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LightStream Personal Loan Review

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LightStream personal loans at a glance

lenderAPRAmountsTermCTA
APR:
2.49% to 19.99%
Loan Terms:
24 to 144 months
Loan Amounts:
$5,000 to $100,000
Origination Fee:
None

LightStream is the online lending division of Truist. It offers no-fee personal loans with competitive interest rates to consumers with good or excellent credit. 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.

  • Low rates: With APRs as low as 2.49%, LightStream has some of the lowest rates on the market.
  • Fast funding: Borrowers can apply and get funding on the same business day, if approved.
  • 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.
Pros Cons
Competitive APRs

No fees

Same-day funding available

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 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 to competitors
LightStream Best Egg SoFi Upstart
Est. APR:
2.49%–19.99%

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:
5.99% – 29.99%

Loan length:
36 or 60 months

Loan amount:
$2,000 to $50,000

Origination fee:
0.99% - 5.99%

Min. credit score:
640

Est. APR:
5.99% — 18.85%

Loan length:
24 to 84 months

Loan amount:
$5,000 to $100,000

Origination fee:
No origination fee

Min. credit score:
680

Est. APR:
4.37% – 35.99%

Loan length:
36 or 60 months

Loan amount:
$1,000 to $50,000

Origination fee:
0.00% - 8.00%

Min. credit score:
600

Best Egg vs. LightStream

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.

 

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