Lightstream Personal Loans

A good repayment term can help make loans a lot lighter to bear over the years. After all, despite interest rates, it can be easier to pay $30.000 in loans within 20 years rather than 6 years. That’s one of Lightstream’s main advantages: flexibility when it comes to choosing your payment term. 

Actually, a personal loan might be a good choice to help those who wish to make any type of big purchases. If you have goals, such as renovating your home or paying off medical bills, this could be the perfect idea. 

Do you only need to pay a small debt? That’s alright, Lightstream has a small minimum amount, which allows you to get rid of those pesky small debts that incur high interest rates. Combining the ease with which you’ll be able to get a better financial life without much trouble. 

Would you like to know more about the Lightstream Personal Loans? Keep reading to understand everything about this personal loan service and you’ll be able to find out how to qualify, main advantages and cons, as well as how to apply. 

How does Lightstream Personal Loans work?

Lightstream Personal Loans is actually the lending arm of Truist, a bank owned by the SunTrust Bank. Once you decide you’re ready to get a loan using this service, all you have to do is go to the official website and start an application process. 

What shines here is the fact that Lightstream works with a user-friendly platform. This means that you’ll be able to go through the application process with ease, choosing the ideal due date and interest rates that work best for your objective and case. 

It also offers fast approval. If everything is alright with your application and credit score, you could get funding in the same day or within one business day. In case this doesn’t happen within 30 to 90 days, you’ll need to reapply. 

Everything happens online through Lightstream Personal Loan’s own platform. Now all you have to do is find out more about the objectives you can use the funding for, payments terms and interest rates. 

Who is Lightstream Personal Loans for?

Anyone can use Lightstream Personal Loans if they have a good enough credit score. You should also be aware that you have to decide on a compatible objective to use your funding. These goals can be:

• Purchasing vehicles, including new or used cars and motorcycles. You can also buy out a lease or refinance; 
• Home improvement, including pool and solar panel installation; 
• Big recreation loans that can work to buy a boat, aircraft, RV, among others;
• Family expenses, such as wedding arrangements, fertility treatments, medical expenses, among others;
• Consolidate credit card debts, buying land or refinancing a home. 

Remember that, as is the case with most personal loans, there are some restrictions. You can’t use the money to pay for higher education, refinance other Lightstream loans, purchase stocks or bonds, pay for life insurance or retirement. 

Advantages of using Lightstream Personal Loans

Lightstream Personal Loans can help you get some much needed funding for many purposes and there are a few more advantages. For starters, most of its loans come free of extra charges or fees. Check out some further pros of using Lightstream below: 

• No origination, prepayment or late fees;
• Possibility of applying with a co-borrower;
• Up to 0,5% in discount for those who use autopay; 
• Low and competitive rates;
• Fast approval and funding; 
• Wide window of repayment terms; 
• Extended loan terms for home improvement projects;
• Rate beat program, Lightstream will cover the interest rates from competitors; 
• Experience guarantee, which means that users who have had their loans for 30 days or less and are unhappy with the service can get a $100 bonus. 

Cons of using this personal loan service

When you research personal loan providers, it’s important to know that no one service is perfect. That is the case with Lightstream Personal Loan, that has some cons users must consider before actually hiring their loan. Find out the main problems we found with this service to see if it’s a perfect fit for you:

• No pre qualification tool, which means that once you apply there will be a hard check on your score;
• Good or excellent credit score required, you need at least a 670 score to be eligible. While you can use a co-borrower, they can only help you get better rates, not actually be approved with a bad or fair score; 
• Inflexible due date, once you choose when payments must happen, the day won’t change anymore. 

We have an extra observation for those who are looking to consolidate other debts using the Lightstream Personal Loans. It doesn’t make payment directly to creditors, even if you apply using this goal. Which means you’ll have to allocate the funds and pay off debts yourself. 

How to qualify for Lightstream Personal Loans

According to Lightstream Personal Loans, the company makes their decisions based on each unique credit profile. This means that, even if you have a good credit score, it isn’t guaranteed that you’ll have an approval with the rates you desire. 

However, we brought some details that might help you get the best chance of getting the perfect loan: 

• Having several years of good credit history; 
• Stable income that covers the monthly installments; 
• Personal details, including U.S. citizenship or social security number; 
• Full work and employment information. 

You’ll be able to give all of this information in the first application step. We recommend you check your credit score before actually applying, since this will generate a hard check on your TransUnion stats. Which means that it will temporarily harm your score.

Over time, you’ll recover the credit score and even get a better number through consistent and timely payments.

You can apply directly through Lightstream Personal Loans website.  There you’ll have to fill out a form with basic information before getting an approval.

Payment terms and fees

There aren’t any fees related to Lightstream Personal Loan. Actually, all that you have to worry about is choosing the right loan size for you, which can go from $5.000 to $100.000, and watch out for the interest rates. These go from 3,99% to 19,99% according to your credit score and payment term.

Conclusion

Lightstream Personal Loans are a robust option for individuals with good to excellent credit who need flexible financing for various purposes. The service offers several advantages, including no fees, competitive interest rates, and fast funding. Additionally, its user-friendly platform makes the application process smooth and straightforward.

However, potential borrowers should be aware of certain drawbacks, such as the lack of a prequalification tool, the need for a strong credit score, and the inflexibility of payment due dates. Despite these minor cons, Lightstream stands out due to its comprehensive benefits, making it an excellent choice for those seeking a personal loan. If you’re looking for a reliable loan provider with customizable options, Lightstream could be the ideal fit for your financial needs.