Are you in need of a personal loan for home improvement, debt consolidation, or a major purchase? If so, LightStream might be the lender for you. In this 2023 review, we’ll take a closer look at personal loans, including their rates, terms, eligibility requirements, and customer reviews.
LightStream personal loan
Lightstream personal loan rates and term
LightStream is an online lending division of SunTrust Bank that specializes in providing low-interest loans to borrowers with good credit. Loans range from $5,000 to $100,000, with terms of 24 to 84 months, and interest rates starting at 7.49%, and there are no prepayment penalties.
A unique feature is their Speed Beat Program. If you find a better rate elsewhere, LightStream will beat it by 0.10 percentage points as long as the competing loan has the same terms and conditions as the loan.
Lightstream loan requirements
LightStream requires applicants to have good to excellent credit scores but doesn’t specify any income requirements. While it doesn’t accept co-signers, it does allow co-borrowers. When reviewing a loan application, takes into account several factors, including the credit history of the applicant, the amount of the loan being requested, the intended purpose of the loan, the repayment term, available assets, and the payment record on all loans and credit cards.
Fees and penalties
LightStream stands out from other lenders by charging no origination fees, prepayment penalties, or late fees.
LightStream auto loans
In addition to personal loans, also offers auto loans with rates at 7.49% APR with AutoPay. These loans are available for new and used cars, as well as classic cars and loan amounts range from $5,000 to $100,000. Auto loans come with no fees or prepayment penalties and can be funded as soon as the same day you apply.
Bad credit loans guaranteed approval by direct lenders and guaranteed payday loans by direct lender
Unfortunately, LightStream does not offer bad credit loans guaranteed approval direct lenders, or guaranteed payday loan direct lender options. Requires a minimum credit score of 660, so if you have bad credit, you may need to explore other lenders.
LightStream offers a rate beat program where they will beat a competitor’s APR by 0.1 percentage points for the same loan amount, term, purpose, and payment method if you can provide proof of approval. However, there are no other unique features or perks offered by LightStream.
What LightStream doesn’t allow loan funds to be used for
LightStream provides borrowers with considerable flexibility on how to use their personal loan funds. However, there are a few limitations. Some of the purposes for which you cannot use include:
- Paying for college or postsecondary education expenses, although you can use the loans for preschool and K-12 expenses.
- Offers to refinance previous college or postsecondary education loans.
- Refinancing existing loans.
- Financing a business.
- Helps obtain a cash-out refinance.
- Buying stocks, bonds, or stock options, or repaying a loan against a stock option with LightStream.
- Helps contribute to retirement, life insurance, or education savings programs.
Positive and negative aspects of LightStream personal loan:
- Low rates: With the current lowest APR of 9.99%, is an affordable option for borrowers with good credit.
- No fees: doesn’t charge any fees, including an origination fee, making it an attractive option for borrowers.
- Fast funding: The option for borrowers to receive funds as soon as the same day they apply is great for time-sensitive needs.
- High minimum loan amount: Minimum loan amount of $5,000 may not be suitable for some borrowers who require smaller loans.
- Long credit history required: Since requires several years of credit history with various account types, it may not be the best choice for those who are just starting out with credit.
- No pre-approval: Does not offer pre-approval for its loans. When applying, a hard pull of your credit will be conducted, which can negatively impact your credit score.
LightStream personal loan in comparison with other lending partners
LightStream versus SoFi
Comparing LightStream to SoFi, both online lenders have similar features such as offering loans ranging from $5,000 to $100,000, requiring good to excellent credit, accepting joint applications, and having competitive APRs. However, SoFi has an advantage in that it offers pre-approval, a feature that LightStream does not have.
LightStream versus Best Egg
If you have fair to good credit, Best Egg is a competitive alternative. Best Egg offers loans of up to $50,000 with a starting APR of 8.99%, which is one of the highest loan amounts offered. Additionally, the funding is available as soon as one business day after applying. However, Best Egg’s maximum APR is higher, and it has an origination fee that could reduce the total amount of your loan.
Customers can reach LightStream representatives from Monday to Friday from 9.30 a.m. to 7 p.m. Sunday and Saturdays from noon to 4 p.m. Although Lightstream loan phone number is not provided on their website, customers can email: [email protected] their questions and receive a response during business hours.
As for Lightstream customer service, it has received positive reviews from many of its customers, with a Trustpilot score of 4.6 out of 5.0 stars. Customers praise its fast and easy application process, competitive rates, and excellent customer service. Some customers have reported difficulty with the verification process, but overall, LightStream is highly regarded by its customers.
LightStream has a quick and simple application process that should take less than 15 minutes to complete as long as you have all the necessary information.
- To start a loan, you must choose whether to apply alone or with another person and indicate the loan amount, term, and payment method.
- Next, you’ll need to provide your personal information, such as your Social Security number, monthly rent, and income.
- Afterward, you’ll be asked to create an account and review your potential rates and monthly payments.
- Once you’ve submitted the application, will review it, run a hard credit inquiry, and inform you of the application status via email.
- If approved, you can sign the loan agreement, and set up your funding date, and payment information online.
- If your loan is verified and authorized before 2:30 p.m. ET on a business day, you may be eligible to receive your funds on the same day you applied. If not, it may take one or more business days to receive your loan funding.
If you have good credit and are in need of a personal loan or car loan, then LightStream is definitely worth considering. With highly competitive rates, flexible terms, and no upfront fees or penalties, it provides a great option for borrowers looking to finance a wide range of expenses. While it may not be the best fit for borrowers with bad credit, those with good credit should definitely include them on their list of potential lenders.