LightStream Personal Loan

Highlights

  • LightStream offers low interest rate loans to borrowers with very strong credit.
  • LightStream loans have no fees.
  • No matter how low a rate one lender offers you, compare it with other offers to find the best deal.
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Is a LightStream Personal Loan the Right Loan for You?

LightStream is the personal loan lending arm of SunTrust Bank, a leading financial services company. LightStream targets its loans to borrowers with excellent credit, offering them an easy-to-use online application process and low interest rates.

LightStream personal loans can be used for a wide-range of purposes. The list on LightStream's website of loan purposes for which you can apply includes secured and unsecured personal loans, and features some loan purposes you are not likely to see listed at other lending sites, such as "aircraft loans," "timeshare loans," "IVF loans," and "horse loans."

These exotic loan purposes don't change the fact that most LightStream borrowers are looking to consolidate debt, finance a home improvement, finance a large purchase or pay off medical expenses.

Simple, Fast Process

LightStream has an easy-to-use website that allows you to apply online and get an answer in short order, usually on the same business day. If your loan application is approved, you can sign loan documents electronically and do everything necessary to set your loan up for funding. Dependind on the time of day that your loan agreement is processed, you could have funds on the same day.

The Ideal LightStream Borrower

LightStream personal loans are geared to borrowers with excellent credit scores, a proven credit history that demonstrates timely payments. 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
  • Proof of liquid assets, retirement savings, and low credit card debt
  • Stable, verifiable income that demonstrates an abillity to pay your new loan and all current obligations
  • Strong payment history without delinquencies

LightStream Rates, Fees, and Terms

LightStream offers attractive interest rates to its well-qualified borrowers. Here are some important facts:

  1. Loan amounts range from $5,000 to $100,000.
  2. Interest rates range from 3.99% APR to 17.49% APR.  
  3. The time you choose to repay the loan is from 2 years to 12 years, though some loans come with shorter maximum repayment terms.
  4. No fees. 

Pay close attention when using the LightStream website, as the different factors you select for your loan can affect the amount you borrow, how long you have to repay the loan, and the lowest rate available. For example, if you're looking for a debt consolidation loan and want to pay it back in more than 5 years, you have to borrow at least $25,000, with exceptions only for applicants with excellent credit.

Interest rates can differ by loan purpose, so you can expect to be offered a different rate for a loan to pay for medical expenses than you would for credit card consolidation when taking out the same size loan for the same amount of time.

Low Rate Guarantee

LightStream boasts that it is so "so confident in the competitiveness of our interest rates that we will beat an interest rate (APR) presented by any other lender by .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 also offers a satisfaction guarantee they call the "Loan Experience Guarantee." They will send you $100 if you fill out a questionnaire and are not fully statisfied with your experience.

Use the Personal Rate Table Below

While LightStream's confidence is impressive, it always pays to comparison shop for a loan. It takes about one minute to use the Personal Loan Rate Table immediately below, to see what offers are available. This has no effect on your credit.

 

LightStream Personal Loans Pros and Cons

A LightStream personal loan could be a smart choice for you if you have excellent credit or very good credit. LightStream offers:

  • Low rates.
  • No fees.
  • A rate guarantee.
  • An experience guarantee.

The negatives of working with LightStream include:

  • LightStream does a hard pull of your credit, so you can get turned down and ding your credit score. 
  • The rate guarantee requires providing the right paperwork to them in a speedy manner, so you may not be able to take advantage of it.
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