Lightstream is a consumer lending division of Truist – which was formed after the merger of SunTrust Bank and BB&T. The platform offers unsecured personal loans ranging from $5,000 to $100,000. The loan amount varies depending on the loan purpose. Although many lenders offer loans smaller than the Lightstream minimum, some lenders offer higher loan maximums. Repayment terms are available from two to seven years, making it an excellent option for those looking to pay off larger expenses over time.
In addition to offering attractive and flexible terms, Lightstream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% discount for borrowers who enroll in Autopay – more than most lenders with similar perks – as well as a 30-day guarantee to ensure borrower satisfaction, COVID-19/hardship assistance and a rate Guaranteed loan experience. green program. Lightstream will beat a competitor’s interest rate by 0.1% for applicants who meet certain criteria.
Lightstream offers loans in all 50 states, including Washington, DC and Puerto Rico, and applicants can contact the lender’s customer support team seven days a week; Customer support is available to existing borrowers Monday through Saturday. And, while Lightstream doesn’t offer a mobile app for loan management, customers can access their accounts through Lightstream.com.
Eligibility: Lightstream recommends that applicants have good to excellent credit before applying for a personal loan. To increase their chances of approval, applicants must have several years of credit history that includes a variety of account types, as well as an income that is stable enough to service current loans and a new Lightstream loan.
Lightstream doesn’t offer this capability to potential borrowers. Pre-qualify for a loan, This fact – coupled with the minimum credit score requirement – makes the platform preferable for those with a strong credit profile. Applicants with excellent credit are also more likely to get favorable terms. Lightstream doesn’t allow co-signers, but potential borrowers can submit a joint application.
Loan Utilization: Lightstream’s personal loans can be used for a variety of purposes, from buying a new car, RV or jewelry to paying for home improvements. What really sets Lightstream apart, however, is that the loan can be used to finance land, timeshares, and so-called tiny homes. Like other top lenders, Lightstream prohibits the use of its personal loans for post-secondary education costs, business purposes, and illegal activities. Borrowers are also prohibited from using Lightstream loan funds to refinance existing Lightstream loans.
Changeover Time: Lightstream borrowers can receive same-day funding if the loan is approved before 2:30 p.m. Eastern Time on a banking business day. To receive funds on the same day, the applicant must review and electronically sign the loan agreement; Provide funding preferences and relevant banking information to Lightstream; And complete the final verification process—all before 2:30 PM on the day of loan approval.