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LightStream Loan Review: Low Rates for Creditworthy Borrowers

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LightStream personal loans at a glance

6.99% to 22.49% APR* with AutoPayLoan terms from 24 to 144 months*Loan amount from $5,000 to $100,000No origination fee

LightStream offers no-fee personal loans with competitive interest rates to consumers with good or excellent credit — and has a unique “rate beat” program. However, there’s no option to prequalify through LightStream to check your APR. This means that you’ll have to undergo a hard credit pull to see if you qualify for a LightStream personal loan.

Our LightStream loan review indicates that this lender, the online lending division of Truist, has many potential attractive features:

  • Low rates: With APRs as low as 6.99%* with AutoPay and excellent credit, LightStream has some of the lowest rates on the market.
  • Fast funding: If approved, borrowers can apply and get funding as soon as the same business day (conditions apply).
  • No fees: LightStream doesn’t charge a loan origination fee or prepayment penalty.
  • Best for excellent credit: Borrowers will need an established credit history to qualify through this lender.
  • No preapproval: LightStream doesn’t offer prequalification, so you’ll have to submit to a hard credit inquiry to see if you qualify.
  • Rate Beat Program: If you qualify for a lower rate with a competing lender for the same loan terms, LightStream will offer a rate 0.10 percentage points lower.

ProsCons

  Competitive APRs

  No fees

  Same-day funding available (conditions apply)

  Subprime credit borrowers won’t qualify

  No option to prequalify with a soft credit check

LightStream personal loan requirements

LightStream doesn’t outline specific personal loan requirements on its website, but the approval odds will be best for borrowers with good to excellent credit, plus sufficient income and assets. LightStream doesn’t serve bad credit borrowers, so consumers should work on raising their credit score before applying through this lender.

Who’s the best fit for a LightStream personal loan?

Consumers with a well-established credit history could benefit from LightStream’s low rates, no fees, higher potential loan amounts and other perks. Still, it’s best to comparison shop between multiple no-fee lenders to make sure you’re getting the lowest possible APR for your financial situation.

LightStream personal loans also offer a lot of flexibility and borrowers can use them for a variety of reasons, from auto refinancing to credit card debt consolidation. However, they won’t work for people who need student loans or business loans, for example.

What borrowers are saying about LightStream

Borrowers who are approved for a personal loan through LightStream are generally happy with the lender’s competitive APRs and simple approval process. Most negative LightStream reviews stem from borrowers who weren’t approved for a loan but had to be subject to a hard credit inquiry.

Applying for a personal loan from LightStream

  1. Visit the LightStream website from your computer or mobile device.
  2. Select the loan’s purpose, desired loan amount and preferred repayment length.
  3. Provide your personal information and submit your application. LightStream will conduct a hard credit inquiry, which will affect your credit score.
  4. If you’re approved, you can electronically sign your loan agreement and enter your bank account information.
  5. Once you meet any required conditions, LightStream may be able to deposit your approved loan amount into your bank account as quickly as the same day.

Alternative personal loan options

Comparing LightStream loan reviews to competitors

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LightStreamBest EggSoFiUpstart
Est. APR:
6.99% to 22.49% w/AutoPay*
Loan length:
24 to 144 months*
Loan amount:
$5,000 to $100,000
Origination fee:
No origination fee
Min. credit score:
Not specified
Est. APR:
8.99% to 35.99%
Loan length:
36 to 60 months
Loan amount:
$2,000 to $50,000
Origination fee:
0.99% - 8.99%
Min. credit score:
640
Est. APR:
7.99% to 23.43%
Loan length:
24 to 84 months
Loan amount:
$5,000 to $100,000
Origination fee:
No origination fee
Min. credit score:
680
Est. APR:
6.50% to 35.99%
Loan length:
36 or 60 months
Loan amount:
$1,000 to $50,000
Origination fee:
0.00% - 10.00%
Min. credit score:
600

Best Egg offers some of the same advantages of LightStream, including fast funding and competitive APRs for excellent-credit borrowers. Applicants will need a 700 FICO Score and an individual annual income of $100,000 or more to qualify for the lowest offered APR.

Unlike LightStream, Best Egg personal loans come with an origination fee, which is deducted from the total loan amount. But one advantage that Best Egg has over LightStream is its preapproval process, which lets you see if you prequalify for a personal loan without subjecting yourself to a hard credit pull.

SoFi vs. LightStream

Good-credit borrowers who are searching for a no-fee personal loan could consider SoFi as an alternative to LightStream. SoFi offers all the same benefits as LightStream, including competitive APRs, no fees and high loan amounts. However, SoFi lets you prequalify and check your potential APR and eligibility without affecting your credit score, giving it a slight advantage over LightStream.

SoFi also offers Unemployment Protection, which lets you suspend your personal loan payments for three months (while interest accrues) if you lose your job through no fault of your own. The lender also offers job placement assistance to help you get back on your feet after job loss.

Upstart vs. LightStream

Not all borrowers will meet the strict requirements imposed by LightStream. Borrowers with good or fair credit could consider a lender like Upstart, which considers factors besides your credit score. Founded by ex-Google employees, Upstart uses AI technology to determine your loan eligibility based on non-traditional factors, such as job history and education. Plus, you can prequalify without affecting your credit score.

While potential APRs are slightly higher than LightStream, Upstart may be a bit more forgiving for those with “just OK” credit scores. Upstart offers next-day funding and no prepayment penalty, but the lender may charge an origination fee.

LightStream loan reviews FAQ

If you pore through LightStream loan reviews only to have an unanswered question, hopefully your query is solved below.

Is LightStream a legitimate company?

Yes, LightStream is an online lending institution backed by Truist. LightStream has a generally positive track record for providing relatively low-rate, no-fee personal loans to well-qualified borrowers.

Does LightStream hurt your credit?

Because LightStream doesn’t offer prequalification, your application is subject to a hard credit check that could temporarily ding your credit. It’s wise to apply with LightStream only after you have shopped around and, ideally, received soft-check rate quotes from competing lenders. Once you borrow a personal loan from a lender like LightStream and start making consistent, on-time payments, your credit score should increase.

Is it hard to get approved for a LightStream loan?

LightStream doesn’t spell out its eligibility requirements, but you can bet that its single-digit APRs are reserved for borrowers with good to great credit. If you have fair credit, you could have an easier time qualifying for personal loans with an alternative lender.

Where does LightStream operate?

LightStream serves borrowers nationwide, and you don’t need to be an existing Truist customer to be eligible.

What can LightStream personal loans be used for?

A personal loan is just that, personal, meaning that you can use it for a variety of purposes. LightStream loans are no different. They can be used for a wide variety of reasons, including to finance a car, home improvement, pool, timeshare, boat, aircraft, in vitro fertilization, adoption or other medical or dental procedures.

* Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.99% APR with a term of 3 years would result in 36 monthly payments of $308.73. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

 

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