Business Insider compared LightStream personal loans to the best personal loan companies and found it to be an industry leader. LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
However, LightStream lacks a preapproval option, so borrowers aren't able to check what rates they qualify for without impacting their credit score.
LightStream Personal Loan Pros & Cons
LightStream Personal Loan Pros
- Low rates for anyone with good or better credit. If you have good credit according to LightStream loan requirements (credit score above 670, a mix of credit types, other assets on hand, few or no delinquent payments, and a steady income), LightStream interest rates could be hard to beat.
- Decisions and funding happen quickly. If the application is made during business hours, a decision should come shortly after applying. Loans can be funded on the same day if the application is approved, verified, and signed before 2:30 p.m. ET. This lands LightStream on our list of the best personal loans for fast funding.
- No fees. LightStream doesn't require any application fees, origination fees, or administrative fees. There's also no prepayment penalty for repaying the loan early.
LightStream Personal Loan Cons
- Only available to customers with good credit. A credit score of 670 is a minimum requirement. LightStream also requires credit history, which could rule out borrowers with a limited history of taking out loans or using credit cards. To get the best rates, LightStream requires a minimum of five years of credit history and no delinquent accounts.
- LightStream doesn't offer preapproval. A critical part of getting any type of loan, including personal loans, is shopping around to compare rates. This often involves getting preapproved by several different companies and comparing the offers before settling on one. LightStream doesn't offer preapprovals for its personal loans.
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6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
Compare LightStream Personal Loans
8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
9.99% to 35.99%
$1,000 to $50,000
580
- Small minimum loan amount
- Quick access to funds
- Low minimum credit score
- Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
6.99% to 35.99%
$2,000 to $50,000
600
- Fast access to funds
- High customer satisfaction
- No prepayment penalty
- Origination fees
- High maximum APR
- Unavailable in a few states and DC
- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 3 to 5 years
- You may get your money by the next business day after your loan is reviewed and approved
- Loans made by Best Egg's lending partners
- Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
LightStream Personal Loans Overview
LightStream is Truist Bank's online lending division. It offers a wide range of loan amounts and terms.
LightStream can be a great choice for borrowers with excellent credit, as it offers some of the lowest personal loan interest rates on the market. It also doesn't charge any fees, which will limit the overall cost of your loan. It's one of our top picks for the best debt consolidation loan companies and one of the best home improvement loans, thanks to its low minimum APR.
However, borrowers looking to shop around for the best rates might prefer a different company, as LightStream doesn't offer loan preapproval. Instead, it will conduct a hard credit inquiry when producing your rate, which will likely temporarily ding your credit score.
LightStream Personal Loan Features and Benefits
If you can qualify for a LightStream loan, some of the benefits include:
Quick Funding Times
LightStream has some of the fastest personal loan funding times available. The lender says it can get you your money as soon as the same day your loan is approved.
Loan Experience Guarantee
If you are not satisfied with the experience of getting a LightStream personal loan, the lender says it will give you $100 for filling out a questionnaire so that it can improve its services. The loan experience guarantee expires 30 days after you receive your loan.
Rate Beat program
LightStream will offer a rate that's 0.10 percentage points lower than a rate offered on any competing lender's unsecured loan that you were approved for that lower rate with the same loan terms offered by LightStream. This LightStream savings program excludes secured or collateralized loans, and the competitive offer must be available to any customer with a similar credit profile.
How to Apply for LightStream Personal Loans
LightStream Personal Loan Requirements and Eligibility
To qualify for a LightStream personal loan, you'll need to have a good credit score of 670 or better. The lender will also look at your credit report to see if you have a mix of credit types, other assets on hand, and few or no delinquent payments.
Although LightStream doesn't disclose its specific income requirements, you'll also have to show that you earn enough to comfortably make the monthly payments on the loan. That amount will vary depending on how much you want to borrow. Typically, a debt-to-income ratio of 30% or lower will also increase the chances that you'll qualify for a LightStream loan.
LightStream does not offer loan preapproval, which is when a lender takes a cursory look at your credit profile and provides an estimate of the interest rate, terms, and other loan features it can offer you. Preapproval has no impact on your credit score. LightStream requires a full application and does a hard credit pull, which will temporarily reduce your credit score even if you aren't approved for the loan.
Applying for a LightStream Personal Loan
1. Fill out personal information on LightStream's website. Choose if you're applying for an individual or joint loan, as well as your loan's purpose. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally send in an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Sign a loan agreement online and get your money. After you sign your loan agreement, you may get your money as soon as the same day with LightStream if the application is approved, verified, and signed before 2:30 p.m. ET.
4. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
LightStream Personal Loan Interest Rates and Fees
LightStream offers personal loans with interest rates ranging from 6.94% to 25.29% (with AutoPay discount, rates vary by loan purpose). Loan term lengths start at two years and go out as long as 20 years.
It's important to remember that the lowest interest rates will only be offered to borrowers with the highest credit scores.
Here's a breakdown of what you can expect with LightStream personal loans:
- Regular annual percentage rate (APR): 6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
- Minimum credit score: 670
- Fees: None
- Loan amount range: $5,000 to $100,000
- Repayment terms: two to 20 years
- Funding as soon as the same day or the next business day
LightStream Personal Loan Customer Experience
Customer reviews of LightStream are mixed. The lender has a 1.4 star out of five rating on TrustPilot, with 81% of them coming in at one star.
Many of the negative reviewers complained about the approval process, saying they were under the impression from the lender's advertising and direct marketing that they would be approved, only to have their applications denied. Positive reviewers touted LightStream's quick loan funding and easy application process.
Is LightStream Trustworthy?
LighStream is accredited by the Better Business Bureau, which assigns it an A rating. But it also has a relatively low customer review rating of 1.39 stars out of five on the BBB's website.
LightStream Personal Loan Alternatives
LightStream vs. SoFi® Personal Loan
LightStream and SoFi® Personal Loan have quite a few similarities. Both offer loan amounts between $5,000 to $100,000, and they don't require any fees. However, when it comes to SoFi vs LightStream minimum credit score requirements, SoFi® loans may require a higher minimum credit score and also have higher minimum interest rates than LightStream.
LightStream vs. Upgrade Personal Loans
Upgrade Personal Loanalso offers loan amounts between $1,000 to $50,000. However, with Upgrade, you'll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You won't pay an origination fee with LightStream.
Why You Should Trust Us: How We Rated LightStream Personal Loans
We rate all personal loan products in our reviews and guides on a 1 to 5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but are not directly tied to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans »
FAQs
Can I use a LightStream loan for any purpose?
Yes, LightStream offers loans for a wide range of purposes, including home improvement, auto financing, and debt consolidation, among others.
What is LightStream's Rate Beat Program?
LightStream's Rate Beat Program promises to beat any qualifying competitor's rate by 0.10 percentage points, ensuring borrowers receive the best rate available.
Are there any fees with LightStream personal loans?
No, LightStream offers loans with no fees, including no origination, application, or prepayment penalties.
Does LightStream do a hard pull?
Yes, Lightstream will do a hard credit pull when you apply for a personal loan. There isn't an option for a soft pull on your credit. This means that when you check your rates with LightStream, it will temporarily affect your credit score.
Who does LightStream pull credit from?
When you apply for a LightStream personal loan, the lender will do a hard pull on your credit from either TransUnion or Equifax.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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