LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T. The platform offers unsecured personal loans from $5,000 to $100,000. Loan amounts vary based on the loan purpose. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time.
In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay—higher than most lenders with the same perk—as well as a 30-day loan experience guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and a rate-beat program. LightStream will beat a competitor’s interest rate by 0.1 percentage point for applicants who meet certain criteria.
LightStream offers loans in all 50 states plus Washington, D.C., and applicants can contact the lender’s customer support team seven days a week; current borrowers have access to customer support from Monday through Saturday. While LightStream doesn’t offer a mobile app for loan management, customers can access their account through LightStream.com.
Eligibility: LightStream recommends applicants have good to excellent credit before applying for a personal loan. To increase their chances of approval, applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan.
LightStream doesn’t give prospective borrowers the ability to prequalify for a loan. This fact—combined with the minimum credit score requirement—makes the platform a better fit for those with a strong credit profile. Applicants with excellent credit also are more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can submit a joint application.
Loan uses: LightStream’s personal loans can be used for a wide range of purposes, from purchasing a new car, RV or jewelry to paying for home improvements. However, LightStream really stands out, because loans can be used to finance land, timeshares and so-called tiny homes. As with other top lenders, LightStream prohibits use of its personal loans for post-secondary education costs, business purposes and illegal activities. Borrowers also are prohibited from using LightStream loan funds to refinance an existing LightStream loan.
Turnaround time: LightStream borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. To receive same-day funding, the applicant also must review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information; and complete the final verification process—all before 2:30 p.m. on the day the loan is approved.
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