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LightStream Reviews

9

bestfor-icon Top value loans

lauren
Written by Lauren Le-Hair

About LightStream | Read More

9

LS Score

8

Credibility

5

Support

6

Accessibility

Visit Site
Opening Hours Opening Hours drop-down-btn
Mon-Fri 10am-8pm EST
Sat 12pm-4pm EST
Sun Closed
Contact Information Contact Information drop-down-btn
  • customerservice@lightstream.com
  • Mailing Address: PO Box 117320, Atlanta, GA 30368
Social Media Social Media drop-down-btn
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LightStream Personal Loans Review

LightStream offers a massive range of different types of loans, covering every possible need. Its personal loan offering is very flexible, allowing borrowers to get access to many different terms and structures. There should be something for everyone with the LightStream personal loan offering.

LightStream Personal Loans Highlight

660

Min Credit Score

6.94-25.29%

APR. Fixed Rate

$5K-$100K

Loan Amount

2-7 years

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Get a loan for practically anything
  • con-icon Autopay discount available
  • con-icon Dedicated app to manage your loan
  • con-icon LightStream doesn’t charge any fees
  • con-icon Personal loan up to $100K
  • con-icon Requires steady income
  • con-icon 1-3 Days till funding

Loan Purpose

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  • Car
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Relocation
  • Car Bike Loans
  • Vacation
  • Wedding
  • Other

Loan Type

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  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
View rates

LightStream Personal Loans Terms & Requirements

You can get a personal loan from LightStream to cover a wide range of different reasons. It allows you to borrow between $5,000 and $100,000. The typical repayment terms are usually between 2 and 7 years. Typically, borrowers will need to have a credit score of at least 660 in order to qualify.

The APR that you get for your loan depends on numerous factors, including your credit history and current income level. There is a discount on your APR if you set up autopay. LightStream does not charge any application fees, origination fees, late fees, or prepayment fees.

What we like on LightStream

  • APR: 6.94 – 25.29% *w/ Autopay
  • Loan Term: 24 – 84* months
  • Min Credit Score: 660
  • Fast and easy online process
  • LightStream doesn’t charge any fees

How to Apply

There is no pre-qualification process in place at LightStream, so you will be submitting yourself to a hard credit check when you fill out a loan application. The whole application process is completed online but sometimes there will be phone contact from a LightStream representative in order to confirm certain details.

The application process is quite detailed and you usually need to verify some of the information by providing certain documents.

Lightstream Step 1 - Loan Information
Step 1

Enter your loan information

Lightstream step 2 - personal information
Step 2

Enter your personal information

lightstream step 3 - loan application
Step 3

Enter your security information

Lightstream step 4 - confirm and submit
Step 4

Enter your security information

Qualification Requirements

  • Available in every state
  • Credit score of at least 660
  • Certain income requirements
  • US citizen or permanent resident

Required Information

  • Primary loan purpose
  • Current address
  • Loan amount required
  • Social Security Number
  • Country of citizenship
  • Monthly expenses
  • Bank account information

Application Steps & Time Frames

If your application gets approval before 2:30pm ET, then you will usually be able to receive your borrowed funds on the same day.

Otherwise, you will typically get the funds the following day. You will need to have reviewed the terms of the loan and electronically signed the relevant agreement before any funds can be processed.

State Availability

- Available in all states

LightStream Auto Loans Review

LightStream states that it provides personal loans for practically any purpose, and one of the main reasons people get a LightStream loan is to buy a new vehicle. Unlike most auto loans, LightStream does not use your vehicle as collateral, so there are no restrictions on what type of car, motorcycle, truck, or RV you buy. Therefore, unlike most auto loan companies, you can buy the classic car you’ve always dreamed of.

LightStream auto loans are strictly for those with a good to excellent credit rating. As such, if you meet this criteria and are looking for a loan for a new vehicle, you should check out what LightStream has to offer.

LightStream Auto Loans Highlight

660

Min Credit Score

3.99-20.49%

APR. Fixed Rate

2.99-20.49%

APR. Variable Rate

$5K-$100K

Loan Amount

24-84 months

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

48 hours

Funding Time

Pros & Cons

drop-down-btn
  • con-icon No mileage or vehicle type restrictions
  • con-icon Lightstream lends to people in all 50 states
  • con-icon Low rates for borrowers with great credit
  • con-icon Loan rates are 0.50% higher without AutoPay
  • con-icon Hard credit check to get approved
  • con-icon Minimum credit score required for approval, regardless of other qualifications

Auto Loan Types

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  • Secured Auto Loans
  • Unsecured Auto Loans
  • Simple Interest Loans

Vehicle Types

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  • Car
  • Motorcycle
  • Truck
  • EV
  • Snowmbile
  • Auto Repair
  • Watercraft
View rates

LightStream Auto Loans Terms & Requirements

Unlike most auto loan providers, LightStream has no restrictions on vehicle requirements as the vehicle is not used as collateral for the loan. Therefore, you could use your auto loan for a broader range of vehicles than standard auto loans, from trucks to RVs and everything in between.

LightStream states that a personal auto loan can be used for the following purposes:

  • New auto purchase
  • Used auto purchase from the dealer
  • Used auto purchase from individual
  • Auto lease buyout
  • Auto loan refinance
  • Motorcycle purchase or refinance

Loans can be taken out between 24-84 months, but the loan term cannot be changed after it has been entered into. LightStream has a higher minimum loan amount compared to most auto loan providers of $5,000, with a maximum amount that you can borrow of $100,000.

A minimum credit score of 660 is required, meaning your credit score will need to be good or excellent to be eligible. This figure is higher than most auto loan providers. APRs vary from 5.99 to 11.49%, which is very competitive.

Overall, the loan terms are pretty good and worth pursuing if you meet the credit score requirements. While the APR is competitive in the marketplace, make sure you are happy with your repayment term, as you will not be able to change this later.

How to Apply

We decided to try out the LightStream auto loan application process as we were looking to get finance to buy a new car. After visiting the LightStream website, we navigated to the Auto Loans section and hit “Apply Now” to get started.

After selecting Apply Now, we were greeted with a Loan Application section outlining the basic requirements for obtaining an auto loan with LightStream. This info included acknowledging that we need a good credit rating and sufficient income and assets to support our existing debt obligations and requested loan amount.

This form was followed by a longer form requesting personal information. This included our name, email address, home address, housing status, SSN, date of birth, driver’s license, citizenship status, employment information, income/financial information, housing costs, and savings status. While this may seem lengthy, this section took only a few minutes to complete.

Screen 1

Welcome screen

Screen 2

Application type, loan purpose and amount

After completing this, we had to register an account, complete with a password and security question. Finally, we moved to the “Confirm and Submit” section, where we could review our loan application and submit our application if we were happy with the terms. Doing so initiated a hard credit check, so it is essential to double-check the details before applying.

Our application was accepted within a minute, and the rate we were offered was shown to us. The rate is fixed for 30 days, so we were able to take our time and think whether this was the right loan for us. After careful consideration, we proceeded with the loan. After uploading our proof of ID, driver’s license, and bank account details, we signed the loan agreement, and the process was complete. The loan application was lengthy, but we could still complete it quickly.

Qualification Requirements

  • A minimum credit score of 660
  • At least 18 years old
  • Citizen or permanent resident of the US with a Social Security Number
  • Steady provable income

Required Information

If you want to apply for an auto loan from LightStream, you will need to provide the following information:

  • Proof of ID
  • Driver’s license
  • Insurance
  • Proof of income
  • Proof of residence
  • Bank account details

Application Steps & Time Frames

While the application form was longer than similar auto loan providers, it was still relatively quick to complete, with the process completed in over ten minutes. Once funding was approved, it took 24 hours to receive the funds, which is faster than many auto loan providers.

State Availability

- Available in all states

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

faq-icon

FAQ’s

Is LightStream a legit company?

Yes, LightStream has an A+ rating with the Better Business Bureau and is a division of Truist Financial, one of the largest banks in the US.

Can I apply for a loan from LightStream with a bad credit rating?

No, LightStream personal loans are only available to people with a good to excellent credit rating.

Does LightStream offer fixed and variable rate loans?

Unfortunately not, LightStream offer fixed rate loans only.

Customer Support

LightStream has received mixed reviews online for its levels of customer care and support, with many online reviews giving adverse reports about the support provided. Much of the criticism comes from the fact that customer service can only be contacted through email and not by any other means. We emailed a query about APRs and required credit ratings and received a response within four hours, which isn’t the quickest response time. Full details for getting in touch with LightStream are shown below.

Privacy & Security

LightStream’s privacy policy states that it may share your personal information and information about your creditworthiness for marketing purposes. Yet, you can limit sharing by visiting the Preferences section of its customer service page or by emailing privacy@lightstream.com.

LightStream has an A+ rating with the Better Business Bureau. The company has closed over 1,900 customer complaints during the past three years. LightStream has an average 1.06/5-star rating with the BBB.

In Conclusion

LightStream is an excellent option for a personal, business, or auto loan if you have a good to excellent credit rating. LightStream offers competitive interest rates and rapid funding, and it is straightforward to apply for a personal loan. We have noted that customer service is not as efficient as it should be, so if you value speedy and responsive customer support, it may be worth considering another personal loan provider.

Brand Disclaimer

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 29% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 04/01/2024 to 06/30/2024. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 6.94% APR with a term of 3 years would result in 36 monthly payments of $771.24.

Maximum APR for a LightStream loan is 25.29%. Loan terms range from 24 – 240 months depending on the loan type.

1You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Business Hours (Eastern time)

Customer Service
Monday – Friday: 9:30 a.m. to 7 p.m. & Saturday: Noon to 4 p.m.

Application Processing
Monday – Friday: 10 a.m. to 6 p.m.
Saturday & Sunday: 1 p.m. to 6 p.m.

Mailing Address
PO Box 117320
Atlanta, GA 30368-7320

E H L Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation.
Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation.
All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.