Loans » Personal Loan Lender Reviews » LightStream Personal Loan Review 2021
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LightStream Personal Loan Review 2021

LightStream should be considered in any personal loan search. They offer longer terms, more loan uses, and higher amounts than other personal loan providers.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

LightStream is the online consumer lending division of SunTrust Bank. 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.

LightStream 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.

LightStream is best for those with good to excellent credit. They offer longer terms, more loan uses, and higher amounts than other personal loan providers. They also have no fees, such as a high-cost origination fee.

APR

See website

Loan Amount

$5,000 - $100,000

Term

Flexible

Min score

Good to excellent

LightStream Loan Pros & Cons

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

Pros

Cons

Loan Details

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

What Can a LightStream Personal Loan Be Used For?

LightStream allows for many loan purposes. It also posts the best rates for each loan purpose. The 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 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 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 offers loans for many of life’s expected and unexpected costs. LightStream offers loans for adoptionpre-K-12 educationfertility treatmentsmedical costs, and wedding expenses.

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 Reputation

  • NR on BBB: LightStream is not rated by the Better Business Bureau. But its parent company, Truist, has an A+ rating.
  • 891/1000 points on J.D Power: Lightstream ranks 1st in the study and got 891 out of 1000 possible points in the 2020 research, much higher than the industry average. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

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 Personal Loan Lightstream Personal 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.

Lightstream Personal LoanLightstream Personal Loan

You also choose at the beginning if you want the .50% interest discount for autopay. You can apply for a joint or individual application

Lightstream Personal Loan Lightstream Personal Loan

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 Personal Loan

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 Personal Loan Lightstream Personal Loan

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credible

APR

starting at 4.99%

Credit Score

Varies, Based on Lender

SoFi

APR

6.99%-14.99%

Credit Score

680

OneMain Financial

APR

18.00% – 35.99%

Credit Score

No Minimum
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi

6.99% – 35.97%
620

Credible

starting at 4.99%
Varies

OneMain Financial

18.00% – 35.99%

No Minimum

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to LightStream personal loan: 

Rocket was founded to offer a rocket fast loan processing system to provide personal loans to eligible borrowers. Rocket is part of the Quicken group, which includes Rocket Mortgage and Rabid Advance.

Qualifying for a Rocket loan is contingent on creditworthiness rather than business type. You can use your loan for any purpose, including starting a business.

However, Rocket only qualifies people with a credit score minimum of 640 and a good credit history. You also need to have a permanent source of income and a low debt to income ratio.

Where Rocket stands apart is that loans are processed very quickly. 85% of borrowers receive loans within a day.

As its name suggests, Payoff Loans offers debt consolidation for borrowers with good credit. This is solely to repay existing debt, including credit cards.

Although Payoff does not force you to pay your credit card debt, they make this recommendation to keep your finance on track. This includes quizzes to assess your financial abilities and resources to help you reach your financial goals.

According to Payoff, this insight empowers borrowers to continue making smart financial decisions.

Upgrade is an online direct lender established in 2017. The company offers both personal loans and lines of credit called “Upgrade Card”. To date, 8 million people have applied for an Upgrade personal loan or Upgrade Card.

According to representatives, Upgrade looks for a credit score of at least 620. However, the company may consider other factors to establish your creditworthiness.

One issue to be aware of is the Upgrade fees. While there is no prepayment fee, Upgrade charges an origination fee of 2.9 to 8% on personal loans. There is also a $10 late payment fee, which applies after a 15 day grace period.

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.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.