Quick Review: Loans from LightStream have some of the lowest interest rates on the market. Their APRs start as low as 3.49% and only top out at 17.29%. You can also borrow large amounts for long periods of time, with loans of up to $100,000 for as long as 144 months (12 years). It’s useful to note that LightStream is a division of Truist Bank – formerly SunTrust Bank, before its merger with BB&T.
LightStream has “loans for practically anything,” according to the company’s tagline, and it’s true. Unlike most lenders, LightStream offers loans with different rates for a variety of distinct purposes, from debt consolidation to remodeling a kitchen to paying off dental expenses.
One downside is that LightStream does not disclose specific credit and income requirements for loan approval. You will need an SSN to apply for a LightStream loan, however. That much is clear. Below, you can find more information about LightStream personal loans as well as see how they compare to offers from other lenders.
LightStream Personal Loan Terms
|APRs||3.49% - 17.29%|
|Loan Amount||$5,000 - $100,000|
|Loan Terms||24 - 144 months|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||1 - 2 business days|
LightStream Interest Rates, Fees & Other Terms
Category Rating: 5/5
LightStream interest rates range from 3.49% to 17.29% and are fixed, not variable. However, there are individual interest rate ranges for each type of loan. For example, the interest rate range is 5.95% - 17.29% for debt consolidation loans and 4.99% - 15.79% for kitchen/bathroom remodeling loans. The exact rate you get within any of those ranges depends heavily on your credit score, income and existing debts, among other factors. But even LightStream’s highest APRs are low, which means they score big on WalletHub’s grading scale.
LightStream also guarantees low rates. They advertise a “Rate Beat Program” where they will beat any interest rate you’re approved for by a competitor (for the same type of loan) by 0.10 percentage point. In addition, LightStream earns points for the fact that they do not charge “origination fees” to process loans. There’s no fee for paying off your loan early, either, plus no late fee if you ever miss a due date.
LightStream offers large amounts of money, too – up to $100,000. And they give long periods of time to pay loans off – up to 12 years.
LightStream Loan Requirements & Application Info
Category Rating: 3/5
One way LightStream loses a few points is that they do not disclose a minimum credit score needed for loan approval. Multiple third-party sources report that you will need a score of 660+. LightStream’s income requirements are not disclosed, either.
You will have to meet a few other basic requirements to get a LightStream loan. You must be of legal age to accept a loan in your home state (almost always 18 years old). And you must be a U.S. citizen or permanent resident with a Social Security number.
LightStream doesn’t really have “pre-qualification,” but you can check potential rate ranges and estimated monthly payments using their online calculator. If you decide to apply, the only way to do so is online. Unlike many competitors, LightStream does allow joint applications.
If you’re waiting on a decision, you can check your LightStream application status online by logging in to your account.
Overall, LightStream gets a decent, but not high, score in this category. While they do have some big pluses like being one of only a handful of major lenders to offer joint applications, the fact that they don’t have pre-qualification and their lack of any alternatives to using an SSN bring their score down a bit.
LightStream Loan Reviews & Transparency
Category Rating: 4.1/5
- Better Business Bureau: LightStream’s parent bank Truist has an A+ rating from the BBB but is not accredited. Truist is the result of themerger of SunTrust Bank and BB&T.
- Consumer Financial Protection Bureau: The CFPB’s database has about 250 complaints about SunTrust Bank’s personal loans. Some reasons for complaints include trouble making payments and required payment amounts being higher than expected. Truist only has 3 personal loan complaints so far. BB&T has over 70.
- WalletHub: LightStream does not have sufficient user reviews to give a rating. SunTrust Bank has a WalletHub user rating of 3.5/5 across over 660 reviews.
- Transparency: LightStream is transparent about their personal loan terms, which you can see on their website. However, they could be clearer about their minimum credit score and income requirements. The good news is that LightStream offers $100 to anyone who receives a loan from them and is not completely satisfied. That’s a unique benefit and a nice touch.
LightStream Loans vs. Popular Alternatives
|APRs||3.49% - 17.29%||6.98% - 19.98%||5.99% - 18.28%|
|Loan Amounts||$5,000 - $100,000||$3,500 - $40,000||$5,000 - $100,000|
|Loan Terms||24 - 144 months||12, 24 or 36 months||24 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate review of LightStream personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. LightStream terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.