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- Lightstream Personal Loans
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- FeesEditor: 85%
- Funding TimeEditor: 90%
- Loan AmountEditor: 90%
LightStream is an online lending division of SunTrust Bank that offers fixed competitive rates and flexible terms on loans from $5,000 to $100,000. This amount can be delivered directly to your bank account, often as soon as the same business day.
LightStream’s unique lending model has variable interest rates which reflect the amount of risk for the purpose of your loan. For example, a loan to consolidate debt is considered higher risk than a loan to purchase a car. LightStream’s rate will reflect that. No other online lender tailors their rates to how borrowers use their loan.
Read on to learn more about LightStream personal loan and see if it’s the right one for you.
|Credit History||At least 5 years with diverse credit (credit cards, mortgage, car loan)|
|Payments||History of positive payments|
LightStream customers have several years of credit history with a variety of account types, such as major credit cards and vehicle loans (installment debt). They have an ability to save which shows in their liquid assets, cash down payments on real estate, retirement savings and manageable revolving credit debt. These borrowers have stable and sufficient income and assets to repay their current debt obligations and any new loan with LightStream. Lastly, these customers have a good payment history with few, if any, delinquencies.
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to LightStream’s website and apply online.
- Joint applications. LightStream welcomes cosigners for every loan type and allows one party to have a credit score lower than its minimum requirement.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- No origination fee. There’s no “middleman” fee, and you will receive the full amount of your loan.
- Quick funding. You can get funds in your account as soon as today, if approved.
- Flexible fund use. A personal loan through LightStream can be used for an auto purchase, home remodel, debt consolidation, timeshare, medical or wedding expenses, and more!
- Competitive fixed rate. With excellent credit, your APR could be as low as 3.09%, and that won’t budge for the entire duration of your loan term.
- Lowest rate guarantee. LightStream is so confident in the competitiveness of their interest rates, they will beat any APR presented by other lenders by 0.10 percentage points, given similar terms and conditions.
- No fees. There are no prepayment fee or late fees.
- $100 loan experience guarantee. If you received a loan from LightStream and you were not completely satisfied with your experience, please contact their customer service. You’ll have a chance to complete a questionnaire so LightStream can improve their services. Submit your response before the 30 day time limit, and $100 is yours to keep!
- Your loan plants a tree. LightStream has teamed up with American Forests, the oldest conservation organization in the United States, and pledged to donate a tree for every funded loan.
- Stiff credit qualifications. LightStream caters to borrowers with excellent credit.
- Online only. LightStream’s loan service is completely online. You can’t go into a SunTrust bank branch to make payments or ask questions in person.
All applicants must have a minimum credit score of 660. There is no minimum annual income requirement and no debt-to-income ratio requirement.
LightStream Terms & Fees
|Loan Amounts||$5,000 – $100,000|
|Loan Terms||2 to 7 years|
|APR||3.09% – 14.24% with AutoPay, 3.59% – 14.74% without.|
|Check Processing||0.50 percentage point higher interest rate|
LightStream gives creditworthy borrowers an exceptional loan experience, and they’re willing to compensate if it doesn’t meet your expectations. With excellent credit, you can take advantage of LightStream’s extremely competitive rates for loans that you can use for just about any purpose. Loan amounts and repayment terms are among the highest and longest compared to other online lenders. Cosigners are welcome, and there are no origination, prepayment or late fees. LightStream will even plant a tree when you get a loan!
|Loan Term||48 months|
However, LightStream’s low rates are only available to borrowers with excellent credit, good jobs and substantial savings. Also, there’s no face-to-face service, as LightStream is online only.