Lightstream personal loan - approval

[Anonymous]

I wanted to share my experience with Lightstream for a home improvement loan. We just closed on our house and ended up putting more money down to get a lower rate than we expected. However, our house needs a kitchen renovation, bathroom renovation, new hardwood floors, and a some other updates. All in about $50k in updates.

We applied for a $49k home improvement loan with Lightstream. We were approved at 6.84% APR for 60 months (the lowest advertised rate) our Equifax scores were 790 and 771 with $150k in annual income. Low DTI. They asked for proof of employment (pay stubs), but otherwise it was an easy process. Highly recommend Lightstream as no one could beat their rate or terms for us.

[Anonymous]

I'm considering using Lightstream for a Home improvement loan as well.  2 quick questions:

1) When you mention the scores they used, They pulled your Equifax Fico 8 scores or another score like Bank Card?  Did they only pull Equifax?

2) Did you have to provide any additional documentation besides pay stubs, ie, savings/retirement account balances etc?

Thanks for your help!

[Anonymous]

I’ll second the OP’s assessment of Lightstream. Had the same experience with them when acquiring my 60k/36months loan. Applied and within 3 hours had a CSR contacting me for 2 recent paystubs and asking if I was sure I “only wanted 60k” (true story). $ in my account within 24 hours. Quite possibly the easiest loan process I’ve ever dealt with. Did not ask which FICO they pulled, but they did ask about retirement assets w/o requiring proof of same. 

[Anonymous]

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@Anonymous wrote:

I’ll second the OP’s assessment of Lightstream. Had the same experience with them when acquiring my 60k/36months loan. Applied and within 3 hours had a CSR contacting me for 2 recent paystubs and asking if I was sure I “only wanted 60k” (true story). $ in my account within 24 hours. Quite possibly the easiest loan process I’ve ever dealt with. Did not ask which FICO they pulled, but they did ask about retirement assets w/o requiring proof of same. 

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Thanks for the info, good to know.  Interesting on them only requesting the paystub docs and nothing else to verify etc.  Sounds like Lightstream is the way to go here.  

[Revelate]

There were a bunch of people that financed their Model 3's with a lightstream loan.

They got some other loan offer, took it to Lightstream to match (matching a secured loan with an unsecured one, wow!) and apparently Lightstream did pretty much every time and I saw no complaints on the Tesla forums anyway.  I don't quite understand the business model and either they're going to crash and burn or show that there's a pheonomal amount of conservative fat in the entire market... which is a definite possibility.

[Anonymous]

@poof100

1.) They only pulled EQ. Honestly, I don’t remember the exact FICO model they used.

2.) Only asked for pay stubs. Nothing else.

Seriously, the Lighsgream process was fantastic. Easy application, little to no docs, and they even wired the money into my bank account the same day (for free!). Highly recommend them.

[Anonymous]

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@Anonymous wrote:
@Anonymous

1.) They only pulled EQ. Honestly, I don’t remember the exact FICO model they used.

2.) Only asked for pay stubs. Nothing else.

Seriously, the Lighsgream process was fantastic. Easy application, little to no docs, and they even wired the money into my bank account the same day (for free!). Highly recommend them.

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Great, thank you for the information, appreciate it!  Yes, everything I read about Lightstream is great and the way we are going to go! Thanks again!