LightStream Loans Reviewed in Depth

LightStream Personal Loans Reviewed in Depth

Three important considerations for a lending company are loan availability, years in business, and customer service. LightStream personal loans are available in all 50 states. They’ve been around since 2005. Most of those years were spent building good relationships with their customers. Sadly, that last capability seems to have changed in recent years.

Who Is LightStream?

LightStream was originally called “FirstAgain.” They were established in 2005 as the first lender to offer an entirely digital personal loan experience. FirstAgain was rebranded to LightStream in 2012 by SunTrust Bank. Shortly thereafter, SunTrust was renamed Truist Bank. They’re the financial institution behind LightStream personal loans.    

Pros of LightStream Personal Loans

  • Same-day funding in certain circumstances
  • Larger loan amounts and longer terms 
  • Low interest rates and zero fees
  • Available in all 50 states

Cons of LightStream Personal Loans

  • Poor customer service rating
  • High credit score requirement (680)
  • No prequalification option

Services Offered by LightStream

LightStream is a full-service lender with an institutional banking partner (Truist). They offer personal loans for debt consolidation, auto loans, home remodeling loans, swimming pool loans, medical loans, and wedding loans. For qualified applicants, LightStream personal loans can be for as much as $100,000 with a term of up to 144 months.    

Customer Details

Customer Qualifications or Eligibility to Work with LightStream

LightStream Is a Full-Service Lender

LightStream is a full-service lender with an institutional banking partner (Truist). They offer personal loans for debt consolidation, auto loans, home remodeling loans, swimming pool loans, medical loans, and wedding loans. For qualified applicants, LightStream personal loans can be for as much as $100,000 with a term of up to 144 months.    

How Much Debt Do LightStream Clients Have?

LightStream and its parent bank Truist do not have debt requirements for their loan applicants. They offer loans of up to $100,000 and base their approval at least partly on the credit score of the applicant. “Amounts owed” is 30% of your FICO® score. Paying down old debt before applying for a new loan can increase your approval chances.  

What LightStream Personal Loans Won’t Cover

LightStream personal loans are categorized on their homepage, but the lender doesn’t put restrictions on how you use the money. Unlike other debt consolidation services, LightStream issues the funds directly to its customers. You’ll be responsible for paying off old debt or making the purchase you took the loan out for. Funding illegal activities is of course forbidden.      

How LightStream Personal Loans Work

LightStream does not offer a prequalification screen on its website. Applicants can see what the available APRs are, but they need to fill out a complete loan application to view the final terms and conditions. That application includes questions about your residential and professional status, your annual income, your social security number, and your driver’s license number.

Final approval will come only after all your information has been verified. This can happen quickly, and funds could be delivered the same day. It could also take a while, extending the process several days. Have your employment and tax records handy when you apply so LightStream can move your application along quickly.          

How Much Debt Do You Need to Work with LightStream?

There is no debt requirement to work with LightStream, but they will decline your application if you owe too much money elsewhere. Create a budget before you apply for a LightStream personal loan. That will tell you what you owe to other creditors and give you a chance to pay some of that off before you take on new debt from LightStream. 

Working

Timeline When Working with LightStream

Funds can be transferred into your bank account the same day or the next day after you’re approved. Loan repayment terms range between 24 months (2 years) and 144 months (12 years). Loan amounts range from $5,000 to $100,000. LightStream’s current APR range is 7.99% to 25.49% as of the writing of this review.

Overall
4.3
Kevin D. Flynn

Kevin D. Flynn

Kevin D. Flynn is a former financial professional, business coach, and freelance financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

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