Lightstream
Personal loans can be a powerful solution for consumers who need to finance big projects, consolidate debt, or pay for a large expense. Customers who utilize personal loans over other high-interest or revolving credit lines enjoy predictable monthly payments, better interest rates, and a set pay-off date. Online lenders connect borrowers with loans that match their needs and budget, and Lightstream is one of the largest online lenders offering loans starting at $5,000 up to $100,000. Lightstream offers a straightforward online digital experience and plenty of incentives for consumers to borrow through them, including interest rate guarantees, bonus payments, and does not charge any fees on personal loans.
- Many different types of loans available
- Useful online mortgage calculators
Pros
- Do not charge fees for its loans
- Easy approval process
- Competitive rates
Cons
- The minimum loan balance is $5,000
- Long credit history is required to qualify for a personal loan
Lightstream Overview
Lightstream is the online lending arm of Truist Bank ( formerly SunTrust and BB&T). Lightstream specializes in personal loans with higher balances which go up to $100,000. These funds are flexible and can be used for debt consolidation, Home Improvement projects, and more.
Lightstream brings the power of a large financial institution and blends it with an online lending platform’s convenience and technological advancement.
How Does Lightstream Work?
Customers can apply for a personal loan online on the Lightstream website. However, it’s important to note that while Lightstream offers high balance loans, there are a few exceptions that applicants cannot use the personal loan’s funding for, including:
- College and post-secondary expenses
- investment purchases, including stocks, bonds, or options.
- Business funding.
- Refinancing existing Lightstream loans.
Aside from a few exceptions, Lightstream offers a powerful lending solution for customers who want to borrow a lot of money without a hassle. Since the entire Lightstream experience is online, and you can utilize a mobile app to manage your balance and check your approval status, applicants get the best of both worlds.
Back to top ↑Lightstream Personal Loans Features
Loans from Lightstream start at $5,000 and go up to $100,000, With repayment terms ranging from two years to seven years. Interest rates range from 5.95% to 19.99% ( if you enroll in auto-pay).
Other features include no fees on any Lightstream loan, including origination and prepayment fees, and Lightstream is willing to eat competitors’ rates by 0.1% ( with some exceptions). Finally, if you’re not satisfied with the loan process, Lightstream will send you $100.
Enrolling in the Lightstream auto-pay system automatically adds a 0.5% APR discount, which you will not get if you manually pay.
Back to top ↑Lightstream Personal Loans Requirements
If you choose to apply for a Lightstream personal loan, you will need to provide a few details.
Details include the loan purpose, amount, and preferred term. You will also need to provide personal information, including your address, phone number, email address, and a payment method, among other details.
They will also ask questions about your personal finances, including how much you pay for monthly housing, your income and employment information, and the balances of any current investments you may own.
Once you provide all of this information, Lightstream will quickly review it, and if you are approved, you can potentially receive funding on the same day.
Back to top ↑Reliability and Customer Experience
The customer experience with Lightstream is very positive. There are plenty of customer resources available, including phone numbers, online chats, and dedicated representatives to help you through the entire lending process.
If you are not happy with the loan process, Lightstream will send you $100 to make up for your lost time.
Back to top ↑Final Thoughts
If you want to borrow a large amount with relative ease, Lightstream can be a great choice because they offer the resources of a Traditional Bank with the speed and Technology of an online lender.
And remember, if you find a better interest rate from another lender, they may offer to Beat It by up to 0.1%.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
