Best Personal Loans from LightStream of November 2024
LightStream offers personal loans. The APR for LightStream personal loans starts from 6.49% while the amount you can get varies from $5,000 to $100,000. You can apply for a LightStream personal loan of up to 72 months. See all the terms to decide if LightStream is the right lender for you.
See all LightStream personal loans in November 2024
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Home Improvement Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
A home improvement loan allows you to borrow money for home upgrades, repairs, renovations and additions.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Debt Consolidation Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
The loan gives you the choice of your funding date and repayment terms. You can save money each month, if you have good credit, by consolidating multiple debt payments into a single payment at a lower interest rate.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Other
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
Check LightStream personal loan rates
Information about lender
- Organisation:LightStream
- Website:
- Headquarters:Atlanta, GA 30368-7320
- :
LightStream Personal loans Pros&Cons
- No fees. LightStream doesn’t charge origination fees, late fees, or prepayment penalty fees.
- Long Loan Term. LightStream offers loan terms from 2 to 12 years. All loans except home improvement have a maximum loan term of 7 years.
- 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 2.49% - 19.99%, 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.
- 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.
- 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.
Check loans from other lenders
- 5.99 - 21.49 %APR
- 2 - 6 yearsLoan Term
- $5,000 - $100,000Loan Amount
- 6.99 - 24.99 %APR
- 3 - 6 yearsLoan Term
- $3,500 - $40,000Loan Amount
- 5.6 - 35.99 %APR
- 3 - 5 yearsLoan Term
- $1,000 - $50,000Loan Amount
LightStream Review
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.
Loan specifications
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
| Pros: | 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.
Conclusion
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.