LightStream Review 2024

LightStream is a premier online consumer lender that offers fixed-rate loans from $5,000 to $100,000 for a variety of purposes. It’s the online lending division of the Truist Financial Corporation, a bank created through the SunTrust Bank/BB&T merger and holds an A+ rating with the Better Business Bureau. 

With a fast and easy application process, excellent rates, and flexible terms, LightStream is a perfect choice for anyone looking for personal loans for debt consolidation, home renovations, or covering other large expenses.

LightStream Overview

Founded in 2012, LightStream is an online lender that provides unsecured personal loans to borrowers with strong credit histories. The lender is a division of Truist Bank, which offers consumer and commercial banking, insurance products and services, and asset management.

Headquartered in San Diego, California, the company operates in all 50 states and holds a stellar A+ rating with the Better Business Bureau.

LightStream offers a wide range of personal loan products to meet the individual needs of borrowers with a good credit score. Whether you need funds for a home improvement project, a wedding or special event, or simply want to consolidate your high-interest debt, LightStream has the tools to help you accomplish your financial goals.

To get started, you can apply for a personal loan online in minutes and receive an instant decision on your application, provided you fulfill the company's credit requirements. Once approved, the funds are directly deposited into your bank account as early as the same day. 

The lender offers loans that range from $5,000 to $100,000. The APR can be as low as 3.49% or go up to 19.99% for applicants who use AutoPay discount prior to loan funding. Without AutoPay, the APR is 0.50% higher. There are no origination, prepayment, or late fees, and loan terms typically range from two to seven years but can go up to 20 years for home improvement loans.

LightStream Application Process

The first step involves providing your personal details through an online application, including your Social Security number, income details, employment status, and current address.

You also need to specify if you want an individual or joint loan application. A response to your application will come during business hours. 

Finally, once you receive approval, you need to choose a repayment plan that works best for your needs. E-sign your loan agreement and wait for your funds. Of course, the lender reviews your application before sending the amount you requested to your account. 

Some applicants can expect the funds on the same day as the approval. LightStream also offers more flexible options, allowing borrowers to choose their own funding date. But if the funds aren’t transferred to your account within 30 days or 90 days for home improvement loans, you’ll have to reapply.

Overall, the application process is relatively straightforward and streamlined and can be completed via iOS and Android apps on the go. 

LightStream Personal Loan Basics

The next part of our review delves deeper into the loan types.

LightStream offers unsecured personal loans, which means that your loan is not backed by any collateral. That’s why applicants need a years-long credit history and a minimum credit score of 660 to get approved.

Aside from credit requirements, you need to be a US citizen or a permanent resident. You also need to be 18 or above to apply for a loan.

Once you get approved, you can use the money for various purposes, such as home improvement or debt consolidation. The money can also serve as an auto loan or help recipients get their hands on a boat.

Furthermore, the unsecured loan can fund the construction of a new swimming pool in your backyard, cover the costs of a wedding, or finance PreK-12 education.

Currently, you won’t be able to use your loan proceeds to fund college or post-secondary education or refinance an existing LightStream loan. 

Unfortunately, as there aren’t loan pre-approvals, you won’t be able to avoid a hard inquiry. 

Loan Amount and APR Details

With LightStream, applicants can take out loans ranging from $5,000 to $100,000. Although there are lenders that offer less than $5,000, this is still a popular destination whether borrowers are looking for lower monthly payments or shorter terms.   

The actual loan amount that you're eligible for will be based on a number of factors, including your credit score, income, and debts. Both the interest rate and loan term will also depend on these factors. 

LightStream offers competitive rates, ranging from 3.49% to 19.99% if you use AutoPay and payments come directly from a bank. However, if you choose the invoice payment option, the rates will be 0.50% higher.

We love the fact that the lender offers joint applications, which can help you secure a lower interest rate and increase your chances of approval. 

Some user reviews echo our warnings about committing to payment schedules that you may not be able to fulfill. If you don't think you'll be able to pay off your loan on time, it’s better to shop around for lower interest rates and longer terms.

Loan Fees

Unlike its competitors, LightStream doesn't charge any fees. This is pretty impressive as most lenders charge some sort of origination, application, or late fee.

As we've already mentioned, borrowers who choose AutoPay will get an APR rate discount of 0.50%. Also, those who are not satisfied with their experience get $100 back after filling in a complaint questionnaire within 30 days from receiving the funds.

Repayment Terms

Paying back the money can be done in fixed monthly installments over a period of two to seven years for most loans. The maximum term is only available for home improvement loans, which go up to 20 years.

Keep in mind that the repayment terms largely depend on the loan amount and your creditworthiness. The better your credit score, the lower your interest rate and monthly payments. Finally, if you set up AutoPay, you won't need to worry about missing your due date as you can lean on the bank to take care of payments.

LightStream Customer Support

Online customer reviews are just another confirmation of our assessment of the customer service team. Simply put, the lender falls short in this department. While the website contains a decent amount of information in the “Questions” section, it can be hard to find what you're looking for. LightStream doesn't offer a comprehensive knowledge base or tutorials for its novice borrowers. To make matters worse, there is no live chat option on the site.

That said, customer support is available via email five days a week, from Monday through Friday between 10 a.m. and 8 p.m. EST. On Saturdays, support agents work from noon until 4 p.m.

Why Should You Choose LightStream?

Based on all of the above, LightStream is your best bet if you're looking for a personal loan to cover one-time expenses and want competitive interest rates, no fees, and flexible repayment terms.

LightStream is a great choice for borrowers with a good or excellent credit score who want larger loan amounts, especially if they are looking to fund home improvements. The online application process is simple and can even be completed via iOS and Android apps.

Finally, LightStream has swift turnaround times, and you can expect the funds in your account on the same business day that you get your approval.

Where Does LightStream Fall Short?

Most customer testimonials share our conclusions about the main downside of this lender, which is its customer support. You can only reach the support team during business hours via email, and there's no live chat option. We would have also liked to see financial education resources for those who are new to personal loans and online borrowing.

You'll be disappointed to hear that the leader does not approve potential customers to pre-qualify on the website. You need to fill in a complete form and provide all the necessary documents first, which will affect your credit score.

Another thing to keep in mind is that its loans are not available to everyone. To qualify for a loan with, your credit score needs to be good or excellent, and you should have a long credit history. On top of that, its minimum loan amount is relatively high, which might not be ideal if you're looking for a smaller loan.