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LightStream personal loans review
Borrowers with excellent credit may qualify for loans up to $100,000 at competitive rates.
finder.com’s rating: 4.9 / 5.0
★★★★★
Bottom line: LightStream offers one of the most competitive deals available online. But it’s only available to prime borrowers and doesn’t allow you to check your rate without affecting your credit.
Details
| Min. Loan Amount | $5,000 |
|---|---|
| Max. Loan Amount | $100,000 |
| APR | Competitive |
| Interest Rate Type | Fixed |
| Min. Credit Score | Good to excellent credit |
| Loan Term | 24 to 84 months |
| Turnaround Time | As soon as next day |
Pros
- May receive funds on the same day you apply
- Competitive rates
- High 0.5% autopay rate discount
- Borrow up to $100,000
- Get $100 if you’re not completely satisfied with your borrowing experience
- Rate Beat program beats eligible competitor offers
Cons
- High minimum loan amount
- Tough credit requirements
- No preapproval process
- No customer service line listed on website
Our take on LightStream personal loans
LightStream is ideal if you're looking to take out a large loan, want a long loan term or need funds fast. It offers personal loans up to $100,000 at competitive rates — with loan terms as long as seven years. You also might be able to get your funds the same day you apply if you meet specific criteria.
But you need to have good to excellent credit to qualify. And if you're looking to borrow less than $5,000, you'll have to look elsewhere. LightStream also doesn't have a customer service phone number listed on its website, meaning you'll have to reach out via an online form with any questions you might have.
LightStream's customer experience sets it apart
LightStream takes extra steps to make sure customers have the best experience possible. “If you take a loan from LightStream, and you’re dissatisfied with any part of it, we’ll pay you $100 to tell us about your experience,” Todd Nelson, Senior Vice President of Strategic Partnerships, tells Finder.
“It’s not that we don’t make mistakes — we do on occasion, and we certainly want to know when we do. But by and large, we know we’ve got a great experience and we’re willing to put our money where our mouth is.”
This, in addition to its competitive rates and long terms set it apart from other lenders. But it also has a uniquely high minimum loan amount of $5,000, meaning it's not ideal for small expenses. It also doesn't allow you to check your rate without affecting your credit.
LightStream could beat the competition's rates
LightStream has some of the most competitive rates out there, thanks in part to LightStream’s Rate Beat program. This lender will beat any other lender’s APR, provided the other lender’s APR meets certain terms and conditions. It also doesn't charge origination fees when you close the loan.
LightStream offers a wider range of repayment terms than your typical online lender, from 24 to 84 months. Opting for a longer term can help keep monthly repayments low — though you’ll pay more in interest in the long run. To see how much borrowing from LightStream might cost you, use this calculator to enter your desired loan amount, loan term and APR.
Monthly repayments calculator
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LightStream considers your credit and financial history as a whole
To qualify for a loan from LightStream, you need to meet a few basic criteria:
- Must have a good to excellent credit profile
- Must be a US citizen or a permanent resident with a valid green card
- Have a valid Social Security number
- Credit card verification requested upon loan approval
- Must have a valid US address
While your credit score matters, it’s not the only factor that LightStream looks at. “One of the misnomers of lending is that credit score is everything that lenders care about. That’s really not true,” Nelson says. “A score is supposed to be kind of a placeholder for someone’s relative creditworthiness.”
“But what we find to be more interesting and more telling is really the depth and breadth of someone’s credit history and how they’ve used credit in the past. Do they have more debt than their income can support? Do they have money that they put away for retirement or a rainy day fund?”
LightStream reviews are few — and mixed
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.07 out of 5 stars, based on 306 customer reviews |
| BBB customer complaints | 1301 |
| Trustpilot score | 2.1 out of 5 stars, based on 10 customer reviews |
| Customer reviews verified as of | 14 July 2021 |
LightStream only has a few customer reviews on its Better Business Bureau (BBB) or Trustpilot pages — despite being around for almost a decade. Those that are positive praise the lender for its fast turnaround, competitive rates and hassle-free process.
A lot of the negative reviews appear to be spam, though there are a few that seem to be legitimate. Some reviewers complain about getting denied for a loan — even with good to excellent credit and minimal debts. Others report issues with rude or unhelpful customer service representatives.
While LightStream came in first place for the 2020 J.D. Power Consumer Lending Satisfaction Study, it didn't land a spot on the 2021 list. J.D. Power's annual consumer lender survey ranks lenders based on factors like the application process, terms and conditions and how the company managed repayments. LightStream came in second place in 2019, the first year J.D. Power published a survey focused on personal loans.
Getting your funds could take less than 24 hours
LightStream has a simple four-step online application that should only take a few minutes to complete. After you’ve filled out the form and sent it in, LightStream will email you with an approval decision. Depending on when you apply and what other documents are needed, you may be able to receive your funds the same day.
LightStream doesn't have a preapproval process, so checking your rate will affect your credit score. If you want to shop for the lowest rate, consider applying with other lenders that offer preapproval with a soft credit check first.
LightStream is now a product of Truist
SunTrust and BB&T have recently merged to become Truist, the sixth largest bank in the US. Because of this transition, previous loans will now be serviced by Truist. If you already have a loan, reach out to Truist for more information. If you’re thinking about borrowing, don’t worry: Loan terms haven’t changed, just the name behind LightStream.
Alternatives to lightstream
LightStream can be a great option if you have excellent credit and need a large amount of unsecured financing. But if you want to compare rates before you apply, consider another online lender first. For example, SoFi offers similar loan amounts with competitive rates and no fees — and allows you to prequalify without affecting your credit.
LightStream can also be difficult for some borrowers to qualify for — especially if you're still in the first few years of building your credit history. In that case, a provider that also considers factors like your education and career path might be a better choice — like Upstart.
Use our table to explore your options by APR, minimum credit score and loan amount. Select the Go to site button for more information about a particular lender.
Or, read our guide to LightStream alternatives for more details on find out how it compares to other lenders.
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*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
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