Overview of the Company:
LightStream is the country’s leading online consumer lender. LightStream provide low-interest, fixed-rate loans ranging from $5,000 to $100,000 for almost any purpose.
LightStream is a Truist company, and it believe that customers with good credit deserve a quick and easy loan process, incredible service, and competitive rates.
Customers can apply via the LightStream website or mobile app and have funds deposited directly into their accounts as soon as the next day. LightStream is so confident that it will be your best loan experience ever that we back it up with a $100 guarantee.
Why Lightstream Personal Loan?
Low rates and no fees: According to the lender, LightStream offers low starting rates that vary based on loan amount, purpose, repayment term, and the applicant’s credit profile. Excellent credit is required to receive the lowest rates, and borrowers who choose autopay can receive a 0.5 percentage point rate discount.
In addition, LightStream does not charge fees for loan origination, late payments, or prepayment.
Term availability: LightStream’s wide range of repayment terms (two to seven years for most loans) allows borrowers to prioritize lower overall interest with a shorter term or lower monthly payments with a longer term.
Special home improvement features: Borrowers with good or excellent credit who want to finance a home improvement project may be eligible for 12-year loan terms with no appraisals or home equity requirements. Longer repayment terms can make monthly payments on expensive home projects like a kitchen remodel, solar panel installation, or pool addition more affordable. The lender can also postpone loan funding for up to 90 days, giving the borrower more time to plan the remodel without incurring additional interest.
Lightstream Personal Loan Rates | Interest Rates
You deserve a low-interest, fixed-rate loan if you have good credit. You can be confident that’s what you’ll get with LightStream because our Rate Beat Program guarantees our low rates.
Annual Percentage Rate (APR)
5.99% to 21.49%* when you sign up for autopay
Note: The AutoPay discount is only available before the loan is funded. Rates are 0.50% higher without AutoPay. For the lowest rate, excellent credit is required. Rates differ depending on the purpose of the loan.
Lightstream Personal Loan Requirements
- What documentation does lightstream need personal loan
- Complete and submit the formal personal loan application.
- W-2s, pay stubs and bank statements, to confirm the information you gave.
- LightStream will also do a hard credit check when you apply, so your credit score could temporarily dip.
- Co-signers and Co-applicants:
LightStream does not accept co-signers, but prospective borrowers can apply together. Co-applicants, unlike some lenders, are not required to live at the same address as the primary applicant.
Prospective borrowers must indicate that they will be filing a joint application at the start of the application process and provide information about both applicants in the online application. When evaluating the application, LightStream will consider each applicant’s credit, income, and other details equally.
- What Credit Score Do I Need For a Lightstream Personal Loan:
Applicants must have a minimum FICO credit score of 660 to qualify for a LightStream loan. Furthermore, a strong applicant will have several years of credit history, including multiple account types—for example, credit cards, auto loans, and mortgage debt—as evidenced by their credit profile. While a good credit score may be sufficient for approval, the best rates necessitate excellent credit.
LightStream, unlike many other online lenders, does not have a prequalification process. As a result, prospective borrowers must complete a formal application and undergo a hard credit check to determine if they qualify and, if so, at what rate.
- What Income Requirements Do I Need For a Lightstream Personal Loan?
LightStream requires loan applicants to have stable and sufficient income to repay both current debt obligations and a new LightStream loan in order to be approved. LightStream evaluates applicants based on their liquid assets, cash down payments on real estate, retirement savings, and revolving credit card debt in addition to income requirements. However, keep in mind that LightStream does not take into account income from the marijuana industry.
These factors, when combined with the loan’s purpose, help determine an applicant’s debt-to-income (DTI) ratio and likelihood of approval.
How To Apply For a Lightstream Personal Loan?
Fill out the online application for a LightStream personal loan with your personal and financial information. Then, double-check the information, submit the application, and wait for a decision.
- Here Are The Steps To Take:
- Fill out your personal information on the application. LightStream requires the following personal information on the application: full name, email, home address, housing status, home phone, date of birth, Social Security number, and the last four digits of the driver’s license.
- On the application, enter your financial information. LightStream requires the following financial information on the application: employment status, annual income, total monthly housing costs, checking and savings balances, as well as stocks and bonds.
- Check the application for accuracy a second time. To ensure that your LightStream personal loan application is processed as quickly as possible, make sure that all of the information is correct and complete before submitting it.
- Submit your application. LightStream will typically respond to your application within 1 – 2 business days.
- Apply Online
Apply in minutes. You could have funds in your account as soon as today. Apply online. You will receive a response shortly during business hours.
Lightstream Personal Loan Calculator:
Lightstream Personal Loan Prepayment Penalty and Fees:
LightStream has no late or origination fees. There is also no penalty for paying off your loans early, making LightStream an excellent choice if your cash flow is inconsistent and you require flexibility.
Lightstream Personal Loan Pre approval | How to Obtain Pre-approval:
Although LightStream’s online loan calculator shows example rates based on your loan purpose and loan amount, the lender does not allow applicants to pre-qualify directly from its website. Applicants can, however, pre-qualify using a soft credit check.
Pros and Cons:
- Loans as high as $100,000
- Low APR range: 5.99% – 21.49%
- Loans offered for 24 – 84 months
- Few complaints
- No fees
- Get funded as soon as the same day you apply (conditions apply)
- Co-applicants allowed
- Min. credit score undisclosed but reported to be 660
- Min. income requirement undisclosed
- Unavailable without SSN
Lightstream Personal Loan Review | Lightstream Personal Loan BBB Review
LightStream personal loans are excellent, combining the ability to borrow large sums for long periods of time with remarkably low minimum interest rates, no fees, and fast approval. LightStream allows you to borrow between $5,000 and $100,000. Furthermore, payoff periods can range from 24 to 84 months. You’ll struggle to find larger personal loans or longer repayment terms anywhere else.
Furthermore, LightStream keeps costs to a minimum. Their annual percentage rates range from 5.99% to 21.49%. Most other personal loan providers do not offer APRs lower than 7% and frequently charge up to 36%, so LightStream is a steal. Furthermore, LightStream charges no origination or late fees.
Truist Bank’s online lending division is LightStream, a WalletHub partner. LightStream provides personal loans to residents of the United States.
Highlights of the Lightstream Personal Loan Review:
LightStream loans are a good option for people with good credit who want competitive interest rates, no fees, and possibly quick funding.
Lightstream Personal Loan Phone number | Customer Support
Monitored Mon.-Fri, 8AM-4:30PM
24/7 Technical Support: 574-278-7121, option 2
Can you pay off LightStream personal loan Early?
Yes, you can pay off LightStream loans early, which is a good idea because it saves you money on interest. LightStream does not impose a prepayment penalty, which means you will not be penalized if you pay off your loan earlier than required.
Is It Possible To Refinance A Personal Loan With LightStream?
Yes, you can refinance a LightStream personal loan with another lender’s new personal loan or a balance transfer credit card. You will save money on finance charges if you pay off your remaining LightStream balance with a new, lower-interest loan or credit card.
Can I be approved for a LightStream personal loan with a low income?
For personal loans, LightStream does not specify a minimum income requirement. Loans from $5,000 to $100,000 are available from LightStream.
How long does LightStream take to Deposit money for personal loan? | Time to Receive Funds
If the loan is approved before 2:30 p.m. EST on a banking business day, LightStream borrowers can receive funds as soon as the next day. To receive same-day funding, the applicant must also: 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.
Why My LightStream personal loan Denied ?
If you’ve been denied for a personal loan, don’t panic and try not to be concerned. A cash shortage can be frightening, and having your loan application denied can feel like a personal rejection. But the truth is that it happens to a lot of people.
The first thing to understand is that being denied for a loan does not define you as a person. Lenders must establish minimum requirements for all loan approvals. If you fall just short of those requirements, you may be turned down. That doesn’t mean you’re not financially savvy or responsible. It simply means you must make a few financial adjustments to meet their requirements.
How to Obtain Pre-approval for a LightStream personal loan ?
LightStream loans are only available online, and the company accepts individual or joint applications. There is no prequalification available, and you should expect a hard credit inquiry when you apply, which may lower your credit score by a few points.
Lightstream Personal Loan lowest amount
LightStream offers loan amounts ranging from $5,000 to $100,000, with fixed APRs ranging from 6.99 percent to 21.49 percent with a 0.5 percent autopay discount.
Why does Lightstream require you to list your personal loan reason?
While most reasons will not prevent you from obtaining a personal loan, you will be required to explain why you require the funds you are borrowing. In general, you can use the loan proceeds however you want, but some lenders have restrictions. Furthermore, the loan purpose may influence the loan terms you receive.