LightStream

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LightStream

LightStream offers APRs ranging from 2.19 to 17.49* percent with autopay

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LightStream is a national online consumer lending division of the financial institution, SunTrust Bank. From the convenience of a computer or mobile device, LightStream offers its customers highly competitive fixed-rate financing. The company advertises a hassle-free loan that rewards customers for their good credit and promises the best loan experience possible. LightStream is ideal for borrowers with a 680 credit score or higher. Read LightStream reviews below to see what consumers are saying about the lender. 

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#9 LightStream Logo LightStream ›

5.1

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The Good

  • Flexible Loan Terms
  • LightStream Max Loan Amount
  • Competitive Rates
  • Direct Lender
  • Quick Application Process
  • Loans for a Variety of Financing Needs
  • No Loan Origination Fees or Prepayment Penalties

Flexible Loan Terms

LightStream has many different loan terms available to customers. The maximum loan term offered through LightStream is a 144-month or a 12-year loan. There are also several other options for terms 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 Max Loan Amount

Lightstream allows customers to borrow as little as $5,000 or as much as $100,000. Loan terms vary from 24 months to 144 months, with annual percentage rates ranging between 3.99% and 16.99%. 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.

Competitive Rates

LightStream offers competitive rates for personal loan borrowers. Its annual percentage rates vary from 3.99% and 16.99%. Many online lenders have rates that reach as high as 35.99%. LightStream's affordable rates help borrowers save money throughout the life of the loan. However, with such competitive rates, LightStream requires a higher credit score than some of its competition. LightStream's credit score requirement is 680, and the higher your credit score, the lower your APR will be. 

Direct Lender

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. The less a consumer's information is transmitted from hand to hand, the less chance there is of that consumer falling victim to scams, predatory lending, or other forms of illegal activity such as identity theft.

Quick Application process

LightStream's loans and funds transfer can be approved within the same day of application, which is quite faster than some 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."

Loans for a Variety of Financing Needs

LightStream offers loans for numerous financing needs and provides fixed rates and terms for each one on its website:

  • Auto - Fixed rates as low as 3.99%
  • Kitchen or Bath Remodel - Fixed rates as low as 5.34%
  • Debt Consolidation- Fixed rates as low as 6.14%
  • Swimming Pool- Fixed rates as low as 5.34%
  • Medical- Fixed rates as low as 5.74%
  • Wedding- Fixed rates as low as 5.74%
  • Timeshare- Fixed rates as low as 6.24%
  • Boat - Fixed rates as low as 4.29%

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. 

No Loan Origination Fees or Prepayment Penalties

LightStream does not charge any origination or prepayment fees 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 the option to save a great deal of money in interest charges. 

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The Bad

  • Fund Stipulations
  • LightStream Minimum Credit Score
  • No Peer-to-Peer Lending
  • LightStream Reviews

Fund Stipulations

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 2:30PM 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 Minimum Credit Score

LightStream requires borrowers to have a minimum credit score of 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. This could be the reason behind the required good to excellent credit score requirements for all LightStream loans.

LightStream explains its ideal borrower as someone who has:

  • Several years of credit history with a variety of account types such as major credit cards, installment debt (vehicle loans), and mortgage debt if applicable.
  • An ability to save evidenced by: liquid assets, cash down payments on real estate, retirement savings, and manageable revolving credit card debt."
  • Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream.
  • A good payment history with few, if any, delinquencies or other problems repaying debt obligations.

No Peer-to-Peer Lending

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

LightStream has a number of low-star reviews. Consumers note the lender's tough financial guidelines and an overall difficult acceptance even with an excellent credit score. 

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The Bottom Line

LightStream offers flexible loan terms and is a direct lender backed by SunTrust Bank, which is a strong company. With a high minimum credit score, LightStream is ideal for individuals with a fico score of 680 or up and a good debt-to-income ratio. Consumers with little to no credit will have a difficult time receiving a loan from LightStream, and current consumer reviews express this difficulty. LightStream also has fund stipulations that make you unable to use your loan on anything other than what was listed as the loan purpose in the loan application. Other top-ranked lenders provide more flexibility within the loan terms. We advise you to read LightStream reviews below and compare the lender against other top-rated personal loan companies before making your purchasing decision. 

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User Reviews

2.6

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39 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Iver
March 22nd, 2019 Deadwood, SD DETAILS
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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.

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Robert
March 15th, 2019 Phoenix, AZ

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.

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Nebula
March 7th, 2019 Albuquerque, NM

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.

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Drew
February 4th, 2019 Chino Hills, CA

Denied my application with 670 FICO and 60k income

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Maximo Cuellar
January 22nd, 2019 Swansboro, NC

Horrible company. Applied for a small loan. Denied within minutes. I own my home. The only debts are utilities. 775 credit score.

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Dino S.
January 3rd, 2019 Coram, NY DETAILS
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Honestly I am reading reviews and cant believe the bad reviews, smh how this is possible, so my first loan was almost 2 yrs ago I applied on line never heard of them and boom a loan of $7000 with a 5.69%,easy peasy, loan today while still paying that one even more than the first one, boom approved 3 hours easy peasy. I mean the only bad thing is if questions no Customer service to speak with otherwise I cant believe how easy 2 loans were. 15 min application 3 hr approval next day deposit.

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P.T. in Upstate NY
October 8th, 2018 Clarence, NY

We purchased a used car (2015 model year) from a local dealer, trading in two used cars equal to 60% of the total of the purchase price, taxes and fees. Loan application was done during the evening, and the loan decision promised by late the next morning (+/-12hrs.). The approval came by email within that timeframe - $10,500 for 60 months at 3.69% per annum, fixed. Loan proceeds were in my personal account the next morning. The billing cycle begins in mid-November. Very satisfied new customer! By the way, I have a FICO score of 846, and a TransUnion score of 816. It definitely pays to maintain your personal credit profile.

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Robert Reid
October 5th, 2018 Clinton, IL

Referred from LendingTree with a great APR offer. After pulling a hard inquiry, I was told that they couldn't honor that, but I could take a different type of loan for double the initial interest rate. Bait and switch after putting an inquiry on my credit history, which could change the offers from other lenders.

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Tgreen
September 24th, 2018 DeSoto, TX

Per LightStream rejection letter, I have an average credit score (from Equifax and Experian) of 797. So, if you are responsible (low debt, always pay on time, and pay off all debt early) you are not eligible for financing through LightStream. Apparently they prefer, high debt and risk, in order to over charge on rates and add fees.

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Micaela Deegan
September 18th, 2018 Vero Beach, FL DETAILS
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My significant other and I applied and were approved for a personal loan through LightStream, a division of SunTrust. We used the loan for debt consolidation of our credit card balances, we were loaned $30,000 plus $105.70 doc stamp fee for a 5 year term at 13.34% interest with monthly payments equal to $690.25. The loan was funded 5/15/18. We made our first payment 6/26/18 for $150, which was applied toward interest only, this payment was in excess of the monthly payment which was made on 6/28/18 for $690.25. We made our second payment 7/25/18 for $160, which was applied toward interest only, this payment was in excess of the monthly payment which was made on 7/30/18 for $690.25. We then made a payment of $10,000 on 7/31/18, only $10.69 was applied toward interest the remainder, $9,989.31 was applied toward the principal. The next payment we made was to pay off the balance on 9/10/18 for $19,384.64. The principal balance of $30,105.70 plus $969.44 in total interest has been paid, but this company insists that I still owe them INTEREST towards the loan!

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Nikole Trout
September 18th, 2018 Denver, CO DETAILS
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Great rate, easy to deal with, quick experience. Almost all online, one phone call to confirm identity, rep was polite and efficient. A+ experience!

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Jack
June 12th, 2018 Browns Mills, NJ

horrible company. I have no debt except my mortgage with 800+ credit score and they would not approve me. Don't waste your time with these idiots. Go to a reputable bank

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Sonja
May 18th, 2018 Lilburn, GA DETAILS
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Bad experience during trade of automobile. The new finance company took 32 days to payoff my loan and they still reported it to my credit bureau. No flexibility even thought my loan was paid early and on time throughout the life of my loan and I’ve been a SunTrust customer over 20 years and my mortgage is through SunTrust. I was expecting more loyalty especially when the late pay was no fault of my own. I won’t be doing business with them again.

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David
March 19th, 2018 St Louis, MO DETAILS
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I have had 3 loans with them. I am on my third right now... I can honestly say this company/loan program is AMAZING. This is a unsolicited review, and a very accurate review at that. I was nervous about taking out my first loan. I took out a 5k loan to help pay for my wedding. Their rate was awesome, and their online website was SUPER easy to use and user friendly. I paid that off... I then decided to take out a loan to pay off cc. The rate I borrowed CRUSHED my CC rates. paid that off, and then decided to do a remodel with my home. I am paying this off. What's nice is... if you over pay it reduces what your monthly payment can be. It was EASY to get all 3 loans. Took no more than 10 minutes, and once linked up with my bank account it was signed up for auto draft. EASY PROCESS. I love this company. If your looking for a loan... this is the place.

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D Gardner
February 27th, 2018

Total BS/scam company. Do not use them. I wanted to get a credit card consolidation loan and have never been late ever with any payment and they would not give me a loan. Lied about doing a hard pull and wanted to know what I bought with my cards. I provided more than enough documentation with all my available finances and they still would not approve it.

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barry
November 20th, 2017 Hull, TX

Their idiots by email, perfect credit, 15 minutes denied. Its funny my credit score is higher than theirs. Trashy company. Do not go there. BEWARE they will ruin your credit rating running it several times.

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Art
November 1st, 2017 Layton, UT

Worst experience ever! Do not waste your time unless you have perfect credit ( low risk) in which case you don't need a loan from Lightstream. All it got me was a credit inquiry on my credit report.

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Victoria
October 25th, 2017 Surprise, AZ

In June 2017 I applied for a personal loan and they declined me simply because they wanted my husband on the loan too. However Sofi immediately approved me (without hubby) for $30k and within 4 days the money was in my account. Won't bother with Lightstream/SunTrust again.

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Damon Wilson
October 9th, 2017

Received a loan for a 1990 Nissan Skyline GTR through Lightstream and it was one of the most painless processes of any of my previous car loans. I received a decent rate as advertised with a 760 credit score. Once all documents were submitted I had funds in my account within a few hours. I was pleasantly suprised with how easy the process was that I am considering refinancing my other car loan through them.

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Jerry n
August 9th, 2017

Worst experience I been through. No number to call HIGH credit scores I own all my asserts. No one calls you. Only respond by email customer service is bad. They PULL your credit multiple times lowering your scores. SunTrust needs look at lightstream and fire this terrible company and do it in house Sun trust or another 3rd party affiliate light stream is not trustworthy at all.

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Mrs Phil
June 30th, 2017 Philadelphia, PA

Applied for a pool loan, approved and secured funds within the same day! Delivered just as promised. The process was the simplest I have ever experienced when applying for a loan. The only down fall is you can't claim the interest on your taxes.

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TheCudaGuy
June 19th, 2017 Piqua, OH

I'm buying a classic Chrysler muscle car and was having a hard time securing reasonable auto loans through banks I've dealt with for years. I applied to LighStream with a score around 730 and was approved after answering 3 brief questions over the phone. Honestly the process was so incredibly fast and easy that I'm HERE reading reviews to figure out what the scam is... The only complaints I see are people getting denied, but for whatever reason, I'm not in that boat.

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SuperCR45
June 5th, 2017 Winchester, VA

I'm super sad i applied for a used car loan and got denied with a credit sore of EQ-750 & EX-715 with the minimum of a 5,000 dollar loan

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Nifer
April 19th, 2017 Sun Prairie, WI

Great experience with Lightstream. Auto loan approved right away and money deposited in our account before we even found the car. Lowest interest rate we could find anywhere. So convenient to check our balance anytime and make extra payments on line. We will be using Lightstream again in the future.

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hockeyeast
April 17th, 2017 Plattsburgh, NY

Pretty flawless on a small 7K loan. Interest rate can't be beat, after screwing around with local banks getting denied time after time with a exceptional credit record , lightstream was refreshing. Just simple and worked.

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Sean Orsburn
April 5th, 2017 Los Angeles, CA

I have had one auto loan through LightStream, and just applied (and was approved within an hour) for a new loan. I noticed all of the crybaby reviews on here, and just wanted to help balance it out. Their process is quick and simple, and always offered rates well below what my local credit union (of which I have been a member for nearly 30 years) can offer. Additionally, LightStream will finance vehicles older than 10 years, which is hard to find with banks and credit unions. If you have good credit and adequate income, this is a great company to use. I can only speak to auto loans- not sure about any of their other products.

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Kenny True
March 30th, 2017 Greensboro, NC

Wanted to do an auto refi, have over 8k in equity, and 100% pay on time ratio's. Debt % is high, however with credit history over 29 years of on time pay, they declined. Their disclaimer say's they look at all aspect's, although obviuosly did not. I would have considered it a slam dunk, or a secured loan. I will never use this company as my debt ratio's reduce, and would not recommend any service from them.

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Robert Smith
March 24th, 2017 Pomona, CA

Very disappointing not fair with credit decisions

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ravellin
March 24th, 2017 Endicott, NY

Non-deliverers!! With FICO around 770, income well over $100k, less that 25% utilization, this ought to be a mere formality. Nevertheless, they declined application after responding to their "pre-selected" offer, leaving a "hard" inquiry on the record. Never seen such nonsense before, and it's by far not the first personal loan I applied for. Welcome to another blacklist, LightStream scammers!

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VK
February 7th, 2017

Waste of time, wanted a pool loan for 65k had more than double in liquid assets available, kept hounding me for more info more documents, kept supplying. Credit score was close to 700, denied me anyway. Not really sure who's getting approved but they must not be borrowing much money and that's why they're approved. Its also true that they don't let you specify certain info and just judge off basic numbers. IE: Not counting that mortgages are paid through renters generating positive income.

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JDM
February 3rd, 2017 Dalton, GA

Couldn't have been easier. Applied on a holiday. Approved on the holiday. $35K renovation loan approved within hours. Received the lowest advertised interest rate, competive with home equity loan. Easiest loan ever.

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Douglas Jennings
January 19th, 2017

Very very impressed. Went very smooth and fast response to approval. I will tell others. Repeat customer right here for sure. Thanks again LightStream.

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Reginald
January 11th, 2017 Newark, DE

Easy as pie! Very simple process. I got the lowest interest rate I've had on a vehicle ever. Extra buying power at dealerships when the money is already in the bank.

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Isaac Moreno
December 13th, 2016 Whittier, CA

Fast, easy and great service. Best interest rate given for my last minute pool project. Got my $$$ same day without any issues. There email online service is the best so far I've ever dealt with. Only people complaining is probably the ones with real bad credit.

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Divya
November 11th, 2016 San Dimas, CA

Horribly rude customer service over email. They advertise one rate but approve a different one by tricking you and saying that they will give 0.5% for autopay. Instead they up their rate by 0.5% than what any other institution is offering. The rude emails indicate that they either are tanking and at this point not looking for new customers, or their employees are so underpaid that they take it out on the customers. Either way, beware.

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Jeff Hammerberg
August 12th, 2016 Indian Hills, CO

WARNING - LIGHTSTREAM IS HORRIBLE! Don't even bother applying to a company with so many negative reviews from people with outstanding credit! There is no personal experience - no "real person" to speak with, it's automated with very tight standards, even I don't understand! I have 800+ Credit / 100k income / Zero Credit Card Debt / More Money in the Bank than the auto loan I applied for, and was still denied!! (my credit union approved me in 30 minutes). My guess is they looked at three home loans on my credit report - not recognizing that two of the homes are rental properties generating positive income and just calculated my debt-to-income was out of wack... crazy that they don't ask for details - just a rude "your denied". This company is losing lots and lots of great business just by their "quick and easy" approach. I knew there was no way I'd get denied, so I was suckered into applying by their low advertised rates - don't you be a sucker too! Any credit union on the planet will give you a loan at low rates and you don't have to be a member to apply! I used Security Service Credit Union.

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Brandon-Dawson Warner
June 28th, 2016 Northbrook, IL

I used LightStream for an auto loan and I couldn't be happier with the process. It took less than 2 hours for me to be approved for the auto loan. They funded my checking account within 24 hours and I was able to pay off my previous auto loan within 2 business days. My interest rate reduced by almost 1 and a quarter percent and I will save almost $2,500 over the course of the loan. The process was extremely fast and efficient. Their website is relatively simple and user-friendly. At the touch of a button, I can easily adjust my monthly payments and get a quick schedule of the payments until the loan has been completely paid off. That way, I can easily gauge how much interest I'd save if I were to make additional payments each month. Honestly, I can't imagine using any other loan service going forward. Please note they offer unsecured loans which means applicants are approved (or declined) solely based on their credit score and current substantiated financial position. Since it's an unsecured auto loan, the underlying item is not deemed collateral. The good thing about having an unsecured auto loan is that you, as the buyer, receive the car title immediately. Your credit score and financial position gives LightStream confidence that you will not only make monthly payments timely but also resist the temptation to put your car title down on the craps table.

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Jean Laukant
May 23rd, 2016 Villa Park, IL

I had nothing but an excellent experience with Lightstream. Easy application process; no glitches or delays; extremely competitive rate; easy-peasy auto-pay system (my choice of payment date) with no problems. Never had to contact customer support, so cannot comment on that aspect: all was handled through secure on-line transaction.

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Yelena
March 24th, 2016 Columbia, MD

Extremely rude. Spoke with Andrei who was upset because me and my husband share an email address. Continued to ask questions about my life and family that pertained nothing to the Loan. After an hour of arguing I told him to cancel the application. I've never set with such scum in my life!! Don't Use This Bank!

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