How LoanStream Works
LoanStream connects consumers to lenders with one simple, secure request form that can be completed in less than five minutes. We work with lenders from across the country to bring you the funding you need, efficiently and securely, regardless of your credit rating. This service is free to you, and you are under no obligation to accept any offer.
Submit Your Request
Our simple request form can be completed quickly and only asks for the personal information necessary to connect you with a potential lender. Advanced encryption technology is used to secure the transmission of your data and both physical and digital protocols are used to protect your stored data.
While many lenders in our network are willing to offer credit to consumers with bad or no credit history, most lenders require applicants to meet the following criteria:
- Earn at least $1,000 a month
- Have an active checking account
- Be 18 years of age or older
- Be a permanent resident of the US with a valid social security number
- Have a valid U.S. driver’s license or government-issued ID
- Have a valid email account and phone number
Please note that each lender has its own underwriting policies, and LoanStream cannot guarantee a lender will approve you for a loan. If approved for a loan, you may not qualify for the maximum amount.
The maximum personal loan amount available in our network is $5,000. However, this does not mean you will be approved for this amount, and not all lenders in our network can accommodate this amount.
Unlike traditional lenders, lenders in our network are more likely to consider consumers with bad credit or no credit history. LoanStream does not make credit inquires that will affect your credit score, and the majority of our lenders in our network use information from alternative credit sources. However, we cannot guarantee that your lender will not submit an inquiry to one of the “Big Three” credit bureaus: Experian, Equifax, or TransUnion. While not always the case, a “soft pull” is typically used early in the process. From there, the lender may request a “hard pull” to learn more about your finances.
Review Your Offer
If a lender accepts your request, you’ll typically be redirected to their website. This usually occurs within minutes of submitting your request. Additionally, a lender may contact you via telephone, email or text to verify the information you submitted and/or to obtain additional information. Please respond to communications from your lender as quickly as possible to avoid funding delays.
Your lender will provide you with loan documents detailing your agreement. Lenders are required to fully disclose their interest rates and fee structures in a manner that is easy to understand. Be sure you read and understand all the information provided. You are under no obligation to accept an offer. If after careful consideration you agree to your lender’s terms, you’ll provide your electronic signature. Be sure to retain a copy of the loan documents for your records.
Receive Your Funds
After you e-sign your loan agreement, funds will be transferred directly to your bank account. Although processing times will vary between lenders, funds will typically be deposited as soon as the business day after your loan has been approved and processed.* Please keep in mind that banking institutions have their own policies governing when transferred funds are made available to their customers.