Under Florida law we are required to collect and transmit to the State of Florida, on your behalf, a documentary stamp tax. The amount of this tax, which is slightly more than .0035 times your loan amount (or just over $35 for a $10,000 loan), will be added to your loan amount if your loan request is approved and funded. Stamp tax is NOT included when determining loan interest rate.
Sooner or later, most of us are going to find ourselves with more debt than we really want. It could be the gradual accrual of interest on revolving debt creeping up on us. Or it might be an event involving health, divorce, illness of a pet, or caring for an elderly parent that can easily tip us from financially confident into a situation where our level of debt starts causing real anxiety. You can save money each month, if you have good credit, by consolidating multiple debt payments into a single payment at a lower interest rate.
For many, a debt consolidation loan is a way to take back control. You can free yourself from revolving debt and the need to keep track of multiple balances and payment-due dates, and find relief from the stress and anxiety of paying too much interest on your debt. A debt consolidation loan allows you to:
Combine multiple debt payments into a single monthly payment.
Pay a lower rate, and save money.
Get a fixed rate, so your payment amount cannot go up.
Know exactly when your debt will be paid off.
When you're paying too much interest on a credit card balance or personal loan, you could save thousands by lowering your interest rate. But debt consolidation is not for everyone. It’s a good idea when:
You have a good credit score.
Your cash flow can cover your debt payment.
You have a plan to pay off your debts, and change the habits that got you into debt in the first place.
Consolidating your debt can help you:
Save money with a lower interest rate.
Simplify your budgeting with a single fixed payment.
Even pay your debt off sooner.
When you have good credit, consolidating your existing debt can be a step toward greater control of your finances.
With LightStream, you can consolidate credit card debt, or other outstanding debt you may have, including auto loans and personal loans, emergency medical and pet care costs, home repairs and vacations. You cannot use a LightStream loan to pay off a student loan or an existing LightStream loan.
Debt consolidation is the process of combining several debt payments into one new, single loan, and it typically results in a lower interest rate and a faster payoff of your debt. Loan refinancing is getting a new loan for a single existing debt, usually to obtain a lower interest rate and / or different payment terms.
When you consolidate your debt with LightStream, you choose your
funding date, which could be as soon as the day you apply, so you
can pay off your debt immediately. You also choose your repayment
terms — from 24 to 84 months — so you control the pace at which
you repay your LightStream loan.
Credit card consolidation involves combining multiple credit card debt payments into one payment, usually with a lower interest rate.
A credit card consolidation loan is a loan that allows you to pay off all of your credit card debt with just one easy payment per month.
While a 0% teaser rate like those offered by credit card companies is attractive in the short term, you should look carefully at what the interest rate will rise to after the introductory period. A credit card consolidation loan offers a fixed rate, so you can budget accordingly, knowing that your rate will never increase. You’ll also know exactly when you’ll be done making payments.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 11% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 10/01/2022 to 12/31/2022. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Maximum APR for a LightStream loan is . Loan terms range from 24 - 144 months depending on the loan type.
You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time. If you believe you have been approved by another lender for a lower qualifying rate, log in to your account and click on “Submit Rate Beat Request” to review your Rate Beat eligibility and upload the required documentation.
Every time LightStream funds a loan for a customer, we plant a tree. In partnership with American Forests, we've planted more than a million so far. This has helped restore and protect fragile wildlife habitats across America. Safeguarding the environment and preserving wilderness areas is essential for our future. The team here at LightStream is proud to be doing something that will make a different for generations to come.