The privacy policy, level of security or accessibility standards may differ from ours. With a high minimum credit score, LightStream is ideal for individuals with a fico score of 680 or up and a good debt-to-income ratio. ","author":{"@type":"Person","name":"Robin Saks Frankel"},"itemReviewed":{"@type":"http:\/\/schema.org\/Product","name":"LightStream Personal Loans"},"reviewRating":{"ratingValue":4.6},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.bankrate.com/loans/personal-loans/reviews/lightstream/","name":"LightStream Personal Loans: 2020 Review"}}. SunTrust, Truist, LightStream, the LightStream logo, {"@context":"http:\/\/schema.org","@type":"Review","name":"LightStream Personal Loans: 2020 Review","headline":"LightStream Personal Loans: 2020 Review","dateModified":"January 22, 2020","datePublished":"January 22, 2020","description":"LightStream, the online consumer lending division of SunTrust Bank, offers unsecured personal loans to customers with good to excellent credit. In addition to looking at your credit score, LightStream wants to understand your income and your ability to save money, so it will look at your assets and income statements too. A strong payment history: You should have no delinquencies on your credit record. LightStream Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Finally, a loan that rewards your credit. Personal loans are available to borrowers with good to excellent credit in all 50 states. It's the easy way to manage your LightStream account with a tap of a button. LightStream is tailored to customers with strong credit and income — even promising to beat some competitors’ rates to get those customers. No fees; No charge for paying out early; The LightStream loan has no fees to pay. Plus, it offers to send you $100 if you’re unsatisfied with the loan process. Important Disclosures Important Disclosures Same-day funding. Conditions and limitations apply. This compensation may impact how, where and in what order products appear. Payment record on all loans and credit cards. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). Engage your audience and drive action. LightStream offers high borrowing amounts and low rates on its unsecured personal loans, which can be used for nearly any purpose, including home improvement projects, debt consolidation and adoption financing. You also don't have to worry about a prepayment fee. LightStream is the online lending division of Truist (formerly SunTrust Bank). Most of LightStream’s customers will have a high income coupled with a high FICO score (700+). Plus, it offers to send you $100 if you’re unsatisfied with the loan proc… Rates without AutoPay are 0.50% points higher. The lowest rate in each range is for LightStream's unsecured auto loan product and requires that you have an. Advertised rates and terms are subject to change without notice. When you're in that category, you probably don't pay interest to too many lenders, but Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. and the SunTrust logo are service marks of Truist Financial Corporation. LightStream offers flexible loan terms and is a direct lender backed by SunTrust Bank, which is a strong company. Get personal loan offers from LightStream and other great lenders. The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. Find the right lightstream for you or add your own lightstream review. LightStream does have a few restrictions, though. You may be required to upload verification of your income during the LightStream application process. We encourage you to review the privacy policy and security offered on the third-party site prior to providing any personal information. Here's a breakdown of some of the benefits and drawbacks of LightStream personal loans. LightStream’s application process is quick and straightforward. Other important information State and Local Regulations: If, in addition to federal law, you are protected by specific state or local rules concerning information sharing and marketing, LightStream will fully comply with these as well. LightStream is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, partners, advertisers, products or services that are offered or expressed on third-party Web sites. Subject to credit approval. ), cash down payments on real estate, retirement savings, and little, if any, revolving credit card debt, Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream. You can’t use a LightStream personal loan to: LightStream charges no origination fees, prepayment penalties or late fees, and there’s also no fee if you set up an automatic ACH debit through your bank account. Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream. Truist Bank is an Equal Housing Lender. The information, including rates and fees, presented in the review is accurate as of the date of the review. Apply in minutes. Please note: Credit Card/Debt Consolidation loan amounts greater than $50,000 are only available for, Please note: Credit Card/Debt Consolidation loan terms greater than 60 months with a loan amount of less than $25,000 are only available for, Rates for each loan amount and term combination below are shown in a minimum to maximum range because LightStream rates and terms vary based on your credit profile. For instance, if you are quoted a 10% APR on a $10,000 three-year loan from another lender, you could apply for the Rate Beat Program through LightStream to receive an APR of 9.9%. Has anyone used Lightstream before to take out a personal loan? Loan amounts range from $5,000 to $100,000, and the fixed APR ranges from 3.49 percent to 16.79 percent. At LightStream, we care about the environment and, more importantly, we try to do something about it. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Bankrate.com is an independent, advertising-supported publisher and comparison service. There is ne… Enough income to pay existing debts and a new LightStream loan. At LightStream, we care about the environment and, more importantly, we try to do something about it.For one, we have created a virtually paperless consumer loan experience at LightStream. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). You cannot use a LightStream loan to fund college or postsecondary education, refinance student loans, refinance an existing LightStream loan or to fund a business. 6 comments. Several years of credit history with a variety of account types such as major credit cards, installment debt (vehicle loans), and mortgage debt if applicable. save. LightStream also has fund stipulations that make you unable to use your loan on anything other than what was listed as t… Atlanta, GA 30368-7320. One way LightStream loses a few points is that they do not disclose a minimum credit score needed for loan approval. Other simple web tools restrict you to their layouts. LightStream is the national online consumer lending division of SunTrust Bank, which recently became Truist after merging with BB&T. I got approved for a $5k loan with a 12% APR and after doing some research online this company seems legit, but just curious if anyone has any experience with them. © 2021 Truist Financial Corporation. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process. Lightstream received the highest score in the personal loan segment of the J.D. Read real lightstream reviews written by Credit Karma members. But loan decisions aren’t based on credit score alone. Fund college or post-secondary education expenses, though you can use LightStream loans for preschool and K-12 expenses. Once approved, e-sign your loan agreement and set-up your loan for funding. Lightstream doesn't have a uniform debt to income ratio, but they look for borrowers with a stable income and strong asset position. Customers can also see approximate interest rates on their website that depends on your credit history. share. Which certificate of deposit account is best? LightStream wants to see a great history of paying your bills on time. A good payment history with few, if any, delinquencies or other problems repaying debt obligations. Income Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream. Category Rating: 3/5. It also depends on you, the consumer, and what best fits your needs. LightStream - Read unbiased reviews of LightStream, rated 5.0 out of 5 stars by 633 users ... Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. Surveyed consumers ranked LightStream highest in offering and terms, application and approval process, and loan management. Under Florida law we are required to collect and transmit to the State of Florida, on your behalf, a documentary stamp tax. All Rights Reserved. Competitive interest rates and no prepayment penalty. A Red Ventures company. restrictions may apply. LightStream does not have any joint marketing partners. We are an independent, advertising-supported comparison service. Lending services provided by Truist Bank. Truist’s assets total $495 billion, meaning LightStream is funded by a large financial institution rather than a team of investors, as many other online lenders are. Though it’s the lending arm of SunTrust Bank (soon to be Truist Bank), its loan offerings are open to anyone in the U.S. LightStream does cater more toward borrowers with excellent credit indicated through the $100,000 borrow limit and credit history requirements. Customers have to fill up basic information such as name, address, proof of income, proof of employment, valid ID and Social Security Number after which loan officials would contact you. Multiple third-party sources report that you will need a score of 660+. Repayment term (two to 12 years, depending on the loan purpose). Mailing Address By eliminating paper almost entirely from the LightStream loan process, we not only save our natural resources but we save on expenses as well, better enabling us to offer you highly competitive interest rates. For J.D. Here are the details you’ll need to provide: Once you’ve submitted the loan application, LightStream will review it, conduct a hard credit pull and email you with the status of your application. Check the data at the top of this page and the lender’s website for the most current information. In order to qualify you need to have sufficient income and assets. The minimum credit score is 660. LightStream Loan Requirements & Application Info. Using its online platform, LightStream has created a completely electronic lending process. The typical LightStream customer has a minimum FICO score of 660. LightStream offers high borrowing amounts and low rates on its unsecured personal loans, which can be used for nearly any purpose, including home improvement projects, debt consolidation and adoption financing. ... One of their agents called me to asked what I am planning to do with the money, and if I can provide proof of income. If you have a strong credit history and plenty of assets, this lender could be a good fit. Here’s a breakdown of some of the benefits and drawbacks of LightStream personal loans. The information, including rates and fees, presented in the review is accurate as of the date of the review. A Capital One auto loan is a good option if you’re building your credit, you have steady income, and you want a competitive interest rate for a new car loan. 70% Upvoted. During the qualification process, LightStream looks for some key characteristics of good credit, including a long credit history, proof of ability to save, and consistent income. I told him why I need the money and that I can provide proof of income. At least 25% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2020 to 09/30/2020. Proof of liquid assets, retirement savings, and low credit card debt; Stable, verifiable income that demonstrates an abillity to pay your new loan and all current obligations; Strong payment history without delinquencies; LightStream Rates, Fees, and Terms. Like all lenders, LightStream will require personal information to verify your identity as well as proof of your income. But this compensation does not influence the information we publish, or the reviews that you see on this site. LightStream is a division of Truist Bank and focuses solely on online lending. Once approved, the lender will disburse funds to your account. For one, we have created a virtually paperless consumer loan experience at LightStream. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. That means there isn't an origination fee at the start, nor is there a charge for late payments. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. LightStream customers share these characteristics: Learn more about how LightStream loans can be used to finance: Five or more years of significant credit history, A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable, An excellent payment history with no delinquencies or other problems repaying debt obligations, A proven ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc. If approved, you can sign your loan agreement and set up your funding date and payment information online. Rates quoted with AutoPay option. Have funds in your account as soon as today. Borrow any amount from $5,000 to $100,000 with LightStream — a top online lender for personal loans. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access That can happen as soon as the day you apply, as long as your application is verified and approved before 2:30 p.m. Eastern on a business day. Create unlimited projects, scenes, and layouts for your shows. Personal information (including your address, phone number, email address and Social Security number). © 2021 Bankrate, LLC. Loan example: A four-year, $20,000 loan with a 13.9% APR would cost $546 in … Proof of income: Your source of income must be stable and you must make enough to show you can repay the loan. Power 2020 U.S. Consumer Lending Satisfaction Study. Here's a breakdown of some of the benefits and drawbacks of LightStream personal loans. PO Box 117320 Proof of income; Driver's license; Proof of citizenship or residence permit; LightStream Personal Loans review: Fees. Stamp tax is NOT included when determining loan interest rate. Power 2020 U.S. Consumer Lending Satisfaction Study of customers’ satisfaction with their lending company. LightStream - Read unbiased reviews of LightStream, rated 5.0 out of 5 stars by 633 users. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. All other trademarks are the property of their respective owners. Payment history A good payment history with few, if any, delinquencies or other problems repaying debt obligations. When you have a track record of financial responsibility, you deserve an exceptional rate and superior service. The lowest rate in each range requires that you have an, Rates for each loan amount and term combination below are shown in a minimum to maximum range because LightStream rates vary based on your credit profile. 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