LightStream Personal Loans Review
LightStream is a national online lending division of SunTrust Bank that provides auto loans, personal loans, and refinancing loans through a simple process. Securing a loan with LightStream gives borrowers the safety and security of working with a reputable nationwide bank without ever having to step foot in one.
The great thing about LightStream is their complete transparency when it comes to rates and loan terms. Right from their homepage, you can easily view how you can use your loan funds, including for auto, home remodeling, debt consolidation, medical expenses, a wedding, timeshare, and plenty more. You’ll also find a corresponding APR for each scenario.
Borrowers can take a look at LightStream’s simple chart which lays out the loan term in months along with the expected APR range depending on the loan amount sought, making it easy to get an idea of what terms you’ll be getting before you even apply.
LightStream Loan Types and Terms
|Loan types||Personal loans, auto loans, refinancing loans|
|Loan amount||$5,000 – $100,000|
|Repayment terms||24 – 84 months*|
|APR||5.40 – 35.99% *w/AutoPay|
|Minimum credit score||660|
|Lender type||Direct Lender|
|Good for:||Good Credit | Refinancing | Home Improvements|
Who LightStream is Good For
- Good Credit
- Home Improvements
LightStream is a good option for those looking to take out a refinancing or home improvement loan. Borrowers can have their whole project funded without any fees or home equity requirements, and at a low rate starting at 5.40% APR with AutoPay.
The first thing you’ll see when applying for a LightStream personal loan are a few of their basic requirements, one of which states that you need good credit to qualify. This includes several years of credit history, credit history with several account types, good payment history, a demonstrated ability to save, and sufficient income.
If your credit doesn’t quite meet these standards or if you don’t have any credit history at all, try applying with a co-applicant who has good credit to get approved. Doing so will get you access to some great rates, better than many of their competitors.
LightStream Personal Loans: Pros
- Transparency about rates and terms
- No origination or prepayment fees
- Offers large loans up to $100,000
- Offers longer loan terms for home improvement loan purposes for up to 144 months*
- A division of the reputable SunTrust Bank—one of the nation’s top financial services companies
- You can receive funds as quickly as the same day you apply (conditions apply)
LightStream Personal Loans: Cons
- LightStream does not offer pre-approval with a soft credit check
- Caters to those with good credit
How to Apply
Unlike their competitors who begin with a short pre-approval form, LightStream has a more detailed application process that runs a hard credit check, meaning it might temporarily harm your credit score.
Here are a few details you can expect to be asked when applying:
- Application type (individual or joint)
- Primary loan purpose, such as for home improvement, medical expenses, etc.
- Zip code
- How you heard about LightStream
- Loan amount and loan terms (months)
After filling in some preliminary details when applying, LightStream will automatically show you the monthly payment range as well as the potential interest/APR range you can expect once finished submitting your application. This way you don’t need to finish your application if you aren’t happy with the rate and term ranges.
Next, you’ll have to fill out some personal information, such as:
- Name and contact info
- Social Security number
- Last 4 digits of your driver’s license
- Country of citizenship
- Employment information, such as work status and income
- Your monthly housing costs
- Checking and savings balance
- Retirement assets and any equity
Terms & Requirements
Let’s take a look at the terms and requirements when securing a personal loan with LightStream.
- Must have a valid MasterCard or Visa credit card
- Loans are only made to individuals and not businesses
- Borrowers must have several years of credit history
- Borrowers must have a good payment history and a stable income
- Must have proof of ability to save (liquid assets, real estate, manageable revolving credit card debt, etc)
- APR rates range from 5.40 – 35.99% *with AutoPay
- A personal loan amount ranges from $5,000 to $100,000.
- No origination or prepayment fees
- 24 – 84 months
Privacy & Security
Since LightStream is a national online lending division of SunTrust Bank, borrowers can rest assured that it’s a safe and reputable company to work with.
LightStream has adopted privacy and security practices that go beyond the minimum legal requirements. Additionally, they use a Norton Secure Site.
Personal information from borrowers is only shared for everyday purposes. They do not share your information with non-affiliates or marketing from other financial companies.
You can contact LightStream via telephone (upon request) or using their email form. When we emailed them a personal loan inquiry, they respond within just a couple of hours.
Additionally, LightStream has a comprehensive FAQ page that covers many topics, including account services, careers, credit bureaus, what constitutes as good or excellent credit, GAP insurance, and plenty more.
Not only is LightStream part of a trustworthy, nationwide bank, but they also offer very competitive rates for those with good to excellent credit. While you can’t get pre-approved with a soft credit check, LightStream is fairly transparent about what kind of rates and terms they offer depending on the loan amount, so you can get an idea before applying.
If you have a solid credit history, LightStream is one of the better personal loan lenders out there. They offer larger loans up to $100,000, longer loan terms, great customer service, and no fees. If you’re worried that your credit won’t get you the best rates they offer, add a co-applicant to your application to get approved with better terms and rates.
303 Peachtree Street NE, Atlanta, GA, 30308
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis 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 $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.