If you’re looking to make improvements to your home and have good to excellent credit, this loan could be the solution to your financing needs.
Known for: LightStream believes that consumers with good credit deserve a simple loan process with a low APR and no fees.
The process of obtaining financing for home improvements can be laborious and costly. Many homeowners opt for a home equity line of credit (HELOC) to accomplish this task. But a HELOC comes with associated fees, and a variable APR can increase over the loan’s lifetime. A better choice is LightStream’s home improvement loan. It comes with no fees and a low fixed APR, and you can apply without stepping foot in a bank.
|Product Name||LightStream Personal Loans|
|Interest Rate (p.a.)||From 2.19% (fixed)|
|Comparison Rate (p.a.)|
|Product Description||You could borrow up to $100,000 with rates starting from 2.19% fixed, with AutoPay**.|
|Requirements||You must have a good or excellent FICO and be an American citizen or a permanent resident of the US.|
|Minimum Loan Term||1 year|
|Maximum Loan Term||7 years|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
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Loan amounts range from $5,000 to $100,000 with a maximum loan term of 84 months (7 years).
Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17.
Once approved, you must transfer the funds to your bank account within 30 days. After 30 days, you’ll need to reapply. Also, funds must be used for the purpose stated on your application and cannot be used for business purposes.
Now that we’ve covered the basics, let’s look at the interest rate:
- The interest rate is fixed. It won’t change over the lifetime of the loan.
- Interest accrues daily, based on the unpaid principal balance. Your payment will first be applied to interest, with the remainder going toward principal.
- Rates as low as 0% p.a. with AutoPay**. Your credit profile determines the rate.
- You’ll save with AutoPay. If you choose to receive an invoice, your rate will be 0.50% higher**.
Interest rates are based a combination of loan amount, length of the loan and your credit profile. The lowest rates offered by LightStream typically require excellent credit.
What are the benefits of a LightStream home improvement loan?
- Easy online process.
- No fees.
- No equity required.
- Same-day funding today if you meet certain requirements*.
- If the provider quotes a different rate to the one above please let us know
What to watch out for
LightStream’s loan has few faults. Most complaints are due to not being approved, but this is a great loan if you have fair to excellent credit. LightStream is so sure you’ll be satisfied with the loan process, it comes with a guarantee: after initiating a complaint and completing a questionnaire, you could receive $100§. The loan is also backed by LightStream’s Rate Beat Program, which promises to beat another lender’s APR by 0.10 percentage points. (Conditions apply.)†
Be aware of the following:
- If you choose to pay by invoice, your interest rate will be 0.50% higher. Select AutoPay on loan acceptance to avoid the higher rate**.
- You must have a valid Visa or MasterCard credit card. This is for verification purposes only, and no charges are applied.
- You must use loan proceeds for the purpose stated on your application.
Am I even eligible?
Qualifying for a LightStream requires fair to excellent credit, and you must have sufficient income to repay any existing debt in addition to the loan.
LightStream considers good credit to be:
- Several years of credit history.
- Credit history with a variety of account types.
- Good payment history.
- Evidence of the ability to save.
What documents do I need to apply?
LightStream doesn’t always require documentation. If an applicant’s financial situation needs clarification, LightStream may follow up by email for:
- Pay stubs
- Bank statements
- Tax returns
- 401(k) statements
How to apply for a LightStream home improvement loan
Applying for a home improvement loan through LightStream is a simple online process that takes about 10 minutes. You’ll learn if you’re approved quickly, during business hours.
To apply, you’ll be asked for your:
- Personal info — your full name, home address, contact info, Social Security number, date of birth and driver’s license number, among other general information.
- Income and employment — work status, annual income and sources, liquid assets and retirement assets.
- Property info — total monthly housing costs, estimated equity in home, address, occupancy type and property type.
- Security info for account setup — user ID, password and security question and answer.
If approved, simply e-sign your documents and set up your loan for funding. You can even receive your funds that same day, if you meet certain requirements*.
I got the loan! Now what?
You’ve successfully qualified for a LightStream loan. But before you begin shopping for the perfect hardware for your new kitchen cabinets, it’s important to understand how to make payments on your new loan and take advantage of its features.
When you applied for your loan, you opted for either AutoPay or invoice:
- Autopay is automatically withdrawn from your bank account each month. Once you’ve set up this feature, you’re good to go. Selecting AutoPay results in a lower APR**.
- Invoice payments must be returned by mail. You can’t make payments at or through a SunTrust Bank branch. Invoice payments result in a slightly higher APR, so consider setting up AutoPay to avoid a higher interest rate.
You could receive your funds the same day if you apply during a banking business day*. If your application is approved, you must then complete the following steps by 2:30 p.m. EST:
- Review and electronically sign the loan agreement.
- Provide LightStream with your banking information.
- Complete the final verification process.
LightStream home improvement loan summary
Applying for a LightStream loan is a simple process that results in savings for applicants with fair to excellent credit. If your credit history enables you to qualify, this loan is a great option to finance your home improvement projects.
Are there prepay penalties?
No, you will not incur penalties or fees for paying off your loan early.
Is LightStream affiliated with SunTrust Bank?
Yes, LightStream is the online lending division of SunTrust Bank.
Do I need to be an existing SunTrust customer to qualify for a LightStream loan?
No, LightStream serves customers across the United States.
How long will it take before I get an answer to my application?
Applicants typically receive an answer quickly during business hours. If additional information is required, a LightStream representative will follow up through email. The timing of LightStream’s response after that depends on how quickly you provide the requested information.