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LightStream Personal Loans Review: The Best Online Lender For You

This LightStream personal loans review will provide you not just essential information about the company, but also why you should consider borrowing money from it. With competitive rates, this online lending company is a must-see among borrowers.

LightStream Personal Loans Review

According to U.S. News, personal loans are loans that are “taken out for a short period of time, usually between two and five years“. Unlike credit cards or lines of credit, personal loan’s duration is fixed and does not fluctuate.

Furthermore, the report says that a lot of personal loan amounts vary between $1,000 and $100,000 — which basically depends on the borrower’s need as well as credit-worthiness. Needless to say, every bank does have its own limitations on how much and how long a personal loan can be.

Meanwhile, in a report published by Statista, it says that in 2019, “the consumer credit outstanding in the U.S. amounted to approximately 4.11 trillion U.S. dollars”. The numbers are not surprising at all though given the many demands of living now.

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With the current situation of the country, it won’t be surprising if the numbers go up even more by the end of the year.

Now, we all know that personal loans are the most accessible types of loans. Most of the time, these are unsecured loans, which means borrowers need not have collateral to be able to loan money from a lender.

Having said that, it is no wonder why personal loans have become one of the most in-demand type loans. Needless to say, why there are a lot of online lenders providing this type of service.

Speaking of lenders, there are quite a lot of them to choose from. Apart from traditional banks and credit unions, with technology and the internet, more and more online lenders are opening up their doors to borrowers.

One of the online lenders out there is LightStream, which, obviously, is our focus in this review.

So, to help you learn more about the company, and know more about its personal loan services, we are going to do this LightStream personal loans review.

For your reference, we are going to specifically tackle the following:

  • What is LightStream?
  • What are the different types of personal loans offered by LightStream?
  • What do you need to know about LightStream personal loans?
  • Who qualifies for a LightStream personal loan?
  • How to apply for a LightStream personal loan?
  • What are the pros and cons of a LightStream personal loan?

WHAT IS LIGHTSTREAM?

LightStream is the online lending arm of Truist, a bank created by the SunTrust Bank/BB&T merger.

The lending company offers personal loans for up to $100,000 and can be intended practically for anything such as credit card consolidation, home renovations, medical bills, auto refinancing, travel, and more.

LightStream is ideal for consumers with good credit. The company believes that people with good or excellent credit have “earned the right to a simple loan process and excellent rates“. Furthermore, qualified consumers get to take advantage of highly competitive, fixed-rate financing through an easy, fast, and virtually paperless loan process.

In their website, LightStream states that the company has delivered “a revolutionary loan experience that allows customers to focus on their purchase, rather than on their financing“.

Potential borrowers may apply conveniently using their computer or mobile devices and can expect their funds on the same day of approval.

LightStream is very confident with their loan process that the company provides a $100 guarantee.

Before we move on to our own LightStream personal loans review, here’s a quick one by Honest Finance that you may want to check. This gives you more idea about LightStream and its pros and cons.

WHAT ARE THE DIFFERENT TYPES OF PERSONAL LOANS OFFERED BY LIGHTSTREAM?

LightStream offers diversified personal loans. It offers a one of a kind lending solution that lets customers with strong credit loan money for purchases that either has been previously required collateral or that fall under those with few or no loan options.

For your reference, a LightStream can ve used for the following purposes as stated on their website:

  • Car Loans & Refinance Loans
  • Home Improvement Loans
  • Pool Loans
  • Timeshare Financing & Vacation Ownership Loans
  • Boat Loans & Aircraft Financing
  • Fractional Loans
  • IVF Financing
  • Jewelry Financing
  • Medical & Dental Financing
  • Adoption Financing
  • PreK-12 Education Loans
  • Horse Loans
  • and a lot more!

As we have mentioned earlier, you can basically use a LightStream personal loan for anything and everything you can think of. So, that a loan is already a good indication that this is something you can take into consideration if you badly need funds for whatever reason.

WHAT DO YOU NEED TO KNOW ABOUT LIGHTSTREAM PERSONAL LOANS?

Knowing that you can use the money loaned for anything is not enough.

As a borrower, you also need to take into account other very important factors, which include:

  • Loan Features
  • Loan Amounts
  • Interest Rates
  • Loan Terms
  • Fees
  • Refinancing
  • Funding
  • Customer Service

Thus, at this point in our LightStream personal loans review, we are going to share with you more detailed information about each aspect of the company’s personal loan services.

Loan Features

To be honest, upon looking at what LightStream personal loans have to offer, we definitely could say how the company uniquely made it.

There are so many things to like about the service they provide, which include the following features:

  • Wide range of loan amounts
  • Low APRs
  • Long repayment terms
  • Online application
  • Joint application
  • Autopay discount
  • Loan experience guarantee
  • Availability

As we always say, as borrowers, it is important to shop around before sealing any deal so you can compare not just rates but other factors as well. In this case, you can compare features that lending companies offer on a certain product or service.

By shopping around, you get to eventually settle with the best option possible.

Loan Amounts

Another important thing to consider when shopping for a lending company is the loan amount options.

Of course, you sure should have a specific amount in mind — that way, it’s easier for you to choose a lender.

With LightStream, the company offers a wide variety of loan amount options. They can lend as little as $5,000 and at most, consumers can borrow $100,000.

To be fair, they probably are one of the lending companies that lend money up to that extent, which is good. Needless to say, it makes them suitable both for consumers who need just enough and those who need much.

Interest Rates

The annual percentage rate or APR is probably one of the most important factors that every borrower should look into when selecting a lending company.

Ideally, you borrow from a company that charges the lowest APR possible.

LightStream is definitely competitive when it comes to this aspect. The lending company’s fixed interest rates vary from 3.49% to 19.99% with autopay. As for those without autopay, you can expect to be charged 0.50 points more.

As a standard rule when it comes to APRs, the higher your credit score is, the most likely you are to be charged with a lower interest rate. As with those with not so good credit, expect to be charged more.

Loan Terms

Once you have already figured the loan amount and the rates, another factor to look into is the repayment terms available.

You have to ensure that the company provides you with options depending on your capacity to pay.

With LightStream, the company requires a minimum of two years loan period. However, you can repay the loan for up to 12 years. Fair enough, right?

Please take note though that choosing a long repayment term means lower monthly repayment amount, but bigger interest rate. Meanwhile, the shorter the payment terms is, the lower the interest rate will be.

Fees

Another important thing that borrowers must check when looking for a lender (be it a bank, a credit union, or an online lender like LightStream) are the fees that come with the loan.

While a lot of lenders charge borrowers with a list of fees, LightStrea does not charge anything.

Yes. The lending company does not charge origination, prepayment, or late fees. The only possible charge you need to pay is an added 0.5% if you do not choose to autopay. Other than that, you do not have to worry about anything.

Refinancing

Another thing to like about LightStream is that the company offers a variety of refinancing options, which include loans for automobiles, boats, RVs, aircraft, and motorcycles, as well as timeshares.

In your application, you can choose the best refinancing option depending on your needs.

Funding

Since LightStream is an online lending company, it is quite expected that the application process is quick, as well as the funding.

As mentioned earlier, with LightStream, expect to receive funds as soon as the same day you get an approval of your loan application. The funds will be deposited into your bank account.

Customer Service

Although LightStream is not rated by the Better Business Bureau (BBB), its parent company, which is the Truist, does have an A+ rating. The highest possible rate a company can have.

In 2019 alone, the Consumer Financial Protection Bureau got 25 personal loan-related complaints about SunTrust Bank (which is now called Truist), with a timely response for all.

Furthermore, another unique feature of LightStream is that the company offers a loan experience guarantee, which means, if you are not satisfied with your loan experience with the company, you can contact them through different channels, and receive a questionnaire about improving services. You will get $100 from LightStream once they receive the completed questionnaire within 30 days of loan issuance.

Availability

LightStream is available for customers across all 50 states. While Truist brands do have physical locations, LightStream is only available online.

WHO QUALIFIES FOR A LIGHTSTREAM PERSONAL LOAN?

Now that you already what LightStream is all about, the personal loan options it offers, and the different essential details about their personal loan services, it’s time to evaluate your qualification.

At this point in our LightStream personal loans review, we are going to look into who particularly qualifies for a loan.

Generally speaking, LightStream does not have a lot of hard requirements. However, as we have mentioned a couple of times now, the company particularly caters to borrowers with good or excellent credit.

Now, to help you self-assess your eligibility for a LightStream personal loan, here are some of the things that the company looks for when making a decision (as to who gets approved or denied):

  • Credit score must be at least 660
  • Must have several years of credit history (based on LightStream, excellent credit borrowers have at least five)
  • Must have multiple account types within your credit history (This includes car loan, mortgage, credit cards, as well as other installment loans.)
  • Evidence of the borrower’s ability to save money like investments as well as retirement savings
  • Must have a strong payment history with very few or no delinquencies at all
  • Must have enough money to pay off existing debts, as well as the supposed LightStream personal loan
  • The maximum debt-to-income ratio varies depending on the borrower’s existing assets as well as the reason behind the loan

Furthermore, personal loans with LightStream must have a purpose. LightStream, though, has a few acceptable uses to choose from. This includes the following:

  • Credit card or other debt consolidation
  • Boat, RV, or aircraft purchase or refinance
  • Car purchases (This includes buying a new or used vehicle from a dealer or private party, lease buyouts, or refinancing.)
  • Home improvement (such as remodels, pool installation, or solar panel installation)
  • Pre-K to 12th-grade education loans
  • Timeshare purchase
  • Motorcycle purchase or refinancing
  • Medical expenses
  • Adoption expenses
  • Wedding expenses

HOW TO APPLY FOR A LIGHTSTREAM PERSONAL LOAN?

LightStream’s personal loan application process is quick and straightforward just like how most online lending companies are.

However, to ensure your personal loan application process will be seamless, you have to get a few documents in order.

During the application, you will have to provide the following information:

  • Personal Information – Just like any other lending company, you will be asked to provide personal information such as your complete name, address, contact information, as well as your social security number. You will also be asked to provide your citizenship.
  • Co-Applicant Information – LightStream offers an individual as well as joint applications. In the latter’s case, you will be asked to share upfront if you have another person on the loan apart from you, and then provide his or her information as you process the loan application.
  • Loan Information – Borrowers will of course need to provide how much money they intend to borrow, the desired loan terms, as well as the purpose of the loan.
  • Work and Employment Information – Similar to other lending companies, LightStream wants to ensure that borrowers have the capacity to repay the loan in a timely manner. Thus, the company will ask borrowers to provide work and employment information such as work status, annual income, as well as other means of earning money apart from the regular job. The company will also require borrowers to provide monthly home costs as well as details whether or not the borrower has checking, savings, and/or retirement accounts.

Please note that all the information stated above is equally important for LightStream to be able to process your loan application.

Moving on, once you have submitted all the details required, the company will immediately review your application, conduct a hard credit pull, and then, decide on the status of your application.

If approved, you will be asked to sign a loan agreement, and then set up your funding date and payment information. All of these will be done online.

The disbursement of funds to your account can happen as soon as the day you applied for the loan — provided, of course, that the application is verified and approved before 2:30 in the afternoon (EST) on a business day.

WHAT ARE THE PROS AND CONS OF A LIGHTSTREAM PERSONAL LOAN?

We are almost done with our LightStream personal loans review. Now, to complete this review, we are now going to share with you the pros and cons of a LightStream personal loan.

Hopefully, this completes the details you need to be able to arrive at a decision – whether to apply for a personal loan at LightStream or not.

PROS

  • It charges low rates for borrowers with good or excellent credit.
  • LightStream provides a quick and easy application process with less hard requirements.
  • A decision is provided as quickly as the same day of the loan application.
  • The lending company does not charge fees except for a possible 0.5% more for those who will not enroll for autopay.
  • LightStream offers a wide range of loan amounts, as well as long loan terms.
  • The company offers a rate discount for borrowers who will enroll in autopay.
  • The company provides more than 30 different loan uses.
  • LightStream allows co-signers for the loan.
  • You can borrow money to as much as $100,000 — making it ideal for large loans.

CONS

  • The minimum loan amount is quite high at $5,000.
  • It is only applicable to customers with good or excellent credit.
  • The lending company does not offer a pre-approval process.
  • LightStream requires several years of credit history.

FINAL THOUGHTS ON LIGHTSTREAM PERSONAL LOANS REVIEW

There are a lot of lending companies that offer personal loans out there. With so many around, it could get a little overwhelming for borrowers to choose the right one. Needless to say, the lending industry is quite competitive, too.

LightStream is one of the options available, and we’re glad to say that it is one of the best when it comes to online lending especially for customers with good or excellent credit. It provides a lot of amazing features that benefit borrowers.

So, have you decided yet if you will choose LightStream over other online lending companies out there?

If we are to say, based on the information we provided in this LightStream personal loans review, we highly recommend dealing with this lending company. It surely has one of the best offerings in the industry.

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