As a critical component of power supply systems, low-voltage distribution networks directly affect grid stability and user power supply reliability, yet they face significant threats from lightning-induced faults. Transient simulations are more economical and adaptable for investigating lightning-induced faults in low-voltage distribution networks than experiments. A hybrid Variable Time Step (VTS)-Partial Element Equivalent Circuit (PEEC) method, has been validated in previous study, is used for Lightning-induced Electromagnetic Pulse (LEMP) simulation and fault analysis. The lightning-induced faults in extended unequal-length double-circuit low-voltage distribution networks are analyzed in this paper. The impact of lightning stroke location on overvoltage and fault risk is the primary focus of this study. Key findings indicate that, for ground strokes in front of the center of one double circuit, similar three-phase negative and bipolar oscillatory waveforms that are linked to fault initiation emerge. Closer strokes promote bipolar waveforms with the main peak negative as well as higher overvoltages and fault risk. These results provide essential insights for understanding lightning-induced fault mechanisms, thereby laying a foundation for formulating more targeted and effective lightning protection measures.