If you’re looking for a lender that provides unsecured personal loans with no hidden fees and offers rate discounts, LightStream Personal Loans could be the right choice for you.
What is LightStream Personal Loan?
Formed in 2019, LightStream is a consumer lending company that provides unsecured personal loans for various purposes. The company claims no origination fees, late payment fees, or prepayment fees and offers rate discounts to borrowers who enroll in autopay. LightStream is an excellent choice for applicants with good to excellent credit.
What services does LightStream offer?
LightStream has user-friendly features and provides loans big enough to cover heavy expenses such as home improvement projects. They offer personal loans for a variety of reasons, including:
Most of these loan types are not commonly available from traditional lenders. LightStream is a good option for prospective borrowers who need a large loan with some flexibility and quick application and funding timeline.
Like other online lenders, LightStream imposes some restrictions on loan fund usage. Borrowers are not permitted to use their loans to fund post-secondary education or business expenses. Nonetheless, LightStream's loan amounts, terms, and Annual Percentage Rates (APRs), along with a minimum required credit score, make it a flexible option for many prospective borrowers.
How does LightStream work?
Factors to consider
Many factors can influence whether or not a personal loan application is approved or denied. Every lender has its own set of underwriting requisites. But they generally include details from an applicant's credit profile and other considerations that indicate the loan eligibility, such as income. Satisfying the conditions set below does not ensure approval, although it can help you determine if a personal loan is right for you.
Credit score conditions
Applicants must have a minimum FICO credit score of 660 to meet the criteria for a LightStream loan. Furthermore, a possible applicant must have several years of credit history, including different account types. For instance, credit cards, auto loans, and mortgage debt, as proven by their credit profile. Although a good credit score may be sufficient for approval, the best rates require an ideal credit history.
Borrower Income essentials
LightStream requires loan applicants to have a steady income. It should be sufficient to repay current debt obligations and a new LightStream loan to get approved. Aside from the applicant's income, LightStream also considers their liquid assets, cash down payments on real estate, retirement savings, and revolving credit card debt. However, it’s important to know that LightStream does not consider income from a marijuana business.
Requirements for Co-signers/Co-applicants
LightStream does not accept co-signers, but prospective borrowers can apply jointly. Unlike some lenders, Lightstream does not require co-applicants to stay at the same address as the primary applicant.
Potential borrowers should demonstrate that they will submit a joint application at the start of the application procedure and give information about these applicants in the online application. During the application assessment process, LightStream factors in each applicant's credit, income, and other details equally.
Unlike other online lenders, LightStream does not have a prequalification process. As a result, prospective borrowers must complete a formal application and undergo a hard credit check to determine if they meet the criteria and, if so, at what rate.
LightStream has an online application process, but an advisor may approach you by phone to seek additional details. To apply for a LightStream personal loan, you need to fill out the online application and include the following information:
If the loan is approved before 2:30 pm EST on a banking business day, LightStream borrowers can receive funds the next day. Applicants must review and electronically sign the loan agreement. Then they must provide LightStream with their funding preferences and relevant banking information to complete a final verification. Everything needs to get done before 2:30 pm on the day of the loan approval.
What are the rates and fees of LightStream?
They offer personal loans of $5,000 to $100,000. Personal loans are available for terms ranging from two to seven years (24 to 84 months). Home improvement, swimming pool, and solar loans may have longer repayment terms of up to 12 years (144 months). If borrowers sign up for autopay, LightStream offers APRs ranging from 3.99% to 19.99%. Borrowers who do not enroll in autopay face APRs that are 0.50% more. The available APR ranges differ based on the loan purpose.
What are the repayment terms of LightStream?
The best personal loans provide competitive interest rates, flexible loan amounts, and a variety of terms.
What are the pros and cons of LightStream?
On TrustPilot, LightStream has a 2.0-star rating based on 23 published reviews. Other online reviews, including their website, show 4.9 stars based on 24,257 reviews. It reveals much higher ratings from LightStream customers, with an average of four to five stars. On consumer affairs, they have a 3.9 average rating from 275 reviews.
People who have had positive experiences with LightStream say the application process is fast and easy. Funds are made available in a fair amount of time. Many customers agree that the process has transparency.
LightStream is an online lender known for its fast application process, swift funding, and low APRs. It is ideal for borrowers who want to organize a large debt or undertake costly home improvement projects. It provides a comparatively broad range of loan amounts and repayment terms.
Truist's online consumer lending unit, LightStream, was formed in 2019 through the merger of BB&T and SunTrust. SunTrust purchased the assets of online lender FirstAgain in 2012 and rebranded the company as LightStream.
When you arrange your loan for AutoPay, your payment is made directly to LightStream from your bank account. This arrangement lowers your rate because it is more efficient. If you pay by invoice, your interest rate will be 0.50% higher. If you log into your account, you can schedule a one-time payment.