Do you need loans to cover big expenses like home improvement projects? If yes, then LightStream is an online lending institution you should consider getting a loan from. As we all know that nobody prays to get into a situation of having to borrow a loan. But there are some instances in which you will have or need to get a loan for yourself or your business. This occurs when the plans you want to execute are more than your financial budget. In this situation, you might think of applying for a loan in order to successfully carry out the project. Thus, LightStream is an online institution that provides auto and personal loans which can be used for almost any purpose.
Meanwhile, LightStream is now a division of Truist. Formerly, it was a division of SunTrust Bank. But SunTrust Bank and BB&T have merged to become Truist. Consequently, LightStream is now a division of Truist. Like I said earlier, you can use a LightStream loan for almost any purpose such as debt consolidation, home improvement, auto or boat purchase, and medical costs. On the contrary, LightStream is targeted at those with good or excellent credit. To apply for a LightStream loan, a minimum FICO score of 660 is recommended. As a result, we can say LightStream is best for borrowers who;
- Have a good or excellent credit and several years of credit history.
- Want a huge loan at a competitive rate.
- Want a personal loan for home improvement.
Benefits of LightStream Loan
In addition, LightStream loans are quite beneficial to users. When you apply for a loan on LightStream, you get to enjoy certain benefits. One of them is that LightStream allows you to choose when you’re funded. LightStream can fund your account probably o the same day or the thirty days after you are approved. Hence, LightStream offers the following benefits;
- LightStream personal loans are available to borrowers with good to excellent credit in all fifty states in the United States.
- Cosigners are accepted.
- Personal loans can be up to $100,000 and used for almost any reason.
- More than thirty different loan uses are available.
- It does not charge fees such as origination fee, late fee, or prepayment penalty fee.
- Fast approval and funding.
- Digital experience. This means the process is completely online. Also, it has an app where you can apply for loans, make payments, check payment due dates, and see account balances.
- LightStream loan has a competitive annual percentage rate [APR]. It ranges from 2.49% to 19.99%. If you want to qualify for the lowest rate, you have to register in auto payments to get a 0.5% discount. Your APR varies based on the amount, loan purpose, term length, and credit.
- As a qualified borrower looking forward to financing a home improvement, you may qualify for extended loan terms up to twelve years.
To crown it all, LightStream is a perfect option for a personal loan if you have good to excellent credit.
- LightStream requires a long credit history.
- The minimum or lowest loan you can get on LightStream is quite high. The minimum loan you can get is $5,000. So, if you want to borrow a loan below that amount you need to find a different lender.
- It does not send payments directly to creditors when you combine debts with loans. Instead, you have to keep track of your own repayments.
- LightStream does not have a customer service option. It does not provide a phone number, chat option, or social media page to contact.
- It offers only fixed-rate loans and does not offer variable-rate loans.
- Online preapproval is not available.
- It does not give out business loans.
These are some of the downsides of this online lending institution.
LightStream Personal Loan Options
Personal loan options offered by LightStream are more than thirty different purposes. The top loan purposes are auto, home improvement, and debt consolidation. There are many other options available. They include;
- Family life
- Recreational loans
- Vehicle loans and refinancing
- Home improvement loans
- Other options include; aircraft, debt consolidation, horses, horse trailers, jewelry, land, and tiny homes.
LightStream does not give loans for mortgage, refinancing of other LightStream loans, commercial, and post-secondary education.
LightStream Loan Requirements
To apply for a LightStream loan, you must meet the following eligibility requirements.
- You must have a good to excellent credit which is a recommended FICO score of 660.
- Strong payment history with little or no wrongdoings.
- You must have sufficient income and assets to support your existing obligations and requested loan amount.
- Several years of credit history.
- Retirement savings, investment, or other evidence of an ability to save money.
- Several account types within your credit history to show such as car loan, credit cards, or other installment loan and a mortgage.
Having met the above requirement, you can proceed to apply for a LightStream loan.
How To Apply For LightStream Loan
LightStream loan application is very easy and straightforward. To get a personal loan on LightStream, you need to make an online application yourself or with a joint applicant. Hence, you can use the step below to apply for a loan.
- Launch a web browser and visit LightStream’s official website.
- Locate the yellow APPLY NOW button on the homepage and click on it.
- Then you will be redirected to the application page.
- Choose an application type [Individual application or joint application] and a primary loan purpose.
- Answer the question that says ‘May we ask how you heard about us? You can click on Article\blog\press release if it is through this article.
- Then enter your zip code, loan amount, loan term, and payment method.
- After that, click the yellow ‘Continue’ button below.
Then follow the onscreen instructions to complete your application process.