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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 amount range: $5,000 -$100,000
- Interest rate rage: 3.34% – 16.99% (with auto pay)
- Terms: 24 to 84 months
- Origination fee: None
- Late payment fee: None
- Prepayment fee: None
- Minimum credit score: 660
- Debt to income ratio: 50% or less
- Discounts: 0.50 for auto pay
- Funding: As soon as same day, within 30 days of approval
- Bank statements
- Employment Details
- Social security card/State ID
LightStream Loan Pros & Cons
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 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.
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.
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.