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LightStream Personal Loans: 2024 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 2, 2024

Overview of LightStream

LightStream offers personal loans ranging from $5,000 to $100,000 with no fees or penalties. Loan terms can range from 24 to 144 months depending on the purpose of the consumer loan, and the annual percentage rate (APR) may range from 7.49% to 25.99%. Applicants may receive funding within hours of applying, but one drawback with LightStream personal loans is the funds cannot be used to buy stocks or bonds.The Takeaway: LightStream charges no fees and offers quick funding of up to $100K for a variety of personal, family, or household purposes. LightStream personal loans may be right for you if you need to borrow a large sum of money and have good or excellent credit.

Pros and Cons of LightStream

Pros of LightStream

As highlighted in the LightStream reviews above, customers generally appreciate the pros of LightStream personal loans. You can apply, get approved, and receive funding on the same business day if you complete certain steps by 2:30 p.m. Eastern time. LightStream doesn’t charge any fees or penalties, which means borrowers only have to repay their principal loan amount and interest. LightStream personal loans are available to consumers throughout the United States. Borrowers can receive an autopay rate discount and repayment terms as long as 144 months.

Cons of LightStream

LightStream doesn’t provide personal loan preapprovals, which means you cannot see a loan offer before applying. Submitting an application can trigger a hard pull inquiry, which may cause your credit score to drop by several points. Applicants may need a good-to-excellent FICO Score to qualify for any LightStream consumer loan product.Multiple restrictions limit how you may use a LightStream consumer loan. Borrowers may not use LightStream personal loans to buy securities or cover postsecondary educational expenses.

LightStream Personal Loan Terms, Rates, and Fees

Loan amounts: $5,000 to $100,000APR range: 7.49% to 25.99%Loan terms: 24 to 144 monthsPrepayment penalty: No Application fee: NoCo-borrowers allowed: YesApproval speed: You can apply, get approved, and receive funding on the same business dayInformation accurate as of Jan. 2, 2024.

Who May a LightStream Personal Loan Be Right For?

LightStream personal loans may be right for the following demographics:

Who LightStream May Not Be Right For

LightStream personal loans may not be right for the following demographics:

What to Watch Out for With LightStream Personal Loans

Here are aspects to watch out for with LightStream personal loans:
  • Although LightStream doesn’t charge late fees, failing to pay and defaulting on a personal loan can still have a major impact on your credit score
  • LightStream loan agreements require that you use the funds for the purpose you’ve selected in your application
  • Eligibility for an APR discount may require that you sign up for automatic payments prior to loan funding
  • LightStream is a brand of Truist Financial Corporation, but you may not make LightStream loan repayments at Truist Bank branches

LightStream Personal Loan Eligibility Requirements

LightStream personal loans may have the following loan eligibility requirements:
  • Good-to-excellent credit scores for applicants or co-applicants
  • Sufficient income and assets to support your existing debt obligations and requested loan amount
  • Proof of identity
  • Valid Social Security number
  • Valid Mastercard® or Visa® credit card for verification purposes
Recommended: 5 Typical Personal Loan Requirements

Repayment Options for LightStream Personal Loans

Here are some loan repayment options that may be available to LightStream customers:
  • Automatic payments directly from your bank account
  • One-time payments online
  • Mailing invoice payments
Recommended: Defaulting on a Personal Loan: How to Avoid It

How to Apply for a LightStream Personal Loan

  1. Apply online. Get started by answering basic questions on a digital platform, including the primary loan purpose and how much you would like to borrow. You’re also expected to answer questions concerning your annual income. You typically must certify that the information in your application is accurate and authorize Truist Bank to conduct a hard inquiry into your credit report.
  2. Verify information. LightStream may request that you provide identifying documents for verification purposes. A driver’s license or passport may serve as proof of identity. Federal law requires financial institutions like LightStream to obtain and verify information on each person who applies for a loan.
  3. Accept the loan. Approved applicants can sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within hours in certain cases. You can check your bank account to confirm receipt of the proceeds.

Alternatives to LightStream Personal Loans to Consider

LightStream personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 months
(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders all in one marketplace. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.Lantern can help you find personal loan offers.

Frequently Asked Questions

What credit score do you need to get a loan from LightStream?
Does LightStream do a hard pull on your credit?
Is LightStream a real bank?

About the Author

Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
Brand namesNo brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.