LightStream is an online lending division of Truist Bank that offers fixed competitive rates and flexible terms on loans from $5,000 to $100,000. This amount can be delivered directly to your bank account, often as soon as the same business day.
When it comes to personal financing, LightStream offers a great choice for those who are looking for a loan. With low rates, no fees, and flexible repayment options, their personal loans can be tailored to fit your unique financial situation.
LightStream’s rate of interest is lower than that of many other personal loans, making it easier to manage your finances. With no application fees and no penalties for early repayment, you can pay off your loan faster, so you’re free to reinvest the money in your future.
The application process is straightforward and LightStream makes it easy to secure the money you need. You can apply online and receive a decision up to 2 business days later.
LightStream is also dedicated to providing superior customer service. They offer email and phone support. Plus, their encrypted website ensures your personal information is kept safe and secure.
LightStream’s unique lending model has rates that are dependent on the purpose of the loan. For example, a loan to consolidate debt is considered higher risk than a loan to purchase a car. LightStream’s rate will reflect that. No other online lender tailors their rates to how borrowers use their loan.
See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.
LightStream Overview
| Borrower Averages | |
| Credit Score | Good to excellent credit profiles |
| Credit History | At least 5 years with diverse credit (credit cards, mortgage, car loan) |
| Payments | History of positive payments |
LightStream customers have several years of credit history with a variety of account types, such as major credit cards and vehicle loans (installment debt). They have an ability to save which shows in their liquid assets, cash down payments on real estate, retirement savings and manageable revolving credit debt. These borrowers have stable and sufficient income and assets to repay their current debt obligations and any new loan with LightStream. Lastly, these customers have a good payment history with few, if any, delinquencies.
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to LightStream’s website and apply online.
- Joint applications. LightStream welcomes joint applicants for every loan type and allows one party to have a credit score lower than its minimum requirement.
- No origination fee. There’s no “middleman” fee, and you will receive the full amount of your loan.
- Quick funding. You can get funds in your account as soon as today, if approved and all conditions are met.
- Flexible fund use. A personal loan through LightStream can be used for an auto purchase, home remodel, debt consolidation, timeshare or wedding expenses, and more!
- Competitive fixed rate. With good to excellent credit, your APR could be fairly low, and that won’t budge for the entire duration of your loan term.
- Rate Beat Program. LightStream is so confident in the competitiveness of their interest rates, they will beat any APR presented by other lenders by 0.10 percentage points, given similar terms and conditions.
- No fees. There are no prepayment fee or late fees.
LightStream Terms & Fees
| Loan Amounts | $5,000 – $100,000 |
| Loan Terms | Flexible |
| Repayment Options | Monthly |
| Origination | None |
| APR | *See website for current rates |
| Prepayment | None |
| Late Payment | None |
The Breakdown
LightStream gives creditworthy borrowers an exceptional loan experience, and they’re willing to compensate if it doesn’t meet your expectations. With good to excellent credit, you can take advantage of LightStream’s extremely competitive rates for loans that you can use for just about any purpose. Loan amounts and repayment terms are among the highest and longest compared to other online lenders. Joint applicants are welcome, and there are no origination, prepayment or late fees.
However, LightStream’s low rates are only available to borrowers with good to excellent credit and substantial savings. Also, there’s no face-to-face service, as LightStream is online only.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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