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With all the different lenders out there positioning to get your business, it can be overwhelming as you try to find the right one for your personal loan. Not every lender is right for everyone, but more options popping up in the loan market can result in you enjoying better rates, more favorable terms, and the comfort of dealing with a highly-rated business.
This guide offers the insights you need to make an informed decision about whether or not you should apply for a LightStream personal loan. You’ll learn if the products the company offers are right for you, what others have to say about doing business with them, and the answers to some frequently asked questions.
Quick Summary
Apply easily, get money quickly
Finally, a loan that rewards your good credit
- Apply in minutes. Have funds in your account as soon as today1
In this LightStream loan review
- An overview of LightStream
- Which loan products does LightStream offer?
- Vehicle loans
- Home improvement loans
- Recreation loans
- Family life
- Other financing needs
- Vehicle loans at LightStream
- Home improvement loans at LightStream
- Recreation loans at LightStream
- Family life loans at LightStream
- Other loans at LightStream
- What LightStream customers are saying
- FAQs about LightStream
- The final word on LightStream
An overview of LightStream
LightStream is an online consumer lender headquartered in San Diego, California. LightStream is a division of Truist Bank.
As an online lender, LightStream is able to offer consumers a virtually paperless loan process. Customers can apply, be approved, and sign their loan agreement quickly and easily from the convenience of their computer or mobile device. Customers can also receive their funds on the same day of their application. LightStream is so confident in its loan process that it provides a $100 guarantee that you’ll be completely satisfied with your experience.
LightStream does not offer pre-approvals, though, so you need to be prepared for a credit check to occur as part of the application process. But if you are offered a loan by LightStream, you will not be under any obligation to accept it.
LightStream offers competitive rates and fixed-rate financing that is best for borrowers with strong credit. Borrowers can benefit from flexible repayment terms, no fees, and no penalty for repaying your loan early. LightStream’s Rate Beat Program helps ensure you’re getting the lowest rates possible. Under the program, if you receive a rate from another financial institution for the same loan terms offered by LightStream, LightStream will offer a rate of .10 percentage points lower than the rate offered by the competing lender.
LightStream also goes beyond just providing a paperless loan process. LightStream partners with American Forests, the oldest conservation organization in the United States, and donates a tree for every funded loan to support restoration efforts. So when you get your funds, you know it’s part of a bigger cause.
LightStream also provides a mobile app for both iOS and Android devices. Within the app, you can check your payment due dates, monitor balances, make payments, and even apply for a new loan.
LightStream Benefits
- Finally, a loan that rewards your good credit
- Apply in minutes. Have funds in your account as soon as today1
Which loan products does LightStream offer?
LightStream offers financing solutions for amounts between $5,000 and $100,000 that can be used for a variety of purposes — personal, auto, and even education loans for pre-kindergarten through 12th grade. With all these different types of loans, you are required to use the proceeds for the purpose you indicated in your loan application.
Your interest rate will be determined based on several factors, including loan purpose, loan term, loan amount, your individual credit profile, and the payment method you select, and loan APRs start from 7.49% (as of Nov. 17, 2023).
If you’re wondering if a LightStream product is right for your needs, here are a number of ways you can use a LightStream loan:
Vehicle loans
- Auto refinancing
- Classic car financing
- Lease buyout
- Motorcycle loans
- New and used auto loans
- Private party auto purchase
Home improvement loans
- Basem*nt remodel loans
- Home improvement loans
- Hot tub financing
- Kitchen remodel financing
- Landscape financing
- Solar financing
- Swimming pool financing
Recreation loans
- Boat loans and refinancing
- Boat repair financing
- Destination club financing
- RV loans and refinancing
- Timeshare loans
Family life
- Adoption loans
- Dental loans
- IVF/Fertility treatment financing
- Medical financing
- PreK–12 financing
- Wedding loans
Other financing needs
- Aircraft financing
- Credit card/debt consolidation loans
- Horse loans
- Horse trailer loans
- Jewelry financing
- Land purchase loans
- Tiny home financing
Vehicle loans at LightStream
LightStream’s vehicle loans offer a simple solution to help you drive the car you want with no down payment required. And whether you are purchasing from an individual or dealer, or if you’re refinancing your current vehicle, there are no vehicle restrictions. So no matter the make, model, year, or mileage, or if the vehicle is new, used, or leased, LightStream can help.
LightStream deposits funds directly into your checking account, which gives you a leg up as a buyer. Being a cash buyer can give you more power to negotiate a better deal, not to mention save you time in the entire car-buying process.
| Loan amount | $5,000 - $100,000 |
| Loan term | 24 - 84 months2 |
| APR | As low as 8.49%–15.94% (as of May 31, 2023)2 with autopay discount |
| Credit needed | Good to excellent |
Home improvement loans at LightStream
LightStream’s home improvement loans allow you to fund any home improvement project at a low, fixed rate with terms that range from two to 20 years. There are no appraisals or home equity requirements, allowing you to get the funds you need without any hitches.
A LightStream loan can be a great option for a home improvement loan. Since there are no fees, no origination fees, and no prepayment penalties, your home improvements can be completed for a more affordable rate.
| Loan amount | $5,000 - $100,000 |
| Loan term | 24 - 240 months2 |
| APR | 7.99%–20.74% (as of May 31, 2023)2 with autopay discount |
| Credit needed | Good to excellent |
Recreation loans at LightStream
You may not always have the funds to do the things you enjoy, but LightStream offers a solution to that problem. LightStream’s recreation loans give you a means for financing everything from an aircraft and boat to a motorcycle and even a timeshare.
Collateral isn’t required when you use LightStream to fund your purchase of recreational vehicles like aircraft, boats, motorcycles, and RVs. And the no-fees, no-prepayment-penalty policy gives you more flexibility in the way you borrow. If you come into extra cash, for instance, you can pay your loan off sooner without incurring any penalties.
| Loan amount | $5,000 - $100,000 |
| Loan term | 24 - 144 months (depending on loan purpose)2 |
| APR | 7.99%–16.64% (as of May 31, 2023)2 with autopay discount |
| Credit needed | Good to excellent |
Family life loans at LightStream
LightStream offers financing options for the things that are important to your family, including adoption, pre-kindergarten through 12th grade education, fertility treatments, medical costs, and wedding celebrations.
| Loan amount | $5,000 - $100,000 |
| Loan term | 24 - 84 months2 |
| APR | 8.99%-24.99% (as of May 31, 2023)2 with autopay discount |
| Credit needed | Good to excellent |
Other loans at LightStream
If the reason you need to borrow hasn’t been mentioned yet, don’t worry. LightStream’s loans can be used to cover the costs of even more financing needs. Whether it’s for purchasing land, buying an important piece of jewelry, or fordebt consolidation, LightStream offers a solution.
| Loan amount | $5,000 - $100,000 |
| Loan term | 24 - 84 months2 |
| APR | 8.99%–24.99% (as of May 31, 2023)2 with autopay discount |
| Credit needed | Good to excellent |
What LightStream customers are saying
LightStream is owned by Truist Bank, which is accredited with the Better Business Bureau (BBB) and has an A+ rating. You can read their reviews and see their customer review rating on the Truist Bank BBB page.
The BBB website also offers a handful of LightStream reviews that don’t cast an all-too favorable light on the lender, giving it a 1.07 out of five stars. Many of the negative reviews are complaints about being denied and for poor customer service, while those who are happy with their experience rave about the ease and quickness of the entire process.
If you turn to TrustPilot, reviews are slightly better (2.1 out of five stars), but there are currently only 23 posted reviews.
FAQs about LightStream
Is LightStream part of SunTrust?
LightStreamis is no longer a part of SunTrust. It is a division of Truist, a bank formed out of the merger of SunTrust Bank and Branch Banking and Trust Company (BB&T).
Can you pay off a LightStream loan early?
You can pay off a LightStream loan early without having to worry about any prepayment penalties. Paying off your loan early will save you money by cutting down the costs of paying interest.
Does LightStream report to the credit bureaus?
LightStream reports balances and monthly payments on loans to all three major credit bureaus — Experian, Equifax, and TransUnion. Be sure to pay your loan balance on time each month to avoid any late payments, which can be damaging to your credit report and hinder future borrowing.
What credit score is needed for a LightStream loan?
LightStreamwill do a credit check when you apply and their loans are geared toward borrowers with good credit. But since every borrower’s credit situation is unique, other factors are considered when determining loan specifics like amount, rates, and terms.
Can I refinance my LightStream loan?
You can refinance your LightStream loan with money you’re borrowing from a different lender. You can’t, however, use a new LightStream loan to refinance an existing LightStream loan.
The final word on LightStream
Just as with any lender, do your due diligence when determining whether or not LightStream is the right lender for your personal loan and to achieve your personal finance goals. Due to the fact LightStream typically targets strong-credit borrowers, if you have poor or no credit, you’re probably better off looking into how to get a loanwith less stringent credit history requirements.
Even if you qualify, you may feel LightStream isn’t the right fit for you. That’s okay too. Take some time to check out our list of thebest personal loansout there. You may find a lender that provides options that better align with your needs and financial situation. While the number of lenders may have you feeling overwhelmed, competition is making it better for all of us looking for the best financial products. Compare what the best lenders have to offer, and choose which makes the most sense for you.
LightStream Benefits
- Finally, a loan that rewards your good credit
- Apply in minutes. Have funds in your account as soon as today1
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