LightStream Personal Loans Review for 2023

LightStream is a part of Truist Bank (formerly SunTrust Bank), but you don’t need to be a member to apply for a personal loan. The company focuses on borrowers with excellent credit and a strong credit history.

It’s not the best option if you have a low credit score or even no credit at all. But if you have a strong history of timely payments, LightStream could be a good fit for your next personal loan.

One of LightStream’s differentiating factors is that it offers hyper-specific loan categories. So while you can get a loan for just about anything, loan purpose affects your interest rates based on the risk involved.

A debt consolidation loan, for example, would be deemed riskier than a home improvement loan, and therefore would come with a higher interest rate. Nevertheless, it’s an interesting lending model that rewards borrowers who want to finance value-added purchases.

LightStream is not one of our top picks for 2023. Click the link below to see which companies we think are better.

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Best Online Personal Loans for 2023

LightStream Personal Loans

LightStream loan amounts range from $5,000 to $100,000, one of the higher loan limits available among online lenders. Loan terms can last anywhere between two years and seven years, so you can get quite specific with the exact repayment terms you’re looking for.

All personal loans through LightStream are unsecured, meaning you don’t have to use the purchase itself or any of your other assets as collateral. Interest rates vary based on your loan amount and the length of your term.

If you set up Autopay, you get a discount, but it’s only available prior to loan funding. If you elect to pay your bill manually each month, your interest rate automatically increases by 0.5%. LightStream doesn’t charge origination fees, prepayment penalties, or late fees.


LightStream reports payments on personal loans to all three credit bureaus. So be sure to pay your loan balance on time each month to avoid any late payments being listed on your Experian, Equifax, and TransUnion credit reports.

Borrower Profile

LightStream is very strict with its lending standards and only approves individuals with excellent credit. The minimum credit score is 660. In addition, you should have at least five years of credit history.

Additionally, you should have a diverse credit mix, such as credit cards, a mortgage, or a car loan. However, your debt-to-income ratio must be low, so while you should use credit regularly, you must not rely on it too much.

LightStream also wants to see that you have the ability to save money, but even a retirement plan can count for this category. Finally, you’ll need to indicate a strong history of positive payments to prove that you’re willing and able to make your new loan payments.

LightStream Application Process

Start by navigating to the type of loan you’d like to take out. LightStream offers personal loans for dozens of categories and subcategories, such as landscaping loans in the home improvement category or adoption loans in the family category.

Once you’re ready to apply, you’ll first have to agree to use electronic methods for all of your LightStream loan communications.

You also have the opportunity to select a joint application if you’re applying with a spouse or domestic partner. From there, you’ll create a login account and begin the application process. Unlike many other online personal loan lenders, there isn’t a pre-approval process.

Instead, LightStream performs a hard credit inquiry on your credit report from both Experian and Equifax before offering your loan terms. After inputting your financial information, be prepared to upload documents verifying both your identity and your income.

Within a few minutes of fully completing the application, LightStream notifies you of whether you’ve been approved. At this point, you’ll also find out the exact loan terms you qualify for, including the loan amount, term length, interest rate/APR, and your monthly payment amount.

If you agree, you can then accept the loan terms and sign your loan agreement online. You may also choose the date you want to receive the funds, as long as it’s within a 30-day window.

Once You’re Approved

You can receive your funds from LightStream as quickly as the same day you sign the agreement, provide your bank account information, and have the information verified. You must complete all of these steps before 2:30 p.m. EST on a business day.

LightStream seems to stay true to its word of charging no fees. If you’re late on a payment, your interest accrues daily rather than being charged a set late fee or percentage of your overdue payment.

LightStream Special Features and Restrictions

One perk specific to LightStream is that the lender offers a $100 customer satisfaction guarantee. So if you’re unhappy with your experience after receiving your loan, you may fill out a questionnaire and receive $100.

Many borrowers appreciate that you can utilize a cosigner with strong credit on your loan application and apply for joint loans. If your credit is less than excellent, this benefit gives you a little more leeway in the approval process.

That being said, there are a few restrictions on LightStream loans. First, remember that you can only use your loan money for the purpose stated in your original loan application. Also, LightStream does not offer student loans or financing for higher education. You can, however, take out a loan to finance Pre-K through grade 12.

LightStream’s History

LightStream is a division of Truist Bank and focuses solely on online lending. Using its online platform, LightStream has created a completely electronic lending process.

Truist’s assets total $495 billion, meaning LightStream is funded by a large financial institution rather than a team of investors, as many other online lenders are. As a result, it’s a very different set-up from most other “disruptor” lenders, so it’s really up to you whether you see this as a pro or a con.

LightStream Personal Loan Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

LightStream currently has a Better Business Bureau (BBB) rating of A+, indicating excellent customer service. They also have very few complaints. You can find more LightStream Loan reviews at other review sites as well.

What to Consider Before Applying

Not all personal loans are created equally, so make sure you have a firm understanding of what you need and what you can get before you start applying. Here are a few considerations to keep in mind when applying for a LightStream personal loan.

Know Exactly What You Need to Finance

Part of your loan agreement with LightStream is that your loan funds can only be used for what you initially said you’d use them for and each type of loan has a different interest rate. For example, auto loans start at 2.49%, home improvement loans start at 3.99%, and debt consolidation loans start at 5.95% APR.

You can’t change your mind or use some leftover cash to pay for a vacation if you’re supposed to be financing your child’s private school tuition. That means you need a fairly exact budget of what you’re going to spend the money on and how much you’ll need.

If you end up having extra funds leftover, you can always repay a larger portion of your balance early.

Check Your Credit Report

LightStream caters to borrowers with good to excellent credit. If you haven’t already, take a few minutes to gain self-awareness and check your credit reports to see where you stand.

Your credit report should be free of delinquencies and late payments, as well as a positive payment history over the past five years. If that is the case, you should qualify for a LightStream personal loan.

Shop Around for the Best Rates

Yes, LightStream only caters to people with excellent credit. If that sounds like you, then great. But remember that it’s best to compare rate offers from multiple lenders before choosing one, no matter how good your credit score is.

This is especially important if you want to take out a personal loan in a higher-risk category. Because LightStream varies interest rates based on the type of loan in addition to your credit and income qualifications, make sure they’re on par with other loan terms you’ve been offered.

Still Searching?

Check out our other personal loan reviews below to continue exploring your options.