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
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.
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:
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.
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 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.
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:
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.
2 to 7 years
5.95% - 17.29%
4.99% - 13.29% with autopay
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.
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.
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.|
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.