Lightstream Home Improvement Loan Reviews – Most of the products on this page come from partners who can compensate. This may affect the products we write about and where and how they appear on the site. However, the opinions expressed here are solely those of the author and not those of any bank, credit card issuer, airline or hotel chain. This page may contain information about American Express products that are not currently available on Slickdeals. American Express is not a Slickdeals partner.
LightStream is a solid online lender that offers no fees, high loan limits, and low interest personal loans for various purposes.
Lightstream Home Improvement Loan Reviews
LightStream, the online lending division of Truist, offers personal loans with competitive APRs and repayment terms of up to 144 months. Borrowers also benefit from no processing fees, no late fees and a high loan maximum of $100,000. However, LightStream’s minimum loan amount is $5,000, so this might not be your best option if you need to borrow a small amount.
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Borrowers with good credit who are looking for low interest rates and fast financing will appreciate what LightStream has to offer. It has one of the lowest APRs among its competitors, although your actual interest rate will depend on the loan amount, purpose and your credit history. For example, you will have a different interest rate if you use your loan to consolidate credit card debt instead of covering medical expenses. LightStream loans can be used for a variety of purposes, including:
However, there are a few restrictions on how you can use your loan, which are quite common with other lenders. LightStream loans cannot be used for tuition and fees, student loan refinancing, or to refinance an existing LightStream loan.
LightStream has a lot to offer borrowers who need credit. Some notable advantages include:
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While LightStream does not disclose its exact credit requirements, it does indicate that you need good credit to qualify for a loan. But it defines “good credit” in its own way and not as a specific credit rating. Therefore, you must also meet certain requirements to be considered a loan with good credit, including an established credit history, stable income, adequate assets, manageable debt and a positive payment history.
Unlike some providers, LightStream allows common applications; H. You can apply with a loan partner if you want. This can increase your chances of approval if you don’t have a long credit history. Just remember that your loan partner has the same responsibility to pay the loan. Like many other personal loan lenders, LightStream does not allow you to apply with a co-signer.
Borrowers taking out a 60-month home improvement loan of $10,000 at an 8.49% APR would have total monthly payments of about $205. The total interest payment over the life of the loan would be about $ 2,278 if you repay the loan within five years.
While LightStream has an A+ Better Business Bureau (BBB) rating, overall customer feedback may question your decision. Reviews on BBB and TrustPilot are fairly lukewarm, with applicants raising concerns about poor customer service and being denied loans despite having high credit ratings.
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While many reviews are not positive, some satisfied lenders praise LightStream’s easy and fast approval process and competitive interest rates. Others cite great experiences with this lender’s customer service team. While looking at the experiences of others can be helpful when looking for lenders, it is up to you to decide if working with a particular lender is the best choice for your situation.
In general, LightStream has competitive credit products that offer significantly longer repayment periods than some of its competitors. For example, SoFi and Upgrade only offer terms of up to 84 months. Depending on your loan objective, you can get a repayment period of 144 months with a LightStream loan.
LightStream rates can also be lower depending on how you use your loan. It offers different interest rates for different loan purposes.
Jess is a freelance personal finance writer. He has been creating financial and business content for over a decade. Before venturing into freelance writing, Jess was on the editorial teams of Investopedia, The Balance and FinanceBuzz. He has created content for many industries including budgeting, credit, debt, insurance, investing, lending and side deals. In her free time, Jess reads about, works in her garden, and spends time with her family.
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While many personal loan companies give customers up to five years to repay their loans, LightStream offers deadlines.
The content is for informational and educational purposes only and should not be construed as professional financial advice. If you need such advice, you should consult a licensed financial or tax advisor. References to products, offers and fees from third-party websites change frequently. Although we do our best to keep this up to date, the figures given on this website may differ from the actual figures. We may have financial relationships with some of the companies mentioned on this website. Among other things, we may receive free products, services and/or monetary compensation in exchange for featured placement of sponsored products or services. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.
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Online Personal Loans Like Lightstream
We believe that everyone should be able to make financial decisions with confidence. And while our site does not feature every company or product available on the market, we are proud of the fact that the guidance we offer, the information we provide, and the tools we create are objective, independent, direct and free.
So how do we make money? Our partners compensate us. This may affect the products we review and write about (and where those products appear on the site), but in no way affects our advice or recommendations, which are based on thousands of hours of research. Our partners cannot pay to guarantee favorable reviews of their products or services. Bottom line: LightStream has some of the lowest APRs on the market, very high loan amounts and long repayment times. You probably need a fair to good credit rating to qualify for a loan from LightStream.
Benefits Loans up to $100,000 Low APR: 5.99% – 24.49% Loans offered for 24 – 84 months Few complaints No fees Get financing as soon as you apply the same day (conditions apply) Co-applicants allowed
LightStream loans have some of the lowest interest rates on the market. Their APRs start at 5.99% and end at just 24.49%. You can also borrow large amounts for long periods of time, with loans up to $100,000 for 24-84 months. It’s worth noting that LightStream is a division of Truist Bank – formerly SunTrust Bank before its merger with BB&T.
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LightStream has “credit for almost everything,” according to the company’s slogan, and it’s true. Unlike most lenders, LightStream offers loans at various interest rates for a variety of different purposes, from debt consolidation to remodeling a kitchen to paying for dental expenses. LightStream interest rates vary depending on the purpose of the loan.
One drawback is that LightStream does not disclose specific credit and income requirements for credit approval. However, you will need a SSN to apply for a LightStream loan. It is very clear. Below you can find more information about LightStream personal loans and see how they compare to the offers of other lenders.
Overall, LightStream gets a decent, but not high, score in this category. While they have some major advantages, such as B. They are one of only a handful of large lenders that offer common applications, but the fact that they have no pre-qualification and have no alternatives to using a SSN lower his score a bit.
To provide the most accurate review of LightStream personal loans, 17 key metrics were used, grouped into three general sections: Conditions, Requirements and Applications, and Reviews and Transparency. We rated each section on a scale from 0 to 5, with 5 being the best, and then averaged the scores of the three sections to get an overall rating for the loan.
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The average of these three values reflects how close a loan offer is to the definition of a 5-star loan. In order
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