- Borrowers with good credit
- Borrowers who need money for a car or home improvement project
- Borrowers who need to borrow a larger amount
Personal loans are helpful when you need to take care of unexpected or large expenses, like home improvement projects, medical bills, or vehicle emergencies. LightStream, the online lending division of Truist Bank, offers one of the highest personal loan limits with amounts up to $100,000.
Here’s what you should know about LightStream personal loans:
- LightStream interest rates and loan details
- LightStream personal loans review
- How LightStream compares to other lenders
- How to take out a personal loan with LightStream
- What to consider before applying for a LightStream personal loan
LightStream interest rates and loan details
Depending on the interest rate you qualify for, personal loans can be an affordable way to finance a major purchase, take care of an unexpected bill, or pay off existing high-interest credit card debt.
If you’re considering a personal loan with LightStream, here are some more details:
|Fixed rates||5.24% - 19.99% APR|
|Loan amount||$5,000 to $100,000|
|Min. credit score||660|
|Time to get funds||As soon as the same business day|
|Residency||Must reside in the U.S.|
|Fees||No prepayment penalty, origination fee, or late payment fee|
|Loan use||You're required to use your loan for the use you selected in your loan application|
|Key benefits||0.50% autopay discount
(only available prior to loan funding)
|Loan originator||Contact lender for more information|
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LightStream personal loans review
LightStream offers secured and unsecured loans with no fees to borrowers with good to excellent credit history. You can use its loans for a variety of purposes, including financing a car, home improvement projects, adoption or medical expenses, debt consolidation, or other major expenses.
LightStream offers a $100 Loan Experience Guarantee, which states that the LightStream application process will be the best you’ve experienced. If you’re not satisfied after you receive a LightStream loan, the lender will send you $100. As always, terms and conditions apply.
LightStream customer support is also available Monday through Sunday if you need any assistance during the loan process.
How to qualify
To qualify for a LightStream personal loan, you’ll need a minimum credit score of 660. You must reside in the U.S., and you can’t use the loan to repay another LightStream Loan or fund higher education costs.
You’ll need to provide the following documentation when you apply:
- Proof of income
- Verified bank account
- Proof of legal residency, such as a driver’s license
- Employment information
LightStream offers repayment terms from two to 20 years, depending on the purpose of the loan. Home improvement loans have repayment terms of up to 20 years, while personal loans for other uses have a repayment period of up to seven years. LightStream loans don’t have prepayment penalties, so you can repay the loan early if desired.
LightStream offers a .50% discount on loans when you sign up for automatic payments. You can also opt to receive a monthly invoice, but you won’t get a rate discount. You can make your monthly payments by check or by signing into your online account. You can’t make your loan payments in person at a Truist Branch.
You can make extra monthly payments to pay off your balance faster, but you should make the additional payment the same day as your due date to ensure the payment applies to the principal balance and not future interest.
Keep in mind that you can’t change your due date once the loan papers are complete. Make sure you choose a date that works for your monthly budget before finalizing the loan documents.
How LightStream compares to other lenders
Here’s how LightStream stacks up against other good credit and home improvement lenders:
|Fixed rates||5.24% - 19.99% APR||6.99% - 24.99% APR1||8.3% - 36.0% APR|
|Loan amounts||$5,000 up to $100,000||$3,500 to $40,0002||$1,000 up to $40,000|
|Min. credit score||660||660|
(TransUnion FICO®️ Score 9)
|Time to fund||As soon as the same business day||Many Marcus customers receive funds in as little as three days||Usually takes about 2 days†|
See how LightStream stacks up with: The Best Personal Loans
How to take out a personal loan with LightStream
You can apply for a LightStream personal loan on the lender’s website, which usually only takes a few minutes. You’ll receive a loan decision during business hours. If you’re approved, you’ll sign an electronic loan agreement. LightStream can fund personal loans as soon as the same day you’re approved.
Before applying for a personal loan, it’s a good idea to make sure you know where your credit stands. You should compare rates from multiple lenders to find the best personal loan for you — consider their interest rates, repayment terms, any fees the lender charges, and monthly payment amounts.
Credible allows you to see prequalified loan rates from multiple lenders who offer personal loans — including LightStream — in just a few quick steps:
- Review your credit profile
- Fill out our form in two minutes
- Compare loan offers on the dashboard
- Choose your loan offer
What to consider before applying for a LightStream personal loan
LightStream offers large loan amounts, which can be helpful if you need to fund expensive home improvement projects or consolidate high-interest debt. LightStream’s interest rates are competitive, and you won’t have to pay any prepayment penalties or loan origination fees.
But you’ll want to keep these things in mind before you apply for a LightStream personal loan:
- Need good to excellent credit to qualify: LightStream requires a minimum credit score of 660 to qualify for a loan. If you’re still working on your credit or you haven’t established a credit history, you’ll need to consider another lender.
- Can’t borrow less than $5,000: LightStream’s minimum loan amount is $5,000. If you need to borrow less than that, you’ll want to look elsewhere for a loan.
When looking for a personal loan, compare rates and loan terms from multiple lenders to ensure you find the best fit for your financial needs.
Jamie Young contributed to the reporting for this article.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of the Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. Credible may be paid for advertising LightStream.
1Rate reduction of 0.25% when enrolled in autopay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.49%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.