LightStream Home Improvement Loan Review

Information verified correct on March 25th, 2017

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 NameLightStream Personal Loans
Interest Rate (p.a.)From 2.19% (fixed)
Comparison Rate (p.a.)
Product DescriptionYou could borrow up to $100,000 with rates starting from 2.19% fixed, with AutoPay**.
RequirementsYou must have a good or excellent FICO and be an American citizen or a permanent resident of the US.
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$100,000
Loan SecurityUnsecured
Go to site More
Applying for your home improvement loan through LightStream is a simple online process. In addition to simplicity, the loan offers significant savings with a low APR and no fees. Because it is an unsecured loan, no collateral is required — which means you retain your hard-earned home equity. However, a LightStream loan does require fair to excellent credit.

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*.
Rates last updated March 25th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
LightStream Home Improvement Loans
Finally, a low-interest home improvement loan with no equity required.
$100,000 680 Varies You must have good or excellent FICO and be an American citizen or a permanent resident of the US. Go to site More

Have we missed anything in the comparison table? Tell us

  • 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:

  1. Review and electronically sign the loan agreement.
  2. Provide LightStream with your banking information.
  3. 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.

FAQs

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.

You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

 LightStream is so confident in the competitiveness of their interest rates that they will beat an interest rate (APR) presented by any other lender by .10 percentage points, if the other lender’s rate meets the terms and conditions described below:
TERMS:

  • The lender’s interest rate (APR) must not be supported by any third-party arrangements such as vehicle manufacturer subvention payments (with rates as low as 0.0% APR), other manufacturer discounts, rate buy-downs by car-buying services, or any other similar third-party subsidized rate offerings.
  • The lender’s interest rate offer must be generally available to all of its customers who share a similar credit risk profile (so that employee-discount programs or other special, limited lending programs would not qualify).
  • LightStream will offer a rate that is .10 percentage points below the specific rate offered by a competing lender.

§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.

LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.

** Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

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