Comparison (US)

Rocket Loans or LightStream Loans: personal loan comparison

Finding a perfect personal loan might be challenging whether you need money for a home improvement or to pay for your vacation. So, today we will give you the tips to choose the best between Rocket or LightStream Loans!

by Aline Augusto

Published on 01/31/2022

Rocket Loans or LightStream Loans: Which is the best?

Check out the loan comparison! Source: Canva.
Check out the loan comparison! Source: Canva.

Rocket Loans or LightStream Loans: Which is the best? Usually, when it comes to finding a loan to fund something you need, you must be careful with your research. 

You should consider interest rates, fees, repayment options, the amount wanted, and more. Also, most lenders require at least a good credit score. And if you find one that doesn’t, it typically charges some high fees.

But today, we will present you two lenders that are considered great deals in the market. So, check out the comparison right below!

Logo Rocket Loans e desenho de pessoa tocando guitarra

How to apply for the Rocket personal loans?

Achieve your goals with the help of Rocket personal loans! See how to apply for it and get the benefits.

Tela de computador e logo LightStream

How to apply for the LightStream personal loan?

LightStream personal loan offers large amounts at low rates so you can accomplish your goal! Check out how to apply for it!

Rocket LoansLightStream Loans
APRFrom 5.97% to 29.99% with autopayFrom 2.49% to 19.99% with autopayFrom 2.99% to 20.49% without autopay
Loan PurposePersonal, including home improvement, auto expenses, travel and vacation, debt consolidation, other large expensesPersonal, including the purchase of house and land, home improvements, medical expenses, debt consolidation, wedding costs, preschool and K-12 expenses
Loan AmountsFrom $2,000 to $45,000From $5,000 to $100,000
Credit NeededAt least 580 – FairAt least 660 – Good 
TermsFrom 3 to 5 yearsFrom 2 to 7 years
Origination FeeFrom 1% to 6%None
Late Fee$15 for each payment cycleNone
Early Payoff PenaltyNoneNone

Rocket Loans

Learn more about the Rocket Loans. Source: Rocket.
Learn more about the Rocket Loans. Source: Rocket.

It is not easy to find a lender that accepts borrowers with less than perfect credit history. It is not the case with Rocket Loans. 

Although it charges an origination fee in addition to advertised APRs, it only requires a fair credit score, unlike many other companies.

Also, even though it charges a late fee, it offers a 10-day grace period. 

Plus, it gives you discounts on APRs if settling an automatic payments option. 

In addition, it provides repayment terms ranging from 3 to 5 years with amounts from $2,000 to $45,000 for large expenses reasons.

You can use this loan for debt consolidation, home improvement, expenses related to auto, travel, vacation, and more.

However, it is not allowed to sign in for student loans and illegal activities.

LightStream Loans 

Learn more about the LightStream Loans. Source: LightStream.
Learn more about the LightStream Loans. Source: LightStream.

If you are searching for a lender with flexible terms, low rates, and large amounts, LightStream might be an excellent choice for you. But note that it is recommended that you have at least a good credit score.

It also allows you to settle automatic payments, which give you discounts on APRs. And best of all, it doesn’t charge any fees of any kind. 

So, there are no origination, late, or prepayment fees whatsoever.

Furthermore, it offers some perks, as follows:

  • Loan experience guarantee: if you are unhappy with your experience, after 30 days of getting your loan at LightStream, you can get a $100;
  • Rate beat program: beats a competitor’s interest rate if the borrower shows an application approved by another lender with the same conditions.

Benefits of Rocket Loans 

Rocket Loans feature large amounts with good repayment options, and the best of all is that it doesn’t require a good credit score, unlike many other lenders do.

Also, pre-approval is available, and you can fill in within seconds. Funding on the same day is available, as well.

Moreover, it doesn’t charge a prepayment penalty fee, and it offers a 10-day grace period.

Finally, it offers an online and straightforward application.

Benefits of LightStream Loans 

LightStream Loans offer a great deal in interest rates and gives you some perks like a guarantee and a rate beat program.

Unlike other lenders, this one doesn’t charge any kind of fee. So, there is no origination fee, no late fee, or prepayment penalty.

Also, it features flexible repayment options, with large amounts from $5,000 to $100,000, and low rates with autopay.

The application is easy, and the funding is fast, too.

Pre-approved credit cards for low credit score available now

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Disadvantages of Rocket Loans 

Although it doesn’t require a perfect credit history, Rocket charges an origination fee, as well as a late fee.

It could improve the interest rates, too, since they are potentially high. 

In addition, it doesn’t allow a cosigner.

Disadvantages of LightStream Loans 

Even though it offers many benefits, LightStream requires at least a good credit score, doesn’t offer a pre-qualification, and limits the use of the loan as conditions apply.

And it considers an excellent or a good credit those who have:

  • Several years of credit history, with a variety of account types and mortgage debt if applicable;
  • Good standing payment history with no or a few problems related to it;
  • Evidence the following: liquid assets, retirement savings, cash down payments on real estate, and manageable revolving credit card debt;
  • A stable source of income to repay debt obligations.

So, if you don’t meet these requirements, you should consider another lender.

Rocket Loans or LightStream Loans: which you should choose?

Both lenders are excellent choices for those who want a large amount of money for personal reasons like home improvement, vacation, debt consolidation, and more. They also offer fast and easy application and funding.

However, LightStream Loans require at least a good credit history to apply for a loan. Then, if you don’t meet the requirements, you should consider Rocket Loans.

Unlike LightStream, Rocket only requires a fair credit score, and it features competitive rates and fees compared to the market.

But if you are still not sure if those options are the best for your financial goals, you don’t have to worry! Check out the post below and learn more about another great loan offered by Merrick Bank.

Merrick Bank personal loan

How to apply for Merrick Bank personal loan?

Merrick Bank loan features a quick and easy application process with fair rates. Learn how to apply for it!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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