LightStream Personal Loan Review

Learn about LightStream personal loan rates

A young professional looks at his LightStream loan status.
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LightStream is the online-only consumer loan division of Truist Bank, which formed in 2020 after a merger of SunTrust and BB&T. It offers fixed-rate loans for a variety of uses and for up to $100,000.

Who Is a LightStream Personal Loan Best For? 

LightStream is among the best if you’re looking for low rates, long-term repayment, and big loan amounts. A LightStream personal loan is best if you:

  • Have a strong credit profile
  • Want an unsecured car loan.
  • Are a homeowner and want a home improvement loan with a long repayment period.
  • Need a large loan
Pros
  • No fees

  • Broad repayment terms

  • Rate Beat program

  • Same-day funding

  • Generous AutoPay discount

Cons
  • Can’t change the monthly due date

  • No pre-qualification option

  • High minimum loan amount

Pros Explained

  • No fees: You won’t pay any origination, pre-payment or late fees.
  • Broad repayment terms: LightStream loans range from two years to 12 years, making LightStream the only major personal loan lender with loans longer than 84 months.
  • Rate Beat program: If you get approved for another loan that has a lower APR than LightStream, they will beat that rate by at least 0.10%. This ensures you’re getting the lowest rate available.
  • AutoPay discount: LightStream’s .50% discount for using AutoPay is better than competing lenders.
  • Same-day funding: If you apply and get approved before 2:30 p.m. Eastern time, there’s a chance you could get your funds the same day.

Cons Explained

  • Can’t change the monthly due date: Once you’ve received your funds, your due date is the same every month.
  • No pre-qualification option: If you want a LightStream loan, there’s no way to check if you qualify for one without applying first. Your application requires a credit check (“hard inquiry”) that could affect your credit score, albeit modestly.
  • High minimum loan amount: LightStream doesn’t offer personal loans under $5,000. If you’re looking for smaller loans, other lenders may be a better fit.

LightStream Personal Loan Rates & Terms

LightStream’s personal loans have fixed-rate APRs ranging from 4.99% to 20.49%, depending on your credit profile, assets, income, and how you’ll use the money. Unsecured new-car loans, for example, have different rates than debt consolidation or medical loans. Overall, LightStream’s lowest rate is excellent compared to other personal loan lenders.

LightStream’s repayment terms range from two years to 12 years, depending on which type of loan you get and how much you borrow. Only home improvement loans have repayment periods longer than 84 months.

You must sign up for AutoPay before LightStream funds your loan to get the 0.50% rate discount.

How Much Can You Borrow With LightStream?

You can borrow as little as $5,000 or as much as $100,000. Your loan amount depends on the type of loan you’re getting, your repayment length as well as your financial profile.

LightStream Personal Loan Fees

LightStream doesn’t charge any fees when you take out a personal loan.

How to Get a Personal Loan From LightStream

If you’d like a personal loan from LightStream, you’ll complete an online application—whether on your own or with a joint applicant. You’ll start by detailing the purpose of your loan, like if it’s to cover medical expenses, home improvements, or education-related costs.

Remember that there’s no pre-qualification option, so once you complete your application, you’re giving LightStream permission to pull your credit report.

Once you’re approved, funding times range from the same day up to 30 days. There is no guarantee that you’ll get your funding the same day. If you don’t need cash right away but would like it within one or two weeks, other lenders have faster turnaround times.

If you aren’t satisfied with your loan experience, you may be able to earn a $100 payment from LightStream if you fill out a customer service questionnaire explaining why you’re not happy. 

The Bottom Line

BENEFITS

LightStream’s no-fee model, along with repayments as long as 84 months for most loans and 144 months for home improvement loans, make it a suitable lender for a wide variety of borrowers. If you need at least $5,000 dollars and can meet LightStream’s credit standards, LightStream could be a good fit.

DRAWBACKS

If your score isn’t great and you’ve had some dings to your report, you may not qualify for a LightStream loan. If you do quality but you only need a few thousand dollars, LightStream’s minimum loan amount will be prohibitive. And if you’re just rate shopping, you won’t be able to get a quote for a loan without hurting your credit.

Article Sources

  1. LightStream. "Loans for Practically Anything." Accessed June 10, 2020.

  2. LightStream. "FAQs." Accessed June 10, 2020.