Nowadays, many lenders offer personal loans at a click of a button. In this article, we will review a popular online lender – LightStream.
LightStream is an online consumer lending division of SunTrust Bank, which is now known under the name Truist Bank. They offer various online personal loans that can range anywhere from $5,000 to a maximum of $100,000.
A LightStream personal loan can be used for all purposes, except college or post-secondary educational expenses, business, and refinancing an existing LightStream loan.
LightStream Loan types
LightStream offers more than 30 different types of personal loans that can be used for different financial purposes. Here are the major available types of loans that LightStream has to offer:
- Auto financing or refinancing: This includes buying new or used vehicles or refinancing an existing vehicle like a motorcycle, car, truck, and more.
- Recreation loans: Recreation loans can help finance boats, RVs, and timeshares.
- Home improvement loans: This type of loan helps finance indoor and outdoor maintenance, including basement or kitchen remodeling, swimming pool loan, driveway construction, and solar panel installation.
- Family-related loans: This loan can help pay medical and dental bills, cover adoption, in vitro fertilization, and treatment expenses. You can also use this loan to pay for wedding expenses or pre-K - 12th-grade private education.
- More loan types: Jewelry financing, land purchase loans, and tiny home financing. You can use LightStream personal loans for debt consolidation or even buy farm animals.
You can apply for the following types of loans: auto financing or refinancing, recreation loans, home improvement loans, family-related loans, debt consolidation, jewelry financing, land purchase loans, tiny home financing.
|APR||6.49 - 21.99%
|Amount||$5,000 - $100,000
|Term||2 - 6 years
|Origination fee||No origination fee.
As you can see from the table the maximum loan amount is $100,000, and the APR starts at 6.49% for the best graded borrowers. The loan period varies from 2 to 6 years.
LightStream: pros and cons
|No fees: LightStream doesn’t charge origination fees, late fees, or prepayment penalty fees.
||Hard credit check: LightStream does not offer pre-approval. So the only way to find out your rate is to apply and trigger a hard inquiry.
|Long Loan Term: LightStream offers loan terms from 2 - 6 years. All loans except home improvement have a maximum loan term of 7 years.
||No direct payment to creditors for debt consolidation: Funds cannot be deposited into a business or third-party account. They can go only to your personal bank account.
|Rate beat program: LightStream will give you a discount of 0.1% on the interest rate offered by a competitor lender for the same terms unsecured, fixed-rate loan.
|Competitive APR: LightStream has a very competitive APRs of 6.49 - 21.99%, which includes AutoPay discount of 0.5%. So, in case you are not using this feature, APR gets higher by 0.5%.
|Satisfaction guarantee: You will get a $100 satisfaction guarantee if you have applied for a loan in the last 30 days and are not satisfied with the service you have received.
Applying for a LightStream loan
If you are evaluating LightStream as your loan option, the requirement is to have at least good credit. LightStream defines good credit as:
- Several years of credit history.
- A credit history with various account types such as major credit cards, vehicle loans, and mortgage if applicable.
- Good payment history.
- Evidence of owning stocks, bonds, bank deposits, cash down payments on real estate, retirement savings, and manageable revolving credit card debt.
- Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream.
How to apply for a LightStream loan
You don’t have to be an expert in finance to apply for an online loan. Applying for a LightStream loan is a quick and easy process if you already meet the requirements above. You will simply need to provide:
- Specific loan purpose.
- Loan amount.
- Preferred repayment term from 2 to 7 years depending on the purpose and amount and up to 6 years for a home improvement loan.
- Employment and housing information, including mortgage payments if applicable.
When you submit an application, LightStream reviews it and notifies you via email of the status of your application. If approved, you set the funding date and payment information online, then sign your loan agreement.
You will then get the funds disbursed to your account within 24 hours of the approval notification. If denied, you will simply get notified.
LightStream is a relatively good company to get a loan from. When most lending institutions give you a maximum full repayment period of 5 years, LightStream offers up to 7 years for the majority of loans and up to 6 years for home improvement loans. With a good credit score, you can get approved for almost any type of loan.
LightStream offers some of the best rates and an overall optimistic customer experience since they reply within 24 hours and include no extra fees or payments besides the loan itself.
Considering this is an online personal loan platform, LightStream seems like a pretty solid option for borrowers.
What is the LightStream customer service phone number?
The primary contact for LightStream is their email at firstname.lastname@example.org, where they reply within regular business hours: Monday through Friday, 9 a.m. to 8 p.m., and Saturday, noon to 4 p.m. Eastern Time. They don't have a customer service number.
Is LightStream loan legit?
The Better Business Bureau has not yet rated LightStream. However, its parent company, SunTrust or now known as Truist, has been rated A+ by the BBB as an accredited business.
Does LightStream do a hard pull?
LightStream does a hard pull for all the customers as there is no pre-approval.
Is LightStream safe?
Lightstream has clear loan terms with no hidden fees or payments. Moreover, they offer a loan experience guarantee. If you're not satisfied with your loan experience, you can fill out a questionnaire regarding the LightStream services. After the questionnaire completion and review, you will receive $100. This guarantee expires 30 days after you receive your loan.
What credit bureau does LightStream use?
LightStream collaborates with TransUnion or Equifax to check credit scores.