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Summary of LightStream Personal Loans

Lightstream, a division of Truist Bank (formerly SunTrust Bank), offers personal loans for a variety of purposes, including debt consolidation, home improvement, and major purchases. Lightstream focuses on providing competitive rates and ease of use for borrowers with good to excellent credit.

What is the APR of a Lightstream personal loan?

One of the standout features of Lightstream personal loans is their competitive interest rates. Their APR range is 6.99% to 25.49%, which includes an auto-pay discount of 0.5%. The specific rate you qualify for will depend on factors such as your credit profile, loan purpose, loan amount, and loan term. Compared to other online lenders and traditional banks, Lightstream’s personal loan rates are often among the lowest available, particularly for well-qualified borrowers.

How much can I borrow with Lightstream?

Lightstream offers personal loans ranging from $5,000 to $100,000, making them a good option for a wide range of financing needs. Loan terms are flexible, with options ranging from 2 to 12 years, allowing borrowers to choose a repayment plan that fits their budget and financial goals. This flexibility can be particularly beneficial for those looking to consolidate high-interest debt or finance large purchases while keeping monthly payments manageable. Of course, extending the length of the loan will drop monthly payments but it will mean paying significantly more interest over the life of the loan. 

What fees does Lightstream charge?

Another advantage of Lightstream personal loans is the absence of many common fees. They do not charge origination fees, prepayment penalties, or account maintenance fees. Very unusually, they don’t even charge late fees. The total cost of the loan is wrapped up in that interest rate, which means it is much more clear what the total cost of borrowing will be over the life of the loan. 

Application for LightStream personal loan

The application process for a Lightstream personal loan is entirely online and can be completed quickly. Borrowers can receive a decision within a few minutes and, if approved, can have funds deposited directly into their bank account as soon as the same business day. However, it’s important to note that same-day funding is contingent upon the completion of the loan agreement and verification process by 2:30 pm ET on a business day.

What credit score do I need for a Lightstream personal loan?

One potential drawback of Lightstream personal loans is that they are designed for borrowers with good to excellent credit. While they don’t specify a minimum credit score requirement, their competitive rates and loan terms suggest that applicants with credit scores in the upper 600s or higher may have the best chances of approval and receiving favorable terms. Borrowers with lower credit scores or limited credit history may need to explore other lending options.

Make sure to shop around

Even if you think you can clear Lightstream’s stringent standards, there’s no guarantee they will give you the best rates. It is important to always shop around. You should try and get two or three approvals before you make a decision which lender to go with. This will guarantee that you are getting the best deal you can get. At the Yukon Project, we’ve tried to make shopping around easy. On our marketplace page, you can apply to one of our premium lenders and we will check your rate with up to 40 other lenders. You will see all the offers so you can select the lender the is best for your situation. 

What customer reviews say

Customer reviews of Lightstream are generally positive, with many users praising the competitive rates, fast funding, and excellent customer service. Some borrowers have reported a smooth and hassle-free application process, with funds received in as little as one day. However, a few reviewers have noted that the application process can be stringent, requiring substantial documentation and verification of income and assets. Many customers appreciate the transparency, speed, and efficiency of the lending process, as well as the competitive rates and lack of fees. 

Is Lightstream a legitimate company?

Based on information from Truist Financial’s annual reports, the parent company of Lightstream, the personal lending division has experienced significant growth in recent years. The company attributes this growth to a focus on providing competitive rates, excellent customer service, and a streamlined digital lending platform. Truist Financial’s commitment to investing in technology and expanding its online lending capabilities bodes well for the continued success and reliability of Lightstream as a personal loan provider.

Conclusion on LightStream Personal Loans

If you have good to excellent credit and a low debt-to-income ratio, Lightstream could be a great option for you. But, there is no guarantee that you couldn’t get a lower rate somewhere else. So, it’s important to shop around. 

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Jonathan Walker