LightStream Personal Loan Full Review
Need a $100,000 loan with interest rates below the average? Well, you're in luck with this personal loan that even comes with discounts!
Featuring competitive interest rates, a variety of borrowing amounts, and appealing perks, LightStream may offer a compelling answer to your financial needs.
Offering unsecured loans up to $100,000, LightStreamcan be a the ideal loan to fulfill array of goals, ranging from obtaining land or a small house to pursuing educational enhancements or even realizing a long-awaited dream vacation.
Through this review, you will uncover the advantages, benefits, fees, and everything essential about this loan that’s transforming the lives of countless Americans.
What is LightStream?
Established in 2019, LightStream is a division of Truist Bank that specializes in providing personal loans for a variety of purposes.
LightStream is known for offering competitive interest rates and a streamlined application process, often catering to borrowers with good to excellent credit scores.
How Does a LightStream Personal Loan works?
LightStream loans can serve a wide array of purposes. Whether it’s covering bills, effecting repairs, consolidating debt, or addressing unforeseen expenses, this loan offers the adaptable flexibility and convenience you seek.
As of now, LightStream offers unsecured personal loans, with the loan amounts extending up to $100,000 and repayment terms reaching a generous 84 months.
A key highlight of LightStream’s loans is its competitive interest rates, commencing as low as 7.99%. These rates ensure that your borrowing expenses remain manageable.
Still, it is important to note that interest rates can be as high as 25.49%APR. The actual APR will depend on several factors such as amount borrowed, repayment terms, your credit score, location, etc.
While LightStream does allow co-signer on a personal loan, the company does allow borrowers to apply with a for joint loans.
This is particularly advantageous for individuals with less favorable credit histories, enabling them to share installment and repayment terms with another party, potentially resulting in reduced installments or extended terms.
Rate Beat Program
Under the Rate Beat Program, once you provide evidence of your acceptance for an unsecured, fixed-rate loan with the competitor under the same terms, LightStream commits to lowering the interest rate by 0.10 percentage points, ensuring a better rate than the competitor’s.
LightStream has several noteworthy benefits that position it as a compelling choice for borrowers, beginning with rate discount for customers who opt for autopay.
For clients who opt for autopay, a 0.50% interest rate discount on their personal loan is on the table. This discount further curtails your overall borrowing costs, heightening the loan’s appeal.
Moreover, along with its array of advantages, LightStream expedites the borrowing process, guaranteeing approval within just 2 business days.
It is also worth noting that LightStream does not charge for any kind of origination or prepayment fee, which can make the loan more affordable.
Other benefits includes:
- No late fess
- No need for colateral
- Loans for all kind of needs
While the LightStream loans has its own merits, it’s crucial to weigh in potential downsides. One notable drawback is that the most favorable interest rates are accessible only to borrowers with a good credit history.
Borrowers with a not-so-good credit score should carefully consider the interest rates and determine if they align with their financial capabilities.
Lastly, the highest interest rates with a LightStream can go up to 25% APR, which can make their loan impracticable when borrowing larger amounts or selecting longer repayment terms.
Other drawbacks includes:
- No prequalification process
- High minimum amount
- Requires a long and good credit history.
How to Apply?
Intrigued by the array of advantages offered by LightStream’s personal loan? Simply tap the button below and access a step-by-step guide on how to embark on the application process for this loan.