LightStream Review

Company Profile

LightStream, the personal loan division of SunTrust Bank, is the top choice for prospective borrowers who require a flexible loan from $5,000 to $100,000 quickly. The credit requirements for LightStream are somewhat high, but those with good credit and proof of stable income are able to get a loan much larger than competitors, with same day funding available† and with no added fees.  Additionally, borrowers are offered flexible terms in variable terms and flexible repayment manner with an APR of 4.99%-17.49%* with AutoPay.

Visit LightStream

LightStream offers the best loan terms for credit worthy borrowers. Here borrowers with good to excellent credit will find quick, flexible loans and the freedom to spend the loan funds on pretty much anything they desire. Interestingly, LightStream determines interest rates based on loan purpose. So while loans will be given for most any purpose, provided borrowers meet credit standars, APR rates will change dramatically based on borrower's intended use.  

LightStream Highlights

  • LightStream is SunTrust Bank's online lending division

  • For those with good to excellent credit that need funds immediately

  • $5,000 to $100,000 loan amount - higher than most online lenders

  • Quick, flexible loans and accommodating repayment terms

Loan Term Options 

LightStream is one of the most flexible alternative lenders in the industry, allowing repayment terms from two to seven years*. Their website has an extremely helpful dynamic diagram that tells prospective borrowers what their potential rate would be, depending on what type of loan it is, their desired term length and their credit profile.  

Loan Purpose and Amount Flexibility

LightStream is known for their enormous range of possible uses for personal loans that range from vehicle financing, home improvement, recreation, family life, and a host of other purposes. Qualified borrowers are able to access between $5,000 to $100,000 worth of financing for nearly any reason or function. 

Lending Qualification Process 

The lending qualification process is much more selective than other peer-to-peer lending services.  Unlike other lenders, LightStream requires potential borrowers to prove their good to excellent credit as well as the ability to repay the loan. LightStream has amongst the most stringent requirements for potential borrowers, making this a suitable personal loan option for individuals with great credit and income levels.

Pros Vs. Cons

  • Easy to access quick, large loans
  • Flexible terms
  • Covers many types of loan purposes
  • Excellent way to build credit
  • Tough FICO score requirements
  • Customer service needs improvement

 

Customer Service:

While customer support is almost limitlessly available and there is a library of information on their website, LightStream struggles in certain cases to effectively communicate with customers. One specific instance to be aware of is when a borrower application for a personal loan toes the line between accepted and rejected. However, because they do not offer a phone number for customer service until after someone applies, they answer emails very quickly. 

Ease of Quote Application Process

LightStream offers one of the easiest personal loan application processes in the industry, especially considering how large some of the loans are. The application process through LightStream’s website is effortless and requires a minimal amount of time.  If an application is accepted by LightStream, borrowers can receive loans of up to $100,000 within a day of inquiring.   

Conclusion

LightStream has certainly cornered a niche of the personal loan market, by targeting clients who already have good to excellent credit and suitable income levels required for loans at the top of the spectrum. 

For borrowers looking for the backing of a reputable bank when taking out an unsecured loan, LightStream will offer competitive rates and flexible terms. However, anyone with less than a good to excellent credit score is unlikely to be accepted.  

Example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

Visit LightStream

Physical Address

LightStream (SunTrust Bank)

303 Peachtree Street,

NE, Atlanta, Georgia 30308

USA

About Jonathan Miller

Jonathan Miller holds a degree in Applied Economics and Management from Cornell University where he graduated Cum Laude.  His diverse background includes experiences across the financial services sector, having served as a trader at hedge fund Trillium Trading and worked in investment banking with America’s Growth Capital.  Jonathan has drawn on his extensive knowledge of both buy and sell-side operations and parlayed his skills to mainly serve retail financial services customers in recent years.  Present day, Jonathan acts as an economics and analytical consultant for retail trading firms using his broad understanding of macroeconomics and big picture thinking to make financial services more accessible to a wider audience.

 

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. 

Payment Example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

† You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

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