LightStream Personal Loan Review 2024
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| Fixed APR | 2.49 - 19.99% with AutoPay |
|---|---|
| Loan Amounts | $5,000 - $100,000 |
| Repayment | 24 to 84 months |
| Fees | No fees |
| Time to fund | Same day as approval |
| Min. Credit Score | 660 |
- Low Rates.
- Same day funding is possible.
- Rate Beat program
- No soft pull prequalification option.
- Long credit history important for the best rates.
- The lowest advertised rates require a short repayment term.
LightStream: Top loan features
LightStream is a lender you should consider for an unsecured personal loan if you have excellent credit scores, a proven credit history, and strong income and assets. They offer low rates and high dollar unsecured loans. LightStream is so confident of their ability to offer low rate loans that they offer a guarantee to beat offers from competitors for the same product and terms.
SunTrust Bank formerly operated LightStream. SunTrust Bank and BB&T have merged to become Truist. LightStream is now a division of Truist.
LightStream offers loans with:
High dollar amounts: LightStream offers loans between $5,000-$100,000, which are high compared to many lenders.
Low rates: LightStream interest rates are low, and the Annual Percentage Rate (APR) ranges between 2.49% and 20.45%. The rates differ based on credit scores, loan purpose, and the length of the loan. Auto-payment is required for the lowest rate.
Long loan term: Repayment length of 2 years to 12 years. The longest term loans require a high dollar loan amount and are not available for all purposes.
No fees: LightStream loans have no fees for origination, no late fees, and no prepayment penalty.
Multiple loan purposes: LightStream loans can be used for common purposes like debt consolidation, auto loan, and home improvement, as well as uncommon ones like aircraft purchase, fertility treatment, and horse ownership. Loan purpose affects the rates and terms available.
No soft pull: LightStream does not offer a prequalification with a soft pull option.
Rate match program: LightStream’s website states that they are "so confident in the competitiveness of our interest rates that we will beat an interest rate (APR) presented by any other lender by 0.10 percentage points if the other lender’s rate meets the terms and conditions described" at their website, which include furnishing LightStream with proof of the loan offer that is better than theirs. LightStream’s auto loans are unsecured, so their rate match doesn’t apply to other lenders' secured auto loans.
Best loan experience guarantee: Lightstream offers $100 if the borrower is not "completely satisfied" with their experience. You must contact the company and fill out a questionnaire within 30 days of receiving the loan.
Qualifying for a LightStream loan
To qualify for a LightStream personal loan, you need strong credit scores, a proven credit history of at least 5 years that demonstrates that you make timely payments. The minimum credit score is 660.
Lightstream doesn't have a uniform debt to income ratio, but they look for borrowers with a stable income and strong asset position. The best rates are offered to you if you have:
- A mix of credit types, such as credit card debt, installment loans, and mortgage loans.
- Stable, verifiable income that demonstrates an ability to pay your new loan and all current obligations.
- Proof of liquid assets, retirement savings, and low credit card debt sufficient to pay off the loan.
- Strong payment history without delinquencies.
How to apply for a LightStream loan
LightStream has a well-designed website. It is simple to learn what they offer and submit an application.
LightStream does not use a soft pull to prequalify borrowers. You can’t get rate quotes. Rates are offered only with an application and a hard inquiry on your credit. You shouldn’t check rates with LightStream unless you are confident that you qualify.
LightStream’s application process is simple and consists of four stages: Loan Information, Personal Information, Security Information, Confirm and Submit. Once you enter the loan purpose, loan amount, and loan repayment term, you can see a range of interest rates.
Here are the main items you need to provide:
- Your name, address, contact info
- Social Security number
- Your income
- Your monthly rent or mortgage payment
- The amount you want to borrow
- How you plan to use the money you borrow,
- The number of months you seek to repay the loan,
- A listing of your assets.
- Whether you want to make payments automatically to get the discount in interest rate.
Loan approval and getting money from LightStream
After you apply, because of their efficiency and reliance on your credit report, income, and assets, LightStream can review your application quickly. Fast approval of qualified borrowers and fast funding are common on LightStream loans. Depending on the time of day your application is submitted, it is possible to have an application approved and funded the same day.
LightStream- Customer Service and Customer Satisfaction
LightStream makes it easy to manage your loan online. You can review your payment history and loan balance, make an extra payment or pay off your loan,, update contact or security info, or even apply for a new loan online.
LightStream has an A+ rating with BBB.
LightStream ranked #1 in customer satisfaction for personal loans in the J.D. Power 2020 U.S. Consumer Lending Satisfaction Study.
Compare to leading lenders
Good for: Large Personal Loans
- Fixed APR
- 7.99% to 23.68% APR (with .25 % auto pay discount)
- Loan Term
- 24 to 84 months
- Loan Amount
- $5,000 - $100,000
- Min. Credit Score
- None listed
Good for: Invitation Only
- Fixed APR
- 6.99 - 24.74%
- Loan Term
- 36 to 72 months
- Loan Amount
- $3,500 - $40,000
- Min. Credit Score
- not disclosed