Does Lightstream Finance Bad Credit?
Lightstream is an online lending platform that offers personal loans with low-interest rates. It provides online personal loans between $5000 and $100000 for a time period between two to seven years. Lightstream has no fees for borrowers and gives loans to people with good to excellent credit. Applicant needs to have a minimum FICO credit score of at least 660. They also need several years of credit history.
They would need details of all the multiple accounts which are held by the applicant as mentioned in their credit profile. These multiple account types can be credit cards, auto loans, mortgage debt, etc. A good credit score generally doesn’t guarantee that the loan will be approved, ed an applicant with excellent credit would only get the lowest interest rates.
So light stream does not finance bad credit. Also, like other online lending agencies, Lightstream does not have a prequalification process. The aspiring applicants will have to submit a formal application, which will be subjected to a hard credit check by Nerdwallet to see if the applicant is qualified.
Lightstream requires customers to have a stable and stable income to pay their existing debt obligations and a new Lightstream loan. In addition to this income requirement, they would also evaluate customers based on their liquid assets, like the cash down payments on real estate, retirement savings, and revolving credit card debt. They don’t consider the income that comes from the marijuana industry.
Also, they do not allow co-signers. But aspiring applicants can make a joint application. Compared to other lending agencies, co-applicants are not required to live at the same residential address as the first applicant. But the aspiring applicant should mention at the beginning of their application that they want to file a joint application.
The Lightstream will then evaluate the credit of both applicants. They would look into all aspects, like income, credit card debt, etc., while assessing their application. So, in short, if the applicants do not have credit scores, they would not be getting loans from Lightstream as they are not financing bad credit.