LightStream Reviews Personal Loans: Customer’s Reviews, Alternatives…

If you want a personal loan than for you, LightStream is a good option but for this, you should have a perfect credit score or the other option is to borrow the standard amount $35,000 to $40,000. The lowest rates offered by the lenders that you could get online. To know about the lightstream in detail you can go through the LightStream Reviews mentioned below.

Good ForBad For
People who can borrow good to
perfect credit.
Using finances for the purpose of
post-secondary education.
The joint applications.

LightStream Reviews Personal Loans 2019

  • Good for: Good credit, debt consolidation

The purpose of the LightStream is to offers the customer with high borrowing amounts with the lowest rate and zero additional fees by using the unsecured personal loans.

It can be a good option for you if:

You have good credit. The minimum credit score you need for LightStream is above 660 in addition to this, you must have a strong credit history for some years and a strong record of the payments you make on time plus a variety of credit accounts.

You have a co-signer. They give an option of joint applications, and you can apply by having a credit lower than the other applicant has.

You are consolidating debt or funding home improvements. The rates offered by the LightStream are low and provide long repayment terms that make this an additional option for loan use.

LightStream Loan Rates and Terms

The rates and terms for the LightStream loan are as follow:

  • The Loan amount is between $5000 to $100,000.
  • The rate of typical APR lies between 3.99% to 16.99% with an autopay method.
  • The Origination fee is none.
  • The late payment fee is zero.
  • The rate of Prepayment fee is none.
  • The time of funding is the same day as early as possible.
  • The time duration for repayment is 2 to 7 years and for the home improvement in the time span is 12 years.

In some cases you can get an opportunity for soft check credit

  • To be qualified for the LightStream Loan you should have a minimum credit score of 660. There is no need for the minimum income to be specified and there is no specified ratio for debt-to-income.
  • LightStream Loan is best for the borrowers with good credit, co-signers, long credit history and debt consolidation.

Eligibility Criteria

After going through the LightStream Reviews In order to get qualified for a
LightStream personal loan, one must meet the criteria listed below:

  • Credit score must be 660 or greater.
  • Must have many years of credit history with different account types.
  • Expressing the ability to save.
  • Low debt-to-income ratio.

It is not confirmed that you will be approved if meeting all the requirements but it will definitely increase your chances.

LightStream Personal loan review

LightStream is an online lending arm of SunTrust Bank that grants personal loans to its user and can be used literally for any kind of work such as debt consolidation, auto purchases, home improvements, refinance and can cover up medical or dental costs.

After going through the LightStream Reviews, we come to know the purpose of the loan, the rate may vary for the users and you may get a different rate for debt consolidation loans, home improvements or car loans. The rate of a loan depends on the amount of the loan and your profile credit.

Best of 2019: LightStream is recognized as the Top Personal Loans of 2019 by NerdWallet in terms of good credit and home improvement.

  • Home improvement loans:

A Borrower can qualify for no appraisals or home equity equipment if he has excellent credit and looking to finance an improving home project that can be extended up to 12 years. The interest rate of the loan amount is between 4.99% to 13.29% with a cost between $5000 to $100,000.

Monthly payments can be more affordable on expensive home projects by longer repayment terms. Not just this but a project like remodeling kitchen, installing a solar panel or swimming pool are included.

  • Hard credit check: 

Your credit card can temporarily be affected by a hard pull on loan application carried by LightStream. Nevertheless, if you apply via NerdWallet, the lender can pre-qualify applicants using a soft credit check.

  • Rate beat program: 

LifeStream claims that they will beat their rival’s interest rate by 1/10 for every regular fixed rate loan. Moreover, with the same amount, terms, purpose, and payment method.

  • Satisfaction guarantee: 

Unsatisfied borrowers with loan less than 30 days will get LightSream offer of $100 back. In order to get it, you will have to contact the company and fill a questionnaire.

LightStream Customer reviews

After collecting the complaints and reviews from the customers, some of the reviews below are collected from different sources and forums.

The process of loan is quite easy and convenient. I visited their site only three times and to be honest my request for the loan was deposited in my account. I was extremely surprised that this process can be completed In little time. Simply feeling thankful to LightStream and dealing with you people was my good experience.

My experience with LightStream was wonderful in borrowing an amount. I applied for the unsecured personal loan for an amount 20,000 on Saturday morning because I want to buy a high-end grand piano. They contacted me after 2 hours in a friendly manner and quickly verified my information and my intentions for the loan for which I applied and detail about the cost of the piano I am going to pay for it.

Their procedure is easy and fast. I remember I got the approval alert within the working days. I don’t have enough time but if you have all your documents along with your information and this process is straightforward and quick.

Among all the loan which I had applied for before this was my best experience. This process is immediate and easy going and all the procedure is completed online and you got instant approval. I can contact them anytime. My experience overall was very good.

My credit score was perfect but I was not comfortable to submit the copy of income taxes of 3 years because this is the condition by the local bankers to purchase a truck. They are so humble that they only asked about some questions and keep a check that I paid all my bills and just hand over the loan to me in good rates in comparison with the local banker. After signing the amount was in my account. This is the best thing. Thank-you.

This was the easiest process, which I have gone through. Within minutes, I got the approval after applying and instantly had money in my account in a few days. I recommend this to everyone.

This is the best option for the people having perfect credit, which know what is their budget and want a quick loan to buy a car with a stress-free process. I have used this platform two times in 2 months. One I used it to buy a new auto and once I used to refine my auto. The process was simple and fast. Until now, I did not need to contact the customer service so I do not have any idea about their service. Therefore, I prefer this to everyone and rate them with 4 stars for the organization.

The customer service of LightStream is very good and they give a quick response. I was not sure for the approval as my inquiries were not completed yet. The amount, which I want to borrow, was 5k and then I need a time span of 10 days to search for a car. I go through the car’s information and price that was around 3900 and I got the approval. I received the money in my account the next morning. I am very glad about dealing with them.

My first loan was approved in 48 hours and I received the amount in my account to purchase a truck I want. There was no paperwork. After that, I applied for the second loan and it took only 12 hours to receive an amount in my account as they already had my information. I have ever seen this easy loan. All the loans should follow this procedure.

I wish I come to about this company before as I got the loan from another company and paid high fees for it. I am so glad that I received the thing which I want with a good interest fee which I was paying with zero fees. They are playing the role of angels for the people. If you are having a credit card with a high-interest rate and you should go for LightStream to consolidate with a loan.

The whole process was super-fast and paperless. The communication from start to end was good. I had a query, I spoke to their customer service, and the agent was very polite and helpful. The Agent talked to me about the car we bought.

LightStream made my life easy and my family happy. The loan I took I used it to purchase a vehicle for my wife. The loan was approved on Friday and the funds that were in my account got approved on Monday. My experience was great. I got a call from LightStream proving my identity. Going to pay my first loan without any penalty.

The application process was quick and painless. Only a single call from their agent to verify my information and my loan got approved. I got my loan within a day. I will definitely recommend this.

Within the same day of my account getting approved, the funds issued directly to my bank account and got an interest rate for my auto loan. I will definitely recommend you to apply for this service before buying any vehicle. I paid in cash with ease when dealing with the dealership. Moreover, I refunded my unused cash which reduced my payments before the due date.

Couldn’t be any happier with a lender. Low rates, the approval process was incredibly quick, never had to think twice about it. Would definitely use again if we need another loan in the future. 

Best experience with a lender. They have low rates, and the best part is that an approval process is fast. I am going to use this service in future again without thinking it twice if I needed a loan.

In order to qualify for a loan with LightStream, what do you need?

The Credit score of applicants of at least 660 can apply for a loan through LightStream. 18 should be the minimum age of an applicant to apply for a loan or the state minimum, any one of these that is higher.

If the borrowers can prove their ability to repay the loan, that they are going to borrow, LightStream will still check the employment status of the borrower.

Members of Active service duty and their covered dependents are qualified in order to apply for a loan through LightStream. Within the limits of The Military Lending Act, the rates fall. Citizens of U.S. and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Driving license
  • Applicants should have a valid and active checking account
  • Must have proof of citizenship or residence permit
  • Recent pay stubs
  • Proof of income

LightStream Eligibility Criteria

The eligibility criteria for the LightStream Personal loan is as follow:

  • Your age must be 18 years or above.
  • You must have a Bank Account.
  • The joint applications are accepted.
  • Your Credit Score must be in the range of 660 to 850.

What is the estimated funding time for a personal loan through LightStream?

It will take 24 hours for LightStream to approve or deny an application of loan and it will take 30 business days of approval to fund personal loans.

  • Application Process

When you apply for a loan on LightStream’s website, the applicant needs to fill out the information form about the loan such as you will be asked about how you will use the loan proceeds, how much amount you want, and in how many months you will return the loan that you will borrow. Moreover, you will need to enter personal information like address, employment information, social security number, property information if any, and income information.

Furthermore, you will be asked to upload documents in order to identify your identity, employment history, and income. After submitting, you will get a quick response during business hours. Once it is approved, you can log in to sign the loan documentation and select a funding date. You will then specify how and when you will get funds (max up to 30 days since the approval), likely same day funding. In order to qualify for same day funding, you will have to apply and get qualified on a business day with steps to be completed by 2:30 pm ET the same day. Before completing the final step, review and sign the loan agreement electronically, provide funding preferences to the LightStream with banking information.

LightStream application process

Who should not accept a loan

  • Anyone with bad credit. LightStream does not approve a loan if the applicant has bad or thin credit. The lender could demand security to secure a personal loan.
  • Anyone looking to borrow under $5,000. Personal loans of LightStream demands a minimum of $5000. If the borrower is looking for a low amount should consider personal loans from OneMain Financial or Lending Club.
  • Anyone looking for a face-to-face experience. The loan process of LightStream is completely online. You don’t have to go into a SunTrust branch in order to make payments or ask questions in person.

How Does LightStream Compare to Other Lenders?

If you are thinking of LightStream to get a personal loan, it would be a clever move to shop around first. Let us compare LightStream to some of its competitors in the market.

  • LightStream vs. LendingClub

If you are not meeting the credit card recommended requirements of the
LightStream, then LendingClub is the best choice for you. Only a credit score of 640 is required in order to apply for a loan for LendingClub, whereas the LightStream credit score is 660, which is more. LendingClub allows the user to pay directly to your creditors, preferred to the borrowers who are in great debt. Although, from LendingClub, a user can borrow up to $40,000. In this regard, LightStream is a better choice if you are in need of more money with better credit history.

  • LightStream vs. SoFi

For personal loans, SoFi offers almost the same rates, features, and terms as compared to LightStream. That is why we suggest borrowers, who are creditworthy to check their rate at both lenders. Identically to LightStream, you will have to accept credit history and should have a good credit score in order to be eligible. The best advantage of SoFi is that they provide unemployment protection. If somehow you lose your job without your fault, then during this period, SoFi will suspend your monthly loan completely and will also provide assistance in job placement.

  • LightStream vs. Discover

If you have a good credit score and need more than $35,000 then LightStream will provide a better deal by taking out of a loan then Discover. If you are a user of Discover then you can borrow up to $35,000 within the period of 3 to 7 years. However, APRs are slightly higher at Discover with a range of 6.99% to 24.99%. Nevertheless, in LightStream, there is no origination fees or any penalties for prepayment. In order to qualify for Discover loan, the credit score of the user should lie between good to excellent, which is said to be above 660. Minimum household income should be $25,000.

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