Borrowers with good credit will appreciate the many benefits of LightStream personal loans. Not only does it make the unusual promise to beat any qualifying offer, LightStream personal loans also come with a $100 loan experience guarantee. We'll cover the pros and cons in our full of LightStream personal loans review.
|Lending Partner||Best For||Min. Credit Score||Loan Amounts||APR Range||Next Steps|
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|Best For: Borrowers with good credit||Min. Credit Score: 660||Loan Amounts: $5k-$10k||APR Range: 2.49% - 19.99% (w/AutoPay*)||
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This personal loan is a good fit for: Borrowers with strong credit in search of extremely low interest rates.
Low-rate guarantee: If you can provide evidence a competing lender offered a lower loan interest rate on the same terms, LightStream will beat it by 0.10 percentage points. On top of that, LightStream's APR is hands down the lowest we've found.
Fast funding: The loan application process can be completed online with timely responses during business hours. Approved borrowers can receive funds the same day. That's one of the quickest turnaround times in the business.
A customer experience guarantee: If you've received a loan but are not satisfied with your experience, LightStream wants to hear from you. It will offer you the chance to complete a questionnaire and receive $100 for your trouble.
Flexibility: LightStream has very few restrictions on how borrowed funds can be used. Consumers can obtain loans for most purposes, including paying medical expenses, financing home renovations, buying a car, or debt consolidation. You can't borrow to fund your education, buy stocks, or refinance existing LightStream loans. Loans are only available to individuals, not businesses.
No fees or prepayment penalties: You will pay no fees with LightStream, even if you want to repay your loan early. Keep the lack of fees in mind as you compare loans. Another lender may offer a lower interest rate, but a LightStream loan could ultimately cost less because there are no pesky fees involved.
Large loan amounts: LightStream offers between $5,000 and $100,000 in financing to qualified borrowers. In addition, loan terms can run from two years on smaller loans to as long as 12 years on large sums.
0.50% AutoPay discount: This is one of the larger AutoPay rate discounts on offer.
High customer satisfaction: Customers rate LightStream highly. It's currently No. 1 with J.D. Power personal loan rankings for customer satisfaction. In a day and age when we're all telling the world what we think, that's saying something.
Strict qualification requirements: The lender is very restrictive in its approval process. It could offer loans to a wider pool of would-be borrowers, even if it had to do so at higher rates -- but it chooses not to.
You'll generally need the following to qualify for a LightStream loan:
LightStream's entire application process can be completed online in four steps:
If you apply during business hours, you should receive a swift response. LightStream may ask you to submit additional documents and provide information on funding. If it approves your application, you'll need to e-sign a loan agreement.
Once you've finished these steps, you can get funding as soon as the same day.
LightStream is only an option if you want to borrow at least $5,000 and if you have good or excellent credit. If you want to borrow less or you're unable to qualify for a loan, here are some options for different lenders.
If LightStream doesn't sound like a fit for you, we'd suggest exploring your options among the best personal loans on the market now.
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* Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
© 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
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