LightStream: Best overall
4.9
Credible Rating
Who are LightStream personal loans best for?
Best home improvement loans
LightStream makes unsecured personal loans available to borrowers with excellent credit for just about anything. But if you need a personal loan for home improvement, the company stands out. This is because LightStream offers $100,000 loans with repayment terms of up to 20 years for home improvement (if you apply directly through Lightstream’s website). Only a handful of other companies offer loans as large.
LightStream also offers personal loans for many high-ticket items that are otherwise difficult to finance, including fertility treatments, horses, a hot tub, or a timeshare.
Great fast personal loans
The company’s quick approval process means you can get funds as soon as the same day you apply. While many lenders offer next-day funding, only six others, of the 30 we reviewed, can get you money the same day.
Pros and cons of LightStream personal loans
Pros
- As soon as same-day approval and funding
- A wide range of loan purposes allowed
- Long repayment terms available for certain loan purposes
- No fees, including origination fees
- Large loan amounts available
Cons
- Early payments could count as extra principal payments (resulting in potential late charges if you don’t also make a payment close to the due date)
- Extra principal payments must be made at least two days prior to the due date to count for that month (however the extra principal payment will only be applied the day your payment is due)
- If you don’t set up autopay, your rate will increase by 0.50%
- Regular payments must be made at least 2 days prior to the due date (if you’re not on autopay)
- Minimum loan amount of $5,000
Note:
Lightstream’s Rate Beat Program can beat an apples-to-apples unsecured personal loan offer from another lender by 0.10%.
How to qualify for a LightStream personal loan
LightStream doesn’t have a prequalification process on its website, but you can prequalify through Credible to get a sense of the rate, loan amount, and loan term you may be eligible for.
Here are some of the things LightStream assesses to determine your eligibility for a loan.
Credit score and financial history
LightStream prefers borrowers with a FICO score of 700 or higher and at least five years of credit history with a variety of account types. Applicants with a proven ability to save (as evidenced by savings account and/or retirement account contributions) are also preferred. LightStream uses a hard pull on your credit through Equifax or TransUnion to verify your credit score and history once you apply.
Income and employment
LightStream’s underwriters look for stable employment that demonstrates your ability to easily repay current (and prospective) debt obligations.
LightStream personal loan purposes
You can use a LightStream personal loan for a wide variety of loan purposes. Some are typical, such as credit card consolidation, home improvements, and used car loans, while others are less common, such as solar financing, tiny home financing or adopting a child.
LightStream loans can’t be used for student loans (original or refinanced) or to purchase stocks, bonds or cryptocurrencies. You also can’t use one LightStream loan to refinance another, and you must use the loan for the purpose stated in your application.
LightStream personal loan fees and penalties
One of LightStream’s major selling points is there are no fees, period. No loan origination fees, late fees, or early repayment penalties.
How LightStream compares to other lenders
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Credible rating
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How to contact LightStream
Customer service for LightStream is available at (866) 635-1330 Monday through Friday from 9:30 a.m. to 7 p.m. EST and Saturday from 12 p.m. to 4 p.m. You can also email LightStream at [email protected].
About LightStream personal loans
LightStream is a subsidiary of Truist Bank. It was formerly a lending division of SunTrust Bank. But in 2019, SunTrust merged with BB&T to form Truist Bank. The company offers quick, easy, unsecured personal loans to borrowers with excellent credit profiles.
The company partners with American Forests to plant a tree for every funded loan.
Rating LightStream personal loans
Credible evaluated 30 partner and non-partner lenders to determine the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
FAQ
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