Loans

Rocket Loans vs LightStream Loans: choose the best!

We'll show you the highlights of both lenders so you can choose the best for you. Check if you should pick Rocket Loans or LightStream Loans.

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Rocket Loans or LightStream Loans: comparison and Infos

laptop showing personal loans website
If you’re looking for a personal loan, take a look at Rocket Loans and LightStream Loans. Source: Freepik.

Getting a loan will get easier after reading this comparison between Rocket Loans vs LightStream Loans. It’s always good to compare a few options before deciding, and that’s what we’ll do for you on this post. 

Rocket Loans review

How do you get a loan with Rocket Loans?

Learn how to apply for Rocket Loans and get the funding you need to make your dreams come true!

lightstream loans

How do you get a loan with LightStream Loans?

Take advantage of your good credit score to apply for a loan with LightStream loans. They have the best rates and charge no fees.

Rocket LoansLightStream Loans
APR6.72% to 29.99% – get a discount when you enroll in autopayThe APR ranges from 4.99% to 19.99%
Loan PurposeAuto Repair, Home improvement, travel, debt consolidation.Personal loans you can use for medical expenses, weddings, home and auto repair, debt consolidation, etc.
Loan Amountfrom $2,000 to $45,000from $5,000 up to $100,000
Credit NeededAt least 580Good/Excellent – at least 660
Termsfrom 3 to 5 yearsFrom 2 to 12 years
Origination Fee1% to 6%From 1% to 10%
Late FeeEach late payment will cost $15No late fees
Early Payoff PenaltyNo early payoff penaltyYou’ll pay no fee if you pay your loan early

Rocket Loans 

Getting a loan doesn’t have to be excessively complicated, and Rocket Loans knows it. With a straightforward process, you’ll find the loan you need with no further problems.

And don’t go thinking you need a perfect credit score to apply for it. With fair credit, you already have a chance. 

With terms that range from 3 to 5 years, you can borrow from $2,000 to $45,000. Of course, the better your credit score, the higher will be the chances of getting a higher amount with longer terms.

If you have too many debts and need debt consolidation, you can apply to get the amount you need to do it. But you’ll have to pay your creditor directly, as Rocket Loans do not provide this service. 

Benefits

  • Check if you can be approved with a pre-qualification that will not hurt your credit score
  • If you have a fair credit score, you still have a chance of getting approved.
  • Get approved on the same day, with the possibility also of being funded on the same day.
  • You can set your payments on autopay and get a discount on your APR for this.
  • No early payoff penalty.

Disadvantages

  • Rocket Loan charges both origination and late fees
  • If you need debt consolidation, Rocket Loans will not pay your creditor directly. 
  • No option to set a co-signer.

LightStream Loans 

couple with tablet looking for loan for home improvement
Make a home improvement with a personal loan. Source: Freepik.

As a direct lender, LightStream has its own eligibility requirement and customer service pattern. It focuses on the public with good or excellent credit scores. 

That’s why it has some of the best loan options and can lend up to $100,000. But it is strictly dedicated to personal loans, so this money cannot be invested in the business.

LightStream has high-quality service, and its rates are very competitive. You will certainly find a loan that suits your needs and fit your pocket. 

One special characteristic of LightStream Loans is its special conditions for home improvement. You can get up to 144 months to repay your loan if your purpose is to repair and improve your home.

That’s 12 years to plan yourself so you can get the house of your dreams. But if you happen to get the money for repayment earlier than you intended, that’s ok. There will be no fee if you pay off earlier.

But you can not escape from the origination fee when you get your loan and pay a late fee if you delay your payments. 

Benefits

  • Get your personal loan with no fees, and use it for the purpose you need.
  • Outstanding conditions for people looking for a personal loan to improve or repair their houses
  • The loan amount ranges from $5,000 to $100,000 so you can fund your dreams and achieve your goals
  • Fast approval and uncomplicated application process
  • The APR rates are competitive, and you can find a good offer if you have a good or excellent score

Disadvantages

  • You’ll get no chance to pre-qualify and avoid a hard inquiry on your credit score
  • People with fair credit scores will not get approved for a loan with LightStream Loans. You need not just a high score but also a solid credit history to get this loan. 

Rocket Loans or LightStream Loans: which is the right choice?

woman hugging car
Get the loan you need to buy or repair your car with these online lenders. Source: Freepik.

Both Rocket Loans and LightStream Loans are reliable direct lenders. That means you’ll deal only with these lenders and not a large network of lenders. This makes it easier to negotiate your loan offers.

The main difference between these two lenders is the credit score required for new applicants.

In order to get a personal loan with LightStream, you’ll have to provide a high credit score and strong credit history. This will leave on the bench people with not-so-good credit scores.

On the other hand, we have Rocket Loans which will give you a chance to get their loans even if you have a fair credit score. You’ll undergo a soft pull to pre-qualify and see if you can get it. 

But if you need a higher amount, you’ll have to work on your credit score to apply for LighStream Loans. They can borrow up to $100,000, while Rocket Loans allows only up to $45,000.

In general, both have similar conditions and competitive rates. You’ll certainly get a good deal.

If your credit score is not excellent and neither fair, you may need a third option. We recommend you take a look at our Merrick Bank’s review to see how they can give you a loan even if you have a low credit score.

Check how to start banking with Merrick Bank and see if you can get your finances back on track.

Merrick Bank

Merrick Bank review: is it trustworthy?

Merrick Bank is not a traditional bank, and you can find its products online. Learn everything about this online bank that helps people rebuild their credit.

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