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About LightStream Loans
If you want to finance a tiny home construction project, a bar mitzvah, or even a horse purchase, and you have good credit, then LightStream Loans are right up your alley. The company offers loans in as little as 24 hours to those with good credit scores. Their loans can be used for a myriad of purposes.
More than 3k people follow the brand on Instagram. This LightStream Loans review will look at what the company has provided to those followers, and their customers, by detailing their policies, their loans, how you can qualify for a loan with them, and more.
Overview of LightStream Loans
A LightStream personal loan is meant to be a reward for people with good credit. The company requires that would-be customers have a decent minimum credit score before they apply for a loan. However, LightStream Loans rewards those customers with their loans quickly – sometimes as fast as 24 hours.
Another reason why you’d want to apply for a loan from LightStream is that, for every loan that’s requested, they’ll plant a tree.
The brand also has a Rate Beat program. It’s exactly what it sounds like – they will provide a loan at a rate that’s 0.1% lower than a competitor’s unsecured loan that you’ve been approved for. All you need to do is show them the rate you’ve been offered and they’ll dip right below it.
As for some more reasons as to why you may want to apply for a loan, read through the upcoming highlights section of this LightStream Loans review.
Highlights
- Can deliver loans in as little as 24 hours
- 5.99%—22.49% APR loan rates
- Fixed rates
- No late fees
- No origination fees
You can use your LightStream personal loan to fund a variety of financial endeavors, including:
- Auto loans
- Consolidating debts
- Financing a swimming pool
- Wedding fees
LightStream Personal Loan Review
A LightStream personal loan can be as small as $5,000 or as large as $100,000. It all depends on your qualifications and your purpose. The loan length also depends on those variables, as most loans have two to seven-year terms but others (including solar, home improvement, and swimming pool loans) can earn repayment terms of twelve years.
How to Qualify for a LightStream Personal Loan
The basic qualifications you need to meet in order to possess to be eligible for a LightStream Personal Loan include, holding a satisfactory credit score – based on what I’ve read, this is around 660 – as well as having sufficient funds, income, and/or assets to take care of any debt you may have before applying.
Additionally, you need to have enough money (in the form of funds, income, or assets) to justify the loan amount you’re requesting.
In terms of APR ranges, you’re looking at 5.99% to 22.49%, again depending on your qualifications and your intentions. If you sign up for the LightStream Loans autopay feature then you won’t be subject to the extra 0.5% fee they attach to regular payments.
Finally, LightStream doesn’t punish loaners with late fees, origination fees, or prepayment fees.
How to Apply for a LightStream Personal Loan
In this section of my LightStream Loans review, I’ll tell you the steps to take to apply for a personal loan.
You’ll commence the application process by filling out all the required information that pertains to the loan. This includes what type of loan you’re requesting, what you’ll use it for, how much you’re requesting, and how you’ll pay for it.
Next, you’ll come to a page that asks you to input your personal information. Here, you’ll type up info about your address, phone number, social security number, employer information, citizenship, and other pertinent financial information.
This financial information includes:
- Other annual incomes
- Total monthly housing costs
- Estimated home equity
- Total balance between checks, savings, stocks, and bonds
- Retirement assets
Lastly, you’ll set a few security parameters like your ID and password.
How LightStream Personal Loans Stack Up
Perhaps the most important pieces of information in this LightStream Loans review will be found in this section as I’ll talk about how the brand’s loans compare to other companies as a whole.
In general, LightStream Personal Loans range between $5,000 to $100,000, which is in the middle of the pack in terms of loan companies. While other companies offer large loans too, LightStream’s interest rates are generally lower than their competitors.
In addition, their term lengths are longer than other companies. LightStream offers loan periods up to 12 years long whereas most other companies only offer 7 years at the maximum.
Finally, LightStream loans can be put towards many projects and goals. This offers their loans a versatility that other companies don’t always match.
Who Is LightStream Loans For?
The people who will appreciate the services I’ve outlined in this LightStream Loans review are those who have good credit scores and low-interest loans. The company only approves customers who have good credit scores, so you’ll need to look elsewhere if you want a loan but your credit score looks like a teenager’s who just maxed out their parent’s credit card.
LightStream Loans Reviews: What Do Customers Think?
Here are some average LightStream Loan review scores I found from across the internet.
- LightStream Loans website: 4.9/5 stars based on more than 25,000 pieces of customer feedback
- Consumer Affairs: 3.9/5 stars based on more than 650 pieces of customer feedback
- iOS App Store: 3/5 stars based on more than 100 pieces of customer feedback
- Google Play Store: 2.9/5 stars based on more than 130 pieces of customer feedback
The majority of positive LightStream Loans reviews were satisfied with the speed of the loan process. Some customers reported that they got approved and funded in less than 24 hours. While these seem like outlier comments, they do point to LightStream Loans’ efficiency.
Here’s a LightStream Loans review from a customer on the iOS App Store. “Easy to apply, funds fast, great customer service. I have 2 loans through LightStream. I was paying way too much interest on credit cards so I got a debt consolidation loan. The money was in my account on the date of my choosing and I paid the cards off immediately. Now my interest is 1/3 of what it used to be, I’m well on my way to being debt free, and my credit score shot up to the low 800s.”
Those that were happy with LightStream Loans were also relieved with how easy it was to speak with the company. One buyer wrote,
“I wanted to get my loan as quickly as possible and I communicated that to my loan agent. He was prompt in his responses to my questions and was always respectful. The company was organized and had a good website for facilitating document scanning and communications… I was given a date when I could expect a decision. The decision was prompt, and the funding was wired to my account exactly when I had been told to expect it.“
Many customers returned to LightStream if they needed to apply for another loan. They came back because LightStream’s interest rates were lower than their competitors and they could receive the loan quickly (if they qualified).
Here’s one final LightStream Loan review that explains why customers held the company in such high regard.
“I have used LightStream four times and the experience has always been excellent. They do exactly what they state. My last application was submitted after 7pm est. and approved minutes later. Funded by noon the following day. I have recommended to friends and family.”
Among the reasons why customers enjoyed LightStream Loans were:
- Good rewards
- Fast service
- Same-day funding (in some instances)
- Low rates
- Reputable
Is LightStream Loans Legit?
I couldn’t find too much dirt that would make LightStream Loans appear sketchy. There were some customers who said that they delivered their loans slowly or behind schedule, but these complaints cropped up less frequently than compliments paid towards the company’s speediness.
Is LightStream Loans Worth It?
Since they stick with customers who have good credit scores, LightStream Loans don’t need to rely on fees or high-interest rates to force your hand into paying back your loans on time. They know that you’re good with your money, and they trust you. As such, I think that the brand is worth checking out because they build their service around rewarding your financial planning.
LightStream Loans Promotions & Discounts
If you sign up for an autopay service then you will not be charged with a 0.5% higher APR.
How To Get Started On LightStream Loans
You can get started with LightStream Loans by signing up on their website, www.lightstream.com, or by downloading the app on the iOS or Google Play Store.
FAQ
Who owns LightStream Loans?
Truist owns LightStream Loans.
Does LightStream give instant approval?
While not instant, they can approve you on the same day that you apply.
How fast can I get a loan from LightStream?
You can get a loan on the same day that you apply.
What credit does LightStream pull?
They pull from Equifax or TransUnion.
What is LightStream Loans’ Privacy Policy?
They will protect all your personal information from fraud and will not sell it to third parties. However, they can share your information with their associates.
How is LightStream Loans Customer Service?
Based on what customers wrote in their LightStream Loans reviews, the company’s customer service is good but there were some issues when users had to follow up with the company for more information.
How to Contact LightStream Loans
You can contact the LightStream Loans customer service team at [email protected].
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