May 9 • TIMELINE
light stream loan approval qualifications
1. Strong Credit Profile:
- Good to Excellent Credit: LightStream primarily lends to borrowers with good to excellent credit scores. While they don't specify a minimum credit score, according to NerdWallet, borrowers generally need scores above 690 to qualify.
- Credit History: Several years of credit history with various account types (credit cards, installment loans, mortgages, etc.).
- Payment History: A good track record of on-time payments with few, if any, delinquencies.
2. Healthy Financial Situation:
- Sufficient Income and Assets: You'll need stable income and assets to comfortably repay your existing debts and the new loan.
- Low Debt-to-Income Ratio (DTI):LightStream considers your DTI ratio, which is the percentage of your monthly income that goes towards debt payments. According to NerdWallet, a maximum DTI of 50% is generally required.
- Ability to Save: Evidence of your ability to save, often demonstrated through retirement/investment accounts and liquid assets (checking and savings accounts).
3. Other Requirements:
- U.S. Citizen or Permanent Resident: You must be a U.S. citizen or permanent resident.
- Age: You must be at least 18 years old.
- U.S. Bank Account: You need a U.S. bank account for loan disbursement and repayments.
Important Notes:
- No Pre-Qualification: LightStream doesn't offer pre-qualification, so you can't check your potential rates without a hard credit pull.
- Minimum Loan Amount: LightStream's minimum loan amount is $5,000.
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light stream loan approval qualifications
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