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.
|Product Name||LightStream Personal Loans|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
|Interest Rate Type||Fixed|
|Minimum Loan Term||2 years|
|Maximum Loan Term||7 years|
|Requirements||You must have a good or excellent FICO and be an American citizen or a permanent resident of the US.|
- Good to excellent credit.
- Sufficient income and assets to support your existing debt obligations and requested loan amount.
- An American citizen or permanent resident of the US.
- At least 18 years old.
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 16.99% 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.
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.
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