LightStream Personal Loan Reviews: Learn the Pros and the Cons
LightStream reviews showcase an online lending organization with many benefits and some drawbacks—Much of which can depend on your personal situation. One of the main benefits commonly mentioned in LightStream customer reviews is that you can get a personal loan with no origination fee.
While LightStream has an average rating score of around 3.9 of 5 stars, the average doesn’t tell the whole story. LightStream reviews and star ratings vary all the way from about 1.3 to 4.9, depending on which platform you’re looking at. We take a deep-dive look at the company in this LightStream review to get to the bottom of what’s going on and help you decide if a LightStream loan is right for you.
LightStream is a FinTech company that partners with Truist Bank to offer online personal loans for nearly any borrowing need, including debt consolidation, home improvement loans, and much more.
Compare LightStream vs. SoFi and other top-rated loans
Pros
0.50% rate savings for autopay
No origination fees
No prepayment fees
No late fees
Available in all 50 states
Mobile app available
Rate beat program available
Cons
Choice of payment date unavailable
Autopay savings must be chosen before loan funding
Non-flexible payment date
Pre-qualifying not available
Direct payments to creditors unavailable
LightStream Loans Reviews | Features and Benefits
LightStream reviews provide insight into the company’s features that cater more to borrowers with solid credit scores. However, for those who qualify, the company offers some benefits that many of its competitors can’t.
- Loan amounts from $5,000 to $100,000
- Pre-qualifying not available
- Direct lender payments unavailable
- Repayment terms from 12 to 144 months
- Interest rates from 7.49% – 25.99%
- Autopay discount available
- Rate beat program
- Mobile app available
- Rates may vary by loan purpose
- Best for borrowers with good to excellent credit
- Joint borrowing available
- Co-signers not allowed
- Available in all 50 states
LightStream Loans Review | Editorial Rating
Trusted Company Reviews Rating Score for LightStream: 6.6
Our rating system evaluates lending institutions based on critical factors, including convenience, business partnerships, customer service, overall review scores, banking and loan fees, and loan approval requirements.
LightStream reviews across several ratings platforms are anything but consistent. Even our LightStream review process revealed some inconsistencies. The company scores relatively low at the BBB. However, it carries an A+ grade with the bureau—Meaning, while the overall score is less than stellar, the company consistently responds appropriately to complaints and concerns.
A stand-out feature for LightStream is its rate beat program, which promises to offer a rate of 0.10 points below another lender’s approved offer.
Truist Bank
LightStream partners with Truist Financial, also called Truist Bank. Truist Bank combines traditional banking with over 2,000 physical locations and ATMs with online banking through its website. Truist Financial is the 6th largest commercial bank in the U.S., as of November 2023, with a net worth of $42.73 billion, according to the most recent Macrotrends report.
Truist Bank offers banking customers a full suite of online and traditional financial products, from checking and savings accounts to mortgages, investing, insurance, and personal loans. The company often provides sign-up promotions for its Truist One checking accounts. And despite charging a monthly maintenance fee, the bank provides several options to waive it.
Checking and savings accounts with Truist Bank offer low return rates, typical of traditional banking. The company also offers debit card options and five credit cards. Truist credit cards include the Enjoy Cash card featuring 3% cash back on gas and EV charging. Other card options include a travel card with 2x miles rewards on airfare, hotels, and rental cars; a points card; and a secured card option.
Truist Bank receives mixed reviews overall. However, the company maintains an A+ grade at the Better Business Bureau.
LightStream Loan Review Facts
LightStream Bank reviews often describe a lender that seems a little harsh at first glance. It’s certainly true that other lenders in LightStream’s competition class are more apt to tolerate applicants with lower credit scores and short credit histories. It’s also true that the company doesn’t offer pre-qualification or preapproval for its personal loans or debt consolidation products.
However, LightStream’s perks for those who qualify include a much lower high-end interest rate than most online lenders. Other benefits include a lack of origination fees, potentially long loan terms of up to 12 years, and loan amounts of up to $100,000.
From what we uncovered in our evaluation, borrower perspective appears to be the primary reason for LightStream’s erratic review scores. Customers with good approval odds, solid credit histories, and a credit score of 660 or above are more likely to rate the company higher than others.
| Interest Rates | 7.49% – 25.99% |
| Origination Fee | 0 |
| Loan Terms | 12 – 144 months |
| Minimum Credit Score | 660 |
| Loan Amounts | $5,000 – $100,000 |
| BBB Rating | 1.36 / A+ |
LightStream Interest Rates
Interest rates for LightStream loans vary by loan type and the borrower’s financial details. The interest rate range for personal loans with the company is 7.49% to 25.99%, the high end of which is about 10% lower than many of LightStream’s competitors.
LightStream offers a wide loan amount range of between $5,000 and $100,000. The high top-end amount provides borrower flexibility. However, the $5K minimum is much higher than much of the competition’s offerings, which are as low as $1,000.
Loan length terms also offer a wide range and can depend on loan type and amount. Terms can be from 12 to 144 months for some loans through LightStream.
How to Get a LightStream Loan
Obtaining a LightStream loan is straightforward. The online platform doesn’t offer provisions for pre-qualifying or preapproval. So, applying for a loan or debt consolidation is a simple matter of providing information and appropriate documentation on the company’s website and waiting for an approval or denial response, including one or more loan offers if approved.
Initially applying for a LightStream loan draws a hard inquiry on your credit report and will slightly affect your credit score. This reality differs from many of the company’s competitors, who require a preapproval step that only draws a soft inquiry on credit reports.
A LightStream loan is a non-secured personal loan usable for any legal reason, including debt consolidation. LightStream doesn’t provide direct lender payments for its debt consolidation loans. No origination fees will apply for a LightStream personal loan.
Customers can choose to pay using autopay or monthly billing. Choosing the monthly billing option increases your interest rate by 0.50%. To avoid the increase, choose autopay before accepting the loan. Customers can switch from monthly billing to autopay later. However, their rate won’t go down for doing so.
LightStream Credit Score Requirements
The average LightStream loan customer borrows between $24,000 and $29,000 and has a credit score of 722 or above. According to the company, at least 22% of applicants applying for the lowest interest rate receive approval at that rate.
LightStream doesn’t state any minimum income amounts or debt-to-income percentage requirements. The company doesn’t allow co-signers on its loan products. However, joint applications are accepted.
LightStream Loan Requirements
LightStream follows basic guidelines for minimum loan requirements. The company doesn’t state any required minimum income amounts. However, applicants must supply proof of the following information before approval.
- Social Security number
- 18 years of age or older in most states
- Be a U.S. citizen or permanent or non-permanent resident
- Employed or able to provide proof of sufficient income
- Proof of legal residence
Compare LightStream vs. Upstart and Similar Loans
| Lender | Fixed (APR) | Loan Amounts |
Minimum Credit Score
|
| Upstart Personal Loan | 6.40% to 35.99% | $1,000 to $50,000 | 620 |
| LightStream Personal Loan | 7.49% to 25.49% | $5,000 to $100,000 | 700 |
| Discover Personal Loan | 7.99% to 24.99% | $2,500 to $40,000 | 660 |
| PenFed Credit Union Loan | 8.49% to 17.99% | $600 to $50,000 | 700 |
| Upgrade Personal Loan | 8.49% to $35.99% | $1,000 to $50,000 | 600 |
| Sofi Personal Loan | 8.99% to 25.81% | $50,000 to $100,000 |
Does Not Disclose
|
| Best Egg Personal Loan | 8.99% to 35.99% | $20,000 to $50,000 | 600 |
| LendingClub Personal Loan | 9.57% to 35.99% | $1,000 to $40,000 | 660 |
| Avant Personal Loan | 9.95% to 35.99% | $20,000 to $35,000 | 550 |
| Universal Credit Personal Loan | 11.69% to 35.99% | $1,000 to $50,000 | 560 |
| OneMain Financial Personal Loan | 18% to 35.99% | $1,500 to $20,000 |
Does Not Disclose
|
| Zable Personal Loans | 8% to 30% | $1,000 to $25,000 | 600 |
| Happy Money Debt Consolidation Loan | 11.72% to 24.67% | $3,000 to $40,000 | 640 |
Source: Top 5 Best Personal Loans for Fair Credit, Good Credit and Excellent Credit
LightStream Loan Funding and Payments
LightStream and Truist Bank will deposit the funds into a qualified checking or savings account for approved applicants following a formal online application submission. The transfer is usually complete within one or two business days. However, some applicants may receive funds on the same day, while others may wait up to six days for the deposit—often depending on their banking institution’s deposit process.
Before accepting the loan terms or funding, choose the autopay option to avoid paying a slightly higher interest rate. No penalties exist for making early payments or paying off your loan early with LightStream. However, making an early payment more than 18 days before your monthly due date will count only as an extra payment, and the autopay payment will still occur on its scheduled date.
How Long Does LightStream Take To Approve?
Most applications will receive an approval or denial response within minutes of submission. However, LightStream may require additional verification on some applications. The process generally takes a day or two but could be as many as five business days.
LightStream Reviews
LightStream reviews are mixed. While many sites award the company high marks, others rate it quite low. The Better Business Bureau rates LightStream at just 1.36 of 5 stars. Trustpilot awards just 1.8 stars out of 5. However, several other respected platforms reward the company with ratings well over four stars with shining reviews.
The BBB’s grading system rewards organizations responsive to customers’ complaints and concerns regardless of the companies’ rating scores. For LightStream’s responsiveness, the BBB gives it an A+ grade.
Truist Bank Reviews
LightStream’s operator and business partner, Truist Bank, is a large traditional banking company throughout the country’s eastern half and reaches all 50 states with its online financial products. Truist Bank reviews are nearly as mixed as LightStream reviews.
The company scores mostly average ratings across multiple platforms. However, Trustpilot awards Truist just 1.2 of 5 stars. And despite an impressive A+ grade at the BBB, the bureau’s review score is just 1.09 of 5 stars.
Is Truist a Good Bank?
Truist is a good bank in that it ranks as the sixth-largest banking institution in the country as of November 2023. However, Truist generally offers no-frills banking products that feature status-quo return interest and typical borrowing interest rates. There is little that sets Truist apart from other banks it competes against from a customer perspective.
Is LightStream Legit?
LightStream is a legitimate banking and lending organization that began in 2012 as an online lender working with Truist Bank, the sixth-largest bank in the U.S. LightStream achieved BBB accreditation in 2021 and carries an A+ grade. LightStream operates in all 50 states nationwide.
How Do I Contact LightStream?
Consumers can contact LightStream by sending a detailed email to customerservice@lightstream.com. The company is also reachable at its mailing address, PO Box 117320, Atlanta, GA 30368-7320. LightStream doesn’t provide a customer service phone number.
LightStream Vs. the Competition
Comparing LightStream to its competitors in our best personal loan review or even our best debt consolidation companies review generates some interesting comparisons.
LightStream Vs. SoFi
LightStream and SoFi, though they offer some similar financial products, operate on much different business models. LightStream operates strictly as an online personal loan lender. Our SoFi review, on the other hand, details a company providing full banking services through its online platform.
Truist Bank, which provides online and traditional banking, operates LightStream. However, LightStream itself remains committed to offering personal loans for multiple uses, including debt consolidation.
SoFi and LightStream offer similar products and terms from a personal loan perspective. Both companies provide unsecured loan amounts from $5,000 to $100,000, with interest rates topping out at around 26%. Additionally, both businesses offer long loan repayment terms, no origination fees, and cater to borrowers with good to excellent credit scores.
| BBB Grade / Rating | Average Reviews Rating | Interest Rates | Origination Fee | Loan Terms | Minimum Credit Score | Loan Amount | |
| LightStream | 1.36 / A+ | 3.9 | 7.49 – 25.99% | $0 | 12 – 144 months | 660 | $5,000 to $100,000 |
| SoFi | 1.74 / A+ | 4.6 | 8.99 – 25.81% | $0 | 24 – 84 months | 680 | $5,000 to $100,000 |
LightStream Vs. Credible
Our Credible review depicts a FinTech company that operates as an online lending marketplace. The company connects borrowers with appropriate lenders from its list of numerous partner companies. LightStream works with a single lending institution.
There are few similarities between these two companies except for potential loan amounts. The primary difference between them is that LightStream caters more to customers with good to excellent credit, while Credible welcomes those with lower scores.
However, that’s not to say borrowers with lower scores will find approval through Credible for loans with interest rates as low as LightStream’s.
| BBB Grade / Rating | Average Reviews Rating | Interest Rates | Origination Fee | Loan Terms | Minimum Credit Score | Loan Amount | |
| LightStream | 1.36 / A+ | 3.9 | 7.49 – 25.99% | $0 | 12–144 months | 660 | $5,000 to $100,000 |
| Credible | 1.29 / A+ | 4.6 | 4.60 – 35.99% | 0 – 12% Varies by Lender | 12 to 84 months | No minimum stated | $600 to $100,000 |
LightStream Vs. LendingClub
Comparing LightStream and LendingClub is challenging. For borrowers, the end result of using one or the other may not matter. However, the process of obtaining a loan or consolidation differs between them, as well as the ultimate loan terms offered by each.
Our LendingClub review showcases an online lending company that also operates as a full-service online bank. LendingClub’s financial products differ from LightStream’s in several ways.
Where LightStream offers high loan amounts and long repayment terms, LendingClub limits borrowing to $40,000 with terms of up to five years. LendingClub outshines LightStream when it comes to customer reviews and scores. However, customers may pay more in interest and origination fees with LendingClub.
| BBB Grade / Rating | Average Reviews Rating | Interest Rates | Origination Fee | Loan Terms | Minimum Credit Score | Loan Amount | |
| LightStream | 1.36 / A+ | 3.9 | 7.49 – 25.99% | $0 | 12–144 months | 660 | $5,000 to $100,000 |
| Lending-
Club |
4.56 / A+ | 4.4 | 6.34 – 35.89% | 3 – 8% | 36 or 60 months | 600 | $1,000 to $40,000 |
Frequently Asked Questions
Is LightStream worth it?
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Is LightStream a good lender?
Does LightStream do a hard pull?
Does LightStream verify income?
What credit bureau does LightStream use?
Can LightStream be trusted?
Source
Image Sources: lightstream.com – bbb.org – trustpilot.com – truist.com
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Last Updated: January 31, 2024
