LightStream Personal Loans: 2023 ReviewCheck Your Rate
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Overview of LightStream
Pros and Cons of LightStream
Pros of LightStream
Cons of LightStream
LightStream Personal Loan Terms, Rates, and Fees
Who May a LightStream Personal Loan Be Right For?
Consumers who need to borrow large personal loans of up to $100K Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark Creditworthy consumers who need $5,000 personal loans for personal, family, or household purposes Individuals who want to avoid origination fees when borrowing money
Who LightStream May Not Be Right For
Consumers who need to borrow a small $2,000 personal loan Borrowers who need a $4k loan to cover household expenses Consumers who prefer open-end credit vs. closed-end credit Students enrolled in a postsecondary educational program
What 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
Good-to-excellent credit scores for applicants or co-applicants Sufficient income and assets to support your existing debt obligations and requested loan amount May require proof of identity May require a Social Security number May require a valid Visa or Mastercard for verification purposes
Repayment Options for LightStream Personal Loans
Automatic payments directly from your bank account One-time payments online Mailing invoice payments
How to Apply for a LightStream Personal Loan
Apply online. Applicants can get started by answering basic questions on a digital platform, including the primary loan purpose and how much you would like to borrow. Applicants may also answer questions concerning their annual income. You must certify that the information in your application is accurate and authorize Truist Bank to conduct a hard inquiry into your credit report. 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. Accept the loan. Approved applicants may 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
Best Egg: Best Egg offers unsecured and secured personal loans ranging from $2,000 to $50,000. Best Egg personal loans have APRs ranging from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%. Avant: Avant personal loans range from $2,000 to $35,000 and may have terms ranging from 12 to 60 months. APRs on Avant personal loans can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%. Upstart: Upstart is a cloud-based lending platform offering personal loans ranging from $1,000 to $50,000. Borrowers can choose between three-year or five-year terms, and APRs can range from 6.5% to 35.99%. One drawback with Upstart personal loans is you may be charged an origination fee that’s deducted from your loan proceeds. Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.
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