LightStream Personal Loans

Information verified correct on January 19th, 2017

Do you want a personal loan that comes with a competitive interest rate? Here’s what LightStream has to offer.

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

Product NameLightStream Personal Loans
Interest Rate (p.a.)From 1.99% (fixed)
Comparison Rate (p.a.)
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$100,000
Loan SecurityUnsecured

Pros

  • Quick response during business hours
  • No fees or prepayment penalties
  • Maximum loan amount $100000

Cons

  • Minimum loan amount of $5000
  • Exact rate is determined by credit profile
  • May charge a late fee

LightStream lets you borrow money for a range of purposes, such as purchases that usually require security or to make home improvements. In case you don’t qualify for an unsecured LightStream loan you can think about applying for a secured loan to buy a new, used or classic car.

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

How does borrowing from LightStream work?

Once you submit your application a LightStream contacts you via email to take your loan application forward. If your loan is approved you will be required to sign the loan contract, and you’ll be required to provide some basic information as well as choose your funding and repayment dates.

Go through the loan contract carefully as this outlines all applicable terms and conditions.

Depending on when you apply, you may receive approved funds on the same day. If you select a specific funding date, LightStream transfers the money into your nominated bank account.

Features of a LightStream personal loan

Here are the main benefits of a LightStream personal loan:

  • Variable loan amount and term. You can borrow a minimum of $5,000 through a LightStream personal loan and the maximum is $100,000. The most 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 1 to 7 years. Fixed rates as low as 1.99%* APR with AutoPay.
  • Use funds for different purposes. You can use the funds from a LightStream loan for different reasons. Some of these include buying a car, a boat, an aircraft, a horse or even jewellery. Using the money to pay for home improvements, medical treatment, IVF, adoption or education is also possible.
  • Rate beat program. The rate beat program offered by LightStream ensures that you get the most competitive interest rate. LightStream will beat any other lender’s annual percentage rate (APR) by 10 basis points, provided the other lender’s APR meets certain terms and conditions.
  • Loan experience guarantee. LightStream aims to deliver high levels of customer satisfaction. Once you receive the loan funds, contact LightStream if you’re not satisfied with the process. 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 interest. Your LightStream personal loan attracts a fixed interest rate, so you know what your repayments will be throughout your term.
  • No prepayment penalty. You can make extra repayments towards and 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 interest rate range that LightStream would charge should it approve your application. It determines the actual interest rate after reviewing your credit profile. Applicants with excellent credit ratings get 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 0.5 points higher.

LightStream personal loans don’t attract any 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. Applying requires that you meet these eligibility criteria:

  • You are an American citizen or permanent resident of the US
  • You meet your state’s minimum age requirement (18 years in most states)
  • You have good credit rating
  • You have a valid Visa or MasterCard credit card (used for verification purpose only)

To complete the application successfully, you have to submit some basic information:

  • Your name, email address, residential address and phone number
  • Your date of birth, social security number and last four digits of your driver’s license
  • Your employment status
  • Details about your income from all sources
  • Details about your assets and liabilities

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

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