to review and accept the terms.

If your personal loan was approved to pay down credit card debt, the funds will be sent directly to the accounts designated on your application. Otherwise, the money will be sent to an eligible bank account on file with American Express. If you don’t have an eligible bank account on file, you have three days from the date you sign your loan agreement to add a personal checking account in your name or your loan agreement will be deemed void and unenforceable.

Pros and cons of an American Express personal loan

Pros:

Cons:

  • Minimal-to-no fees. The sole fee associated with an American Express personal loan is a $39 late fee, assessed only on late payments and those not made in full.
  • Wide range on loan amounts. American Express personal loans are available in increments from $3,500 to $40,000. The amount granted is based on creditworthiness and other factors.
  • Multiple repayment periods. Applicants will have the option to choose among several repayment periods (thereby allowing you to secure a monthly payment that doesn’t put a strain on your budget). Approved borrowers may receive offers ranging from 12 to 48 months.
  • Soft credit pulls. Applying for an American Express personal loan will not impact your credit score. But if you’re approved, loan details will be sent to credit reporting agencies, which could affect your credit score.
  • American Express credit card required. Only preapproved American Express card members are eligible to apply for a personal loan through the company, and you must have had that account for at least nine months.
  • No perks. Personal loans do not come with perks offered on American Express cards, such as Membership Rewards, cash back or insurance benefits.
  • Not for bad-credit borrowers. Only cardholders with fair to excellent credit are encouraged to apply. American Express recommends that applicants with a credit score of 659 or less improve their credit before submitting an application.

Who’s the best fit for an American Express personal loan?

An American Express personal loan can be a great choice for cardholders who don’t want to pay fees. Since the only fee associated with the loan is a $39 late fee — assessed only on late payments and those not made in full — you won’t pay any fees if you satisfy your monthly financial obligation.

Having several repayment periods available can also be a helpful option. This gives you the opportunity to choose a monthly payment that works best with your budget.

Considering the loan amount ranges from $3,500 to $40,000, this product is geared toward borrowers who need a higher loan amount. It’s also a better choice for cardholders with higher credit scores, as loan offers — including APR and maximum borrowing power — are based on creditworthiness and other factors.

Before moving forward with an application, it’s a good idea to check out reviews from other consumers and get a feel for the lender’s general reputation.

American Express consumer reviews

American Express has an A+ rating from the Better Business Bureau. The lender does not yet have reviews on LendingTree, our parent company.

To learn more about American Express, we recommend contacting the lender for a firsthand experience at its customer service and to get answers to any outstanding questions. You may also check the lender’s social media pages to see its activity and how consumers are responding. This may help you make a more informed decision before moving forward.

American Express FAQ

No. According to the site, “your credit score will not be impacted when you apply,” but the loan will be reported to the credit bureaus once you’re approved and agree to the terms.

You won’t be able to take out that loan, but your credit score won’t be impacted either. That’s especially helpful if you intend to look elsewhere for personal loans. Either way, keep in mind that not all borrowers are approved for the highest loan amount.

These loans can be used for personal, household or family purposes. For example, paying for household renovations or a life event, like the birth of a child. However, some applicants may only be approved for credit card consolidation.

If you use your loan to pay down credit card balances directly, you cannot put that money towards an American Express card. However, those who receive their funds directly may choose to use some of their funds to do so. But keep in mind that not all applicants will be approved for that disbursement option.

Most major credit card banks are eligible for direct payments via this loan. You would find out if your credit card is eligible during the application process.

Your payments are fixed for the term of your loan and will depend on how much you borrowed, your interest rate and the length of your term.

No, that’s set by the lender and cannot be changed.

You’ll have to pay a $39 late fee, and American Express may inform the credit bureaus, which would negatively impact your credit score.

You can only apply for a business loan if you have an American Express business card, and those funds can only be used for business purposes.

Alternative personal loan options

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream is an online lending division of SunTrust Bank. It offers personal loans for between $5,000 and $100,000 with rates as low as 3.99% with autopay; however, note that lender rates vary based on the loan purpose. Still, LightStream doesn’t charge origination fees, plus it offers loans with terms from 24 to 144 months, so it could be a low-cost and flexible option for borrowers.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

With no origination or late fees, Marcus by Goldman Sachs may be an affordable option for a personal loan. The lender offers loans for up to $40,000 with rates as low as 5.99%. Further, you can see rates with a soft pull.

LendingClub

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

LendingClub may be a great option for borrowers with less-than-stellar credit. It has a minimum credit score requirement of 600. Its personal loans come with rates as low as 6.95% and as high as 35.89%. You can expect an origination fee between 1.00% - 6.00%.

Devon Delfino contributed to the reporting for this article.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

TAGS:

Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

LightStream Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream personal loan details
 

Fees and penalties

  • Terms: LightStream loan terms range from 24 to 144 months.
  • APR range: The APR for this loan is 3.99% to 16.99% APR. The lowest interest rates include a 0.50% rate discount for using autopay.
  • Loan amounts: You can borrow from $5,000 to $100,000.
  • Time to funding: You can get funding the same business day you apply if you’re approved by 2:30 p.m. EST. Otherwise, you have to schedule funding of your loan within 30 days of getting approval.
  • Hard pull/soft pull: Applying for a LightStream loan will trigger a Hard Pull. LightStream pulls your Experian and Equifax credit reports. LightStream does not offer soft pull preapprovals.
  • Origination fee: None.
  • Prepayment fee: None.
  • Late payment fee: None.
  • Other fees: None.

LightStream has no fees across the board and offers highly competitive interest rates. These two variables add up to an affordable loan, if you qualify. According to LightStream, you can borrow money for “practically anything.” Here are some examples of things you can finance with a LightStream loan:

  • Adoption
  • Auto
  • Debt consolidation
  • Dental work
  • Home improvements
  • IVF/fertility treatments
  • Pre-K-12 education
  • Medical bills
  • Recreation
    • Boats
    • RVs
    • Timeshares
  • Tiny homes
  • Weddings

The list of ways you can use a LightStream loan is exhaustive. However, there are a few instances where you can’t use a LightStream loan. You can’t use one to finance a college or post-secondary education or a vehicle registered under a business name. LightStream does not offer financing to businesses either; you are only able to apply for a loan as an individual.

‘The Rate Beat’ program

Here’s an incentive to shop around and compare rates: LightStream will beat competitor rates by 0.10% APR. You must show that you’ve been approved by a lender for a lower rate and meet other eligibility criteria before LightStream will beat the competitor rate.

Here are the terms and conditions for the Rate Beat program:

  • The lower interest rate you find with another lender can’t be from an employee discount or other special that’s not available to all customers.
  • The lower rate can’t be through any rate-subsidized programs.
  • The lower rate you get from a competing lender must be for a loan that has the same amount, loan term loan purpose and payment method (such as auto-pay).
  • The offer expires at 2 p.m. EST on the business day before your loan is funded.

Consider shopping for other loans before going to LightStream so that if you do receive a lower offer, you can try to take advantage of the Rate Beat program.

‘Loan Experience Guarantee’

The next benefit that LightStream offers borrowers is the Loan Experience Guarantee. If you’re not satisfied with the loan process, LightStream will give you $100 for completing a questionnaire within 30 days of receiving your loan.

Eligibility requirements

  • Minimum credit score: LightStream seeks candidates with “good credit.”
  • Minimum credit history: LightStream looks for borrowers who have several years of credit history, a mix of accounts, stable income, few (if any) delinquencies and a proven ability to save money.
  • Maximum debt-to-income ratio: Not specified

LightStream is clear about offering loans to borrowers with good credit, although a specific credit score minimum isn’t specified. What constitutes good or excellent credit is subjective: A credit score of 670 or above is generally considered good, while a score of 740 or above is generally considered very good or excellent.

Despite not specifying a minimum credit score or maximum debt-to-income ratio, LightStream does outline some key characteristics of borrowers who tend to qualify for a Lightstream loan.

  • Borrowers with good credit have several years of credit history (excellent borrowers tend to have five years or more of credit history).
  • Borrowers have a credit history that includes many different types of accounts, such as credit cards, installment loans and mortgages.
  • Borrowers show evidence of being able to save through liquid assets, retirement savings, etc.
  • Borrowers have few late payments (excellent borrowers tend to have credit reports with no deliquences at all).

Applying for a personal loan from LightStream

The LightStream application process is straightforward. You apply online which requires a hard pull. There is no preapproval with a soft pull available. LightStream first asks why you want the loan, how much you want to borrow and which loan term length you need. The next step is to tell LightStream your personal information.

You should receive a response quickly if you apply during business hours. After an approval, you can e-sign your loan documents and set up funding. You can get money as soon as the same day if your application is approved and all required steps are completed before 2:30 p.m. EST on a business day.

Pros and cons of a LightStream personal loan

Pros:

Cons:

  • Low rates. LightStream has highly competitive rates to offer borrowers who qualify.
  • ‘Rate Beat’ and other guarantees. LightStream will beat other rates if you can prove that another lender will give you a more affordable loan. LightStreamalso takes pride in the ease of the application process — if you have complaints about it, you can reach out to LightStream and they’ll give you $100 for your trouble. Terms apply.
  • Large and small loans. You can borrow from $5,000 to $100,000.
  • Long loan terms. Loan terms are available from 24 to 144 months.
  • Credit requirements. While LightStream does not specify a minimum credit score for borrowers, it generally looks for people with “good” credit. This typically means a score of at least 670, potentially putting borrowers with lower scores out of the running.
  • There’s a hard pull. There’s no preapproval process to check rates with a soft pull, so you won’t be able to see if your credit is strong enough to qualify without taking the hard hit. Check out our personal loan comparison tool, which includes loans that don’t require a hard pull.

Who’s the best fit for a LightStream personal loan?

People with good credit tend to get the most competitive interest rates on loans, for good reason — in the eyes of lenders, they are less likely to default on a loan, thus making them a lower risk.

In this case, LightStream is clear that it focuses on rewarding borrowers who have good credit with loans that have no fees and low interest rates because they’ve demonstrated an ability to manage debt responsibly. The LightStream loan is one that you should consider putting at the top of your shopping list if you have good credit or better, because of its perks and price.

Besides the cost, another plus is that LightStream lets you borrow high amounts of cash for almost any reason, as long as it’s not for college tuition or a vehicle registered to a business. It also offers long loan terms that allow you to stretch out your payments. Keep in mind, however, that the lowest interest rates are available for loans of $5,000 to $100,000 with loan terms of 24 to 144 months. You can borrow a higher amount for a longer period, but it may cost you more money.

What stands out as a potential downside of this loan is that a hard pull on your credit is necessary to check rates. But don’t let a fear of hard inquiries prevent you from shopping around for the best deals. A hard pull will typically cost you 5 to 10 points on your credit score — a trade-off that might ultimately be worth it when you consider the savings you could gain from qualifying with a low-cost lender like LightStream. We have discussed the impact of credit inquiries in this post — the effect on your credit may be minimal considering the potential benefit.

If you meet the conditions of what’s considered good or excellent credit, you may find that a LightStream loan is one of the better personal loans that you may find for your situation online. Check out other personal loan options here to compare products. This roundup includes many loans that allow you to check rates with a soft pull.

LightStream consumer reviews

One of the best ways to assess an offer is to read about other customers’ experiences with the lender. The Better Business Bureau has given LightStream an A+ rating, and it’s also earned 4.1 out of 5 stars from reviewers on LendingTree, the parent company of MagnifyMoney.

Customers who reviewed LightStream on LendingTree — which owns MagnifyMoney — are, by and large, satisfied with the interest rates, fees and closing costs, customer service and responsiveness. Borrowers praise LightStream for having a “straightforward, simple, delightful loan process,” “great rates and fast response” and “lightning fast closing.” Many customers were also pleased that LightStream funded their loans the same day they were approved.

While there is far more praise than criticism of LightStream on LendingTree, some customers said they were denied for loans even though they had a high credit score and income and they were unable to connect with the company by phone. Overall, though, borrowers seem generally happy with their experience with LightStream.

LightStream FAQ

LightStream does not specify a minimum credit score for borrowers. Instead, the company looks for individuals with at least “good” credit, which typically means the borrower has several years of credit history, multiple types of accounts, a decent history of on-time payments, evidence of an ability to save and a “stable and sufficient income.”

While you can apply for a LightStream loan for educational expenses related to pre-K through grade 12, the company does not offer funding for college or post-secondary education. The company does not offer refinancing for student loans.

LightStream borrowers do not incur any fees from the company.

LightStream says customers will receive a response “shortly” after applying online, if done during business hours.

LightStream loans can be used for a wide variety of purposes, including dental bills, home improvements, adoption expenses, horses and jewelry. The company requires that you use the money from the loan for the purpose you indicated in your application. You are not allowed to use the loan to refinance an existing LightStream loan, pay for college tuition or post-secondary education, buy stocks and bonds or purchase a vehicle that will be registered under a business name.

LightStream does not offer pre-approvals for loans. Potential borrowers must fill out the online application to see if they’re approved.

LightStream uses its “easy, fast and virtually paperless loan process” as a selling point to potential borrowers. If you’re not happy with your experience, the company will offer you $100 for filling out a questionnaire within 30 days of receiving funding for your loan.

LightStream is considered SunTrust Bank’s online lending division. Borrowers do not have to be account holders at SunTrust Bank to qualify for a loan from LightStream.

Alternative personal loan options

SoFi

SoFi
APR

5.74%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi is another lender that offers no-fee personal loans with competitive, fixed interest rates that you can use for a variety of reasons. You can borrow large amounts with SoFi — $5,000 to $100,000. Perks offered by SoFi include access to financial advisors and unemployment protection for borrowers. You can check rates with a soft pull.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

Marcus by Goldman Sachs® is another personal loan that has absolutely no fees. You can borrow up to $40,000, get approval within five minutes and receive your funds in about one to four business days after verifying your bank account. Plus, checking rates doesn’t require a hard inquiry. Interest rates are typically higher for the longer term loans, and borrowers with excellent credit will get the lowest rates.

Upgrade

Upgrade
APR

7.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .

Upgrade is the only lender included in this review that charges an origination fee. This lender may be an option for people with less than stellar credit, as the credit score minimum is just 620. You can borrow up to $50,000 from Upgrade, and check your rate without a hard inquiry. Upgrade can send money to your bank account in as little as one business day after your personal information is verified.

Joni Sweet contributed to the reporting for this article.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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