If you’re in the market for a loan, LightStream is an option to consider. Customers can benefit from low rates and high loan values. Learning about this financial institution by researching its publications, reading customer reviews, and checking industry feedback can help you decide whether it’s right for your preferences and financial circumstances. This LightStream loan review can help you to get started, so keep reading.
What Is a LightStream Loan?
A LightStream loan is a financial product offered to consumers to finance anything from home repairs to medical expenses. A key U.S. lender, LightStream is Truist Financial’s consumer lending division, which offers a completely digital service. A caveat of applying for financing to this brand is that it targets capital seekers with fair to excellent credit, which can make it inaccessible to credit-insecure people.
While LightStream’s loan product targets credit-secure customers, it’s a dependable brand that has consistently received high ratings from consumer watchdogs and industry experts. You can use a loan from this lender for the following purposes:
- Debt consolidation
- Home improvements
- Medical expenses
- Land purchases
- Preschool expenses
- Wedding expenses
Additionally, there are many other things for which this lender will provide loans. However, getting a postsecondary education, refinancing college loans, or refinancing existing LightStream loans are exceptions.
Here are some of the key features of a LightStream loan:
- It has a low annual percentage rate (APR) of 4.99% to 19.99%.
- It offers a 0.5% discount for automatic payments.
- You’re required to provide several years of credit history.
- There is no prequalification option.
- It offers high value loans between $5,000 and $100,000.
- You can benefit from same-day payment under certain conditions.
- It does not have extra or hidden fees.
What Is a LightStream Loan Review?
A LightStream loan review is an assessment of the benefits and risks of using this lender to fund your financial shortfall. You can use this type of review to decide whether this lender would suit you in areas such as eligibility requirements, application duration, and credit score requirement. Before entering a high-risk undertaking, such as applying for a loan that needs to be repaid regularly to avoid damaging your relationship with the lender and harming your credit record, it’s helpful to read several similar reviews on lenders.
Review of LightStream Loans
This review is based on primary and secondary research of LightStream loan features and customer and industry feedback. Here are some research findings to help you decide whether to choose LightStream as a loan provider:
LightStream is a key lender that targets people with strong credit histories. It offers a low annual interest rate (APR) of 4.99% to 19.99% on personal loans, which can be attractive to people who are fiscally strong. It’s also a highly rated product, with a 4-star rating from Forbes Advisor. You can rely on this lender for a comprehensive financing solution.
People are eligible for high-value loans if they meet or exceed the 670 credit score minimum. While there are several benefits to using LightStream, it may not be a viable option for some people due to the minimum loan amount of $5,000 being too high. Typically, loan minimums are around $1,000.
Another obstacle to accessing a loan is that it requires the applicant to show fiscal responsibility for several years prior to the application. For example, a prospective borrower will have to show that they repaid their credit card or car loan effectively for several years and maintained a savings account. Consequently, if you’re trying to improve your financial history after being unable to meet your obligations or starting to use credit to build a financial record, this lender may not be right for you.
With approval and funds available within the business day on which an applicant completes the application, LightStream can be an excellent option if you need an urgent cash infusion. For same-day funding, provide your banking details and sign your electronic loan agreement after receiving loan approval before 2 p.m. Eastern time.
A key benefit of LightStream is that it does not require additional fees, such as prepayment, origination, or late fees. Consequently, if you qualify for a loan with this lender, you’re likely to pay relatively less in the long term due to the lack of extra fees. You can also get your total cost reduced by 0.5% by opting for autopay.
LightStream offers relatively satisfactory customer service based on reviews that highlighted quick query responses, helpful client representatives, and a convenient process. It offers a 1% increase on any interest rate you receive from another financial institution on a loan with similar features in relation to the amount, term, payment method, and purpose. In addition, unhappy LightStream clients can ask to receive a $100 payback by filling out a questionnaire and communicating the reasons for their response to the lender.
There are several major benefits of getting a LightStream loan, such as accessing large loan amounts, saving due to low interest rates and zero fees, accessing the $100 payback if dissatisfied with the loan product and service experience, and using same-day funding.
Based on their 1% interest increase on competitor loans and $100 payback strategies, this brand clearly endeavors to offer the best market rates in consumer lending and maintain its customer base. Additionally, the brand does offer customers flexibility. For example, while the standard repayment term is two to seven years, for certain projects, like home improvement, extensions of up to 12 years are provided.
Now you have an overview of LightStream’s loan product. If borrowing from this lender interests you, use what you have learned in this LightStream loan review as a base to look for specific information that suits your unique conditions. Next, schedule time to speak to your professional and social networks to find out the experiences of people who have used their services. If possible, speak to a client representative before completing your application and have all your information at hand when applying.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.