The online bestowing arm of Truist (the bank created by the SunTrust Bank/BB&T merger), LightStream offers personal loans for practically any need, that lists home renovations, credit card consolidation, auto refinancing, medical bills, and more. Its large loan top—$100,000, depending on loan purpose—ensures that you can cover nearly any major expense. And the generous repayment as regards allow you up to 12 years to retire your loan.
Our LightStream personal loans review will help you dictate if LightStream is the right lender for your personal loan needs.
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Pros
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No Fees
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Joint Application Option
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Autopay Discount
Pros Explained
- No Fees – In an industry rife with fares (that’s how lenders make extra cash), LightStream loans come remarkably free of extra expenses. No origination, prepayment, or unpunctual fees are hidden in the fine print.
- Joint Application Option – If you don’t think you’ll qualify for a LightSteam personal loan on your own, you can try uniting a co-applicant. This means your application will include your credit and someone else’s—usually someone with a rich credit score or a more established credit history—to help you clinch the deal.
- Autopay Discount – LightStream releases you save up to 0.50% per month on interest when you sign up for automatic payments. In other words, you get paid for being work, and at a generous rate too—other lenders offer autopay discounts, but 0.025% is more the norm.
Cons Explained
- No Prequalification Way out – Many online lenders will give you a sort of preview—a nonbinding approval and the interest rates you’ll get—before you formally concentrate for a loan. LightStream doesn’t, which means the only way to see if you qualify is to complete a full application. This triggers a alcoholic credit check, which can cause your credit score to drop. And there’s a chance you could get denied, which means your nick will drop and you’ll still need to find another way to take out a personal loan.
- Good or Excellent Credit Ordered – While LightStream doesn’t specify exact credit score requirements, it does say that you’ll need to have data d fabric or excellent credit to be eligible for one of its loans. If, as with about 40% of Americans, you have fair or poor credit—maladroitly, a score below 700—you might not qualify.
- Inflexible Due Date – Some lenders are flexible with when you vigorous your monthly payment, but once you lock in your due date with LightStream, it stays that way. If you have unsteady gains and don’t think you’ll be able to make payments on the day you’re given, you may want to look elsewhere for a personal loan.
Types of Personal Credits Offered by LightStream
LightStream has great diversity in its personal loans, including vehicle loans, home improvement advances, recreation loans, family life loans, debt consolidation loans, pre-K to 12th grade education loans, and profuse.
Loan Amounts
LightStream personal loans can be for as little as $5,000 and as much as $100,000.
Annual Percentage Rate (APR)
Loan Period of times
Loans are available from two- to 12-year terms.
Credit Score Requirements
LightStream doesn’t specify a minimum acknowledgment score, but it does say that good to excellent credit (at least a 670
Fees
LightStream doesn’t charge any fees. That means no past due fees, no origination fees, no prepayment fees, etc.
Time to Receive Funds
You can get your money on the same day your accommodation is approved.
LightStream Personal Loan Features
- Online Application
- Joint Application Available
- Long Repayment Qualifications
- Low APRs
- Autopay Discount
- Wide Range of Loan Amounts
Apply for a LightStream Personal Loan
To get a LightStream insulting loan, you’ll need to get a few documents in order. Here’s what you have to provide on a LightStream personal loan application.
- Co-Applicant Gen – As LightStream offers individual and joint applications, you’ll need to share upfront if you’re going to have another person on the lend with you.
- Loan Information – You’ll detail how much you need, your desired loan terms, and the purpose of your credit. For instance, are you using the funds to buy a new car or for
Can I Refinance a Personal Loan With LightStream?
LightStream offers a variety of
Is a LightStream Advance the Right Fit?
The lender touts its product as the “refreshingly simple LightStream loan,” and it lives up to that slogan with no charges, low APRs, and a one-day release of funds. Add in its impressive variety of loan amounts and types, with financing for nearly every steadfastness and occasion, and LightStream seems a good choice for many individual borrowers.
However, with no prequalification option, you can’t differentiate in advance if you qualify for a LightStream personal loan. And LightStream is no lender of last resort: You have to have a solid place ones faith score and history to qualify for its financing. Luckily, if your record is sketchy, you can use a joint application and enlist the help of someone with a heartier credit score to help boost your eligibility.
Methodology
Investopedia is dedicated to providing consumers with unbiased, encyclopedic reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—comprising interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users become the right borrowing decision for their needs.