LightStream requires you to use your personal loan for the purpose you selected in your application. Loans can be used to finance:
- Vehicles. Purchase a new, used or classic car; get a motorcycle; buy out a lease; or refinance.
- Home improvement loans. Finance a basement remodel, a hot tub, a kitchen makeover, a landscaping project, a solar energy system or a pool.
- Recreation loans. Pay for a big-ticket item, such as a boat, an aircraft, an RV, a timeshare or destination club, or refinance a boat loan, an RV loan or boat repair.
- Loans for family needs. Cover adoption costs, medical or dental procedures, in vitro fertilization and fertility treatments, pre-K through 12th grade educational expenses, or weddings.
- Other purchases. Consolidate debt, pay for an engagement ring, buy land or finance a tiny home.
You cannot use a LightStream loan to:
- Pay for higher education.
- Refinance other LightStream loans.
- Purchase bonds, stocks or stock options, or pay back a loan against a stock option.
- Contribute loan proceeds to retirement, life insurance or education savings plans.
If you’re ready to apply for a LightStream personal loan, go to lightstream.com and click the yellow Apply Now button.
Next, you will select the purpose of your loan and request a loan amount and term to see a monthly payment and an annual percentage rate for the loan. You will then enter personal, employment and financial information before you submit your application.
Applicants will receive a decision quickly during business hours. You will need to sign your loan agreement if the loan is approved, and you could get your money the same day.
The funds must be transferred into your account within 30 days – 90 days for home improvement loans – or you will need to reapply.
Loan terms, including APR, may differ based on loan purpose, amount, term length and credit profile. The lowest rates require excellent credit.
Loan amounts range from $5,000 to $100,000 with terms of 24 to 144 months.
An APR discount of half a percentage point is available if you use autopay, plus LightStream charges no origination, prepayment or late fees. The maximum APR for a LightStream loan is 20.49%, according to the lender.
Each credit profile is different, and “We make our credit decision based on the specific facts of that profile,” according to LightStream.
The lender requires excellent or good credit, which it outlines as:
- Several years of credit history at minimum.
- Stable and sufficient income and assets to repay your debts. LightStream does not allow borrowers to include income earned in the cannabis industry.
- Experience with different types of accounts, such as credit cards, auto loans and mortgages.
- Evidence of savings, such as retirement savings and college savings accounts.
- Positive payment history with few, if any, problems repaying debts.
LightStream does not state a minimum credit score to qualify for a personal loan. The lender requires good to excellent credit and evaluates each borrower’s ability to repay.
“Ultimately, our determination of good credit is based on whether we conclude that there is a high likelihood that our loan will be repaid in a full and timely manner,” says Julie Olian, vice president of public relations and social media with LightStream.
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
LightStream is based in San Diego and lends to borrowers nationwide.
LightStream earned an A+ rating from the Better Business Bureau and 2.1 out of 5 stars from Trustpilot, but that score is based on only 10 reviews.
The Consumer Financial Protection Bureau received 47 complaints in 2021 about personal loans from Truist; LightStream is a division of Truist. The main complaints were about getting the loan, unexpected interest and fees and a problem with the loan payoff process. The company gave a timely response to all complaints; 42 complaints were closed with explanation, one with monetary relief and four were still in progress as January 2022.
If you are not satisfied, contact the lender about its Loan Experience Guarantee. You will get $100 if LightStream receives a completed questionnaire within 30 days of issuing your loan.
If you have questions, email customerservice@lightstream.com, or complete the form online at Contact Us. Customer service will respond during business hours from 9 a.m. to 8 p.m. Eastern time Monday through Friday and from noon to 4 p.m. Eastern time Saturday.
Applications are processed 10 a.m. to 6 p.m. Monday through Friday and 1 p.m. to 6 p.m. Saturday and Sunday.
A customer support phone number is not available, but an FAQ webpage gives quick answers to questions. For instance, you cannot change your payment due date after you receive your loan, and you cannot pay at a Truist branch if you are an invoice customer. Notably, you also cannot make a same-day payment online and must sign into your account at least two business days before the due date.
LightStream’s application process is online, including signing the loan agreement and scheduling the loan deposit. You may use the lender’s rate calculator to view a range of lowest APRs based on loan amount and purpose.
If you have an online LightStream account, you can use it to:
- Review your loan and payment history.
- Make extra payments or pay off your loan.
- Update your contact information or security information, such as your password.
- Apply for another loan.
Alternatively, the LightStream mobile app allows you to check payment due dates, monitor account balances, make payments and apply for a new loan.
- People with good to excellent credit.
- People who don’t want to pay loan fees.
- People who want an online application process.