LightStream personal loans review May 2018 | finder.com

LightStream personal loans review

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LightStream offers personal loans with competitive interest rates for those with good to excellent credit.

LightStream forms part of the national online consumer lending division of SunTrust Bank, a leading financial services company in the US. Through the use of proprietary technology, LightStream offers innovative products to borrowers who have good to excellent credit.

LightStream lets you borrow money for a range of purposes, such as home improvements or adoption. LightStream offers both secured and unsecured loans based on your qualifications.

If you’re considering getting a LightStream personal loan, go through this guide first.

Product NameLightStream Personal Loans
APRCompetitive
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$100,000

How does borrowing from LightStream work?

LightStream has a simple loan process:

  • You can apply for a loan online.
  • You usually receive a response fairly quickly (during business hours).
  • Once approved, you’ll need to e-sign your loan agreement and set up your funding details.

Depending on when you apply, you may receive approved funds as early as the same day.

Features of a LightStream personal loan

Here are the main benefits of a LightStream personal loan:

  • Competitive rates. LightStream loans come with a maximum APR of 14.24% with AutoPay*. In comparison, many other online lenders have APRs that go as high as 35.99%.
  • Variable loan amount and term. You can borrow a minimum of $5,000 through a LightStream personal loan, and the maximum is $100,000. How much you qualify for depend on factors such as your creditworthiness, your existing financial situation and your ability to repay. The loan term can vary from 2 to 12 years.
  • Use funds for different purposes. You can use the funds from a LightStream loan for a variety of different reasons. Some of these include buying a car, a boat, an aircraft or even a horse. Using the money to pay for home improvements, medical treatment, IVF, adoption or PreK-12 education is also possible.
  • Rate Beat program. The Rate Beat program offered by LightStream ensures that you get the most competitive APR. LightStream will beat any other lender’s APR by 0.10 percent, provided the other lender’s APR meets certain terms and conditions.
  • Loan experience guarantee. LightStream aims to deliver high levels of customer satisfaction. If you’re not satisfied with the loan process after receiving the funds, contact LightStream. You’ll receive a questionnaire that you have to complete and return, after which you stand to receive $100 as part of the loan experience guarantee§.
  • Fixed APR. Your LightStream personal loan comes with a fixed APR, so you know what your repayments will be throughout your term.
  • No prepayment penalty. You can make extra repayments towards the loan at any time without paying any penalties. You can also repay your loan early without penalty.

How much does a LightStream personal loan cost?

You can use the LightStream online loan calculator to find out how much your loan might end up costing. The entries you have to provide include loan amount, loan term and loan purpose. You then get an APR rate range that LightStream might charge, should it approve your application. LightStream determines the actual APR rate after reviewing your credit profile. Applicants with excellent credit ratings are eligible for the lowest rates.

The rates LightStream displays on this loan calculator page are for loans with AutoPay. If you choose to pay via invoicing, the rate would be 0.50% higher.

LightStream personal loans don’t come with any additional fees.

How to apply for a personal loan from LightStream

Applying for a LightStream loan is simple and doesn’t take much time. To begin now, simply click on the “Go to Site” button on this review. Applying requires that you meet these eligibility criteria:

  • You are at least 18 years old
  • You are an American citizen or a permanent resident of the US
  • You have good or excellent credit rating
  • Your income and assets can support your existing debt obligations, as well as the desired loan amount

Applying requires that you provide some personal information, which includes the following:

  • Your name, date of birth, and Social Security number
  • Your home address, email address, and phone number
  • Details about your employment
  • Details about your income and expenses

LightStream provides a competitive financing option to consider, but make sure you compare your loan options before submitting your application.

Read our review of LightStream’s home improvement loan

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Rates last updated May 26th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$40,000
5.99%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

Important information

* 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. 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.

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.

§ 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.

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2 Responses

  1. Default Gravatar
    NadiaApril 10, 2017

    Need loan for a Ve hike $27,000

    • Staff
      HaroldJuly 9, 2017Staff

      Hi Nadia,

      Thank you for your inquiry.

      With LightStream Personal Loans you can apply for this loan as long as you can meet the following requirements.
      – You are at least 18 years old
      – You are an American citizen or a permanent resident of the US
      – You have good or excellent credit rating
      – Your income and assets can support your existing debt obligations as well as the desired loan amount

      I hope this information has helped.

      Cheers,
      Harold

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