LightStream offers installment loans with very low interest rates for people with good-to-excellent credit. Here is a quick overview of LightStream loans:
Pros:
Low APRs: 5.99% - 22.49%
High loan amounts: $5,000 - $100,000
No origination or prepayment fees
2.5/5 average rating among users
Cons:
Minimum credit score not disclosed (reported to be 660)
LightStream excellent personal loans, combining the ability to borrow large amounts for long periods of time with remarkably low minimum interest rates, no fees and fast approval. More specifically, you can borrow anywhere from $5,000 - $100,000 with LightStream. Plus, the payoff periods can be anywhere from 24 - 84 months. You’ll be hard-pressed to find bigger personal loans or longer repayment timelines elsewhere.
In addition, LightStream keeps the costs low. Their APRs range from 5.99% - 22.49%. Most other personal loan providers don’t offer APRs lower than 7% and often charge up to 36%, so LightStream is very cheap by comparison. Plus, LightStream has a $0 origination fee and a $0 late fee.
LightStream, a WalletHub partner, is the online lending division of Truist Bank (formerly SunTrust Bank, before its merger with BB&T). LightStream offers personal loans to people anywhere in the U.S.
Additional requirements: You’ll need to be a U.S. citizen or permanent resident with a Social Security number.
Approval and funding: You could get approved and funded the same day you apply, and it typically won’t take more than 2 business days. That’s extremely quick for a personal loan.
LightStream customer service rating. LightStream’s parent bank Truist has an A+ from the BBB. LightStream has an average user rating of 2.5/5 on WalletHub.
“Rate Beat Program”: LightStream will offer an APR 0.1 percentage point below what you’re approved for with a competitor. Terms apply.
Pre-qualification: LightStream does not allow potential applicants to pre-qualify. But they do provide a calculator on their website to help you estimate what rates you might qualify for.
Overall, personal loans can’t get much better than what LightStream offers – low costs, large loans and quick funding. As long as you have a credit score of at least 660, you should definitely have LightStream on the list of lenders you’re considering. Below, you can see how WalletHub rates LightStream in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
LightStream Ratings by Category:
Category
Editor’s Rating
Terms
4.6/5
Requirements & Application
3/5
Reviews & Transparency
4/5
Overall Score
11.6/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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LightStream
bossman3 @bossman3
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1 Star Rating
I have a tier 1 FICO score (800+) and tried to get a rate quote on a $10k personal loan from Lightstream. They want all your personal financial data before giving you a quote. I mean everything, bank deposits, how much in bonds, amount in home equity, tax records, driver license, I mean everything before they would give a quote. Pulling your FICO wasn't enough for a quote. When I refused to give them all my data before an exact rate quote, they denied my application. It's a massive data mining operation they are running. They don't care about the loan ...the data is more important to them.
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Product: LightStream Personal Loans
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LightStream
03tdmosher @03tdmosher
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1 Star Rating
Do NOT trust anyone from the Chicago branch, Patrick, Roger or Samuel. For days I was working on a personal loan with Patrick and was told I was good to go, that he just had to submit the file to Samuel or Roger. They did an initial deposit to one bank I use and they rejected the deposit stating it was fictitious and fraudulent. They did a mobile deposit and forged my name on the back of a check as if I were the one making the deposit. On day two after hours of trying to work with them, I provided information on a second bank I use. For hours, I was trying to reach any of them and when I finally did get one of them, it was always "we have many customers and are very busy, I will call you back in 10 minutes". Well after an hour, I tried to get a hold of them, not to mention that its awkward that they have no customer service phone number, they can only be contacted by the number they provide. After finally getting someone, because I couldnt get a hold of Patrick or Samuel, because all of a sudden their numbers were no longer in service. I did get a hold of Roger however, and then all of a sudden I need to pay $200 when om the previous deposit, I did not have to pay anything. This "organization" is a scam, as the first bank I use rejected the check deposit because it was fraudulent. Roger was especially rude and unprofessional, which I could have guessed anyway since they are fraudsters, a truly legit professional doesn't yell at customers and hangs up on them. Please so not fall into the trap that I did because they are not legit and they will just string you along for hours or days just to say, "oh wait, we can only do this if you pay $200 first". Stay safe, do your research first and don't get scammed like I did. Oct. 14, 2022.
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Product: LightStream Personal Loans
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Ellen West @Elwest813
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1 Star Rating
I co-signed a loan for my ex husband. In the divorce papers it states he is responsible for this debt. Lightstream refused to remove me as a co-signer... skip forward 2 years, I'm still the co-signer but there has never been a late payment. Until August 22. I HAD A BABY IN AUGUST!!! and didn't check to make sure my ex had made the payment! Turns out he didnt.. I recieved a letter in the mail after it was 30 days past due. I paid the outstanding balance and set it up on my account for auto pay because I didn't want it to affect my credit and I would settle the debt with my ex husband outside of Lightstream. NOOOO, LIGHTSTREAM REFUSES TO REMOVE A LATE PAYMENT FROM A NEW MOTHERS CREDIT REPORT EVEN THOUGH THERE HAS NEVER BEEN A LATE PAYMENT BEFORE AND THE ACCOUNT IS CURRENT!!! DO NOT USE LIGHTSTREAM EVER!!! They are Heartless and verge on Predatory lending!!!
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Product: LightStream Personal Loans
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Johnny Dilly @Jd12345
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1 Star Rating
Absolute dog water of a lender. Their reviews on their website are fake. You aren't allowed to leave a review if you're not already approved either.
I make $250k a year with less than 10% credit utilization and a 740 FICO. I took one month off to get a medical procedure done so I did not have a pay stub last month. They also demanded a pay stub for $250,000. I spoke to a rep on the phone and told them I can give them 2 years tax returns and last 6 months paystubs and 2 years W2, minus July because I'm on a short leave. You can call my employer to verify (Fortune 500 company). I also am going to get $12k a month from short-term disability. She took the notes and sent it back to the credit team. I only applied for a $30k loan. 20 minutes later I got a decline saying I don't have the ability to repay the loan and a bunch other lies such as multiple delinquencies and high credit usage and collections. I have perfect credit payment history, less than 10% credit utilization, never had a collection account in my life.
As someone who works in finance lending I can say this company is hot garbage. Will be disputing the inquiry and filing a complaint for deceptive lending practices. They also fail to disclose what documentation is required to obtain credit. I'm surprised this company hasn't been hit with massive fines.
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Product: LightStream Personal Loans
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bkbarb2 @bkbarb2
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2 Star Rating
After an easy application process online I received a call from one of their representatives. He was rude and combative. That has been my whole experience. I cannot comment on their actual loan service, just their terrible customer service.
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michael @brentk81
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5 Star Rating
Good rate and fast approval process. Customer service is knowledgeable, polite, and eager to help. Traditional bank will not or can't provide certain types of loans that make sense and save money.... Lightstream does.
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Luke Skywalker @wublade
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1 Star Rating
This company is a joke. I was declined and it makes absolutely no sense why. The reason for loan was to pay off mainly some medical and legal fees that I didn't want to put on a CC.
My Financials: Credit Score - 820 Assets - $200,00+ CC Debt - $1,200/$50,000 available Income - I make more than 4X the amount I wanted to borrow I have at least 25 years of good to excellent credit history
Reason they declined me: • Insufficient income and/or assets for loan amount requested • Insufficient credit history
I strongly believe they only want to loan to people that are barely getting by and will default on payments so they can make extra money on late charges and fees. I believe this company is unethical.
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Peter Bib @Burton10x
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1 Star Rating
They have no idea how to calculate credit worthiness. I have 770 score and make 6 figures and they still deny 15k loan. Bad company overall
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monalisa3773 @monalisa3773
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5 Star Rating
I've had an excellent experience with 2 car loans from LightStream. My independent car dealer suggested I check out getting a loan here since I didn't have the cash saved up for the vehicle I needed. I was approved within a day for $12k at 2.84% for 48 months. Then several months later I was approved again for $17k at 3.19% for 60 months. Even with excellent credit, those were better rates than I could get at my credit union. I set up auto-pay and haven't had any problems with the monthly payments. I just sold one of my other vehicles and am about to use that cash to pay off the smaller loan; I see on the app that it will be easy to set that up as a one-time payment. I highly recommend LightStream for loans if you have a high credit score.
LightStream does a hard credit inquiry into your credit report when you apply for LightStream personal loan. LightStream does this in order to get a full look at the prospective borrower's credit history and make an approval decision. A hard credit check does have a temporarily negative effect on the applicant's credit score. However, the score typically drops just 5 - 10 points. So it's easy to bounce back in a few months – especially for people who get approved for a loan and start making timely payments.
It's not unusual that LightStream does a hard pull. Most personal loan providers will use a hard pull during their approval process. The exceptions are some extremely expensive bad-credit lenders, such as payday lenders or auto title lenders.
Some lenders will do a soft credit check, which doesn't hurt your credit score, as part of a “pre-qualification” process. But LightStream does not offer pre-qualification. And even people who are pre-qualified for other loans still need to apply and go through a hard pull before they can get the loan.
LightStream reportedly requires a credit score of 660 or higher for approval. So if you don't want to waste a hard pull on a long shot, check your credit score for free and make sure it's at least 660 before applying.
Applicants need a minimum credit score of at least 660 to get a personal loan from LightStream. That means the LightStream personal loan credit score requirement is in the fair-to-good credit range, which is on par with most other major personal loan companies.
LightStream's requirement is relatively easy for most people to meet. The average credit score is above 660. However, a credit score of 660 will not guarantee that you can get a personal loan from LightStream. One of the other major factors is your income. LightStream does not disclose a minimum. But you will need a steady source of income to get approved. In addition, LightStream will consider other factors such as your recent credit inquires, existing debts, number of open credit accounts and more.
It's also important to note that while a credit score of 660 gives you a decent chance to be approved for a loan from LightStream, a score that just barely qualifies for approval will likely result in a high APR. LightStream offers loans with APRs as low as 3.99% in some cases. But their highest APR is 17.29%. People with a score of only 660 are likely to get a rate at the top of that range. In addition, while LightStream offers loans ranging from $5,000 to $100,000, people with credit scores right on the borderline of approval will have a difficult time getting approved for high loan amounts.
Yes, LightStream is a legit online personal loan provider that offers competitive interest rates and is registered to do business in the states it services. Another reason why LightStream personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.
Why LightStream Personal Loans Are Legit
LightStream is registered as a business in the states it services.
LightStream has a Better Business Bureau rating of A+.
LightStream has been around since 2004.
LightStream has an average user rating of 3.8/5 on WalletHub.
LightStream personal loans have a rating of 5/5 from WalletHub's editors.
LightStream has a secure website, which you can tell by the fact that the URL has “https” in front of it.
While LightStream personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of LightStream personal loans against your other options before submitting an application.
LightStream debt consolidation loans allow borrowers to combine existing debts – such as other personal loans, credit cards, payday loans, bills and more – into one monthly payment, both for simplicity and the potential for a lower APR. LightStream debt consolidation loans have APRs ranging from 5.95% to 17.29%, depending on the applicant's credit history, income and existing debt. Those are some of the lowest rates on the market overall.
Overall, LightStream debt consolidation loans are excellent, but it's important to be aware of the fine print before applying. And like with any debt consolidation loan, LightStream debt consolidation loans are only worth getting if your APR will be lower than the APRs on the existing debts that you're trying to consolidate.
LightStream Debt Consolidation Loan Details:
APR range: 5.95% - 17.29%
Origination fee: $0
Late fee: $0
Loan amounts: $5,000 - $100,000
Payback periods: 24 - 84 months
Timeline for approval/funding: Same day - 2 business days
If you're looking to refinance existing auto debt, you shouldn't choose a LightStream debt consolidation loan. Rather, you should get a LightStream auto refinancing loan. They function the same way: You receive a lump sum, use it to pay off your existing debt and pay the new debt back over time. But the auto refinancing loans are significantly cheaper, with APRs ranging from 3.99% to 8.64%.
To get either a regular LightStream debt consolidation loan or an auto refinancing loan, you'll reportedly need a credit score of at least 660.
