Lightstream Personal Loan Review 2020

4.3 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Lightstream – About The Lender

Lightstream is the online consumer lending division of SunTrust Bank. SunTrust Bank is a bank holding company with $199 billion in assets, established in 1891 in Atlanta, GA.

SunTrust Bank is a regional bank while Lightstream products are available in all 50 states. Lightstream offers a wide range of personal loans for those with good to excellent credit.

Loan Specification

Here are the basic specifications & requirements of Lightstream Personal Loan :

FeatureLightstream Personal Loan
Loan Amount Range$5,000 -$100,000
Interest Rate Range3.34% – 16.99% (with auto pay)
Term24 to 84 months
Origination feeNone
Late Payment FeeNone
Prepayment feeNone
Minimum Credit Score660
Debt to income ratio50% or less
Discounts0.50 for auto pay
FundingAs soon as same day, within 30 days of approval
Documents To Provide
  • Assets
  • Bank statements
  • Employment Details
  • Social security card/State ID
  • Income

LightStream Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:



What Can a Lightstream Personal Loan Be Used For?

Lightstream allows for many loan purposes.They also post their best rates for each loan purpose. Their website breaks down the loans into 5 categories: auto, home improvement, recreation, family life and “almost anything else.”

Lightstream loans cannot be used for any post-secondary education expenses, to fund a startup or an existing business, or to pay off a current Lightstream loan.

Lightstream loans can be either secured or unsecured depending on the borrower’s credit profile. Once your loan is approved Lightstream will let you know if you need to secure the loan using your car.

The nice thing about not having the loan secured with your car is that there is less paperwork and you can get your money quickly. Also, you have more flexibility regarding what type of car you want to buy. Lightstream can be used for auto refinancingclassic car purchaselease buyoutmotorcycle financingnewused, or as a private party purchase. The rates vary depending on what you are doing. Lightstream can give you the cash upfront and you can negotiate with cash in hand.

Lightstream offers much longer terms for home improvement loans than other personal loan providers. The longest term for a Lightstream home improvement loan is up to 144 months. The advantages of using a personal unsecured loan instead of a home equity line of credit are that there are no fees, no appraisals, and a quicker turnaround time.

You can use Lightstream home improvement loans for basement renovationshot tubskitchen remodelslandscapingsolar, or swimming pools.

Lightstream allows their personal loans to be used for a wide range of recreation. This includes boat financing and refinancing, other marine products, timeshares, RV financing and refinancing.

Lightstream offers loans for many of life’s expected and unexpected costs. Lightstream offers loans for adoptionpre-K-12 educationfertility treatmentsmedical costs, and wedding expenses.

Lightstream offers loans for some unique circumstances. They have labeled this as “other,” but it covers a wide range of uses. You can use the loan to purchase an airplane, buy a horse or a horse trailer, buy jewelry, buy land, even finance a tiny house.

Lightstream also includes debt consolidation under other. They do not focus on consolidation as much as other lenders do. This could be because they focus on borrowers with good to excellent credit.

Lightstream does not disclose their minimum requirements for applying like other lenders do, but they have a few guidelines to consider: several years of credit, as well as a variety of credit, savings, liquid assets, and income to pay for a new loan.

Lightstream does not do an initial soft pull, so you will have to go through the whole application process to see if you are approved. Applying is a 4 step process that takes only a few minutes. You first pick the type of loan you want, how much and what term you would like. You also choose at the beginning if you want the .50% interest discount for autopay. You can apply for a joint or individual application.

They require that you provide basic information about yourself including name, contact information, social security number, date of birth, assets, employment, and income. You then will create a Lightstream account. The last step is reading over the application agreement and then submitting the application.

Lightstream will let you know within 24 hours whether your loan is approved or not. Many times they can fund your loan within the same day. If they need more documentation they will reach out to you for ID, banking information, citizenship, and proof of income.

Lightstream Loan is Best for..

Lightstream is best for those with good to excellent credit. Lightstream should be considered in any personal loan search. They offer longer terms, more loan uses, and higher amounts than other personal loan providers.

They do not have a “check your rate” or soft credit pull, but they have so many options it is definitely worth a look. They also have no fees, such as a high-cost origination fee. They are backed by a large regional bank and have very competitive rates.