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LightStream personal loans review
Borrow up to $100,000 at competitive rates.
finder.com’s rating: 4.6 / 5.0
★★★★★
A part of SunTrust Bank, LightStream is a leading lender in the personal loan sphere. It offers both secured and unsecured loans to borrowers with good to excellent credit. It may be able to beat other competitors’ rates for a similar offer. But you can’t use it as a student loan alternative or to fund a startup.
$100,000
Max. Loan Amount
Competitive
APR
Good to excellent credit
Min. Credit Score
Details
| Product Name | LightStream Personal Loans |
|---|---|
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| APR | Competitive |
| Interest Rate Type | Fixed |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 7 years |
| Turnaround Time | Varies |
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 16.79% APR*. 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 years to 7 years, loans for the purpose of home improvement go up 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%, 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.
Compare more personal loan options
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
Bottom line
LightStream is known for its competitive rates and large loan amounts, but it can be difficult to qualify for. Even those with good credit likely won’t qualify for the best rates.
Because of this, you may want to learn more about personal loans and compare lenders like LightStream — and potentially find one that isn’t as strict.
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.
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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