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LightStream Personal Loans Reviews

Home » LightStream Personal Loans Reviews
LightStream Personal Loans Reviews

Read this LightStream Personal Loan review before you apply for a loan. Our research may help you make a more informed decision and illustrate new facts you didn’t know about this lender. Also, compare LightStream reviews versus other lenders and debt relief companies listed at NoMoreCreditCards.com. And we recommend comparing credit card relief programs while you’re on this website to ensure that getting a loan is your best option. 

  • Compare credit card relief programs
  • Check out the Top 20 best debt consolidation companies for 2023 

About Lightstream:

LightStream offers unsecured personal loans to consumers for various purposes, including home improvement, auto financing, and debt consolidation.

Website: https://www.lightstream.com/

LightStream Customer Service: 1-800-395-2183. 

Email LightStream about a loan: customerservice@lightstream.com

Is LightStream financing legit?

LightStream financing is a legitimate option for consumers looking for personal loans. LightStream is an online lending division of Truist Bank, one of the largest and most trustworthy financial institutions in the United States. 

LightStream is accredited by the Better Business Bureau (BBB) and has an A+ rating, indicating that the company has a good reputation for customer service and ethical business practices. LightStream also has positive customer reviews on various review sites, indicating that customers have had positive experiences with the lender.

Additionally, LightStream offers competitive interest rates, no fees, and fast funding, making it an attractive option for qualified consumers. However, as with any loan, it’s essential to read and understand the terms and conditions carefully before agreeing to the loan to ensure that you can afford the monthly payments and that it’s the best option for your financial situation.

LightStream financing is a legitimate and reputable option for consumers looking for personal loans. However, comparing loan options from multiple lenders is always a good idea to find the best rate and terms for your needs. 

Pros of LightStream Loans:

  • Competitive interest rates: LightStream offers competitive interest rates on their personal loans, ranging from as low as 2.49% to 19.99% APR (as of September 2021), depending on your credit profile and loan term.
  • No fees: LightStream does not charge any fees for origination, prepayment, or late payment on their loans, which can save you money in the long run.
  • Quick funding: Once approved, LightStream can fund your loan within the same day or the next business day, which is helpful if you need the funds quickly.
  • Fixed Rates: You don’t have to worry about interest rate increases over time, like with credit cards, because they offer fixed-rate loans. 

Cons of LightStream Loans: 

  • Strict eligibility requirements: LightStream has strict eligibility requirements, including a good to excellent credit score, a solid credit history, and a sufficient income and assets to cover the loan payments.
  • Limited loan amounts: LightStream offers loan amounts ranging from $5,000 to $100,000, which may not be sufficient for larger personal projects or debt consolidation needs.
  • No co-signers allowed: LightStream does not allow co-signers on their loans, which can limit your options if you have a weaker credit profile.

Overall, LightStream is a reputable and reliable lender that offers competitive rates and fast funding for personal loans. However, there may be better options for some, depending on your credit profile, loan amount, and specific needs. It’s always a good idea to shop around and compare different lenders before making a final decision.

LightStream Loans Cost

The cost of a LightStream loan depends on several factors, such as the loan amount, loan term, and interest rate. LightStream offers fixed-rate loans with rates ranging from 2.49% to 19.99% APR, depending on the borrower’s creditworthiness and other factors.

LightStream does not charge any fees, including application fees, origination fees, or prepayment penalties, which can help keep the cost of borrowing down.

When applying for a LightStream loan, borrowers can choose loan terms ranging from 24 months to 144 months, giving them flexibility in terms of repayment. Borrowers may be able to save money by choosing a shorter loan term, which typically comes with a lower interest rate but higher monthly payments, or a longer loan term, which typically has a higher interest rate but lower monthly payments.

To get an estimate of the cost of a LightStream loan, borrowers can use their online loan calculator, which allows them to input the loan amount, loan term, and interest rate to see an estimate of the monthly payment and total interest cost. It’s important to carefully review the loan terms and ensure that the loan payments are affordable and fit within your budget before accepting a loan offer from LightStream.

How hard is it to get a personal loan with LightStream?

Getting a personal loan with LightStream can be challenging if you don’t meet their strict eligibility and credit requirements. LightStream has high standards for creditworthiness and financial stability, which means that applicants must have a good to excellent credit score (at least 660 or higher), a solid credit history, and sufficient income and assets to cover the loan payments.

In addition, LightStream only considers applicants with a stable employment history, a low debt-to-income ratio, and a positive payment record on their current loans and credit lines. They also don’t allow co-signers or joint applications, making it harder for some applicants to qualify.

The application process is straightforward. You can apply online and once approved, you can receive the funds as soon as the same day or the next business day.

It’s essential to note that the loan terms and interest rates you receive will depend on your credit profile and loan amount. Therefore, comparing loan options from multiple lenders is always a good idea to ensure you’re getting the best rate and terms for your financial situation.

How much income do you need for a LightStream personal loan?

LightStream requires applicants to have sufficient income and assets to cover the loan payments in addition to their existing financial obligations. While no minimum income requirement exists for a LightStream personal loan, they typically prefer borrowers with stable and consistent income sources and a low debt-to-income ratio.

LightStream looks at the applicant’s debt-to-income ratio (DTI) to evaluate their ability to repay the loan. DTI is calculated by dividing your monthly debt payments (such as credit card bills, mortgage or rent payments, car payments, and other loans) by your gross monthly income. Ideally, your DTI should be below 36% to qualify for a LightStream personal loan.

LightStream takes a holistic approach when evaluating loan applications and considers factors beyond income and DTI, such as credit history, employment history, and financial stability. They also have strict eligibility requirements and may require additional documentation to verify your income and assets, depending on your individual situation.

In summary, while there is no specific minimum income requirement for a LightStream personal loan, applicants should have sufficient income and a low DTI to increase their chances of getting approved for a loan. It’s always a good idea to read and understand the loan terms and conditions carefully and compare loan options from multiple lenders to find the best rate and terms for your needs.

Does LightStream ask for proof of income?

Yes, LightStream may ask for proof of income during the loan application process to verify that you have sufficient income to repay the loan. This is a standard practice among most lenders to ensure that borrowers can afford to make the loan payments without undue financial strain.

LightStream’s application process is entirely online, and they use a secure platform to collect and verify your financial information, including your income and employment details. You may need to provide documents such as your recent pay stubs, tax returns, bank statements, or other financial records to verify your income and assets.

The specific documentation required may vary depending on your individual circumstances, loan amount, and creditworthiness. In some cases, LightStream may also contact your employer or financial institutions directly to verify your income and employment.

Providing accurate and up-to-date financial information is essential when applying for a loan with LightStream or any other lender. It not only helps you get approved for the loan but also ensures that you can comfortably repay the loan without jeopardizing your financial stability.

LightStream Debt Consolidation Loans

LightStream offers debt consolidation loans to eligible consumers who are looking to consolidate high-interest credit card debt or other unsecured loans into a single, more manageable monthly payment. Here are some things to consider when evaluating LightStream’s debt consolidation loans:

Will LightStream contact my employer?

Yes, LightStream may contact your employer during the loan application process to verify your employment and income details. This is a standard practice among lenders to ensure that you have a stable and consistent source of income to repay the loan.

When you apply for a loan with LightStream, you will be asked to provide your employment and income details, including your employer’s name, address, and phone number. LightStream may use this information to verify your employment and income by contacting your employer directly.

If LightStream needs to contact your employer, they will typically do so during regular business hours. They will not disclose details about your loan application or personal information to your employer. However, they may ask for confirmation of your employment status, job title, salary, and length of employment, among other details.

Providing accurate and up-to-date employment and income information is crucial when applying for a loan with LightStream or any other lender. Falsifying or misrepresenting your employment or income details could lead to a denial of your loan application or other legal consequences.

Pros:

  • Competitive interest rates: LightStream offers competitive interest rates on their debt consolidation loans, which can range from as low as 2.49% to 19.99% APR (as of September 2021), depending on your credit profile and loan term. Consolidating high-interest debt into a lower-interest-rate loan can save you money in interest charges over time.
  • No fees: LightStream does not charge any fees for origination, prepayment, or late payment on their loans, which can save you money in the long run.
  • Flexible repayment terms: LightStream offers flexible repayment terms ranging from 24 to 144 months, allowing you to choose a repayment plan that fits your budget and financial goals.

Cons:

  • Strict eligibility requirements: As mentioned earlier, LightStream has strict eligibility requirements, including a good to excellent credit score, a solid credit history, and sufficient income and assets to cover the loan payments.
  • Limited loan amounts: LightStream offers loan amounts ranging from $5,000 to $100,000, which may not be sufficient for some borrowers with high debt levels.
  • No co-signers allowed: LightStream does not allow co-signers on their loans, which can limit your options if you have a weaker credit profile.

Overall, LightStream’s debt consolidation loans can be a good option for borrowers who meet their strict eligibility requirements and want to consolidate high-interest debt into a lower-interest rate loan with no fees and flexible repayment terms. However, as with any loan, it’s essential to read and understand the terms and conditions carefully before agreeing to the loan to ensure that it’s the best option for your financial situation.

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What credit score is needed for a debt consolidation loan at LightStream?

To qualify for a loan with LightStream, you typically need a good to excellent credit score of 660 or higher. However, LightStream has strict eligibility requirements beyond just your credit score, and meeting the minimum credit score requirement does not guarantee approval for a loan.

Refer to the section above – “How hard is it to get a personal loan with LightStream?”.

What are the odds of getting approved for a LightStream debt consolidation loan? 

If you have a strong credit score and a history of responsible borrowing, you may have a higher chance of approval with LightStream. In addition, having a low debt-to-income ratio and a stable employment history may also improve your chances of approval.

So if you want to improve your approval odds for a LightStream loan, check your credit report first. 

  1. Pay down credit card balances several months before applying for a LightStream loan. By doing so, your credit utilization ratio will improve. 
  2. Make sure to dispute and remove any inaccurate information on your credit report before applying. 
  3. If you can increase your income at work for a few months before applying, also do that. 

Why did LightStream deny me?

There could be several reasons why LightStream denied your loan application. Some possible reasons include the following:

  1. LightStream’s credit score requirements: LightStream has a minimum credit score requirement of 660; if your credit score is below this threshold, your application may get denied.
  2. Insufficient income or assets: LightStream requires borrowers to have sufficient income and assets to cover the loan payments and their existing financial obligations. Your application may be denied if your income or assets are insufficient to meet their requirements.
  3. High debt-to-income ratio: LightStream evaluates your debt-to-income (DTI) ratio, which is the ratio of your monthly debt payments to your monthly income. If your DTI is too high, it could indicate that you have too much debt and may struggle to make the loan payments, resulting in a denial.
  4. Inconsistent or insufficient credit history: LightStream typically prefers borrowers with a strong credit history and a positive payment record on their current loans and credit lines. Your application may be denied if you have a limited credit history or negative marks on your credit report.
  5. Employment status: LightStream may also consider your employment status and history when evaluating your loan application. If you are unemployed or have a history of frequent job changes, it could impact your application’s chances of approval.
  6. Other factors: LightStream may also consider other factors, such as the loan amount, loan purpose, and geographic location, when evaluating loan applications.

If your application is denied, you can contact LightStream’s customer service team to inquire about the specific reason for the denial and explore other loan options that may suit your needs.

Complaints About LightStream Personal Loans: 

While LightStream has a generally positive reputation, as with any lender, there are some complaints that customers have reported. Here are some of the common complaints that have been reported about LightStream:

  1. High credit standards: Some customers have reported that LightStream has high credit standards, which can make it challenging to qualify for a loan.
  2. Slow application process: A few customers have reported that the application process with LightStream can be slow, tedious, and frustrating.
  3. Inflexible loan terms: Some borrowers have reported that LightStream’s loan terms could be more flexible, and changing the loan after it has been approved can be challenging. 
  4. Lack of transparency: A few customers have reported that LightStream’s customer service team needs to be more transparent about the loan process. 
  5. High-interest rates: While LightStream offers competitive interest rates, some borrowers have reported that the rates can be higher than expected.
  6. Inconsistent customer service: Some borrowers have reported that LightStream’s customer service quality could be more reliable.

It’s important to note that every borrower’s experience with LightStream may vary depending on their individual circumstances. If you have any concerns or complaints about your experience with LightStream, it’s always a good idea to reach out to their customer service team to try and resolve any issues.

LightStream BBB Complaints 

LightStream has a Better Business Bureau (BBB) rating of A+ and is accredited with the BBB. However, there have been a total of 54 customer complaints filed against LightStream with the BBB in the past three years. 

It’s important to note that the number of complaints against LightStream may have changed since the publication of this review, and it’s always a good idea to check the current BBB ratings and complaints before making any decisions. However, it’s also worth noting that having a small number of complaints in relation to the size of the company. It is also important to note how the company responds to and resolves those complaints.

 

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