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LightStream is the online lending arm of SunTrust Bank that offers unsecured personal loans for almost anything. If you have excellent credit, LightStream offers among the lowest interest rates with no origination fees.
Here is what you should know before applying for a LightStream installment loan.
LightStream Loan Program Basics
We always like to start with the basic facts, and our review of online loans offered by LightStream are no different.
- Borrow $5,000 to $100,000
- 5.99% to 11.99% APR
- Loan terms of 2-7 years
- No origination fee
- 680 credit score required
- Rate match guaranty!
What is LightStream?
LightStream is SunTrust Bank's online lending division. While it's bank-owned, it does have a fast, straightforward lending process comparable to other online lenders with same-day funding available.
What Makes it Different
For starters, LightStream is different because it offers a rate match guarantee as well as a $100 guarantee that their loan process is the best you've experienced.
What also makes LightStream unique is your interest rate is determined by how you want to use the money. LightStream tailors its interest rates to hundreds of possible uses. For example, you may get a 1.99% APR if you want a buy a car, a 4.99% rate for building a pool, and a 5.99% rate for consolidating credit card debt.
If you have great credit, LightStream offers unsecured personal loans with rates that are similar to traditional secured loans. Their personalized interest rates may be lower than a standard one-rate-for-everyone personal loan that applies regardless of how you use the money.
It's also important to note that LightStream has no origination fee. A lot of online personal loan providers charge an origination fee of 1-6%.
Qualifying for a LightStream Loan
LightStream is designed for borrowers with great credit and a long credit history. You need a FICO score of 680 or higher to get approved as well as several years worth of credit history. Borrowers who get the best interest rates have very few or no payment delinquencies, retirement savings, several types of credit, and enough income to cover their expenses.
You will have a higher chance of getting approved if your credit score is at least 720 with a credit history of more than 5 years.
How LightStream Compares to Other Lenders
LightStream is designed for borrowers with excellent credit. If you want an interest rate tailored to your borrowing purpose -- whether you want to pay for a wedding, consolidate debt, or take a trip -- LightStream may be the best choice.
But before applying, you may want to consider a few alternatives.
Compared to SoFi Personal Loans
SoFi, like LightStream, offers among the lowest interest rates available with no origination fee. Both lenders target borrowers with excellent credit, although SoFi does offer both fixed rate and variable interest rate loans. If you have excellent credit, no negative marks, and a long credit history, it may be a good idea to compare the rates you get from each lender.
You can learn more about SoFi in our review.
Compared to Payoff Credit Card Re-Fi Loans
Are you interested in consolidating credit card debt? LightStream tailors its interest rates based on your loan purpose and debt consolidation may not get the best rate.
Payoff is designed specifically for saving money on interest by consolidating debt into a single payment. Payoff offers loans of up to $25,000 with an APR as low as 6.0%, just like LightStream. Just make sure you compare the total loan cost if you plan on paying off your loan early, as Payoff does have an origination fee of 2-5%.
The Bottom Line
LightStream is one of the better personal loan providers out there. They offer among the lowest interest rates with no origination fees. If you have excellent credit, LightStream offers one of the most affordable online personal loans available.