LightStream

LightStream was great until they weren't

I'm very disappointed in Lightstream. I am a solid customer of theirs. I had 3 loans totallying 60k as of two weeks ago. I had just been approved 2 weeks ago for an additional 30k which brought me to the 60k in loans. I refinanced one of those loans to reduce the term of loan as LightStream does not allow you to refinance a loan with them. Upon paying off the loan I applied with Lightstream again to pay the loan I just obtained to refinance thier loan. At this time my debt with LS was 30k. They denied me for no good reason. My financial position was exactly the same as it was two weeks ago. It makes no sense. I am very disappointed and will not apply or take out any additional loans with Lightstream. I will refinance as soon as possible. They certainly do not know how to treat their top notch customers in my opinion.

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Amazing experience

The process was amazing. Received an email shortly after lending tree notification. Went to Ligthstream's website to fill out a couple more questions. Waited for about perhaps 45 minutes and received another email requesting a document. Logged onto their website and uploaded my pay stub. About an hour later I received confirmation that my loan was approved.

Next step is to provide my banking information and the date that I want the funds to be put into my account. The money was in my checking account the next day. AMAZING. There is the option of funding the same day via wire transfer if it is before 10:30 or maybe 11:30am.

Only hitch was that the dealer wanted a cashier's check. No problem, did all the dealer paperwork and then went to my bank, picked up a cachier's check for the amount of the vehicle. Went back to the dealer handed over the check and left with my new car.

At home, logged back onto lightstream's site and added the VIN to my new car, the miles and the total paid.

Love this company. Never had to speak to anyone. ACH transfer directly to my account. Since it was a cash deal (as far as the dealer is concerned) one had total leverage.

Highly recommend if you don't want to waste time :)

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loan

Thanks for giving me the chance great service

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Canned Emails and Quick Denial

I am so disappointed with this company. I tried emailing them PRIOR to submitting my application because every time you apply for credit (using your SS#) your credit score takes a negative HIT!
I got a canned response that was exactly what I had read on the sight.
I emailed again, and apparently what I got back, about them really looking into each person's files was NOT true. You cannot check my 25 year financial history in 20 minutes.
I was trying to consolidate credit cards. I know I have some wacky looking stuff in my file, but if they REALLY reviewed it, they would know that I am an excellent customer, that I always pay my bills (for 25 YEARS) and last year I made over $200k. Are you kidding me, denied in 20 minutes or less with no personal interaction? That is ridiculous.
If you are worried about working with a company that doesn't care about you personally (or your credit score, because they are going to knock it down with their inquiry) then you SHOULD NOT apply here.
I think the only reason they have such a positive rating on here is that customers that don't get approved either don't say anything, or their reviews are sent to the pile with the emails they only reply with canned emails to.

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Cumbersome Process & Timeline

They required so much information on the app, fine. I was excited for the flexible terms and great rate so I figured it would be worth it. Then they requested more info, a copy of the title of the car I haven't bought yet. what? Plus there is no phone number on emails or website to call. You have to email them and wait for a reply.

There is no pre-approval so I would have to go car shopping first (with no cash in hand or interest rate to bargain with) and then send a copy of the title in to LightStream with no idea if I'd be approved or not. Plus it would be up to a few days before I got the $ at which point the seller could've already sold to someone else. Then what? The bank has a title to a car I'm not getting? Seller is not going to take me seriously because I don't have the money and not ready to buy. It's a catch 22.

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Car Loan

I applied online on a Monday afternoon at 430pm EST. The loan was approved by 530pm EST the same day. I requested the loan funding for The next day. Funds were in my checking account by noon the next day. Everything was exactly as advertised and the process was very quick simple and easy to understand. This was the best loan process I have ever used and I would definitely recommend to anyone wishing to purchase a used car. The rate was unbelievably low and simple interest. Good job Lightstream!

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Terrible

This lender required nearly twice as much information as other lenders on lending tree and ultimately denied my loan. Other lenders provided much better customer service and weren't nearly as cumbersome to work with.

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