LightStream is a national online consumer lending division of the financial institution, SunTrust Bank. From the convenience of a computer or mobile device, this personal loan lender offers its customers highly competitive fixed-rate financing for a variety of needs, including credit card or debt consolidation.
LightStream advertises a hassle-free loan that rewards customers for their good credit, providing same-day loan approval and funding. However, many LightStream customer reviews show accounts of customers complaining about transparency issues and qualification difficulties.
Keep reading to get an in-depth look at LightStream's personal loan services or, jump straight to verified LightStream reviews below.
LightStream has various loan terms available for customers. The maximum loan term offered through LightStream is a 144-month or a 12-year loan, which is higher than the average loan term of 60 months.
There are also several other term options available through LightStream. Customers can select to have a loan as short as 24 months or two years. LightStream is flexible and allows customers to choose a loan term that best fits their needs.
Lightstream allows customers to borrow as little as $5,000 or as much as $100,000, higher than many other personal loan lenders in the industry. However, to qualify for this maximum amount, an excellent credit score is required, which may not be possible for every borrower.
LightStream offers competitive annual percentage rates ranging between 3.49%-20.49%* (as of June 2020) - rates will also vary by loan type. You can get a 0.50% lower annual percentage rate if you set up AutoPay prior to loan funding. Your exact rates and monthly payments will be determined by your credit history and profile. Your credit report will also determine whether your LightStream loan will be an unsecured loan or a secured loan.
LightStream gives this as a payment example on its website: "Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20."
With such a wide range of loan amounts and repayment terms available, borrowers have the ability to select a loan that will best fit their needs and financial situation.
However, with such competitive rates, LightStream requires a higher credit score than some of its competition. LightStream's minimum credit score requirement is 680, and the higher your credit score, the lower your APR will be. This minium credit score requirement is much higher than most lenders in the industry, and it could be a better option for a borrower to consider a different personal loan provider if their credit score is low.
Unlike many of LightStream's competitors, all of the funding for the company's loans is provided directly in-house, which means immediate funding upon the close of a consumer's loan. This also means that there are no third parties involved in the process, resulting in no transfer of personal information. This is good news as there is less of a chance that a consumer will fall victim to scams, predatory lending, or other forms of illegal activity such as identity theft.
LightStream's loans and funds transfer can be approved within the same day of application, which is faster than other competing online lenders. This is great for borrowers who need funds as soon as possible.
LightStream states that you can receive funds the same day "if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process."
LightStream offers loans for numerous financing needs and provides fixed rates and terms for each one on its website. These options include:
It's important to note that signing LightStream's contract means you are agreeing to spend the loan only on what was specified in the application process. There are many competing lenders who do not have such strict stipulations and allow borrowers to use their loan to fund whatever they'd like.
LightStream does not charge an origination or prepayment penalty fee for its loan services. This means you will not have to pay for any hidden fees when choosing LightStream as your loan service provider, and you can pay off your loan whenever you want without penalty. The option to pay off the loan early allows you to save a great deal of money in interest charges.
Additionally, LightStream does not charge a late fee if you miss a monthly payment due date. This is unique in the personal loan industry, but because a high minimum credit score is required to qualify for a loan, LightStream provides themselves with some assurances that their borrowers will make their payments on time.
Once a customer applies for a loan, LightStream has a team of underwriters that carefully look into the details of both the loan and the applicant. Same-day funding is possible if someone applies, is approved, and chooses a funding date by 2:30 p.m. Eastern time.
Once the funds are made available, customers receiving loans through LightStream have 30 days to move the funds into their personal bank accounts or the loan application is canceled. In addition, funds must be used specifically for the reason stated when applying for the loan or the loan is void. These are basic terms of the agreement and apply to each and every loan processed through LightStream.
LightStream requires borrowers to have very good credit, with the estimated minimum credit score being around 680 in order to qualify for a loan. This is relatively high in comparison to other online lending companies. However, LightStream does claim to be a loan company that rewards its customers for excellent credit.
LightStream explains its ideal borrower as someone who has:
Peer-to-peer lending is becoming increasingly popular. However, LightStream does not offer this option. Instead, the company is the online consumer lending division of SunTrust Bank. Customers looking for a peer-to-peer loan will not find it with LightStream.
LightStream reviews reflect a number of low-star reviews with around 60% of its reviews recorded as one-star. The main Lightstream complaints voiced by consumers highlight tough financial guidelines that are unclear, and a low acceptance rate even for those with an excellent credit score.
It should be noted that there are less than 100 reviews. Take note of the anecdotal reviews that you read, but also keep in mind that the whole picture may not be painted due the smaller number of customer reviews.
I will never use them again. I used this company for a loan previously in the year. Good experience, and I even paid the loan off early. Fast forward, I apply for the exact same loan again and am denied. I have a 766 credit score and a debt to income of 25% (homeowner). I make 70k a year and have well over 10x assets for the loan request. They could not give me any legitimate reason as to why, other then "debt to income doesnt meet standards" or "income doesnt meet standards" I will NEVER use them again.
Horrible!!!!! 0 stars! I have a beautiful credit and have plenty of money! Yet, they denied me twice for not having a sufficient credit score and finances!?? Not doing their jobs correctly and pissing people off in the process. My frustration will be written everywhere! If u are reading this... do ur self a favor and and save ur self the time and frustration... Find another company!
Poor customer service and rude. Do not use these folks, shop around for your loan, there are much better lenders out there.
I applied for a credit card consolidation loan and in 2 days the money was in my account. I was very pleased with the easy process and how quickly I was able to get the funds. I got a good interest rate and an affordable monthly payment and will be debt free in 48 months! I highly recommend LightStream!!
Very poor customer service and even on the rude side. Way too much red tape to process a simple loan. Incorrect information in final paperwork.
Home Improvement loan. Applied at 10am, faxed pay stubs in at 1pm and got the approval at 3pm. Absolutely no hassle. Set up a disbursement date for when the work will begin and set a payment date for the 15th when we get paid. Couldn't be happier.
Horrible OVERALL experience! The process of getting money is simple, but then it goes downhill from there! You will regret it!!! Min $100 payments only, some payments take up to 4 days to pull while YOU get charged daily interest! $100 - (4x $20= $80) = $20 payment.. They don't tell you this while applying! We called in last week for the final payoff amount, logged in that evening, clicked "make final payment", and here we are, still have a loan with lightstream 7 days later, waiting for another manager to call us back next week (still being charged interest)! The rep today said we could make ANOTHER final payment and ask for a refund later! HAA!! What a joke!
Lightstream is the best, are you kidding me. Super fast answer. Same day funding. I have used them many times. Never disappointed. I always pay the loan off way before the maturity date. I would not use anyone else but Lightstream.
Don't use LightStream. Rejected my loan for the wrong reasons. Wasn't approved nor did they call me.
STAY AWAY! My husband and I have banked with SunTrust for over 40 years. The original account was opened when it was Trust Company Bank of Georgia. We've had several vehicle loans and even one of our mortgage loans was with them. Our original vehicle loan was paid by us (there wasn't autopay at the time) on time, every time. After that, every loan was autopay, therefore guaranteeing no late payments. Anyway, we both have very good credit scores and since selling our last house in July 2018 and both of our vehicles having been paid in full for several years, we have zero debt to income. He makes well into six figures (plus bonuses-which we didn't include, since it is not guaranteed income). Between the two of us we have 4 major credit cards that are paid in full and on time every month. There is literally zero liability for this loan and yet we were DENIED!! In the past, we've always gone into our local branch and worked with a loan officer but because my husband was out of town this week, he called Suntrust. He was guaranteed this loan due to our relationship with the bank, but was told that this is the way SunTrust does loans now. He had no reason not to believe the person on the line. What a liar. Needless to say, our business of 40 years is not coming to an end. We're going back to banking with the smaller banks that actually care about their customers, like Trust Company aka SunTrust once did. SunTrust, you are doing yourselves no favors by backing this horrible company. Shame on you!!
Unless you have a 750+ score DO NOT apply. They will deny you and then sell your information to predatory lenders who will robo call your cell within one hour of your denial. DO NOT APPLY here.
The wanted me to send money. I did like a dummy and still wasn’t approved. They wanted me to send more. Never got approved and I told them to cancel my application and refund me now I’ve been blocked. Lawyer up time!
Extremely crappy company. Skip this one and try to go somewhere else if possible. They will ruin your credit score if you do not qualify.
All they are good for is causing damage to your credit score.
It seems that Lightstream is really only looking for very credit-worthy borrowers. They appear to look at not only your credit score but also your financial position, which is probably why their rates are some of the lowest available, and also why some with high credit scores may not necessarily get approved. Since they do a hard credit pull, you probably want to make sure that you have a great credit score, long credit history, demonstrated ability to save money, and - likely - a position that indicates that you are not in financial stress. My goal was to consolidate a couple of loans in such a way that allowed me to more easily meet a financial target 10 to 12 months away. As I read reviews, this appeared to me to be the kind of client Lightstream is looking for, at least in the way of debt consolidation loans. They fund loans for just about any need including boats, classic cars and aircraft. They say they don't do cash out refis or educational loans. The process was dead simple. It took about 10 minutes to fill out the application and within one business hour I had an email requesting a photocopy of my DL to verify my identity. That was it. And within a business hour of submitting that, the loan was approved at the advertised rate for the amount requested. It took another 10 minutes to complete the documentation process - all done online. In the documentation process, Lightstream offers the borrower a choice of funding dates as well as the date payment will be due. It really was as simple as they advertise.
The ONLY place that didn't have automatic declines that communicate with every consolidation company. I have a 730 score and every other place tried to get me to do a program that would destroy my credit with late pays. Lightstream is the easiest and will reap the benefits of my flawless pay history. Too bad to all of those other companies
My credit score was over 800 but my interest rate was over 10%, nowhere near the low end they advertise. It was a 60 month loan but I was able to pay it off after 13 months. When I tried to pay it off, on Oct 1 their website would not let the payoff take place until the 3rd, after they had taken out the monthly payment. Then they added another $8.65 in interest from the 2nd to the 3rd. It does not seem like much but if I can pay on the 1st they should not try to squeeze 2 more days and charge more interest. Legal thieves.
I currently have 2 loans with lightstream. $20K and $12K. Loan term was 48 months on both. Loan 1 paid off in 19 months. Loan 2 paid in 9 months. Called to do a home improvement loan for $15K and they turned me down!! Wow...Never been late. Credit Score is 788...You just lost a very good customer!!
This is the worst company I have ever seen .I have 772 score .In the soft pull they had showed me an offer .But they have rejected my application and made a hard inquiry. Stay away from this company.
Discussion ended when i was asked for the username and password for my bank account!
Easiest and smoothest loan i have ever applied for. Approved within the hour and could've had funds deposited the very same day. Most other companies were charging me 17% interest or flat out not approving my loan even though my credit was at 720 with no neg marks and make 55k. Don't know why many have been rejected but might be because some are lying.
I got a loan for 24K to refinance my Harley. I almost did not apply after reading the bad reviews. Glad I did. My FICO is 753 and salary 110K with clean credit report. Lighstream also asked for my current bank balance and investments balance. ??? Regardless, applying was painless and the funds arrived the next morning. Couldn't have been better.
This appears to be the best place to complain if you can't get LightStream to give you money. I requested a small loan of 10k, make 40k a year, and have a 760 credit score. No run around, was approved right away and the money was in my account the day I scheduled it. I have been rejected everywhere else because I only have 2 years of credit history. My credit union that I've been with for 15 years wouldn't give me a better rate so I'm pretty happy with LightStream. If anything changes with my experience down the line, I will come back here and change this but right now it couldn't have been easier to get the money I needed for a car.
Was denied . Reasons Insufficient income. 2,Serious delinquency.3, Collection .4, Lack of recent credit repayment history. all lies. credit score is 720,have 6 accounts never late. no delinquency.
They give the impression that you will be approved after they do a soft pull, and encourage you to apply. After the hard credit pull is done, I am denied. My credit is in the mid 700's. Would not waste the time of day to apply with them, they are not worth it!
The company does not do as they advertise. They lure you in with good rates and an easy application process . Then turn your information over to other companies after denying your application. Read the reviews. They're pretty much spot on.
775+ 30yrs of good credit not one late pay and want me to show pay, retirement, cking ,savings, stocks, bonds for a secured auto loan? Paystub and and credit pull understandable the rest waste of time, insulting. Other financial aval with lot less drama.
I applied at Lightstream and was approved for a new truck loan. The rate quoted was 6.49% on a new vehicle. I took the next finance offer from the dealership at 5.74% then I refinance the loan the next day at StateFarm at 3.9% interest. Lightstream offered me a higher than average rate and I’m glad I did not accept their loan.
I have used lightStream for 2 loans for 10k each so easy get money fast highly recommended.
Terrible company. I applied for a tiny house loan. I have no debt except for a vehicle, make six figures, and have an 800+ credit score. They turned me down and offered ZERO in the way of any alternatives or recommendations. This is by far the more unprofessional bank with which I have ever had an experience. Now my credit is dinged with an inquiry. This is not a user friendly bank for people interested in tiny homes and a minimalist lifestyle. They only loan to people who have a lot of assets. DO NOT TRY TO GET A LOAN FOR A TINYHOME WITH THEM!
To start I have a 780 credit score with very little debt. Two credit cards with a $ 25,000 limit . One card has $1,500 balance the other $ 1,800 balance my other cards are paid off over $150,000 equity in my $400,000 house . I take great pride in having good credit and protect it with all i have. I make well into the six figures a year and light stream turned me down for a pool loan!! I have never been so angry in my life! I would not have applied had I known their track record. Don't apply with Light stream as chances are good you will take a hit on your credit score. Again, I have excellent credit with little debt and the turned me down. They are a waist!!
Not sure what the rest of these folks are talking about but Lightstream was the easiest loan I’ve ever obtained at an incredible rate! 770+ credit score, debt to income 17% and make just under $120K so I wouldn’t consider it to have been a risky loan at all for them, but I am younger and don’t have 15+ years credit history like a lot of banks wants to see for a lower rate on an unsecured personal. Applied for $11K on a holiday and received an email of approval back within 10 minutes. Filled the rest out for my part and selected to have the money 3 days later (after the holiday weekend). Showed up this morning! 5 star experience easily!
Have used Lightstream for 2 loans now. Both times have been a VERY smooth, easy, and fast process. So fast, in fact, that funds were approved within the hour! I highly reccomend this company.
Preapproved, so I finished the application to be rejected. Thanks for nothing!
They sent me a preapproval, and a rate range. I went ahead with the full application and agreed to the HARD credit pull for this reason and they denied me. I'm disgusted. I would never have applied and agreed to that if they hadn't pre-approved me. Nothing changed! Disgraceful behavior.
Everything seemed promising but... I was applying for a loan I wanted to purchase through private party. But because the seller was still financing the car Lightstream didn't want to continue with the application. First of all, I never heard of a bank/credit union denying a loan because the seller had a loan on the vehicle. Just give me the money, I pay off their loan and give them the difference. Simple and every other loan provider does it. Second this information should have been displayed easy to see before I gave the company all my personal information. Customer service was like oh its is in our FAQs section... I'm not going to go digging around your FAQs for a question I never knew I had to ask in the first place. Bottom line: If trying to finance a vehicle through private party deal go somewhere else, and listen to all the other reviews.
They are such a waste company. Dont trust. This company is scam. I repeat .... total scam. If you want your good credit history to go down without processing loan, then only apply loan. I have credit of 800 and 200k Still denied. Never late paid or my debt to income is over 50%.
I received mailing from LightStream, trading as part of SubTrust, offering loans to reduce the rates on higher rate cards via debt consolidation loan. I have a middle 700 credit score, pay all of my debts on time and yes, I have a few credit cards. I applied for the loan to be able to make 1 payment a month in place of multiples. I was immediately denied because I have credit accounts and they have balances on them. This is crazy to offer debt consolidation loans and deny because the applicant has debt. The only thing I got was a hit on my credit score thanks to their hard pull on my credit. I would never use LightStream and I would even question using SunTrust, as they gave LightStream my information for contact.
Horrible customer service and underwriting team. NFCU gave me a better rate, term and conditions and pleasant services.
This company does not have the best customer service for clients. They to do not make you feel completely secure with proceeding into a loan agreement. There underwriters request too much for a small approval rate. I received a better rate, loan terms and amount; plus better customer satisfaction with NFCU. I would not recommend Lightstream for a loan in anything.
I was turned down for a loan with a credit score of 744 and a very good income.
Horrible service. Liars. They will not match your lowest rate from other lenders. I have it all in writing. These guys will try to squeeze you. Stay away.
Their underwriter are horrible. They only approve you for half of your annual salary amount. I went through all the hassal of trying to give them documentation to still only give me a low approval loan. My credit is 770 so if you have an annal salary of 46k you will only get approved for like 22k. Also, they customer service are not all on one accord. Definitely would not recommend this company to anyone!
I was told my loan amount would be in my by morning after my verification went through and nothing has shown up. On top of that I received an email from my bank that a purchase i made the end of Feb was being investigated since I asked, which I never did so.
I wanted to take out a loan for a RV. We do banking with Suntrust already (checking, savings, car loan, mortgage). Applied online and received a call a few hours later from a SunTrust rep. By that night at 10:00 pm (they are in CA) we had an email that we were approved. Picked a date to get it funded into my checking account. This morning the funds were there. So easy and got a great rate on a 3-year loan. Would highly recommend them.
I was looking for a large loan to finance home improvements/garage-carriage house without going through the long application process of traditional banks. After finding Lightstream online, I applied for their $100,000 loan with a term of 144 months at 4PM. They messaged me for a few additional pieces of information, an hour later they asked to see 1 paystub, and the next morning I was approved at the lowest rate they offered. (funded soon thereafter) I do have a large income (over 300K) and low debt to income ratio, credit score around 755, however, that was by far the easiest and most respectable process I've ever been through. I've been at my career for over 20 years, and have worked really hard to get to where I am. It was nice to see a company recognize that and make the decision that I was worth the risk of such a large unsecured loan. I plan on paying it off in 2 years or less and definitely using them for any other financing needs in the future.
BEWARE! I wish I could have read this reviews before applying with my loan with them. I have perfect credit and make a decent amount of money and they just denied my application.
Terrible experience with LightStream, I do NOT recommend them. They sent an email saying I was pre-approved and inviting me to apply. Based on many reviews on this website and the high regard Nerdwallet seems to hold them in, I did so. I immediately got an email asking me to contact them via phone to answer a couple of questions. I was asked a number of questions basically asking me to justify why I had high credit card debt and why did i need a loan to consolidate that debt. This with a FICO score of 720 and an income of almost 200K (with an admittedly somewhat higher DTI). I next got an email asking me to upload my W-2, most recent paycheck stub and proof of retirement accounts. I then got another email asking me to call again, which I did, where I was grilled AGAIN about why did I want a loan to consolidate these credit cards? Again, isn’t this why you offer these loans, you morons? So you can get the interest payments instead of the credit card companies? So I patiently answer the questions again, whereupon an hour later I get an email saying they have declined the loan. All why they’ve done a hard pull of my credit. Over 30 years of credit, never a single late or missed payment (not one!), own homes, own the building my business is located in, etc., and this is how they treat a potential customer. Absolutely terrible.
Denied my application with 670 FICO and 60k income
Horrible company. Applied for a small loan. Denied within minutes. I own my home. The only debts are utilities. 775 credit score.