LightStream Review - Personal Loans

Application & Approval Process
9.0/10
Rates & Fees
9.0/10
Payment Terms
9.0/10
Customer Support & Benefits
9.0/10

About LightStream

LightStream are a part of Sun Trust Banks, a financial services provider that has been around for nearly 130 years. LightStream focuses solely on personal, unsecured loans, and you can apply for a loan for nearly any purpose. There are barely any restrictions on what you can borrow from LightStream. You’ll be offered different rates depending on the purpose of your loan and longer terms are available for home improvement loans.

When you apply for a personal loan with LightStream, you get a lightning speed and technology-based service. The whole process can be done online or through a mobile app. It’s a great loan provider for people with a good credit history who want their loan funded quickly. 

i

Excellent

9.0/10

Pros

  • Same day funding
  • Online and mobile application process
  • Can borrow up to $100,000
  • Offers to beat rates from competitors by 0.1%

Cons

  • Needs to agree to AutoPay to receive the best rates
  • Rather high minimum borrowing of $5,000

Key Highlights

  • All loans offer a fixed loan rate so your monthly payments will not change with rates from 3.49 – 20.49%.
  • LightStream will beat a genuine offer of a lower rate on the same terms they offer.
  • The online application process means LightStream are perfect for borrowers looking for a fast and easy personal loan.
  • Loans can be taken from $5,000 to £100,00 and over 2 to 12 years, depending on the purpose, giving plenty of options.
  • Offers a Loan Experience Guarantee; if you’re not happy once you’ve taken your loan, you can contact them and you’ll get $100 after completing a questionnaire.
  • According to external websites, lenders are required to have a minimum credit score of 660.

Application & Approval Process

Application

All applications for LightStream Loans are done online, so your first port of call is to visit the website. Before starting your application, you can use the rate calculator to see how much different amounts of borrowing will cost you. Your rate will depend on the amount you borrow, term, and loan purpose. 

The next step is to make an application and you need to agree to everything being done electronically, such as:

  • The loan agreement disclosures and notices 
  • All of your records 
  • Signature to confirm the loan

This means that you will not receive any regular post. 

Once that’s confirmed, you will then fill in the details about how much you want to borrow and information about you and your joint applicant, if you’re signing for the loan together. Some financial information is also required regarding your income, assets, and savings, so have your paperwork handy before you start the process. 

There’ll be a hard inquiry on your credit file. This means that LightStream will check your credit file and the inquiry is noted on your credit file for the next 2 years. 

Approval

The application can move pretty fast as long as the information you’ve provided all checks out and meets requirements. Once you have been approved, you’ll have an agreement sent out to you electronically. 

Upon receiving the approval, you’ve then got 30 days to put your e-signature to it. It’s a really simple process without the need to wait for documents in the post.

Agreement

To get your money, you must put your e-signature on your loan paperwork and email it back. From that point, you’ve got another 30 days to request the funds be transferred before the agreement expires. LightStream offers payment through wire transfer or ACH transfer. As long as you make the transfer request early in the day, and it’s a weekday, the money can be in your account on the same day. 

Choosing to make your payments through AutoPay means the money comes straight from your bank account, which is easier for most people, and you get a rate discount of 0.5%. If you pay with an invoice, you need to remember to make a payment each month. 

Rates & Fees

With LightStream, your interest rate will vary depending on the term of the loan, how much is borrowed, and the purpose. The rates range from 3.49% to 19.99% if your monthly payment is done through AutoPay, otherwise the rates are 0.5% higher. 

There are no fees with a loan with LightStream. Applications and having the money sent to you is free; you can choose to make additional payments on top of your monthly amount at no cost; and you can choose to pay off the whole loan early without incurring penalties. 

The website is easy to use and has a very clear layout. Before you complete a full application, you can input different loan terms, amounts, and purposes to get an understanding of what you will be paying each month.  

Payment Terms

Most loans can be taken over 24 months – 84 months (2 years – 7 years) and if your loan is for home improvements you can take it over a period up to 144 months (12 years). You choose how long to borrow the money over, but the interest rate will be higher when you take the loan over a longer time. 

You can choose to pay extra on your loan whenever you want. To make a payment, you need to go to the website and log into your account to check your balance and pay more as and when you want. Usually, you will want any extra payments you make to pay down the principle amount borrowed, rather than interest. To make sure this happens, you need to time any extra payment to reach your loan account on the same day of when your regular payment is due.  

There’s no information available about taking a payment holiday. However, it is possible to pay the full amount owed earlier than anticipated you won’t pay any extra fees to do this.  

Customer Support & Benefits

All customer support from LightStream is done online. There are no contact telephone numbers or email addresses available, but there is an online contact form in the event that you need to get in touch with them. Their customer support is open 9 AM to 8 PM (EST) Monday to Friday, and 12 PM to 7 PM (EST) on Saturday, Eastern Time. 

Your loan account can be managed online, including making invoice payments or additional payments. The website has a reasonably helpful FAQs section about how loans work and the rules for borrowing from the company. The questions page is lacking a search feature so it’s not always easy to find the information you want. 

Contact Details

Online Form: https://www.lightstream.com/contact-us

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Excellent

9.0/10

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