LightStream Review 2023
A personal loan from LightStream is available for almost any purpose and varies in amount from $5,000 to $100,000. Borrowers countrywide with exceptional credit experience can get loans with this online application. In our LightStream review, we will present all the crucial facts concerning the company.
Our team of independent experts has spared no effort in checking the functions and features of the application. Our review of LightStream is based on recent information and the latest updates. Check out the following sections of our unbiased LightStream app review to learn more about this innovative service.
Pros and Cons of LightStream
LightStream is one of the best if you are looking for low rates, long-term money repayments, and large loan amounts. Here are the most vital advantages and disadvantages of the service.
- No fees
- Broad repayment terms
- Same-day financing
- Generous AutoPay discount
- Impossible to change the monthly terms
- No pre-approval
- High minimum loan amount
Despite some disadvantages, the system is attractive to customers because of the significant number of strong points that users benefit from. Later in the article, we will discuss these features in more detail.
What is LightStream?
LightStream is the online consumer lending arm of Truist, which was created in 2019 through the merger of BB&T and SunTrust. In 2012, the company SunTrust bought the assets of the firm FirstAgain and rebranded the company as LightStream.
Now, it offers fixed-rate loans for various purposes and up to $100,000. With no fees, low APRs, and a one-day money release, the company advertises its product as an easy loan, and it lives up to that claim.
LightStream appears to be an excellent option for many individual borrowers, considering its fantastic range of loan sizes and sorts, with funding for almost any purpose and event.
How does LightStream Work?
LightStream offers personal loans for debt consolidation at 5.93% interest charges with auto payment. Rates vary depending on the direct deposit and the term of the loan.
If you meet the conditions of the service provider, you can get a loan of $100,000. With no costly overdraft fees, LightStream can be an economical way to consolidate existing high-interest loans that flow into your existing bank account.
If you want to get a personal loan from LightStream, you have to fill out an online application. This can be done independently or jointly with the applicant.
You will begin by describing in detail the purpose of your loan. This can cover medical expenses, some home improvements, or education-related expenses.
Please remember you do not have a pre-approval option for a checking account. So, once you complete your application, you give LightStream permission to collect your credit report and check the linked bank account.
Once you are approved, the funding times of direct deposits vary from one day to 30 days. There is no guarantee that you will receive funding in your bank accounts on the same day.
If these terms are crucial to you, and you need cash on your debit card sooner, pay attention to creditors with a faster service operating time.
If unsatisfied with your lending experience, you can receive a minimum deposit of $100 from LightStream. For this, you need to complete a customer service questionnaire explaining why you have these certain troubles.
Features & Services of LightStream
LightStream, one of the top online consumer lenders in the country, thinks that if you’ve built up solid credit with a minimum FICO score of 660, you should be entitled to a straightforward application procedure. They promise you affordable terms and conditions when you request a loan.
Customers may use LightStream’s quick, paperless advance feature and inexpensive, fixed-rate financing. With only a few clicks on your computer or mobile device, you can apply for financial products, accept your application, and electronically sign your loan agreement.
You will receive funds on the same day. The most excellent lending option for you may be a LightStream personal loan if you need a fixed-rate loan for almost anything you can imagine.
You must utilize your personal loan from LightStream for the objective you indicated on your budgeting application. Uses for loans include:
- Loans for home renovation. This may be used for household products and services. For example, you can finance a pool, hot tub, kitchen renovation, landscaping project, solar energy system, or basement remodeling.
- Leisure loans. These financial solutions allow you to pay for a significant purchase like a club, a boat, or an airplane or refinance a loan for the items mentioned above.
- Family needs loans. This section helps you to pay for adoption, health or dental surgeries, fertility treatments like IVF or IUI, pre-K through 12th-grade school fees, or weddings.
- Vehicles. LightStream vehicle loans enable customers to purchase a motorbike, a new, used, or antique automobile, refinance them, or buy out a lease.
- Other acquisitions. They involve consolidating debt or, e.g., payment for a wedding.
- Initiation costs. LightStream does not assess origination fees.
- APR. If customers choose autopay, LightStream offers borrowers APRs ranging from 3.99 percent to 19.99 percent. Borrowers who choose not to enroll in autopay will have their APR amount raised by 0.50 percent. Depending on the loan’s goal, several APR levels are offered.
- Late charges. Even though late payments would result in more interest accrual, borrowers are not assessed late fees.
- Penalties for early payment. Borrowers who want to pay off their debts early won’t be penalized by LightStream.
You can monitor and track each loan in the application. This will help you to be constantly aware of the overdue loan repayment period directly in your account.
LightStream Fees & Rates
LightStream personal loans demand no membership fee and have a fixed APR rate ranging from 4.99% to 20.49%, depending on your credit profile, assets, income, and how you use the money.
For example, unsecured loans for purchasing new cars differ in cost from debt consolidation or medical loans. Overall, LightStream’s lowest interest rates are excellent compared to other personal loan lenders.
LightStream’s repayment period ranges from two to 12 years without additional fees. The duration depends on what kind of loan you get and how much you need to pay and borrow. Only Home Improvement Loans have a maturity of more than 84 months. You must sign up for AutoPay before LightStream deposits your credit to receive the 0.50% discount.
If you get approved for another loan with a lower APR than LightStream, they will exceed this rate by at least 0.10% of the annual percentage. This ensures that you are getting the lowest rate available.
LightStream assesses no origination costs, overdraft fees, or late payment fees. The system doesn’t charge any monthly expenses either.
LightStream doesn’t specify a required credit rating for the approval of a personal loan. The lender assesses each borrower’s repayment capacity and demands a good to exceptional credit score.
Example of payment: For a $10,000 loan with a 3-year term and a 3.99 percent APR, there would be 36 installments totaling $295.20 each month without any supplementary monthly fee.
Safety and Security of LightStream
The business employs cutting-edge hardware and secure software solutions to reduce the possibility that your encrypted personal data will be breached, misplaced, or stolen from their computer systems.
The service employs several electronic, physical, and procedural protection mechanisms to secure customer information.
The website encrypts customers’ personal data using accredited 128-bit Secure Sockets Layer (SSL) technology before sending it from the user’s web browser to the service’s web server or vice versa. Additionally, LightStream employs cutting-edge encryption while archiving or storing personal client data.
Even service personnel have limited access to your personal information. They must employ unique card keys and tracking IDs to receive data to send money.
Users should keep their passwords safe to ensure the highest level of protection. The website also offers the option to lock an account. Admission is only provided following direct email communication.
Is LightStream Legit?
LightStream loans are granted exclusively to customers with a high credit score. This is one of the most evident signs of a legit provider since scammers, on the contrary, accept clients with low credit scores who don’t match the usual requirements.
LightStream has a 2.1 out of 5-star rating from Trustpilot and an A+ BBB rating. Those results are based on 10 client testimonials and touch upon various usage aspects. Truist’s personal loans were the subject of several complaints to the Consumer Financial Protection Bureau in 2021. Truist is the parent company of LightStream.
Reputable online loan service LightStream provides reasonable lending rates and a simple application process. Although the credit standards aren’t specified, many employed applicants with strong credit ratings have a possibility of getting approved. The organization offers quick approval processes and same-day funding for some loans, starting at $5,000.
LightStream Platform Supported
LightStream services are available on the website. In addition, users can download the application for Android or iOS. The app is available for free.
The mobile version retains the same features as the full desktop version. The application can be used not only on a smartphone. The program is also optimized for a tablet on Android or iOS.
Using the LightStream app, users can manage their loans anytime and anywhere. The customer can arrange the loan while on the road and remain up-to-date with the account details.
Functions of the smartphone application:
- Update the customer profile and address
- Start the next loan procedure
- Perform payments
- Keep track of account balances
- Manage financial data
If we talk about compatibility, the system requires Android 5.0 or later. iPhone users must have the operating system upgraded to iOS 12.0 or later.
Customer Service at LightStream
In case you have any questions, you can always visit the corresponding part of the website, which is called the FAQ section. It is conveniently grouped into separate categories. There, you can often find a comprehensive answer immediately. The sections involve information about rates, types of loans, pre-approvals, principal payments, terms and conditions, and many more.
If you still need further professional help, we recommend you contact the support team. Customer service works perfectly. This is evidenced by positive feedback from customers.
For this, you can email [email protected] with the necessary questions. Experts answer during the working day from Monday to Friday, from 10 a.m. to 8 p.m., and on Saturday from 12 a.m. to 4 p.m.
For Which Needs LightStream Fits the Best?
The LightStream personal loan is optimal for those users who seek additional income and:
- Have a strong credit score profile
- Want an unsecured car loan for a purchase or refinance
- Are the homeowners who want to get a home improvement loan, e.g., for rent and utility with a long repayment period rather than short term loans
- Need a big loan
With a LightStream loan, you can’t:
- Pay off a loan secured by a stock option, buy bonds, stocks, or stock bills
- Refinance another LightStream debt
- Receive a paycheck for your schooling
- Put money from loans toward life insurance, retirement budget, or college savings programs
With LightStream, you will not pay any fees for prepayment or late payment. LightStream lending terms range from two to 12 years, making LightStream the only primary lender with loans over 84 months.
What are Apps Like LightStream?
Of course, the product we reviewed is not the only one on the market for granting personal loan services. It has multiple alternatives. Users find a variety of such platforms daily and choose the best ones based on their functions. We have compiled for you the most important different and same features of similar applications and placed them in the table below.
|Amount of the loan||$5,000 to $100,000||$3,500 to $40,000||$1,000 to $50,000||$5,000 to $100,000|
|Length of the loan period||2 to 12 years||3 to 6 years||2 to 7 years||2 to 7 years|
|Optimal for||Those who seek the lowest interest rates||Customers that prefer terms up to 72 months||Credit score rate of 670 and lower||Unsecured personal loans on top-of-the-line features|
The Review Process
We evaluated LightStream using the most crucial standards. The areas of loan information, loan cost, loan eligibility and availability, customer experience, and application procedure were all processed.
We reviewed LightStream according to the scores given to each category. Our team also considered the lender’s geographical reach, co-signer policies, and credit score criteria. Last but not least was to establish whether or not co-signers were permitted on joint applications.
Then, our specialists took into account several further important qualities during the whole review process. These included the ranges of yearly income, the payback schedule, and the costs that would be charged.
Finally, we looked at LightStream’s customer service resources, vendor advantages, and features that make the borrowing process more accessible. Examples include pre-qualification options and readily available tablet or mobile smartphone applications.
In general, the system received the following verdict from us:
- Accessibility. The platform is highly praised for issuing a loan on the day it is submitted.
- Affordability. The absence of additional fees and commissions and the low minimum APR allow putting the highest score in this category.
- Customer experience. All applications can be submitted online. If the clients have any questions, they can contact support anytime.
Is LightStream Worth it?
LightStream doesn’t specify a required credit rating for the approval of a personal loan. The lender assesses each borrower’s repayment capacity and demands good to exceptional credit. If your credit score is not very high and you have some faults in your report, you cannot qualify for a LightStream loan. If you only need a few thousand dollars, LightStream’s minimum loan amount will be exorbitantly high. And if you’re evaluating purchases, you can’t get a loan without damaging your credit.
On the other hand, LightStream has a no-fee model. It offers loan repayments of up to 84 months for most loans and 144 months for home improvement loans. These rules make the platform a suitable lender for many borrowers. If you need at least $5,000 and can meet LightStream’s high credit standards, then this service is just right for you.
Does LightStream work with Chime?
The company’s website does not provide any information on this issue. Accordingly, we conclude that LightStream does not work with Chime. However, this can change. To stay up to date with the latest news, follow the company announcements.
Does LightStream report to the credit bureau?
Experian, Equifax, and TransUnion are the three major credit bureaus to which LightStream reports. To avoid any late payments, make sure to pay off your loan balance on time each month. Your credit report may suffer as a result, and future borrowing may be difficult.
How many loans can you have with LightStream at once?
The loan amount cannot exceed 100.000 USD. For some users, it may be one loan, and for some – several. Every time you ask for a loan, the lender will perform a hard inquiry to check your credit history.
Does LightStream run your credit?
The company will analyze your credit history before granting a loan, as it is mentioned on the website. A long credit history with a variety of account types—including credit cards, installment loans, and home loans—is required. A minimum 660 credit score is required.
Does LightStream affect your credit?
You can’t use a soft credit inquiry to prequalify with LightStream for a personal loan before applying. In other words, if you apply for the loan, the lender could make a hard inspection, which might cause your credit scores to to decline slightly.
Who is the Founder of LightStream?
In 1997 Gary Miller and Dave G. Zeller founded a predecessor of LightStream, which was called PeopleFirst Finance LLC. The main purpose of the company was personal loans for different customers. Later the organization transformed several times and resulted in the launch of LightStream in 2013.
An American internet lender by the name of LightStream is a part of Truist Bank. As a consequence of a “merger of equals” between BB&T and SunTrust Bank, of which LightStream was a part, Truist was created in December 2019.
What banks does LightStream work with?
LightStream is the service that is operated by Truist Bank.
Can I borrow again after I pay LightStream back?
Yes. Once you repay the existing loan you can apply for new ones. If the need for a loan meets the requirements and your credit history is good enough, the borrower will give you a new loan on favorable terms.
How fast does LightStream deposit money?
Up to 30 days following approval, it can deposit money into your account. By setting a later fund date, you can have more time to prepare for your first payment.
How long does it take LightStream to verify my documents?
An average transfer is done in 1 to 2 business days. That covers both the length of time it takes to receive permission, check the documents, and deliver the cash to the customer’s account.
Does LightStream app give you money instantly?
Applying for a personal loan online or via the app is simple. Once you’re accepted, you may instantly sign your loan agreement and obtain the money you need the same day. Remember that while this is the normal application experience, it could take longer in some circumstances.
What is the maximum amount of money LightStream lets you borrow?
It offers loans with values between $5,000 and $100,000 with fixed annual percentage rates.
What happens if you don't pay LightStream?
If you don’t pay, your credit rating will suffer. You run the risk of defaulting on the loan, which would result in much more serious and long-lasting credit score harm. Other repercussions of not repaying a loan include debt collectors and potential legal action.
What are LightStream working hours?
The company is open from 9 a.m. to 8 p.m. Monday through Friday and from noon to 4 p.m. on Saturday (Eastern Time).