LightStream Personal Loans: 2023 Review

Q: What credit score do you need to get a loan from LightStream?

You may need a good-to-excellent FICO Score to qualify for a LightStream consumer loan. Base FICO Scores range from 300 to 850, and a good-to-excellent score on this scale could range from 660 to 850.

Q: Does LightStream do a hard pull on your credit?

Yes, LightStream may conduct a hard pull inquiry into your credit report if you apply for a LightStream consumer lending product. LightStream may acquire your credit report from Equifax or TransUnion.

Q: Is LightStream a real bank?

LightStream is a brand of Truist Financial Corporation, the parent company of Truist Bank, making LightStream part of a real bank. Truist is a state-chartered bank headquartered in North Carolina and describes itself as the nation’s seventh-largest bank. The former Branch Banking and Trust Company (BB&T) acquired SunTrust Bank in 2019 and changed its name to Truist Bank.

Check Your Rate

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Sulaiman Abdur-RahmanUpdated January 23, 2023

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 may range from 5.99% to 24.49%. 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 with APRs as low as 5.99% and 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 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: 5.99% to 24.49%Loan terms: 24 to 144 monthsPrepayment penalty: No Application fee: NoCo-borrowers allowed: YesApproval speed: You may apply, get approved, and receive funding on the same business dayInformation accurate as of Jan. 22, 2023.

Who May a LightStream Personal Loan Be Right For?

LightStream personal loans may be right for the following demographics:

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

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

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

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
May require proof of identity
May require a Social Security number
May require a valid Visa or Mastercard 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

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

As highlighted above, personal loans from LightStream have several pros and cons. When you need to borrow money, it can be wise to compare private lenders before submitting any loan applications. Here are some alternatives to LightStream personal loans that you may 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.

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-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 names: No 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.

: LCPL0922012