LightStream Consolidation Loans - Review

If you need to better organize your finances, LightStream, a division of Suntrust Bank, offers debt consolidation loans with competitive rates for borrowers with good to excellent credit. Having a single monthly payment can make life easier and could support your goal of an improved credit score in the future. Let’s take a closer look at what LightStream could do for you.

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    Info for LightStream Consolidation Loans

    • Min. credit score: 660
    • Rates APR: 5.95%-19.99%
    • Loan Amount: $5000-$100,000
    • Origination fee: None
    • Terms: 24 to 84 months
    • Late Payment Fee: None
    • Prepayment Penalty: None

    LightStream Pros And Cons

    Pros

    • No fees
    • Low starting rates
    • Cosign option
    • Rate discount for autopay
    • Same-Day Payouts

    Cons

    • Requires several years of credit history
    • No pre-qualification option
    • Hard-credit pull with application

    Why Should You Consolidate Your Loans With Lightstream? 

    Debt consolidation allows people to repay debts like credit cards, store cards, and other loans. Lightstream offers a personal loan that can be approved for debt consolidation. Here are some key features on offer:

    • Both secured and unsecured loans available to suit everyone's needs
    • Competitive rates with longer-than-average terms
    • No origination fees
    • Short and long term agreements offered

    Once debts are settled, borrowers will only have one monthly payment. They will no longer be subject to crippling interests from multiple lenders. LightStream consolidation loans don’t have any origination fees, late fees, or prepayment penalties, and the personal loans have comparatively low interest rates.

    With no fees and low rates, LightStream is an attractive lender option for those who are looking to consolidate existing debts. The fixed terms can be anywhere from 24 to 87 months, so borrowers can choose their monthly repayment amount. 

    LightStream is an excellent option for borrowers with good credit. The lender does a hard pull against your credit records on applications made through the website. 

    What Are the Eligibility Requirements? 

    This lender does require good credit, which may make it harder to get a consolidation loan for people in significant financial trouble. Since LightStream does not have an eligibility checker, an application always involves a hard credit pull. 

    We recommend that those who are interested in this loan check their credit score against the eligibility requirements before applying. Meeting the requirements does not necessarily guarantee approval, but it does provide a decent indication of your chances. Here are some of those in brief. 

    • The maximum debt-to-income ratio varies depending on the loan purpose
    • For LightStream, a credit score of 660 is needed
    • Few or no records of delinquency
    • Low debt-to-income ratio will improve the chances of approval

    The company looks for individuals with good or fair credit. Not only should a credit score be high, but a borrower should also have an extensive credit history, multiple accounts, and a stable income. 

    Those considered for a personal loan will have few if any records of delinquency on their credit history. Once approved, borrowers can enjoy some of the lowest rates in the online personal loan industry.

    There is no stated minimum debt-to-income ratio, but it needs to be low for an applicant to be considered. The exact ratio depends on the purpose of the loan, but if someone does not meet the requirements on their own, they may include a co-signer in the agreement. 

    How to Apply for a LightStream Consolidation Loan

    To apply for a LightStream Debt Consolidation Loan, potential borrowers must go through an online application process. The steps are quick and straightforward. Here are the steps you need to follow to be considered:

    • Step 1 - Provide the primary purpose of the loan, the amount you want to borrow, and the desired term

    • Step 2 - You need to give LightStream your address, phone number, email address, and social security number

    • Step 3 - Give details on your income, employment, and assets

    • Submit your application for review

    Once the application is submitted, it will be reviewed by LightStream, and they will conduct a hard credit pull. They will then send you an email with the status of the application. Once approved, the agreement can be signed, and the borrower can set up a funding date and payment information, all online.

    The process is impressively quick. In some cases, loans are approved by LightStream by the end of the same working day. Funds are deposited through ACH or wire transfer. 

    If the application is denied or Lightstream quotes an unexpectedly high-interest rate, the applicant can contact the lender for clarification. 

    What Are the Terms Rates and Fees for Consolidation Loans? 

    Terms

     2 to 7 years 

    Rates (APR)

    5.95% - 17.29%

    4.99% - 13.29% with autopay

    Fees

    None

    Customer Service

    LightStream invites applicants to contact customer service with any queries. If someone isn't approved for a loan, they can call 1-844-204-216 for assistance and feedback on their case. Though there’s no live chat available, you can contact the team six days a week, from 9 pm to 8 pm Monday through Friday and noon until 4 pm on Saturdays. There’s also a contact form on the website for less urgent queries.

    What Types of Debt Can Be Consolidated With a Lightstream Personal Loan?

    Personal loans offered by LightStream consolidate debt from a variety of unsecured loans. An unsecured loan is one that is supported only by creditworthiness instead of collateral. 

    This type of funding is also referred to as a personal or signature loan. An example is a credit card. When applying for a line of credit with a card company, an individual is approved based only on their FICO score

    A secured loan means that the lender requires an asset as collateral. An auto-loan, for example, is secured by the actual vehicle it is used to purchase. If someone has an auto loan and doesn't make payments, it will then be repossessed.

    As LightStream offers unsecured personal loans for debt consolidation, the funding can be used for the repayment of any existing other agreements that are unsecured. The fact that this is an unsecured loan is significant, as borrowers don't have to put their assets at risk. 

    This is an excellent option for debt consolidation as the funds have low-interest rates. Considering there are no origination fees or charges for late installments, a personal loan from LightStream is ideal. It is a recommended refinancing strategy for individuals with good to excellent credit. 

    FAQs

    Is LightStream part of SunTrust?

    SunTrust has merged with BB&T to form Truist. LightStream is a division of this merger

    Can I have multiple loans with LightStream?

    You can take out multiple loans but can never exceed $100,000, the maximum borrowing amount.

    Is it difficult to get approved by LightStream?

    Not exactly, no. Though there’s a credit score requirement, it’s 660. Most Americans with a couple of years of credit history should be able to get approved

    Will LightStream verify my income?

    Yes. Virtually all lenders want to verify a borrower’s income in order to assess the risk.

    How long does it usually take to get a decision?

    Getting a decision will only take about five minutes. You’ll have your funds in your account between one and four business days.

    The Bottom Line

    This lender may not be the best choice for those of you already with bad credit, as a LightStream loan needs a good credit score, but it could be the perfect choice for some of us. A loan that makes payments more regular can not only make your bank balance stronger, but it can improve your happiness and stress levels, too.