LightStream, a division of SunTrust Bank, offers its customers highly competitive fixed-rate financing for a variety of needs, including credit card or debt consolidation from the convenience of a computer or mobile device.
LightStream advertises a hassle-free loan that rewards customers for their credit, providing same-day loan approval and funding. Thus, qualification requirements are strict and favor those with excellent credit, a solid credit history, and a low debt-to-income ratio.
LightStream customer reviews are primarily 1-star, providing customer accounts of transparency issues and qualification difficulties, even with good credit.
Highlight: LightStream personal loan rates and terms
Keep reading for pros and cons, and LightStream reviews from real customers.
LightStream has various loan terms available for customers. The maximum loan term offered through LightStream is a 144-month (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 repayment term as short as 24 months (two years).
LightStream allows customers to borrow as little as $5,000 or as much as $100,000, higher than many other lenders in the industry.
However, to qualify for this maximum amount, an excellent credit score (700+) is required, which may not be possible for every borrower.
LightStream offers competitive annual percentage rates ranging between 2.49 percent to 19.99 percent* (with the AutoPay discount). It is important to note that rates vary by loan type and loan term.
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 credit score of 680, which is much higher than some of its competitors. And to qualify for the lowest interest rate, you must have an excellent credit score.
Unlike many of its competitors, all of the funding for a LightStream loan is provided in-house, which means immediate loan 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.
A LightStream personal loan can be approved with funding transferred 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.
However, same-day funding is only possible if a borrower is approved by 2:30 p.m. Eastern time on a banking business day, and has completed the loan agreement process.
LightStream offers loans for numerous financing needs and provides fixed rates and terms for each loan type 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 the specified loan purpose in your application. 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 fee or prepayment penalty fee. This means you will not have to pay an additional fee to fund your loan, and you can pay it off whenever you want without penalty. The option to pay off the loan early allows you to save a great deal of money in interest.
Additionally, LightStream does not charge a late fee if you miss a monthly payment. This is unique in the industry, but LightStream provides itself with some assurances that borrowers will make their payments on time by requiring a high minimum credit score.
To easily manage your loan, you can download the LightStream app, available on both Android and iOS. Through the app you can check payment due dates, make payments, monitor your balances, and even apply for a new loan if needed.
LightStream does not provide a pre-qualification option on its website, a service that most other personal loan lenders provide, allowing you to see rates and terms based on your credit score and personal information without any impact to your credit score.
When you apply for a LightStream loan you will be required to specify the loan purpose, whether that be an auto loan, a debt consolidation loan, or a loan for medical expenses or home remodeling. Although you can lose your loan for a variety of needs, funds must be used specifically for the reason stated when applying for the loan or it is void. These are basic terms of the agreement and apply to each and every processed LightStream loan.
LightStream doesn't offer refinancing on existing LightStream loans. This is a common practice in the industry - lenders not providing refinancing on their own loans - and Best Egg, for example, has the same refinancing stipulation. However, LightStream does refinance loans from other lenders.
LightStream's estimated minimum credit score is approximately 680, which is high in comparison to other online lending companies. This high minimum requirement allows the company to offer competitively low rates and high loan amounts.
However, LightStream does claim to be a personal loan company that rewards its customers for excellent credit, meaning that you can access competitive rates and terms if you have a strong credit history and assets, demonstrating your ability to save money.
LightStream finance reviews from customers reflect a number of low-star reviews with around 64 percent of its reviews recorded as one star. The main LightStream complaints voiced by consumers highlight unclear financial guidelines, and a low acceptance rate even for those with an excellent credit score.
It should be noted that there are currently less than 100 LightStream reviews. Take note of the anecdotal reviews that you read, but keep in mind that limited reviews offer a limited perspective on a company and its overall loan experience.
Rita Woodstock, MD
2 years ago
Nathan Dallas, TX
3 years ago