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LightStream is an online lender that helps people obtain funds for major purchases, home remodeling and debt consolidation. It offers competitive fixed rates on loans, and there are no fees or penalties for early payments. LightStream is a division of Truist, a bank formed by the merger of SunTrust Bank and BB&T.
Pros & Cons
- Easy online application
- Rate Beat Program
- Loan Experience Guarantee
- $5,000 minimum
- Unclear credit requirements
LightStream is an online lender that offers competitive loan packages that range from $5,000 to $100,000. Borrowers can apply online for a fast credit decision. The company guarantees borrower satisfaction.
What is LightStream?
LightStream is an online lender that offers personal loans. It has competitive rates on loans up to $100,000, Rate Beat Program and a satisfaction guarantee on your lending experience. Its personal loans can be used to fund auto purchases, residential solar energy systems, home remodeling and improvements, debt consolidation and medical expenses. Customers can apply online and get funds as soon as the same day.
How does LightStream work?
LightStream’s loan application and funding process are completed online. You may be asked to provide supporting documentation like identification, pay stubs and proof of residence.
LightStream doesn’t disclose credit score or income requirements for personal loans. The company states it approves borrowers with a stable credit history, reliable income and a track record of on-time payments.
Once your application is complete, LightStream will review your information and typically make a funding decision within a few hours. Same-day funding is available for applications under certain conditions.
LightStream offers loans from $5,000 to $100,000 with terms ranging from 24 to 144 months. APRs vary by loan type, and the company discounts your rate by 0.5% if you opt for autopay. You must have excellent credit to qualify for the lender's best rates. At the time of publishing, LightStream's APRs are:
- Personal loans:
- Car loans:
- Car loan refinancing:
- Solar financing:
LightStream claims it will beat any rate from a competing lender by 0.1% if you were approved for the same loan terms. If you aren’t satisfied with the lending experience, LightStream sends you $100 as a part of its Loan Experience Guarantee.
Is it hard to get approved by LightStream?
Loan approval chances depend on your credit history. You may qualify if you have several years of credit history with on-time payments and a stable income.
Is LightStream a good lender?
LightStream’s rates and loan packages are competitive with other top online lenders.
Does LightStream verify income?
You may be required to upload verification of your income during the LightStream application process. This might include pay stubs, bank statements or tax returns. Applicants may also be required to provide proof of identity or residence.
Can I pay off my LightStream loan early?
Yes, you can pay off a LightStream loan early. There are no early repayment penalties or fees.
Is LightStream legit?
LightStream is a reputable online lender that offers competitive interest rates and an easy application process. While it doesn’t disclose credit requirements, many employed borrowers with good credit scores have a chance of approval. Loans amounts start at $5,000, and the company has fast approval times and same-day funding for select loans.
» MORE: Is LightStream legit?
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I received a letter from Lightstream that due to my past history with them I was pre-approved. The letter included a code to expedite my new application. I applied to consolidate current debt of $25k and was hopeful to simplify 6 payments per month into just one and lower overall monthly payments by at least $700. To my surprise, I was denied because my current debt exceeded acceptable limits. DUH, this is why I was applying!!!! My credit score was 730 with exceptional payment history at all 3 credit reporting agencies. I had a prior loan history with them for $35k that was paid back in 6 months. What gives? Now I have an inquiry that I would not have had on my credit reports had I not fallen for their deceptive marketing. I truly thought they had appreciated our prior working relationship. Sucker! Never again, from now on all mail from Lightstream is a trash can magnet.
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LightStream continues to falsely advertise APRs that it doesn’t honor, even for excellent credit profiles. According to their tv commercials & website, LightStream offers credit card consolidation loans with APRs starting at 7.99% for applicants with excellent credit profiles who agree to autopay. Their website has an interactive calculator in which you select the loan purpose (credit card consolidation) & enter a loan amount that then returns a range of APR rates & monthly payment amounts based on the different term lengths they offer. The lowest APR (7.99%) is offered for the shortest term length (36 months). I was interested in a 60-month term, which showed an APR of 9.74%.
Knowing my credit profile is excellent, I applied but was offered a higher APR. When I inquired why, they initially told me it was due to my credit profile. I pushed back and said I have excellent credit & therefore wanted to know exactly what impacted their decision to not offer me the lowest rate. They told me to contact the credit bureau. I stated that the credit bureau cannot tell me why LightStream made the decision to offer a higher APR despite my credit reflecting an excellent profile. The LightStream rep told me I could view the report they used to make their decision, & it was available in the portal. Upon logging in to the applicant portal, I downloaded this report, which only contained my excellent credit score.
I also found a link to view LightStream's rate ranges. I clicked the link & a chart appeared in a pop-up window broken out by loan-amount ranges with a subset of term lengths for each amount range, & APRs displayed for each instance. This chart included the same disclaimers as the calculator (e.g., the rate ranges were based upon excellent credit profiles, autopay discount). This “new” chart of rate ranges were higher than the calculator rate ranges & both are reference charts for the exact same loan purpose & cover the same information with the same disclaimers.
Early in this ordeal, I ended up on the phone with one of the underwriters who walked through the steps I’ve described while I was on the phone, & he was able to recreate the issue & validated the conflicting rate ranges. This higher rate range is only visible after the applicant has already given approval for a hard credit hit. Regardless, it’s unlawful to advertise rates you don’t honor. If they do honor these rates, to whom??? Clearly not excellent credit profiles. When confronted, they talk in circles about how it’s varied based upon all the things I’ve accounted for (e.g., loan purpose, applicant’s credit profile, term length, etc). More importantly & concerning, there are ZERO accountability avenues for consumers to ensure these companies are held responsible for blatantly disregarding the laws meant to protect consumers’ rights!
These so-called protection agencies accept public “complaints” & serve as a pointless liaisons. The BBB, for example, rates LightStream as A+ despite more than 4,000 consumer reviews that average a 1.1 star rating. What does the BBB claim to base this A+ rating? The ONLY box that LightStream checks is that they “respond” in a timely manner to complaints. Responding to thousands of complaints means nothing to a consumer if they’re not making things right, correcting the violations the company seems to have been doing for years now! The CBFP is the agency responsible for enforcing the advertising acts that LightStream is violating. You can file a complaint with the agency, but that’s all you can do. There are no follow up options, & judging by the similar (& far, far worse) complaints & reviews starting years ago, LightStream doesn’t seem to have to answer to authorities & the laws don't seem to apply to them.
I've had a terrible experience with LightStream, including being blatantly lied to and horrible customer service. If you need a loan, try one of the legitimate companies out there, not this one. LightStream needs to work on improving both their rates as well as their customer service.
We have been customers of Lightstream for several years, my husband and I have excellent payment history, never late ( auto payment). Our current loan amount was for $25,000. We are $1,500 from paying off the loan. We are both self employed and have been for over two decades, We both have credit scores over 730, so 10 days ago we applied for a loan of $50K for kitchen updates (didn't want to take a HELOC loan due to fees, wait time, and closing cost) so lightstream requested all documentation. We proceeds to provide it including bank states, income taxes and so forth. We were then declined after we make well over $200K combined annual.
If you're going to ask this company for a loan and you're self employed they are not the company to come to.... They obviously don't have underwriters that can truly READ income information to make an approval decision. After we pay our existing balance of $1,500.00 we will NO LONGER be doing business with this company!!! If you are W2 wage earners only you'll be fine, but they just don't have experience loan officers for the self employed, or at least at this time. Pre covid they might have had more experienced underwriters.
I have a tier 1 FICO score (800+) and tried to get a rate quote on a $10k personal loan from Lightstream. They want all your personal financial data before giving you a quote. I mean everything, bank deposits, how much in bonds, amount in home equity, tax records, driver license, I mean everything before they would give a quote. Pulling your FICO wasn't enough for a quote. When I refused to give them all my data before an exact rate quote, they denied my application. It's a massive data mining operation they a running. They don't care about the loan...the data is more important to them.
No fee was added.
Took a 2 year loan out with plan on paying in one year. 6/6 months paid double the payment. They keep pushing to lower the payment to get more interest out of you. I put too much towards stocks and bonds that for the first time in many years I overdraft one of the two payments. What a headache. They send to their internal collections. They add huge fees. It's been decades since I've done this but man do they not make it easy. I've paid double each month and will continue to.
There is a wild amount of positive reviews. Definitely fake. This company features an incredibly disturbing business model. They are seeking individuals with poor credit scores. They are hoping to 'trick' people who are fiscally irresponsible into a bad contract and a bad loan. Do not work with this company. If an auto dealer is trying to get you to work with this company, they are trying to take advantage of you. Walk away from the car with the price that is too good to be true. It is.
I co-signed a loan for my ex husband. In the divorce papers it states he is responsible for this debt. Lightstream refused to remove me as a co-signer... Skip forward 2 years, I'm still the co-signer but there has never been a late payment. Until August 22. I HAD A BABY IN AUGUST!!! And didn't check to make sure my ex had made the payment! Turns out he didn't.. I received a letter in the mail after it was 30 days past due. I paid the outstanding balance and set it up on my account for auto pay because I didn't want it to affect my credit and I would settle the debt with my ex husband outside of Lightstream. Noooo, Lightstream refuses to remove a late payment from a new mother's credit report even though there has never been a late payment before and the account is current!!! Do not use Lightstream ever!!! They are Heartless and verge on Predatory lending!!!
Absolute dog water of a lender. Their reviews on their website are fake. You aren't allowed to leave a review if you're not already approved either. I make $250k a year with less than 1p% credit utilization and a 740 FICO. I took one month off to get a medical procedure done so I did not have a pay stub last month. They also demanded a pay stub for $250,000. I spoke to a rep on the phone and told them I can give them 2 years tax returns and last 6 months paystubs and 2 years W2, minus July because I'm on a short leave. You can call my employer to verify (Fortune 500 company). I also am going to get $12k a month from short-term disability. She took the notes and sent it back to the credit team.
I only applied for a $30k loan. 20 minutes later I got a decline saying I don't have the ability to repay the loan and a bunch other lies such as multiple delinquencies and high credit usage and collections. I have perfect credit payment history, less than 10% credit utilization, never had a collection account in my life. As someone who works in finance lending I can say this company is hot garbage. Will be disputing the inquiry and filing a complaint for deceptive lending practices. They also fail to disclose what documentation is required to obtain credit. I'm surprised this company hasn't been hit with massive fines.
I just finished paying off my loan 14 months early. That's how much I HATED this company. My biggest complaint was with how long it took for them to report my current balance. My credit report was consistently updated 2 days before my payment. Therefore, my account balance was only accurate for 2 days each month. My final payment (early payoff) of $4987 was made 6 weeks ago and the bureaus finally updated my credit score 3 days ago. My score went down 9 points. How does that happen? My current score is 774. I have been told that there was a statement added to my credit report. Probably because I told them they are LAZY and WORTHLESS. There you go, I said it again. My advice, join a credit union. Most credit unions offer a variety of loan products and you will deal with someone local. Good luck.
LightStream Company Information
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