Lightstream Personal Loan Review 2020

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Rating:
4.3/5
4.3 stars out of 5

Table of Contents

Overview

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 credith. 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

3.34% – 16.99%

Loan Amount

$5,000 – $100,000

Term

24 to 84 months

Min score

660

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 Specification

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

Feature Lightstream Personal Loan
Loan Amount Range $2,000 – $25,000
Interest Rate Range 15.49% – 35.99%
Term 24 to 48 months
Origination fee 0%-6%
Late Payment Fee $30
Prepayment fee None
Minimum Credit Score 600
Debt to income ratio 50% or less
Discounts 0.50 for auto pay
Funding Typically 1 day
Documents To Provide
  • Assets
  • Bank statements
  • Employment Details
  • Social security card/State ID
  • Income

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 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. 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 Lightstream Personal Loan Lightstream Personal Loan

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 Personal Loan Lightstream Personal Loan

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.

Lightstream is best for those with good to excellent credith. 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

3.34% – 16.99%

Loan Amount

$5,000 – $100,000

Term

24 to 84 months

Min score

660