Lightstream is a lending service under the lending division of SunTrust bank. Since the service is from the lending division, loans come with quite competitive APRs and yet high standards of approval. If you are looking for a personal loan, such lenders are usually ideal; and you even if you are not a member of SunTrust bank, you can still apply for a personal loan. However, according to the industry's regulations, the range is on the lower end, and borrowers have to qualify first. What makes Lightstream stand apart in the industry is offering personal loans with no fees, coupled with a quick turnaround from the time you apply for the loan and when you receive the funds.
While Lightstream is bank owned and operated, the approval process is quite similar to other lenders, and is relatively fast and straightforward. You only need to submit all the necessary documents as required, and if everything goes smoothly, you might be eligible for a same day funding. To support its confidence on the simplicity of the application process, the lending company vows to reward you with $100 if you are not at all satisfied with the experience. That said, Lightstream is definitely a great option worth taking an in-depth look at. Here is a comprehensive Lightstream Loans Review with everything you need to know about the service.
Lightstream is an online consumer lending service from SunTrust Bank, whose corporate offices are located in Richmond Virginia, and Atlanta Georgia. When the SunTrust Bank acquired the online consumer lender First Again LLC. and its assets in 2012, it relaunched as Lightstream. The loans issued through the Lightstream division are usually funded by the SunTrust bank.
The lender's model is generally based on the fact that what you buy affects the interest rates you pay. Those who meet the high credit standards can benefit from the Lightstream interest rates, which are tailored to anything from paying for fertility treatments, to purchasing a horse. However, the company doesn't provide loans to businesses or for college tuition.
The company recognizes that taking a loan to pay off some existing debt is primarily riskier compared to other ventures such as buying a new car. The good part is that Lightstream has very competitive interest rates on unsecured personal loans, which are low enough to compete with the conventional loans that usually require some form of collateral.
Is Lightstream Legit?
Lightstream has been accredited since 1967, with an A+ rating from the BBB. Although there are various pros and cons with the unsecured customer debt, this is a legitimate lender, who has been providing a popular service for a very long time.
Qualifying for a Loan
It's important that you have a good credit score rating and a steady flow of income to qualify for a Lightstream loan. However, as mentioned earlier, you don't need to be a member or customer of SunTrust to be approved. In general, what Lightstream wants to see before awarding you a loan includes:
- A credit history on various account types, such as an installment debt (car loans) and credit card history (MasterCard, Visa, American Express)
- A number of years' credit history
- A credible payment history with no misconducts
- Sufficient and stable income and/or assets to repay any currents debts, including the new loan
- The ability to save some funds, as indicated by ownership of bonds, stocks, retirement savings, and bank deposits. Your previous payments on revolving credit card debt and cash down payments on real estate are also considered.
Keep in mind that Lightstream defines "good credit" a few notches just below the "excellent" status, with a few years of considerable credit history. The recommended credit score of 720 is usually ideal, and you shouldn't have any misconducts or late payments on your credit.
Lightstream features loans ranging from categories such as vehicle and home improvement to recreation and "anything else". Any personal loans taken for credit card debt or debt consolidation will be categorized under the anything else category. Their loan products are often aimed at those people who have a consistently high income and a very good credit rating. In this case, their ideal customer is likely to be buying a small airplane or a horse, rather than paying off credit card debt.
Loans ranging from $5,000to $100,000 can be requested with a payback terms of 24 to 84 months. The interest charged usually vary from as low as 1.99% for the most qualified borrowers, which makes them very competitive for consumer or personal loan products. Keep in mind that the interest rates are fixed for the life of the loan, which helps to keep the payment amount same throughout the payback process.
As a prospective borrower, you should note that the interest rates will vary depending on the loan category. The anything else loan category for instance has the lowest interest rate as 5.99% for an amount of $10,000 to $24,999 on a payment term of 24 to 36 months. Based on the amount you borrow, the rate of the anything else category could go up to 14.49%. obviously, the interest rate is dependent on the general credit market trends over the period.
Under the vehicle loan category, the interest rates could go to as low as 1.99%, home improvement loans can go as low as 3.99%, and recreational loans as low as 2.99%. Lightstream also offers unsecured personal loans, which by principle do not require collateral to back them up. Moreover, you have the option to apply for a secured loan for vehicle purchases only.
Lighstream Fees and Payments
You won't be charged by Lightstream for the loan origination fee, and neither for missed payments and late fees. Your monthly payments will automatically be debited from your bank account, unless you have specifically chosen to be billed and pay via check each and every month. Those who opt for the automatic debit option are entitled to a 0.5% reduction in their interest rates, which is quite a strong incentive. Borrowers can request for repayments terms of anywhere between 24 to 84 months.
- 24 to 84 month loan terms
- One low monthly payment
- No upfront fees, no monthly fees
- $100 best loan experience guarantee