LightStream is Truist Bank's online lending department, also known as "LightStream." People with good credit and a history of credit that spans several years can take advantage of the reasonable interest rates offered by this lender for personal loans.
According to LightStream, in order to qualify, you will additionally require a stable income, liquid assets, and a good payment history.
LightStream is a direct lender that provides personal loans with fixed interest rates ranging from $5,000 to $100,000.
The amount of the loan is dependent on the purpose of the loan, which can include debt consolidation, weddings, medical bills, family planning, home improvement, and other financial obligations.
In this discussion of LightStream loans, we will discuss some things to think about before applying.
LightStream Company Overview
LightStream, a division of Truist, think that consumers with strong credit should have access to a quick and simple loan process, outstanding support, and competitive interest rates.
Customers can use the website or mobile app to apply, and if approved, will have the money sent into their account the very same day.
They have one of the industry's most competitive annual pay rates, making them one of the best lenders.
LightStream Personal Loans Highlights
- Loan amounts: $5,000 – $100,000.
- Loan types: Personal loan.
- Credit check: No pre-qualify, hard credit check.
- Minimum credit score: 660+, reportedly.
- Funding time: Same-day deposit available.
- Repayment terms: 24 to 84 months.
- Interest rate: 99% – 22.49% (with autopay).
- Fees: No origination or prepayment fees.
- BBB Rating: A+.
- Low rates and no fees.
- High BBB rating.
- Term availability.
- It has a calculator to help applicants to self-estimating if they qualified or not.
- Minimum required credit score is 660.
- No direct payment to creditors.
- Not suitable for small loans.
LightStream's rates are among the most affordable for those with excellent credit.
Where LightStream Personal Loans Stand Out
Low rates and no fees
According to the lender, LightStream provides low beginning rates that change depending on the applicant's credit profile, the purpose of the loan, the payback term, and the size of the loan.
Borrowers need to have excellent credit in order to qualify for the best rates, and those who choose for automatic payments may be eligible for an additional discount of 0.5 percentage points.
In addition, there are no fees associated with the origination of the loan, late payments, or prepayments made through LightStream.
High BBB rating
The BBB has given the parent bank of LightStream, Truist, an A+ rating. Also, Lightstream is an accredited business by BBB plus ther 25 years experience and serving customers well.
It is no easy feat to attain these two stages written above. Most businesses find it hard to get an A+ rating with BBB+.
Borrowers have the flexibility to prioritize either a lower total interest rate with a shorter repayment term or lower monthly payments with a longer repayment term, thanks to the broad range of eligible repayment durations offered by LightStream (two to seven years for the majority of loans).
It has a calculator to help applicants to self-estimating if they qualified or not
The personal loan calculator offered by LightStream can compute your estimated payoff date as well as your monthly payment amount.
Make use of this calculator to determine how much of a loan you can afford to take out and how long it will take you to pay it back, taking into account your credit score, the amount of the loan, and the length of the payback.
Where LightStream Personal Loans Fall Short
Minimum required credit score is 660
LightStream requires potential borrowers to have a credit score of at least 660 in order for them to be considered for one of its personal loans.
According to the credit bureau Experian, that score falls at the middle of the "fair" range rather than the lower end.
However, in order to determine whether or not an application is qualified, the lender states that they will look at both their total credit history and their current financial status.
This disqualifies many customers who try to apply for a loan with LightStream only to find out that they don't match.
No direct payment to creditors
When you consolidate your debt with a loan from LightStream, in contrast to certain other lenders, no payments will be sent directly to your creditors.
Instead, borrowers are responsible for allocating funds from their loans to independently satisfy their financial obligations to creditors.
Not suitable for small loans
Due to the fact that the company's lowest loan size is $5,000, LightStream does not provide small personal loans to its customers.
If you are still interested in obtaining a personal loan from LightStream, the company provides variable interest rates ranging from 5.99% to 22.49%, payback terms ranging from 24 months to 84 months, and no origination charge.
You should investigate different loan companies if you are adamant about obtaining a little personal loan.
Compare LightStream to other lenders.
When people need a loan they mostly make do with anything that comes their way and sometimes end up in a debt cycle or get their credit score affected because they don't know about other options out there.
This is why you should try to check out as many loan companies as possible and is also the reason for this comparison we have made below. This table compares LightStream with other loans like Personal Loans and Cashusa.com.
We have placed the three side by side in the table below. Another reason is for you to be armed with options that fit your budget, need and if within your repayment capability.
- Interest Rate: First of, the subject matter of comparison is the estimated ARP which is a reasonable point because many individuals take out loans totally unaware of the accumulated interest they will have to pay back.
However, in this case LightStream has one of the most competitive interest rate as low as 6.99% to 23.99% while other loans like Personal Loans and Cashusa.com have a fair rate of 5.99% to 35.99%
- Loan Amount: LightStream is reputed for a fixed loan amount that cannot be lowered or raised as far as the range is concerned. Other loans in the table below, do not offer as high as LightStream.
Personal Loans and Cashusa.com.com offer up to $1000 to $35,000 and $500 to $10,000 respectively. While LightStream provide loans from $5000 up to $100,000.
- Loan Term: 3to 72 months is as much as Peronal Loans and Cashusa.com can offer if you are obtaining a loan from them. However, if you possess a strong credit and satisfy the necessary requirements of LightStream you will have up to 7 years loan term.
- Credit Score and Check: Majority of people with bad credit will be accepted by loans like Personal Loans and Cashusa.com without discriminating and a low credit score won't be an issue at all.
But LightStream's standard is a bit high idf you are thinking of getting a loan with them. This is because they won't offer you a loan if your credit score isn't up to 660.
Do take note of this important notice, LightStream performs a hard credit check that could affect you if you don't meet up.
6.99% to 23.99%
5.99% to 35.99%
5.99% to 35.99%
$1,000 to $35,000
$500 - $10,000
Min. Credit score
No minimum credit score is required.
No minimum credit score required.
Hard credit check
Soft credit check.
Soft credit check.
2 to 7 years
3 - 72 months
3 - 72 months
A good annual percentage rate is a big plus when people compare personal loan products. LightStream as a direct lender and part of Truist has a high standard of security and customer service.
Other options are available for good credit and bad credit, and no hard credit check is required. LightStream is great for good credit borrowers only.
LightStream vs. Personal Loans™
Personal Loans do not have an interest as low as that of LightStream which arguably has one of the lowest ARP as far as accrued interest rate is concerned.
While LightStream runs a hard credit check and requires a credit score up to 660 before a loan can be accessed, Personal Loans does none of these as individuals with poor credit score can get a loan today if they wish.
LightStream on the other hand are one of the few that give a loan term up to 7 years to their customers.
LightStream vs. Cashusa.com
Cashusa.com is different from LightStream in that there is no minimum credit score required before customers can access a loan with them.
However, LightStream gives a loan term from 2 to 7 years while Cashusa.com only offers 3 to 72 months. Cashusa.com's interest rate is between 5.99% to 35.99%.
Requirements for LightStream Personal Loans
LightStream loans are available exclusively online, and the organization is willing to consider applications from either individuals or joint borrowers.
You won't be able to get a pre-qualification, and if you apply, there will be a hard inquiry on your credit report, which can cause a few points to be deducted from your score.
To get started with the application, you will need to provide the following information:
- Format of the Application (joint or individual).
- Mailing address.
- Loan purpose.
- The loan amount.
- Loan terms.
- Means of exchange (creditcard or invoice).
- Social security Number.
- Financial Information.
If you submit your application during normal business hours, you should have a better chance of receiving a prompt response.
According to LightStream, if you sign the agreement, provide funding preferences, and finish the verification process by 2:30 p.m. Eastern Time, you have a chance of receiving the funds on the same day.
But keep in mind that the specific timing is determined by your bank.
How to Apply for LightStream Personal Loans
To apply for a personal loan through LightStream, here is what you need to do after deciding that a personal loan is the best option for meeting your current and future financial obligations:
Complete the application and submit it.
You will be required to provide both personal information, such as your name and Social Security number, as well as financial information, such as the amount that you pay for rent and your annual income.
LightStream will also ask you how much money you need to borrow, how you intend to put the loan money to use, if you would like to add a co-borrower, and how long you would like the loan to be for.
Create an account for yourself.
You will be required to establish a LightStream account, complete with a username, a password, and both a security question and an answer to that question.
Also, you might be asked to make your account more secure by other options you will be offered when applying.
Your loan agreement needs to be reviewed, and then electronically signed.
If you are approved for a personal loan through LightStream, the amount of the loan, your monthly payment, the annual percentage rate (APR), and any other loan terms will be listed.
Before you put your electronic signature on this document, give these terms a careful read and make sure you fully grasp them.
You must finish the verification process.
Please provide the requested documentation along with your relevant banking information. Acquire the funds for your loan.
If your application is accepted and you finish the process before 2:30 p.m. Eastern Time, you have a chance of getting your money on the same day that it was submitted.
Borrowing from LightStream is not a good idea in 4 cases.
If your credit is low, you don't know if you are qualified to get a loan.
Only customers with good to excellent credit are eligible for the installment loans with very low interest rates that are offered by LightStream. Therefore, if you have poor credit, it is extremely unlikely that LightStream will provide you with a loan.
It is only available for online application.
You cannot submit your application in person, over the phone, via email, or via fax. The personal loan application process can only be completed online with LightStream.
If you are planning to borrow $1,000, LightStream's minimum is $5,000
Up to $100,000 in personal loans are available from LightStream. This loan amount is larger above the market average by many zeros.
Even if LightStream may be willing to lend you a sizable sum, you shouldn't put undue strain on your finances by taking on more debt than you can afford to repay in a timely manner.
But if you need a loan amount below $5,000, you'll have to look elsewhere because LightStream doesn't provide loans of that size even if you need only $1000.
When you apply, it will do a hard pull of your credit, which can have a negative impact on your credit score.
It is important to note that LightStream performs a hard credit check that could affect your credit score. This is why in most cases those who apply for loans with LightStream are those a strong credit history without any financial misdemeanor.
This implies that LightStream only accommodates those with excellent credit.
How CreditYelp rates LightStream
|Requirements & Application||3/5||Hard credit check|
|Loan accessibility||4.2/5||Provided online apply|
|Loan flexibility||4/5||Multiple Perks|
|Affordability||5/5||Low-rat and no fees|
|Customer experience||4.6/5||Top customer service|
How to qualify for a LightStream personal loan?
LightStream loans require:
- Good or exceptional credit score: You'll need several years of credit history and a variety of accounts.
- Substantial assets: Borrowers need liquid assets like retirement savings or equity-rich real estate.
- Credit card debt must be manageable.
- Proof of income: Your income must be stable and sufficient to repay the loan.
- No credit delinquencies.
What top perks does LightStream have?
- Low-rate guarantee: LightStream will beat a competitor lender's loan interest rate by 0.10 percentage points. The lowest APR we've found is LightStream's.
- Fast funding: Online loan applications are processed quickly during business hours. Funds are available the same day for approved applicants.
- A customer experience guarantee: LightStream wants to hear from you if you're unhappy with your loan. It offers $100 for completing a questionnaire.
- LightStream's loan terms are flexible: Medical bills, home renovations, car purchases, and debt consolidation are all eligible for loans.
- Even if you pay off your loan early, LightStream won't charge you.
- Large loan amounts: LightStream offers $5,000 – $100,000 to qualified borrowers. Loan terms can range from two years for small loans to 12 years for large ones.
- One of the largest autopay rate discounts is 0.50%.
Can you pay off a LightStream loan early?
You can pay off your LightStream loan early, which is not only possible but also a good idea because it will save you money on the interest.
Because LightStream does not impose a prepayment penalty, you will not be subject to any additional fees if you repay the loan earlier than the day on which it was originally scheduled to be paid off.
Is LightStream a legit company?
LightStream is the name of Truist Bank's internet lending division. It is possible to get a personal loan from them if you have decent or exceptional credit.