Jefe S.
South CarolinaMember since May 2019

Reviews (1)

    • May 24, 2019
    • Verified Reviewer

    LightStream Loans

    No hassle, great rates, but daily interest

    Overall Experience:

    I've used LightStream three times now for home improvement stuff. It was especially useful for an unexpected repair. The interest rate was the lowest I could find and I paid them off as fast as I could. I didn't pay attention to the daily interest accrual, so I probably could've saved a couple of hundred more dollars if I'd have known that. There's a sweet spot for the money. Take too little or too much and you get worse interest rates. The sweet spot is between $10k and $15k for 5 years, I think. I don't pay attention to the length of the loan. This last time I only needed $5k, but got a better rate with $11k, so I took the $11k and immediately submitted the $6k payment. The trick is not to accept the new monthly reduction in payments they offer when paying more than the minimum.

    You have to have stellar credit to get these loans, so don't bother if you have comparable revolving credit card debt or lack the cash to pay the debt off outright. When you're in that category, you probably don't pay interest to too many lenders, but LightStream gets that money by daily interest accrual.

    This really is a super quick and easy way to get $10k in cash for those unexpected expenses or when you go over budget, but outside of that sweet spot, I might look elsewhere.

    Bottom Line: Yes, I would recommend this to a friend

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