What You Need to Know
LightStream offers fast approval and fast funding loans. Loan approval can come within business hours of the same day you apply. You then accept their loan agreements and sign the loan electronically. The money can then transfer into your account that day. Approval and approval time depend on your qualifications.
The interest rates for LightStream loans are low. Even the highest interest rate is much lower than other loan companies. The interest rates vary based on your credit, length of the loan, and loan amount. You can see the interest rate schedule on their website.
LightStream offers two payment options. Those include electronic transfers or monthly invoices. If you choose to have the invoice sent to you, your loan interest rate is slightly higher. The invoice payment rate is 0.50 percent higher than auto payments.
To apply for a loan with LightStream, you must provide your credit card information. LightStream verifies your identity with your credit card. Your information is not shared or stored, but it is necessary to receive a loan from LightStream. The credit card must be a valid Visa or MasterCard credit card.
Qualifications to Apply for LightStream Loans
- Annual Income: Sufficient
- Job History: Depends on applicant
- Debt-to-Income Ratio: Depends on applicant
- Minimum Credit Score: Depends on applicant
- Credit History Length: Several years
- Credit Bureau Inquiries: Not specified
- Bankruptcy History: Not specified
- Past Loan Denial: Depends on applicant
- U.S. Citizenship Required: Not specified
- Required Age: Not specified
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About LightStream Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: Yes
- APR Range: 3.99-17.29%
- Fixed Interest Rates: Yes
- Repayment Options: Invoice, ACH
- Payments Due: Monthly
- Payment Methods Fees: Yes, for invoice payments
- Smallest Loan: $5,000
- Largest Loan: $100,000
- Loan Term Lengths: 24-144 months
Additional Relevant Information
LightStream offers a good variety of loans. They offer vehicle, home improvement, recreation, and family loans. Under those categories, you can apply for loans for cars, hot tubs, RV's, dental needs, adoption, and jewelry. There are a variety of other loan options as well with LightStream.
LightStream offers a 'Rate Beat Program.' Through this program, LightStream offers a lower interest rate than other lenders. LightStream beats the other lender by 0.10 percent. You must prove you were approved for a loan with that specific interest rate.
Payments made more than 18 days before your payment due date acts as an extra payment. You will still need to make your regular payment closer to the payment date.
History and Achievements
LightStream is an online division of SunTrust Bank. They focus primarily on lending. They are a lending company for those with good or excellent credit. They offer loans for home improvements, debt consolidation, auto, and recreation. There are a variety of other lending options for those who qualify.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. LightStream loans are online loans.
What is the lowest my credit score can be?
LightStream does not have a minimum credit score. Anyone is welcome to apply for a LightStream loan. Typical customers have good or excellent credit.
What is the smallest loan amount available?
The minimum loan amount is $5,000.
What is the largest loan amount available?
The maximum loan amount is $100,000, depending on qualifications.
What are the loan term lengths?
The LightStream loan terms vary from 24-months to 144-months. Your qualifications determine the loan length.
Are the interest rates competitive?
Yes. LightStream loans offer competitive interest rates. Your interest rate depends on your qualifications.
Are the interest rates fixed?
Yes. LightStream loans offer fixed interest rates for the life of the loan.
What types of loans are available?
LightStream offers a good variety of loans. They offer personal, home improvement, recreation, and family loans. Under those titles, you can apply for a loan for a hot tub, adoption, horses, cars, and a whole list of other options.
What information do I need to apply for a loan?
LightStream requires personal information including, SSN, driver's license number, address, and citizenship. They require employment status and a valid Visa or MasterCard credit card. To sign up with autopay, you must have a valid bank account.
How long does approval take?
Approval can happen in one business day. Quick approval depends on your qualifications. Some loan approvals may take longer.
How long will it take the money to enter my account after approval?
After approval, the money can transfer into your bank account the same business day.
If I have been denied a loan before, how long do I have to wait to apply again?
LightStream does not list a specific time.
What are the payment options to repay my loan?
Payments are due monthly. You can make payments through automatic electronic transfers or invoice payments. If you use ACH, your interest rate is 0.50 percent lower.
Can I pay my loan off early?
Yes. There are no fees for paying your LightStream loan off early.
Is my information secure?
LightStream offers security measures that comply with federal laws. Their buildings, files, and computers are secure.
Does this loan company offer a mobile app?
The LightStream website does not list a mobile app.
How do I contact customer service?
Through email or mail. Customer service is available Monday through Friday from 9 a.m. to 8 p.m. and Saturday from noon to 6 p.m. EST. LightStream also has social media accounts on Facebook, Twitter, and YouTube.
Bank Contact Information
LightStream
P.O. Box 117320
Atlanta, GA 30368-7320
