How much can you borrow from LightStream?

Personal loans let you borrow a sum of money from a lender and then pay it back in monthly installments over a set term – usually anywhere from 12 to 84 months. Those monthly payments include equal portions of the original loan amount, plus interest and fees. Personal loans can be used for debt consolidation, home improvements, vacations, big purchases and more. Understanding how things will go, from the time you apply to when you submit your final payment, is the key to making personal loans work for you.... read full answer

How Personal Loans Work

• Lenders Review Applications.

  You will need to provide personal information (such as your address and SSN), financial information (such as your income and employment status) and more. The lender will evaluate and hopefully approve you.

• Applicants Receive Funds After Approval.

  The issuer of the loan will deposit the money into your bank account as a lump sum. You can do whatever you wish with the money, unless the terms of the loan say otherwise.

• Interest Charges Accrue.

  From the day you take out the loan, the amount will begin accruing interest at a rate set by the issuer. So no matter how long it takes you to pay the loan back, you’ll always owe more than you originally took out.

• Borrowers Make Monthly Payments.

  The lender will give you a required amount to pay each month. You can pay more if you’d like, but make sure that there’s no penalty for paying the loan off earlier than the terms of the contract stipulate. Some lenders may charge a fee.

• Loan Payments Build Credit.

  The lender will report to the credit bureaus whether you’ve paid on time each month. Once you’ve paid off the entire balance, including interest and fees, the lender will report your loan as paid in full. Abiding by the terms of your loan can help increase your credit score.

Personal loans are pretty simple. You just have to make sure to submit your payments every month, and setting up automatic monthly payments from a bank account can go a long way in that regard. The most complicated part of the process is probably selecting the correct loan, but WalletHub’s comparison tool makes that easy.

Yes, LightStream is a reputable lender because the company has an A+ rating from the Better Business Bureau and has been BBB-accredited since 2021. LightStream’s personal loans also have an overall rating of 4.4/5 from WalletHub’s editors.

Why LightStream Is a Reputable Lender

• The company has an A+ BBB rating.
... read full answer
• It has been BBB-accredited since 2021.
• WalletHub’s editors gave the company’s personal loans an overall rating of 4.4/5.
• LightStream’s website and application are secure.
• The company clearly states product terms and requirements on its website.
• LightStream is a division of Truist Bank, which has been BBB-accredited since 1986 and sports an A+ BBB rating.

For more information, check out the full LightStream personal loan review on WalletHub.

Yes, LightStream does call your employer after you provide their contact information and give permission for the call during the application process. LightStream will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

For more information, check out the full LightStream personal loan review... read full answer on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.