LightStream Personal Loans Review 2021
LightStream is the national online consumer lending division of SunTrust Bank, which recently became Truist after merging with BB&T. LightStream’s online personal loans can be as large as $100,000 used for nearly any reason. Personal loans are available to borrowers with good to excellent credit in all 50 states.
- More than 30 different loan uses are available.
- Loans of up to $100,000 are available.
- LightStream has no origination, prepayment or late fees.
- LightStream does not offer variable-rate loans, only fixed-rate loans.
- Online preapproval is not available.
- Business loans are not available.
LightStream offers personal loans for more than 30 different purposes. The top three loan purposes offered by LightStream are auto, home improvement debt consolidation, but many more options are available.
- Vehicle loans refinancing: New, used classic cars, motorcycles, lease buyout, refinancing private purchase
- Home improvement loans, including: Basement remodel, hot tub, kitchen remodel, landscaping, solar power swimming pool
- Recreation loans: Boat loans, refinancing repair; destination club; RV purchase refinancing; timeshares
- Family life: Adoption, dental, in vitro fertilization fertility treatment, medical, pre-K through 12th grade education, weddings
- Other options: Aircraft, debt consolidation, horses, horse trailers, jewelry, ltiny homes
LightStream does not offer loans for:
- Post-secondary education
- Business use
- Refinancing other LightStream loans
To start the LightStream personal loan application process, go to the bank’s homepage click “apply.” Then you’ll need to select things like the primary purpose of your loan, the requested loan amount, the requested loan term. At this point you’ll be able to see the APR range for the type of loan you’re applying for.
Next you’ll enter your personal, employment security information before you submit your application. LightStream will check your credit evaluate your debt-to-income ratio. If your loan is approved, LightStream will respond with a final loan agreement for you to sign.
Once you sign the loan agreement, you’ll need to provide funding preferences banking information so the loan funds can be transferred to you. This can happen as soon as the same day you apply for the loan, provided you get the process started early enough in the day. In any event, you’ll get the funds promptly. The funds must be transferred into your account within 30 days (90 days for home improvement loans) or you’ll need to apply again.
LightStream offers fixed-rate personal loans only. Variable-rate loans are not available.
Loans from $5,000 to $100,000 are available. A minimum loan period of two years is required. Up to 12-year loan periods are available on home improvement loans from $25,000 to $100,000. Otherwise, the maximum loan period is seven years.
There are no origination, prepayment or late fees with LightStream. Personal loan APRs factor in autopay, 0.5 is added to your APR if you don’t opt for autopay.
When qualifying potential borrowers, LightStream looks for characteristics of good credit, including:
- Several years of credit history with a variety of account types good payment history
- Demonstration of savings ability with liquid assets, real estate down payments retirement savings
- Enough consistent income to pay current debts a new LightStream loan
Preapproval quote checks are not available with LightStream. Joint applications are accepted.
There isn’t a minimum credit score required to get a personal loan from LightStream. Instead, the lender evaluates a variety of factors including income, assets, credit report payment history when reviewing the application.
“Each individual profile is different, we make our credit decision based on the specific facts of that profile,” says Julie Olian, vice president of public relations social media with LightStream. “Ultimately, our determination of good credit is based on whether we conclude that there is a high likelihood that our loan will be repaid in a full timely manner.”
Select your desired loan amount loan purpose, your credit score range, your state to see estimated annual percentage rates loan terms.
LightStream is based in San Diego, but it lends to borrowers across the United States. It offers completely digital paperless loan origination, underwriting servicing.
LightStream is not rated by the Better Business Bureau. But its parent company, Truist, has an A+ rating is a BBB-accredited business.
In 2020, the Consumer Financial Protection Bureau received 43 personal loan-related complaints about Truist, with a timely response for all 35 complaints closed with an explanation, six with nonmonetary relief two with monetary relief. The main complaints concerned getting the loan the payoff process at the end of the loan.
LightStream personal loans received an overall 4.7 out of 5 stars from U.S. News & World Report. This rating is calculated based on the lender’s affordability (5), eligibility criteria for potential borrowers (4.1) customer service (5). The average overall rating for lenders in the personal loans category is 4.1.
LightStream offers a loan experience guarantee. If you’re not satisfied with your loan experience, you can contact the lender to receive a questionnaire about improving services. You’ll get $100 if LightStream receives your completed questionnaire within 30 days of issuing your loan.
Contact LightStream via email at [email protected], the company says a representative will respond promptly during normal business hours: Monday through Friday, 9 a.m. to 8 p.m. Saturday, noon to 4 p.m. Eastern Time. LightStream doesn’t answer customer service questions over the phone.
The LightStream loan process is completely online. That includes the application, closing account management. From your online LightStream account, you can review your loan make payments, update your personal information or apply for another loan.
LightStream also offers a mobile app for account holders to check make payments, monitor account balances, update personal information manage banking information.
- People with good to excellent credit
- People who want a lender with good customer service ratings
- People who don’t want to pay loan fees