Discover Personal Loan Review
- APR
- 7.99% – 24.99%
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- Eligibility and access: 4.5/5
- Cost to borrow: 4.5/5
- Loan terms and options: 4.2/5
- Repayment support and tools: 4/5
From credit cards to online banking, LightStream offers a wide variety of financial products — including personal loans. Here’s a quick overview to help you decide if a LightStream personal loan is right for you:
- No upfront fees: Unlike some lenders, LightStream doesn’t charge an origination fee. An origination fee is an amount of money (usually a percentage of your loan) that some lenders keep for itself to cover processing and other overhead costs.
- Superior customer service: LightStream has a highly rated mobile app, U.S.-based loan specialists and long customer service hours.
- Repayment assistance: If you’re having a hard time making payments and you’re eligible for one of the company’s payment assistance programs, LightStream may give you payment deferral or short-term or long-term assistance.
- Fast funding (but no same-day loans): You could get approved the same day that you apply, but you will have to wait at least a business day for your money.
- Pays creditors directly: If you get a LightStream debt consolidation loan, you can choose to have LightStream pay your creditors directly with the funds.
- Harder to qualify for: LightStream only approves + credit scores, and you have to make at least $40,000 a year. These steep eligibility requirements means that LightStream won’t be an option for everyone.
- Best for good-credit borrowers that value customer service: Between LightStream’s repayment assistance options, onshore customer service and high borrower ratings for LendingTree users, LightStream could be a great lender if you have strong enough credit to qualify.
Discover personal loan pros and cons
Taking out a personal loan isn’t a decision to take lightly, and neither is choosing a lender. Consider the pros and cons before going all in.
Pros
- Can have up to 84 months to pay off your loan
- Financial safety nets available if you’re having trouble paying
- Excellent customer satisfaction scores
- No origination fee
- Competitive rates
Cons
- Can only borrow up to $40,000 (many lenders offer up to $50,000 or more)
- Harder to qualify for than some other lenders
- Can’t add a second person to your loan to boost your chances of approval
With a rating of 4.9 out of 5, LightStream has earned nearly a perfect score from LendingTree users who have used it for a personal loan. That could be due to the lender’s repayment assistance options. If you can’t make your monthly installment payment, you might be able to delay your payment, temporarily lower your payments or extend your loan term.
Or perhaps it’s because the company doesn’t charge an origination fee, or an upfront fee deducted from your loan amount. Its 84-month loan term could also provide breathing room when it’s time to repay. A longer loan term usually results in lower monthly payments (but more overall interest, so be careful).
On the other hand, LightStream’s maximum loan amount is $40,000, rather low compared to some other lenders. Additionally, not all borrowers will qualify since LightStream requires a minimum credit score of , and it doesn’t offer joint loans. That means you can’t add a co-borrower to improve your chances of approval.
Discover personal loan requirements
Before you pursue a LightStream personal loan, you might want to make sure you meet its qualifications first.
| Minimum credit score | |
| Minimum annual income | $40,000 (can be individual or household) |
| Residency requirements | Must have a valid U.S. Social Security number and be at least 18 years old |
| Required documents |
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| Other notable requirements |
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If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While LightStream does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Discover loans CAN be used for… | Discover loans CANNOT be used for… |
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If LightStream’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with Discover
LightStream’s application process for a personal loan is easy — just follow the steps below.
Prequalify for a loan
Prequalifying for a personal loan doesn’t guarantee that LightStream will approve you, but it may give you an idea of what annual percentage rate (APR) you might qualify for.
During the process, LightStream will first ask for your name and contact information. You’ll also need to specify how much money you’d like to borrow, what you need it for and how long you need to pay it back (called your loan term). If you need help with these details, use our personal loan calculator to see how a personal loan may impact your monthly budget.
Then, you’ll need to provide your employment information, basic financial information and your Social Security number (for a soft credit pull). At that point, LightStream will let you know if you qualify, and at what rate.
Formally apply
If you like what you see in your LightStream prequalification, it’s time to officially apply for a LightStream personal loan. In addition to the information above, you may need to provide supporting documents such as pay stubs, bank statements, tax documents as well as a copy of your government-issued ID.
At this time, LightStream will run a hard credit check to determine if you are truly eligible for the loan. A hard credit check may decrease your credit score, but usually minimally.
Accept your loan offer
To finalize your loan, you will need to sign your loan contract electronically. This is why LightStream requires you to have Internet access to apply. You must also consent to receive electronic notifications regarding your loan. If you don’t complete these final steps, LightStream will not send you your funds.
After the paperwork is signed, LightStream will either deposit funds into your bank account or pay your creditors directly.
How Discover compares to other personal loan companies
Even if you believe LightStream aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how LightStream stacks up against similar personal loan lenders.
| LightStream | LightStream | ||
|---|---|---|---|
| LendingTree’s rating | 3.9/5 | 3.9/5 | 3.7/5 |
| Minimum credit score | |||
| APRs | 7.99% – 24.99% | 6.49% – 25.29% (with autopay) | |
| Loan amounts | $2,500 – $40,000 | $5,000 – $100,000 | |
| Repayment terms | 36 to 84 months | months | 24 to 84 months
|
| Origination fee | |||
| Funding timeline | May receive funds as soon as the next business day | May receive funds within one to five business days | May receive same-day funding |
| Bottom line | If customer service and convenience are your top priorities, LightStream could be a good fit. The company provides a mobile app to manage your loan and daily customer service availability. | charges an origination fee, and its maximum APR is rather high if you have fair credit. However, it may be easier to qualify due to its lower credit score requirement of . | LightStream offers larger loans than LightStream, but you have to borrow at least $5,000. That means it might not work if you need a small loan. |
How we rated Discover
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
LightStream has a higher minimum credit score requirement than some lenders. Your score must be at least to be eligible. You also can’t add a second person to your application, a common strategy that can help make it easier to qualify for a loan. If you’re concerned about approval, you can check rates on LightStream’s website, with no impact to your credit.
Maybe, but it depends on your budget and the reason behind your loan. One missed payment can be detrimental to your credit score, so it’s essential that you can pay back what you borrow.
It’s also not great to take out a personal loan for things you don’t absolutely need, or if you have time to save. Saving up for your purchase is ideal since interest rates won’t come into play. Saving up for your purchase is ideal since interest rates won’t come into play. Still, LightStream personal loans can be helpful as long as you have a full understanding of how they work and how much they’ll cost in the long term.
As long as you fill out your application completely and accurately, you will typically get an approval decision the same day you apply. After LightStream approves you, it may send your funds the next day (depending on when you applied and if you opted for direct deposit).
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