Personal Loans

LightStream Personal Loans Review

Low Rates for People With Good Credit, But a Credit Check Required

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LightStream, the online lending arm at Truist Bank is LightStream. It was created in 2019 after SunTrust Banks merged with BB&T Corp.

Since 2013, LightStream has offered unsecured personal loans without fees. To date, the lender has provided loans for about 1 million borrowers–particularly those with strong credit–in all 50 states and the District of Columbia.

The online portal allows you to apply for a loan and manage your account. You can also make payments through the mobile app of the lender (available for both Android or iOS). Customers sometimes receive their funds the next day. LightStream has a rate match program that will match any competitor’s offer, and then some. There is also a Loan Experience Guarantee that will send $100 to you if you are not satisfied. LightStream goes beyond paperless and plants one tree per loan it originates.

How to Get a Personal Loan?

Personal loans are a fast way to get cash and can cover almost any expense. However, not all personal loans are created equal so it is important to compare offers from multiple lenders. Although a loan may seem like a great deal, the actual rate and terms of your loan could be different than what you see. The terms of your loan will depend on your credit score and income. Check to see if there are any fees (prepayment penalties, origination fees or late fees) that could increase the cost of your loan.

Look for lenders who will pre-qualify customers by using a soft credit check. This method allows you to preview your interest rate, loan terms and repayment terms without affecting your credit score. LightStream and other lenders may also require hard credit inquiries, which can lower your credit score. All lenders will conduct a hard credit investigation when you apply for the loan.

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It is important to understand the differences between a secured loan or an unsecured loan. Personal loans are usually unsecured. This means that you don’t have to provide collateral in order to be eligible for the loan. Although secured loans offer lower interest rates than unsecured loans, they carry more risk as you may lose your collateral if payments are not made on time.

Alternatives to Personal Loans

Although personal loans are a great option to consolidate or pay off major debts, there may be other options that work better for you.

Home equity loans, home equity lines of credit (HELOC), and cash-out refinances are all options. These financing options enable homeowners to borrow money by tapping into their equity. These financing options might be an option for you if your home is well-financed and you are eligible for a low rate of interest. Before you apply, make sure to understand the pros and cons of each.

A balance transfer credit card. Some credit cards offer a 0% introductory rate for a certain period, typically 15 to 18 month. This strategy might be a good option if you are looking to consolidate your debt and you can pay the balance in the promotional period. Balance transfer fees can eat into savings, so be careful. You’ll also be responsible for higher credit card APR if you have a balance after the intro period.

How to Qualify for a LightStream Loan?

LightStream requires borrowers to have a minimum credit score (660) in order to be eligible for one its personal loans. According to Experian credit bureau, this score is at the top end of the “fair range”. However, the lender states that it will examine an applicant’s credit history and financial situation in order to determine if they are eligible. LightStream claims it will review your:

  • Credit history: This will require a lot of credit history, including several years with various account types such as credit cards and installment loans.
  • Assets: If you have assets such as cash or retirement savings, you are more likely to be able to withstand financial emergencies and pay your monthly personal loans on time.
  • Payroll history: Good payment records with no or few delinquencies are a sign that you are a responsible borrower.

Who should get a lightstream personal loan?

LightStream personal loans are for those who require cash fast, have a credit score at least 660 and have a history of credit. LightStream loans can be up to $100,000 so it is a great option for people who need large amounts of money.

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It is also worth checking if you are eligible for a LightStream loan to cover your specific expense. LightStream claims that borrowers can borrow its loans to pay for many different types of expenses.

How to Apply for a LightStream Loan?

Here’s how you can apply for a LightStream personal Loan if you have decided that a personal loan is the right choice for your financial needs.

Complete the application. Fill out the application. LightStream will ask you how much money you have available, what you intend to do with the loan, and if you would like to add a coborrower.

Register for an account. You will need to create LightStream accounts with a username, password and security question and answer.

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You can electronically sign and review your loan agreement. LightStream will provide information about your personal loan eligibility, including the amount of your monthly payment, APR and any other terms. Before signing electronically, make sure to read and understand these terms.