LightStream is an established online personal loan provider for borrowers with good credit. The company aims to provide its customers with a straightforward loan process and attractive borrowing rates. LightStream offers personal loans for a variety of purposes and is completely fee-free.
LightStream groups all of its personal loans under one general category. Common uses for LightStream loans include:
LightStream does require you to use your loan money for the purpose indicated on your application. The company also prohibits using loan funds to:
If the company doesn’t expressly prohibit your intended loan purposes, you’re likely to see a similar loan type in the company’s drop-down list of possible loan uses. If you aren’t sure whether your planned loan use is allowed, you should contact LightStream directly to check.
LightStream loans are available with terms ranging from 24 to 144 months. However, loan terms of 85 to 144 months are only available if you choose to borrow $25,000 or more.
All loans through LightStream have fixed interest rates that are determined based on:
Rates generally range from 3.99% to 16.99%, with a maximum APR of 17.49%. In order to encourage customers to pay their bills via an AutoPay program, the company offers an 0.5% rate discount to those who enroll.
The best rates go to borrowers that have the following:
Through its “Rate Beat” program, LightStream offers to beat any competitor’s rate by 10%. To qualify for the program, you must already be approved by the other lender and have been offered a rate which would be available to any borrower with a credit profile similar to yours.
LightStream is a no-fee lender. You will never pay origination fees, late fees, administrative fees, or any other charges beyond your monthly payment. Since LightStream loans are fully amortized, your balance will be zero on the day you make your final payment.
Florida borrowers are subject to the Documentary Stamp Tax, which is just over 0.35% of the loan amount. If you live in Florida, LightStream collects the tax on your behalf. The company does not consider the tax to be part of the loan when determining your interest rate.
LightStream offers loans valued from $5,000 to $100,000. State loan regulations may affect your minimum loan amount.
LightStream allows you to schedule the delivery of your approved funds within 30 days of receipt of your approval. Same day deposits are available via wire transfer if you log into your account before 2:30 pm EST and schedule the deposit by 3:00 pm EST.
To get a deposit on the same day as your application, you need to complete all of the following tasks before 2:30 pm EST:
If you choose wire transfer, you may be subject to any charges your bank applies to such transactions.
You can also choose to receive your funds by direct deposit. All direct deposits go through Automated Clearing House (ACH), a batch processing network. Because these deposits are less expensive than wire transfers, banks hardly ever charge to complete them.
Funds sent via direct deposit will reach your account on the following business day, assuming you:
LightStream explicitly targets borrowers with credit scores in the “good” range or higher. The credit bureau Experian’s credit score classifications are as follows:
LightStream does not publish numerical equivalents of “good” or “excellent” credit scores, as the company prefers to consider each credit profile separately.
LightStream views credit as a spectrum, subject to individual circumstantial factors. Loan approvals are decided based on an applicant’s entire financial picture and the chances of full loan repayment.
When you apply for a loan with LightStream, the company conducts a hard inquiry into your credit by pulling reports from credit bureaus Equifax and Experian. A hard pull may affect your credit score, especially if you have multiple recently opened accounts or several inquiries within a short period.
Keep in mind that multiple inquiries don’t count against your score if they happen within 45 days, as credit bureaus consider such situations to be instances of “rate shopping.”
A single credit check or rate shopping period may not affect your credit score at all. If your score does drop, you can rest easy knowing that LightStream customers’ credit scores typically bounce back once they start paying off their loans on time.
LightStream also provides customers with the resources they need to question any credit check results they believe to be inaccurate. Documentation can be sent directly to SunTrust Bank.
LightStream’s personal loans have fixed interest rates. You’ll pay the same amount every month until the loan is fully repaid.
LightStream loan payments can be made by invoice or AutoPay. You may mail invoice payments personally or arrange for your bank to send payments through a bill-pay system. SunTrust Bank branches do not accept LightStream loan payments.
AutoPay debits must go through a personal bank account linked to LightStream.
LightStream debits automatic payments on a specified due date. You won’t be able to change the monthly due date once the company funds your loan, but you can make extra payments or send invoice payments early.
If you send an extra payment more than 18 days in advance, the payment will not count toward your next due date.
You can make extra payments to pay off your loan early. However, if you want an additional payment to apply to principal only and not to interest, your extra payment needs to be posted on the same day as your regular monthly payment.
LightStream answers questions via its online form, where you can provide your name, email address, and a brief message.
LightStream does not currently offer phone support.
LightStream is particularly focused on providing a straightforward, user-friendly online experience. Using their online portal, you can:
LightStream has received over 7,000 customer reviews and has an overall rating of 4.9 out of 5 stars. The company also has a 4.9 out of 5-star rating for all rated elements including:
Customer comments include the following:
LightStream has received 69 customer reviews through the Better Business Bureau. Their customer rating on BBB hovers around 1.1 out of 5 stars, but the organization itself has given LightStream an A+ rating.
LightStream has only received one review on TrustPilot, but it’s a five-star review that calls the company’s product “the best loan I’ve ever had” and “AMAZING.”
LightStream guarantees your satisfaction with your loan experience. If within 30 days of receiving your loan, you are not completely satisfied, you can contact LightStream and they will send you a questionnaire to get your feedback. When you return the questionnaire, the company will send you $100.
LightStream is a highly respected lender for people who have strong credit scores and experience as borrowers. If you have a high credit score and prefer to make payments by automatic withdrawal, you’re particularly likely to have a good experience with LightStream.
LightStream focuses on providing innovative personal loans with competitive interest rates to borrowers who have established good credit.
They recently appeared NerdWallet’s “Best Personal Loans for Home Improvement” and “Best Personal Loans for Good Credit” lists. The company has also received several honors from US News and World Report including:
LightStream is owned by SunTrust Bank, but they are open to all customers nationwide regardless of what bank they use.