A Review of the Best Personal Loan

With finances, things can get pretty complicated in a short amount of time. Because of this, personal loans have become a useful tool for bailing people out of certain situations, be it paying off credit card debt or otherwise.

The thing is, it's hard choosing the best personal loan. Loan interest rates, personal loan options, and loan amounts will all factor in the final decision. Fortunately for us, a few stellar examples of great service, security, and flexibility are available.

Why LightStream is the Best Personal Loan Company

Enter LightStream. LightStream is a national online consumer lending service, a division in itself under SunTrust Bank. The lending service invites customers with good credit to make use of their service, claiming that with their service, customers can "focus on the purchase".

Off the bat, LightStream advertises an Annual Percentage Rate (APR) range of 2.49% — 19.99%. Of course, you can expect the actual rate to change based on your credit rating.

Borrowers with a good credit score can expect to qualify for a personal loan. By "good", we mean a minimum credit score of 660. In turn, this high credit score requirement helps secure the company's position.

The Benefits of Working with LightStream

What most people end up talking about in terms of LightStream's service is the lack of fees. Yes, that includes the origination fee and any late fees as well. This makes it perfect when taking out a loan for the sake of high-interest debt.

Admittedly, the minimum loan amount is higher than other personal loan offers at $5,000. This is offset by the term lengths which range from 2 to 7 years.

On the opposite end of the spectrum, borrowers can also take out personal loan amounts up to $100,000.

LightStream also boasts its Rate-Beat Program, which promises to beat competitors' rates given that the borrower can provide proof of the price under the exact same conditions. Given a good history, borrowers can also receive funds within the business day.

As a bonus, LightStream gives particular consideration for loans that are taken out for home improvement projects. Borrowers with home improvement loans can get up to a 12-year repayment term. Such flexible repayment terms make it easier to catch up with monthly payments.

The Application Process

The fact that LightStream has no origination fee makes loan applications all more the easier for borrowers with good credit. LightStream offers loan applications online. During the application, borrowers are required:

  • To have a credit score of 660
  • To submit personal information
  • To submit employment information
  • To register an account
  • To verify account information through a Visa or Mastercard credit card (No charges will be made)

It's a pretty simple process considering the APR range that's been made available to the customer. One thing to keep in mind, however, is that the loan requires years of credit history.

In the case of the personal loan rates, the complete list will be made available to you during the application. You can expect rates to change based on your particular loan amount.

Bonus: Other Personal Loan Providers

Of course, in the world of personal loans there will always be other options. These may work for borrowers whose credit scores aren't high enough for LightStreams loan terms.


  • Min credit score-580
  • APR-9.95% to 35.99%
  • Loan Terms-2 to 5 Years


  • Min credit score-640
  • APR- 5.99% to 24.99%
  • Loan Terms-2 to 5 Years

Frequently Asked Questions

Does my credit history need to be good before I take out a loan?

A customer's history gives the lender a good idea of how capable and responsible a borrower is when it comes to payment. You'll notice that your credit report will include the total number of accounts you've opened, how long until you've paid them, and the number of credit inquiries.

As such, you can expect personal loans to look into the borrower's history. Sometimes, several years of credit records are required before even qualifying for a loan.

The quality of your credit history will then have an effect on the final rates you'll get. Good to excellent credit might mean easier monthly payments while a bad credit history may result in a high-interest rate when compared to someone with excellent credit.

What are personal loans used for?

Personal loans can help most people catch up with their debt through debt consolidation. Simply put, this is the act of taking out a loan in order to pay off prior debts and liabilities such as those incurred from a high-interest credit card.

Because of this, some loan providers offer debt consolidation loans tailor-made for this purpose. These offers help borrowers pay off prior debts through a more manageable monthly rate.

Others might use a personal loan for personal projects. This includes home improvement, purchase of vehicles, and the like. Each loan provider will have a particular focus or specialty.

How long does it take to pay a personal loan?

The companies that offer personal loans tend to alter the interest rates as well as the monthly payment dues according to the length of the loan that you choose. The life of the loan itself will depend on what is offered by the company.

The length of loans ranges from 6 months to 7 years. Of course, each company will have its own set of rates for each of its loan offers. Keep in mind though that the length of the loan will have an effect on the rate and the monthly dues.

Additional Resources

To further improve your understanding of the world of loans and finance, the following resources can help build up your knowledge. Taking a more proactive step will allow you to avoid any risky deals and make the most out of your finances.


Investopedia boasts a wide collection of entries focusing on the financial world. The topics covered range from debt consolidation to repayment terms, all the way to fair credit.


ResourceBank hosts a bevy of useful articles talking about anything connected to the banking world. This is, as they claim, their effort in educating both clients and employees to further improve the financial standing of all.

All in all, the kind of personal loan, and the interest rate associated with it, will depend a lot on your credit history. Be that as it may, there will always be a way around your financial worries. To learn more about personal loans, go to AnyCredit!

Here at AnyCredit, we aim to make the most complex financial issues and topics easy to understand. In our articles, we will be making analysis, smart finance judgments, and honest conversations to help you make sense of your financial capacities and options.
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