LightStream Review: Big Loans & Good Rates for Good Credit
- Max. Loan Amount
- $100,000
- APR
- 6.99% to 25.29%
- Min. credit score
- Good to excellent credit
Our verdict
Borrowers with excellent credit may qualify for loans up to $100,000 at competitive rates.
LightStream is best for good-to-excellent credit borrowers looking to take out a large loan, prefer a longer loan term or need funds fast — like today. It offers personal loans up to $100,000 at competitive rates with autopay discounts and loan terms for as long as 20 years, depending on the loan type. You also might get your funds the same day you apply.
But you need good-to-excellent credit to qualify. And if you want to borrow less than $5,000, you'll have to look elsewhere. Unlike other lenders, LightStream doesn't have a customer service phone number listed on its website, which means you'll have to reach out via email with any questions.
Best for: Borrowers with a solid credit history who want to borrow large amounts.
Pros
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Better rates than many competitors
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Funding as soon as the same day
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No origination fees
Cons
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No customer service phone number
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No preapproval process
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Large minimum loan amount of $5,000
Is LightStream legit?
LightStream is a part of the Truist Financial Corporation, headquartered in Charlotte, North Carolina. As a large financial institution, Truist Financial Corporation is subject to federal and state regulations and is an FDIC member.
LightStream.com is also a Norton-secured site and has safeguards in place to protect its customers’ personal and financial information. View LightStream’s privacy policy on its website to learn how your information is used and shared with other businesses.
What makes LightStream shine?
LightStream has numerous benefits to offer its customers.
Wide array of loan types
LightStream offers more than 30 types of loans to assist with almost any financing need — from taking out a new or used car loan to refinancing your auto loan or purchasing a new or used RV, boat, motorcycle or aircraft. LightStream also offers medical and dental loans, adoption loans, debt consolidation and land purchase financing, just to name a few.
One standout feature is LightStream’s suite of unsecured, fee-free loans designed for home improvement projects. There are no appraisals or home equity requirements, and you’ll never put your home at risk. Plus, you’re in control of the funding process — you can schedule to receive your funds anytime within 90 days of loan approval. Anything from basement and kitchen remodels to landscape or pool financing, Lighstream has a solution.
Customer service focused
LightStream takes extra steps to make sure customers have the best possible experience — and pays you if you don’t. Todd Nelson, Senior Vice President of Strategic Partnerships, tells Finder, “If you take a loan from LightStream, and you’re dissatisfied with any part of it, we’ll pay you $100 to tell us about your experience,”
“It’s not that we don’t make mistakes — we do on occasion, and we certainly want to know when we do. But by and large, we know we’ve got a great experience, and we’re willing to put our money where our mouth is.”
Rates that beat its competitors
LightStream has some of the most competitive rates and will beat any other lender’s APR by 0.10% with its Rate Beat program, provided your loan meets specific terms and conditions.
It also doesn’t charge origination fees or prepayment penalties on its loans. And you can get a 0.5% rate discount if you allow autopay repayments.
Choose your loan term
LightStream offers a wider range of repayment terms than your typical online lender, from 24 to 240 months.
Opting for a longer term can help keep monthly repayments low — though you’ll pay more interest in the long run.
Where LightStream falls short
LightStream has a high minimum loan amount of $5,000, so it’s not ideal for small expenses.
The lender also seems very strict in how you use your loan. It requires you to state the loan’s use at the application stage, and it provides a list of what you can’t use the funds for, such as student loans, investments or business expenses.
Plus, no preapproval process means LightStream doesn’t allow you to check your rate without affecting your credit, which is an unfortunate departure from many of its competitors. It pulls a hard credit inquiry from TransUnion or Equifax as part of its approval process, which can impact your credit score.
And, for all its focus on providing excellent customer service, LightStream doesn’t offer a phone number. You need to email or contact a representative through social media with any questions.
Product details
| Minimum credit score/credit range | 690 (according to outside sources) |
| APR | 6.99% to 25.29% (includes autopay discount) |
| Loan amounts | $5,000 to $100,000 |
| Terms | 24 to 240 months |
| Approval turnaround | As soon as same day |
| Availability | Not available in: Iowa, West Virginia |
| Fees | No fees |
Contact info
| Phone number | None |
| Customer service hours | 9:30 a.m. to 7 p.m. ET, weekdays 12 p.m. to 4 p.m. ET, Saturday |
| Application processing hours | 10 a.m. to 6 p.m. ET, weekdays 1 p.m. to 6 p.m. ET, weekends |
| customerservice@lightstream.com | |
| X (formerlyTwitter) | @LS_Loans |
| @LSLoans |
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How to qualify for LightStream
To qualify for a loan from LightStream, you need to meet a few basic criteria:
- Have good-to-excellent credit
- Be a US citizen or a permanent resident with a valid green card
- Have a valid Social Security number
- Have a valid US address
- Provide credit card verification upon loan approval
While your credit score matters, it’s not the only factor that LightStream considers. “One of the misnomers of lending is that credit score is everything that lenders care about. That’s really not true,” Nelson says. “A score is supposed to be kind of a placeholder for someone’s relative creditworthiness.”
“But what we find to be more interesting and more telling is really the depth and breadth of someone’s credit history and how they’ve used credit in the past. Do they have more debt than their income can support? Do they have money that they put away for retirement or a rainy day fund?”
How to apply
LightStream has a simple online application process that should only take a few minutes to complete.
- Fill out the online application.
- Wait for LightStream to review your application and conduct a hard credit check.
- Provide your credit card information for further identity verification if approved.
- Receive your loan funds as soon as the same day, depending on when you apply.
LightStream doesn’t have a preapproval process, so checking your rate affects your credit score.
If you want to shop for the lowest rate, consider applying with other lenders that offer preapproval with a soft credit check first.
How to get your LightStream loan funded the same day
It could take a day or two to receive your loan funds, depending on when you apply and if any additional documentation is needed.
However, LightStream can fund your loan the same day you apply. You’ll just need to keep an eye on the clock and be diligent.
First, it must be a business banking day, your application must be complete and approved and you’ll need to complete the following three steps by 2:30 p.m. ET:
- Review and e-sign your agreement.
- Provide your preferred funding method.
- Complete the final verification process.
How LightStream compares to other lenders
LightStream can be a great option if you have excellent credit and need a large amount of unsecured financing. But if you want to compare rates before you apply, consider another online lender first.
For example, SoFi offers similar loan amounts with competitive rates and perks like networking events — and allows you to prequalify without affecting your credit.
If you have a newer credit history, a provider that also considers factors like your education and career path might be a better choice, like Upstart.
Use our table to explore your options by APR, minimum credit score and loan amount. Select the Go to site button for more information about a particular lender.
Or, read our guide to LightStream alternatives for more details on how it compares to other lenders.
LightStream reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.38 out of 5 stars, based on 52 customer reviews |
| Trustpilot Score | 1.5 out of 5 stars, based on 81 customer reviews. |
| Customer reviews verified as of | 23 August 2024 |
LightStream has poor ratings on both the Better Business Bureau (BBB) and Trustpilot. A large portion of negative reviews are from people who were the victims of scam artists using the LightStream name fraudulently.
As for legitimate negative reviews, some complain about getting denied for a loan, even with good-to-excellent credit and minimal debts. Others report issues with billing and rude or unhelpful customer service representatives.
Positive reviews report fast turnaround, competitive rates and a hassle-free process.
What do people on Reddit say?
Almost all people on Reddit with a LightStream loan give positive feedback. They say the loan process was fast and easy, interest rates were decent and many received funding the same day they applied.
A few people were upset that LightStream denied their loan even though they had excellent credit and sufficient income. And — just like with the BBB and Trustpilot — some Redditors also ran into scammers pretending to be LightStream.
Frequently asked questions
Is it hard to get a loan from LightStream?
It can be more difficult to get a loan from LightStream than from other lenders because it only considers borrowers with good credit. It also considers your debt-to-income (DTI) ratio, payment history, assets and other factors to determine loan approval.
What credit score do you need for LightStream?
The company doesn’t specify a minimum credit score on its website but says it only approves borrowers with “good-to-excellent credit profiles.”
Some outside sources say you’ll need a minimum score of 660 to qualify, while others suggest you’ll need a score of 700 or higher to be approved.
How long does it take LightStream to approve a loan?
As long as you’re applying during business hours — and not too late in the day — you should find out if you’re approved on the same day you apply.
If you apply at odd hours or on the weekend, you may not get an answer until the next business day.
How does LightStream finance debt consolidation?
LightStream enables borrowers to combine several debt payments into a single loan.
However, instead of sending payments to your creditors directly — as some lenders do — LightStream sends the consolidation funds to your bank account. Then, it’s up to you to contact your creditors and ask for a payoff amount.
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Lacey Finder
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Harold Finder
July 09, 2017
Hi Nadia,
Thank you for your inquiry.
With LightStream Personal Loans you can apply for this loan as long as you can meet the following requirements.
– You are at least 18 years old
– You are an American citizen or a permanent resident of the US
– You have good or excellent credit rating
– Your income and assets can support your existing debt obligations as well as the desired loan amount
I hope this information has helped.
Cheers,
Harold
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Nadia
April 10, 2017
Need loan for a Ve hike $27,000