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The online lending arm of Truist (the bank created by the SunTrust Bank/BB&T merger), LightStream offers personal loans for practically any need, which includes home renovations, credit card consolidation, auto refinancing, medical bills, and more. Its large loan maximum—$100,000, depending on loan purpose—ensures that you can cover nearly any major expense. And the generous repayment terms allow you up to 12 years* to retire your loan.
Our LightStream personal loans review will help you determine if LightStream is the right lender for your personal loan needs.
- Pros & Cons
Joint Application Option
No Prequalification Option
Good or Excellent Credit Required
Inflexible Due Date
As of 8/15/2022, we will no longer offer terms greater than 12 years for home improvement loans.
- No Fees – In an industry rife with fees (that’s how lenders make extra cash), LightStream loans come remarkably free of extra expenses. No origination, prepayment, or late fees are hidden in the fine print.
- Joint Application Option – If you don’t think you’ll qualify for a LightStream personal loan on your own, you can try adding a co-applicant. This means your application will include your credit and someone else’s—usually someone with a higher credit score or a more established credit history—to help you clinch the deal.
- Autopay Discount – LightStream lets you save up to 0.50% per month on interest when you sign up for automatic payments. In other words, you get paid for being prompt, and at a generous rate too—other lenders offer autopay discounts, but 0.025% is more the norm.
- No Prequalification Option – Many online lenders will give you a sort of preview—a nonbinding approval and the interest rates you’ll get—before you formally apply for a loan. LightStream doesn’t, which means the only way to see if you qualify is to complete a full application. This triggers a hard credit check, which can cause your credit score to drop. And there’s a chance you could get denied, which means your score will drop and you’ll still need to find another way to take out a personal loan.
- Good or Excellent Credit Required – LightStream applicants will need a credit score of at least 670 to be eligible for a personal loan.
- Inflexible Due Date – Some lenders are flexible with when you make your monthly payment, but once you lock in your due date with LightStream, it stays that way. If you have unsteady income and don’t think you’ll be able to make payments on the day you’re given, you may want to look elsewhere for a personal loan.
Types of Personal Loans Offered by LightStream
LightStream has great diversity in its personal loans, including vehicle loans, home improvement loans, recreation loans, family life loans, debt consolidation loans, pre-K to 12th-grade education loans, and more.
Time to Receive Funds
You can get your money on the same day your loan is approved.
LightStream Personal Loan Features
- Online Application
- Joint Application Available
- Long Repayment Terms
- Low APRs
- Autopay Discount
- Wide Range of Loan Amounts
Apply for a LightStream Personal Loan
To get a LightStream personal loan, you’ll need to get a few documents in order. Here’s what you have to provide on a LightStream personal loan application.
- Co-Applicant Information – As LightStream offers individual and joint applications, you’ll need to share upfront if you’re going to have another person on the loan with you.
- Loan Information – You’ll detail how much you need, your desired loan terms, and the purpose of your loan. For instance, are you using the funds to buy a new car or for debt consolidation? You’ll want to share that information.
- Personal Details – Aside from your full name and address, you’ll need to indicate if you’re a citizen of the U.S., Cuba, Iran, Myanmar (formerly known as Burma), Syria, Sudan, North Korea, or somewhere else.
- Work and Employment Information – LightStream wants to make sure you’re financially able to repay your loan on time every month. You’ll need to specify your annual income, work status, and any other way you earn money aside from your regular job. You’ll also be asked to share your monthly home costs, plus any money you have in your checking, savings, and retirement accounts.
After that you’ll create a login with LightStream, so you can track your application and, if approved, monitor your loan. Once you carefully review all your details, you’ll submit the application to LightStream.
Can I Refinance a Personal Loan With LightStream?
LightStream offers a variety of refinancing options. including loans for:
- Boats, RVs, Aircraft, and Motorcycles
In your application, you can select the best refinancing option for your needs.
The lender touts its product as the “refreshingly simple LightStream loan,” and it lives up to that slogan with no fees, low APRs, and a one-day release of funds. Add in its impressive variety of loan amounts and types, with financing for nearly every purpose and occasion, and LightStream seems a good choice for many individual borrowers.
However, with no prequalification option, you can’t know in advance if you qualify for a LightStream personal loan. And LightStream is no lender of last resort: You have to have a solid credit score and history to qualify for its financing. Luckily, if your record is sketchy, you can use a joint application and enlist the help of someone with a better credit score to help boost your eligibility.
Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.
Our full personal loans methodology, including our data collection process and weighted data points, is available for review.
*Lightstream Disclosure: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $300.00.