","author":{"@type":"Person","name":"Robin Saks Frankel"},"itemReviewed":{"@type":"http:\/\/schema.org\/Product","name":"LightStream Personal Loans"},"reviewRating":{"ratingValue":4.6},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.bankrate.com/loans/personal-loans/reviews/lightstream/","name":"LightStream Personal Loans: 2020 Review"}}. The minimum credit score is 660. LightStream - Read unbiased reviews of LightStream, rated 5.0 out of 5 stars by 633 users ... Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. Most of LightStream’s customers will have a high income coupled with a high FICO score (700+). LightStream is the national online consumer lending division of SunTrust Bank, which recently became Truist after merging with BB&T. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. A Capital One auto loan is a good option if you’re building your credit, you have steady income, and you want a competitive interest rate for a new car loan. Create unlimited projects, scenes, and layouts for your shows. Here are the details you’ll need to provide: Once you’ve submitted the loan application, LightStream will review it, conduct a hard credit pull and email you with the status of your application. LightStream does not have any joint marketing partners. You may be required to upload verification of your income during the LightStream application process. A good payment history with few, if any, delinquencies or other problems repaying debt obligations. You will not receive the 0.5 percent autopay discount if you pay manually. The offers that appear on this site are from companies that compensate us. I told him why I need the money and that I can provide proof of income. The lowest rate in each range requires that you have an, Rates for each loan amount and term combination below are shown in a minimum to maximum range because LightStream rates vary based on your credit profile. Visit jdpower.com/awards. This might include pay stubs, bank statements or … Consumers with little to no credit will have a difficult time receiving a loan from LightStream, and current consumer reviews express this difficulty. You will receive a response shortly during business hours. All reviews are prepared by Bankrate.com staff. But this compensation does not influence the information we publish, or the reviews that you see on this site. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). Proof of liquid assets, retirement savings, and low credit card debt; Stable, verifiable income that demonstrates an abillity to pay your new loan and all current obligations; Strong payment history without delinquencies; LightStream Rates, Fees, and Terms. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Power 2020 U.S. Consumer Lending Satisfaction Study of customers’ satisfaction with their lending company. I got approved for a $5k loan with a 12% APR and after doing some research online this company seems legit, but just curious if anyone has any experience with them. For J.D. Borrow any amount from $5,000 to $100,000 with LightStream — a top online lender for personal loans. Monday - Friday: 9 a.m. to 8 p.m. & Saturday: Noon to 4 p.m. Saturday & Sunday: Noon to 6 p.m. LightStream Loan Requirements & Application Info. LightStream offers high borrowing amounts and low rates on its unsecured personal loans, which can be used for nearly any purpose, including home improvement projects, debt consolidation and adoption financing. ... LightStream Disclaimer * … A Red Ventures company. The information, including rates and fees, presented in the review is accurate as of the date of the review. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. LightStream customers share these characteristics: Learn more about how LightStream loans can be used to finance: Five or more years of significant credit history, A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable, An excellent payment history with no delinquencies or other problems repaying debt obligations, A proven ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc. Find the right lightstream for you or add your own lightstream review. By clicking Continue, you will be taken to a third-party Web site which is not affiliated with LightStream, a division of SunTrust Bank. The lowest rate in each range is for LightStream's unsecured auto loan product and requires that you have an. restrictions may apply. Has anyone used Lightstream before to take out a personal loan? Rates without AutoPay are 0.50% points higher. LightStream offers high borrowing amounts and low rates on its unsecured personal loans, which can be used for nearly any purpose, including home improvement projects, debt consolidation and adoption financing. Like all lenders, LightStream will require personal information to verify your identity as well as proof of your income. All Rights Reserved. Power 2020 U.S. Consumer Lending Satisfaction Study. Finally, a loan that rewards your credit. LightStream offers personal loans at low-interest rates. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access The amount of this tax, which is slightly more than .0035 times your loan amount (or just over $35 for a $10,000 loan), will be added to your loan amount if your loan request is approved and funded. Personal loans are available to borrowers with good to excellent credit in all 50 states. It also depends on you, the consumer, and what best fits your needs. Get insider access to our best financial tools and content. It takes just two minutes and will not affect you credit score. Which certificate of deposit account is best? We are an independent, advertising-supported comparison service. Customers have to fill up basic information such as name, address, proof of income, proof of employment, valid ID and Social Security Number after which loan officials would contact you. LightStream is the online lending division of Truist (formerly SunTrust Bank). Maximum debt-to-income ratio: Not specified; LightStream is clear about offering loans to borrowers with good credit, although a specific credit score minimum isn’t specified. Current monthly housing payments, such as rent or mortgages. Have funds in your account as soon as today. Lightstream received the highest score in the personal loan segment of the J.D. We encourage you to review the privacy policy and security offered on the third-party site prior to providing any personal information. That can happen as soon as the day you apply, as long as your application is verified and approved before 2:30 p.m. Eastern on a business day. Check the data at the top of this page and the lender’s website for the most current information. Lowest rates require excellent credit. Once approved, e-sign your loan agreement and set-up your loan for funding. This compensation may impact how, where and in what order products appear. Refinance previous college or post-secondary education loans. However, choosing the best home improvement lender depends on a plethora of different factors. Subject to credit approval. Borrowers need a significantly higher score of at least 660 to qualify for a LightStream loan, but there is no minimum income requirement. Loan example: A four-year, $20,000 loan with a 13.9% APR would cost $546 in … For one, we have created a virtually paperless consumer loan experience at LightStream. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process. LightStream Auto Refinancing only considers borrowers who are employed and meet the minimum income requirement. LightStream offers attractive interest rates to its well-qualified borrowers. At least 25% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2020 to 09/30/2020. Payment history A good payment history with few, if any, delinquencies or other problems repaying debt obligations. If you find a better APR with a different lender, LightStream will beat the rate by 0.1 percent if you can show you were approved by the competitor for the same type of fixed-rate loan for the same amount, term, purpose and payment method. Bankrate.com does not include all companies or all available products. Competitive interest rates and no prepayment penalty. Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream. It's the easy way to manage your LightStream account with a tap of a button. Customers can also see approximate interest rates on their website that depends on your credit history. LightStream wants to see a great history of paying your bills on time. We do not include the universe of companies or financial offers that may be available to you. Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. You also need to demonstrate proof of regular income and meet its credit requirements to qualify. Power 2020 award information, visit jdpower.com/awards. Important Disclosures Important Disclosures Same-day funding. During the qualification process, LightStream looks for some key characteristics of good credit, including a long credit history, proof of ability to save, and consistent income. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Lightstream Studio allows you unrestricted control to place everything exactly where you want to best represent your creative vision. report. Under Florida law we are required to collect and transmit to the State of Florida, on your behalf, a documentary stamp tax. Repayment term (two to 12 years, depending on the loan purpose). No fees; No charge for paying out early; The LightStream loan has no fees to pay. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). You can click the Return to LightStream.com button now to return to the previous page. PO Box 117320 Stamp tax is NOT included when determining loan interest rate. Truist’s assets total $495 billion, meaning LightStream is funded by a large financial institution rather than a team of investors, as many other online lenders are. When you're in that category, you probably don't pay interest to too many lenders, but Read real lightstream reviews written by Credit Karma members. Conditions and limitations apply. Truist Bank is an Equal Housing Lender. If approved, you can sign your loan agreement and set up your funding date and payment information online. You cannot use a LightStream loan to fund college or postsecondary education, refinance student loans, refinance an existing LightStream loan or to fund a business. Category Rating: 3/5. Payment record on all loans and credit cards. LightStream’s application process is quick and straightforward. Engage your audience and drive action. Plus, it offers to send you $100 if you’re unsatisfied with the loan process. Finally, a loan that rewards your credit. Multiple third-party sources report that you will need a score of 660+. When you have a track record of financial responsibility, you deserve an exceptional rate and superior service. Atlanta, GA 30368-7320. A strong payment history: You should have no delinquencies on your credit record. You can’t use a LightStream personal loan to: LightStream charges no origination fees, prepayment penalties or late fees, and there’s also no fee if you set up an automatic ACH debit through your bank account. Advertised rates and terms are subject to change without notice. Once approved, the lender will disburse funds to your account. Get personal loan offers from LightStream and other great lenders. You also don't have to worry about a prepayment fee. Enough income to pay existing debts and a new LightStream loan. There is ne… Business Hours (Eastern time). The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. Other lenders might offer lower loan amounts, shorter terms or more limitations on how borrowers can use the loan funds. LightStream also has fund stipulations that make you unable to use your loan on anything other than what was listed as t… If you have a strong credit history and plenty of assets, this lender could be a good fit. Several years of credit history with a variety of account types such as major credit cards, installment debt (vehicle loans), and mortgage debt if applicable. That means there isn't an origination fee at the start, nor is there a charge for late payments. Proof of income: Your source of income must be stable and you must make enough to show you can repay the loan. LightStream is tailored to customers with strong credit and income — even promising to beat some competitors’ rates to get those customers. Here’s a breakdown of some of the benefits and drawbacks of LightStream personal loans. To qualify for a LightStream personal loan, you need strong credit scores, a proven credit history of at least 5 years that demonstrates that you make timely payments. Before you get started, check your rates with other lenders to take full advantage of LightStream’s options. Being an online lender, it does not have any paperwork as everything happens by the click of a mouse. Rates quoted with AutoPay option. Rate is quoted with AutoPay discount. ... One of their agents called me to asked what I am planning to do with the money, and if I can provide proof of income. Loan amounts range from $5,000 to $100,000, and the fixed APR ranges from 3.49 percent to 16.79 percent. Proof of income; Driver's license; Proof of citizenship or residence permit; LightStream Personal Loans review: Fees. But loan decisions aren’t based on credit score alone. LightStream Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. LightStream does have a few restrictions, though. At LightStream, we care about the environment and, more importantly, we try to do something about it.For one, we have created a virtually paperless consumer loan experience at LightStream. Plus, it offers to send you $100 if you’re unsatisfied with the loan proc… SunTrust, Truist, LightStream, the LightStream logo, One way LightStream loses a few points is that they do not disclose a minimum credit score needed for loan approval. With a high minimum credit score, LightStream is ideal for individuals with a fico score of 680 or up and a good debt-to-income ratio. These include identification, proof of income, where you want the money deposited, and how much you want to borrow for your personal loan. To qualify for auto loan refinancing with LightStream Auto Refinancing, applicants need a minimum annual income of $50,000 or higher. LightStream Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. © 2021 Truist Financial Corporation. By eliminating paper almost entirely from the LightStream loan process, we not only save our natural resources but we save on expenses as well, better enabling us to offer you highly competitive interest rates. For instance, if you are quoted a 10% APR on a $10,000 three-year loan from another lender, you could apply for the Rate Beat Program through LightStream to receive an APR of 9.9%. In addition to looking at your credit score, LightStream wants to understand your income and your ability to save money, so it will look at your assets and income statements too. Check the data at the top of this page and the lender’s website for the most current information. Here's a breakdown of some of the benefits and drawbacks of LightStream personal loans. LightStream is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, partners, advertisers, products or services that are offered or expressed on third-party Web sites. AutoPay discount is only available prior to loan funding. Here's a breakdown of some of the benefits and drawbacks of LightStream personal loans. As a whole, because LightStream loans can vary immensely, requirements depend on a few different conjoining factors. Fixed rate, simple interest fully amortizing installment loans, no fees or prepayment penalties. Bankrate.com is an independent, advertising-supported publisher and comparison service. We're proud to be ranked #1 in customer satisfaction for personal loans in the J.D. Lightstream doesn't have a uniform debt to income ratio, but they look for borrowers with a stable income and strong asset position. hide. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. By eliminating paper almost entirely from the LightStream loan process, we not only save our natural resources but we save on expenses as well, better enabling us to offer you highly competitive interest rates. © 2021 Bankrate, LLC. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Privacy policy / California privacy policy. Mailing Address 70% Upvoted. Other important information State and Local Regulations: If, in addition to federal law, you are protected by specific state or local rules concerning information sharing and marketing, LightStream will fully comply with these as well. Customer service representatives are available Monday through Friday from 9 a.m. to 8 p.m. and Saturday from noon to 7 p.m. LightStream’s website doesn’t provide a phone number, but you can email your questions and a representative will respond during business hours. share. Invoicing option is 0.50% points higher. LightStream offers flexible loan terms and is a direct lender backed by SunTrust Bank, which is a strong company. Other simple web tools restrict you to their layouts. Surveyed consumers ranked LightStream highest in offering and terms, application and approval process, and loan management. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Fund college or post-secondary education expenses, though you can use LightStream loans for preschool and K-12 expenses. The information, including rates and fees, presented in the review is accurate as of the date of the review. ), cash down payments on real estate, retirement savings, and little, if any, revolving credit card debt, Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream. The application process is easy and simple. Though it’s the lending arm of SunTrust Bank (soon to be Truist Bank), its loan offerings are open to anyone in the U.S. LightStream does cater more toward borrowers with excellent credit indicated through the $100,000 borrow limit and credit history requirements. save. Personal information (including your address, phone number, email address and Social Security number). The typical LightStream customer has a minimum FICO score of 660. The lender also considers your: Most LightStream loans come with two- to seven-year terms, though its loans for home improvement, swimming pools and solar financing may extend to 12 years. Income Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream. LightStream’s income requirements are not disclosed, either. and the SunTrust logo are service marks of Truist Financial Corporation. Apply in minutes. An ability to save evidenced by: liquid assets, cash down payments on real estate, retirement savings, and manageable revolving credit card debt. LightStream - Read unbiased reviews of LightStream, rated 5.0 out of 5 stars by 633 users. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. {"@context":"http:\/\/schema.org","@type":"Review","name":"LightStream Personal Loans: 2020 Review","headline":"LightStream Personal Loans: 2020 Review","dateModified":"January 22, 2020","datePublished":"January 22, 2020","description":"LightStream, the online consumer lending division of SunTrust Bank, offers unsecured personal loans to customers with good to excellent credit. At LightStream, we care about the environment and, more importantly, we try to do something about it. Please note: Credit Card/Debt Consolidation loan amounts greater than $50,000 are only available for, Please note: Credit Card/Debt Consolidation loan terms greater than 60 months with a loan amount of less than $25,000 are only available for, Rates for each loan amount and term combination below are shown in a minimum to maximum range because LightStream rates and terms vary based on your credit profile. Lending services provided by Truist Bank. LightStream is a division of Truist Bank and focuses solely on online lending. Editorial disclosure: All reviews are prepared by Bankrate.com staff. In order to qualify you need to have sufficient income and assets. The privacy policy, level of security or accessibility standards may differ from ours. 6 comments. All other trademarks are the property of their respective owners. In addition, for every loan that we fund for our customers, we will have a tree planted in one of our country's fragile habitat communities currently under restoration. Using its online platform, LightStream has created a completely electronic lending process. , more importantly, we have created a completely electronic lending process improvement lender depends you. This lender could be a good fit bankrate.com staff use the loan.... With the loan funds and meet its credit requirements to qualify you need to have sufficient income and.. ; Driver 's license ; proof of lightstream proof of income or residence permit ; LightStream loans. Of some of the benefits and drawbacks of LightStream ’ s customers will have a company! Have an is ne… LightStream loan you ’ re unsatisfied with the loan funds, differ! Superior service get personal loan segment of the date of the date of the benefits and of! 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