Lightstream Personal Loan Review 2019
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 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
- Loan amount range$5,000 -$100,000
- Interest rate rage3.34% – 16.99% (with auto pay)
- Terms24 to 84 months
- Origination feeNone
- Late payment fee None
- Prepayment feeNone
- Minimum credit score660
- Debt to income ratio 50% or less
- Discounts 0.50 for auto pay
- FundingAs soon as same day, within 30 days of approval
- Assets
- Bank statements
- Employment Details
- Social security card/State ID
- Income
Pros
No Fees – Lightstream has no origination, administration, or late fees. These fees should always be considered in the cost of your loan.
Flexible Term Options – Lightstream offers many different terms on each product. Many personal loan providers do not provide this flexibility.
Competitive Interest Rates – Interest rates are competitive and rates are not as high as those of many other lenders for personal loans. Lightstream states it will beat any competitor by 0.10%.
Many Loan Uses – Lightstream offers many different uses for their personal loans. They could help almost any borrower thinking of getting a personal loan.
High Maximum Loan Amount – Lightstream has one of the highest maximum loan amounts, up to $100,000.
Direct Lender – Lightstream is backed by a large bank that has been in business for over 100 years. They also do not have to deal with any third parties and therefore can provide funding fast.
Available in All States – Lightstream is licensed to do business in all 50 states.
Quick Turnaround Times – Lightstream has a quick process and many borrowers are approved or rejected within 24 hours. Many borrowers have money in their account by the end of the day.
Joint Applicants – Lightstream allows loans with joint borrowers. This can help improve your chances of getting approved.
- $100 Customer Satisfaction Guarantee – “After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan.”
Cons
Not For Bad Credit Borrowers –If you do not have the best credit history you may not be able to get a loan through Lightstream. They cater to those with good to excellent credit histories.
No Soft Pull –Many personal loan providers do a soft pull inquiry on your credit to see what possible credit options they can offer you. Lightstream only does a hard pull from the start, which will affect your credit.
Stipulations –Lightstream requires you to use the loan funds for the purpose you stated in the application.
Restrictions for Business Use –Lightstream loans cannot be used to fund a startup or expand an existing business.
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.
Auto
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 refinancing, classic car purchase, lease buyout, motorcycle financing, new, used, 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.
Home Improvement
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 renovations, hot tubs, kitchen remodels, landscaping, solar, or swimming pools.
Recreation
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.
Family Life
Lightstream offers loans for many of life’s expected and unexpected costs. Lightstream offers loans for adoption, pre-K-12 education, fertility treatments, medical costs, and wedding expenses.
Other
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 Application Process
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.
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