LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loans Overview
LightStream is Truist Bank's online lending division. It offers a wide range of loan amounts and terms.
LightStream can be a great choice for borrowers with excellent credit, as it offers some of the lowest personal loan interest rates on the market. It also doesn't charge any fees, which will limit the overall cost of your loan. It's one of our top picks for the best debt consolidation loan companies, and one of the best home improvement loans thanks to its low minimum APR.
However, borrowers looking to shop around for the best rates might prefer a different company, as LightStream doesn't offer loan preapproval. Instead, it will conduct a hard credit inquiry when producing your rate, which will likely temporarily ding your credit score.
Key Features of LightStream Personal Loans
6.94% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
- Regular annual percentage rate (APR): 6.94% to 25.29% (with AutoPay discount, rates vary by loan purpose)
- Minimum credit score: 660
- Fees: None
- Loan amount range: $5,000 to $100,000
- Repayment terms: two to 12 years
- Funding as soon as the same day or next business day
- Loans made by Truist Bank
Compare Personal Loan Rates
How to Qualify and Apply for a LightStream Personal Loan
To qualify for a LightStream personal loan, you'll need to have a good credit score of 660 or better. The lender will also look at your credit report to see if you have have a mix of credit types, other assets on hand, few or no delinquent payments.
Although LightStream doesn't disclose its specific income requirements, you'll also have to show that you earn enough to comfortably make the monthly payments on the loan. That amount will vary depending on how much you want to borrow. A debt-to-income ratio of 30% or lower will also increase the chances that you'll qualify for a LightStream loan.
LightStream does not offer loan preapproval, which is when a lender take a cursory look at your credit profile and provides an estimate of the interest rate, terms, and other loan features it can offer you. Preapproval has no impact on your credit score. LightStream requires a full application and does a hard credit pull, which will reduce your credit score temporarily even if you aren't approved for the loan.
Applying for a LightStream Personal Loan
1. Fill out personal information on Lightstream's website. Choose if you're applying for an individual or joint loan, as well as your loan's purpose. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally send in an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Sign loan agreement and get your money. After you sign your loan agreement, you may get your money as soon as the same day with LightStream if the application is approved, verified, and signed before 2:30 p.m. ET.
4. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
LightStream Personal Loan Interest Rates and Terms
LightStream offers personal loans with interest rates ranging from 6.94% to 25.29% (with AutoPay discount, rates vary by loan purpose). Loan term lengths start at two years and go out as long as 12 years.
It's important to remember that the lowest interest rates will only be offered to borrowers with the highest credit scores.
Benefits of Choosing LightStream
If you can qualify for a LightStream loan, some of the benefits include:
Quick Funding Times
LightStream has some of the fastest personal loan funding times available. The lender says it can get you your money as soon as the same day the loan is approved.
Loan Experience Guarantee
If you are not satisfied with the experience of getting a LightStream personal loan, the lender says it will give you $100 for filling out a questionnaire so that it can improve its services. The loan experience guarantee expires 30 days after you receive your loan
Rate beat program
LightStream will offer a rate that's 0.10 percentage points lower than a rate offered on any competing lender's unsecured loan that you were approved for that lower rate with the same loan terms offered by LightStream. The program excludes secured or collateralized loans, and the competitive offer must be available to any customer with a similar credit profile.
LightStream Customer Experiences and Feedback
Customer reviews of LightStream are mixed.
The lender has a 1.7 out of 5 rating on TrustPilot, with 79% of them coming in at one star. Many of the negative reviewers complained about the approval process, saying they were under the impression from the lender's advertising and direct marketing that they would be approved only to have their applications denied. Positive reviewers touted LightStream's quick loan funding and easy application process.
LighStream is accredited by the Better Business Bureau, which assigns it an A rating from. But it also has a relatively low customer review rating of 1.32 out of 5 on the BBB's website.
LightStream Personal Loans Pros and Cons
LightStream Pros
- Low rates for anyone with good or better credit. If you have good credit according to LightStream requirements (credit score above 660, a mix of credit types, other assets on hand, few or no delinquent payments, and a steady income), LightStream interest rates could be hard to beat.
- Decisions and funding happen quickly. If the application is made during business hours, a decision should come shortly after applying. Loans can be funded on the same day if the application is approved, verified, and signed before 2:30 p.m. ET. This lands LightStream on our list of the best personal loans for fast funding.
- No fees. LightStream doesn't require any application fees, origination fees, or administrative fees. There's also no prepayment penalty for repaying the loan early. Florida residents will have to pay a state stamp tax, however.
LightStream Cons
- Only available to customers with good credit. A credit score of 660 is a minimum requirement. Lightstream also requires credit history, which could rule out borrowers with a limited history of taking out loans or using credit cards. To get the best rates, LightStream requires a minimum of five years of credit history and no delinquent accounts.
- LightStream doesn't offer preapproval. A critical part of getting any type of loan, including personal loans, is shopping around to compare rates. This often involves getting preapproved by several different companies and comparing the offers before settling on one. LightStream doesn't offer preapprovals for its personal loans.
LightStream Personal Loan Alternatives
LightStream vs. SoFi® Personal Loan
LightStream and SoFi® Personal Loan have quite a few similarities. Both offer loan amounts between $5,000 to $100,000, and they don't require any fees. However, SoFi® loans require a higher minimum credit score and also have higher minimum interest rates than LightStream.
LightStream vs. Upgrade Personal Loans
Upgrade Personal Loanalso offers loan amounts between $1,000 to $50,000. However, with Upgrade, you'll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You won't pay an origination fee with LightStream.
Why You Should Trust Us: How We Rated LightStream Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
LightStream Personal Loan Frequently Asked Questions
LightStream is known for its fast funding, with the possibility of receiving funds as soon as the same day the loan is approved.
LightStream looks for borrowers with good to excellent credit scores, offering more favorable terms and rates to those with strong credit histories. You're unlikely to qualify for a LightStream personal loan with a credit score lower than 660.
Yes, LightStream offers loans for a wide range of purposes, including home improvement, auto financing, and debt consolidation, among others.
LightStream's Rate Beat Program promises to beat any qualifying competitor's rate by 0.10 percentage points, ensuring borrowers receive the best rate available.
LightStream offers loans with no fees, including no origination, application, or prepayment penalties.
