LightStream is the online lending division of SunTrust Bank. Even if you are not a member of SunTrust Bank, you are still able to apply for a personal loan at LightStream. Continue reading the review to find out if LightStream suits you.
Although LightStream is bank-owned, the approval process is still similar compared to other lenders; it’s quick and straightforward. Simply submit all of the necessary documents, and if all goes smoothly, you could be eligible for same-day funding!
LightStream is confident that the application process will be easy, and if not, the lending company will award you $100 if you are not satisfied with the experience. With that being said, LightStream is definitely an option worth taking a look at. Apply today!
|PROMOTIONAL LINK||LOAN DETAILS||REVIEW|
Up to $35,000
3 - 6 years
5.99% - 35.99%
Up to $100,000
3 - 7 years
See Current Rates
Up to $35,000
1 - 5 years
5.32% – 36%
|Lending Club||Loan Amounts:|
Up to $40,000
3 - 5 years
6.95% - 35.89%
Up to $40,000
3 or 5 years
6.99% - 35.99%
Table of Contents
LightStream General Information
|APR||*See website for latest rates|
|Loan Amount||$5,000 – $100,000|
|Term Length||2 to 7 years|
|Minimum Gross Income||None|
|Minimum Credit Score||720|
LightStream Personal Loan Eligibility
To be able to qualify for the BEST rates, a borrower will typically need to have:
- An excellent credit score (at least 720)
- An excellent payment history with no misconducts
- 5 years or more credit history
- A good amount of savings
- Stable income
LightStream defines “good credit” as just a few notches below “excellent”, with only several years of significant credit history. The ideal credit score of 720 is recommended and you shouldn’t have any recent late payments or misconducts on your credit.
Pros and Cons of a LighStream Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- There are no fees–prepayment, origination nor late fees to worry about.
- You can get your funds as soon as today if you are approved.
- You can use your LightStream personal loan towards anything you wish.
- With excellent credit, you can reduce your APR, and it will stay at a fixed rate for the duration of your loan term.
- LightStream is competitive with their interest rates
- If you are unsatisfied with your personal loan, you can contact LightStream’s customer service and if you have submit a questionnaire within 30 days, you may get up to $100 back!
- When you apply for a LightStream personal loan, they will donate a tree to American Forests.
- You will have to completely specify what you will use your personal loan towards and cannot change it.
- The minimum credit score needed to apply for a LightStream personal loan is quite high.
- You need several years of credit history (at least five)
- There is no peer-to-peer lending
- LightStream is unable to refinance student loans
How To Apply For a LightStream Personal Loan
LightStream’s application process is fairly straightforward. Although you won’t need any documents to apply, but if you proceed with the loan agreement, you’ll need to fill out a detailed application that explains your finances, income, and residency.
To apply for this loan, you must do so online. There are three stages to the application:
- Deciding on the terms of the loan of your wishing.
- Providing your personal information such as you name, address, employment information, etc.
- Supplying security information.
LightStream may require you to upload documents to verify your identity and income. The lender will tell you whether you’re approved, usually within minutes, upon the terms of the loan offer.
Keep in mind that LightStream conducts a hard pull via Equifax or Experian when submitting/finalizing your application.
You could receive same-day funding on business days if you complete all the necessary steps and submit your final documents by 2:30pm EST or select to receive the funds on a specific date within 30 days of approval.
According to the application page, you will need a valid Visa or MasterCard Credit Card for verification purposes prior to receiving your funds.
LightStream offers very competitive rates and terms, and its the max loan amount and term offers are generally higher than what other lenders have to offer. Those with great-to-excellent credit will benefit the most as they will have the highest chance of getting approved.
Unfortunately, the one downside to note is LightStream is unable to refinance student loans, unlike other personal lenders. If you’re looking to do that, you’ll need to apply with another lender.
There are many personal loans out there without that restriction. Are you interested in this personal loan from this lender?
Please let us know in the comment section below on your experience! If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
(Visit LightStream for more details)
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