The Lightstream late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.Late fees vary drastically by loan, the minimum late fee we've encountered was 5% of the monthly payment amount. However, we strongly advise not to take advantage of Lightstream's grace period unless you have an emergency. You'd be putting your credit at risk, which can have a long-term, negative impact on your personal finances.Instead, we recommend exploring if refinancing can help you reduce your monthly burden and potentially even provide unexpected cost savings. Provide your phone number and follow our three simple steps to get a firm offer, 100% online and with no hit on your credit.