LightStream Personal Loans. LightStream is a national online lending division of Truist (formerly known as SunTrust Bank) that provides consumer loans for practically any purpose, ranging from home improvements and auto loans to medical expenses and timeshares. LightStream is well-known for offering competitive interest rates to borrowers with good credit. Here’s what you might need to know about LightStream personal loans:
LightStream Personal Loans
- Eligibility Criteria: Generally, LightStream caters to borrowers with good to excellent credit. This means applicants typically need a credit score of 660 or higher, though this isn’t a strict cutoff. They also look at credit history, employment, and income among other factors.
- Loan Amount and Terms: The loan amounts can range widely, from small loans (like $5,000) to larger amounts (up to $100,000 or more for certain uses). Loan terms can vary, often from 2 to 7 years, but may extend to 12 years for home improvement loans.
- Interest Rates: LightStream offers competitive fixed interest rates that can vary based on the loan purpose, amount, term, and the borrower’s credit profile. Rates can be even lower if you set up autopay. They also offer a “Rate Beat Program” where they will beat certain competing rates by 0.10 percentage points.
- Fees: One of the attractive features of LightStream loans is that there are no origination fees or late fees. However, if you default on your loan, you might face legal actions or other expenses.
- Application Process: The application process is online and paperless for many borrowers. If approved, funds can be available as soon as the same day.
- Loan Experience Guarantee: LightStream offers a unique feature where if you’re not satisfied with the loan experience, they might offer you compensation after you complete a questionnaire.
- Use of Loan: One of the unique features of LightStream is the wide range of loan purposes they cater to, from weddings and vacations to solar financing and horse purchases.
- Unsecured vs. Secured: Most LightStream loans are unsecured, which means you don’t need to put up collateral. However, for some loan purposes or in certain circumstances, they might offer secured options.
- Privacy: Since LightStream doesn’t need to see what you’ll specifically spend every dollar on, they provide a degree of privacy in terms of how you use the funds.
If you’re considering a personal loan, always compare rates, terms, and reviews of various lenders to find the best fit for your needs. Also, ensure that you’re borrowing for a good reason and have a plan to repay the loan in the stipulated term.
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