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Truist and LightStream are service marks of Truist Financial Corporation. It is a leading financial services company that offers a range of products and services to meet your needs. The company advertises its services at lightstream.com.
LightStream Summary
There are many things to consider when taking out a personal loan, and with so many lenders available it can be tough to know where to turn. However, LightStream has been getting a lot of attention lately and may be worth considering. Here is a closer look at what this lender has to offer so you can make an informed decision.
After careful examination of their website and terms and conditions, we discovered some interesting facts. Here are just a few of the things that caught our attention.
- LightStream APRs range from 5.99 to 21.49%.
- Loan terms range from 24 – 144 months depending on the loan type.
- The lowest rates require excellent credit.
- Rates without AutoPay are 0.50% points higher.
- Advertised rates and terms are subject to change without notice.
What is LightStream?
Lightstream, a brand of Truist Bank, offers a variety of loan products for consumers and businesses. It specializes in providing unsecured personal loan solutions for many different purposes, including debt consolidation.
It has been in business for over 25 years. Based in San Diego, CA, the company is easily accessible online and provides a form for customers to reach out. According to its website, LightStream shares its customer service number with customers only.
Lightstream is a top-rated company with an A+ BBB rating. They have been accredited since 2/19/2021 and have an average of 22 customer reviews. In the last 3 years, they have had 19 complaints closed.
How does LightStream work?
LightStream provides a convenient and affordable lending solution for those with good credit. With fixed rates and flexible terms, their loans can be used for a wide range of purposes, from everyday purchases to big-ticket items. Plus, they offer quick turnaround times so you can get the money you need fast.
To apply simply go to their website or mobile app and receive your money directly deposited into your account, often on the same day that you apply.
How to qualify for LightStream?
The terms of your loan, including APR, may vary depending on the purpose of the loan, the amount borrowed, the length of the loan, and your credit profile. The lowest rates are available to those with excellent credit.
To get started, there is a list of criteria you need to meet:
- US citizen or permanent resident
- You must be at least 18 years of age
- Stable and sufficient income or assets to repay all debt obligations
- Several years of excellent credit
To apply you need to have access to the following information as well:
- A government-issued ID
- Income or employment information
- Evidence of the ability to save via savings accounts
- Social Security number
After you’ve met all the qualifications, you can get started by following these few steps:
- Enter your basic personal information and current address and your annual income.
- Create an account.
- Read the disclosures and click Submit.
Once your application is processed, they will email you shortly after with an approval decision. If approved, you will receive your loan agreement, and read the terms, and conditions carefully. If it meets your standards, sign it and send it back to set up your loan. Funds can arrive in your account as soon as the same day. They permit joint applications too.
Lightstream Reviews and Ratings
Lightstream has an excellent rating with an A+ from the Better Business Bureau. They have been accredited since February 19th, 2021, and have an average of 22 customer reviews. In the last three years, they have had a total of 19 complaints closed and a 1-star out of 5-star rating.
Here are some reviews:
Sallie B 10/24/2022
Lightstream dinged my credit report and then denied my loan application for weak unsubstantiated reasons. I have a great credit score and excellent history of paying creditors on time. Cannot recommend Lightstream.
Grayson C 10/11/2022
Terrible experience. No customer service. Make you go through hoops to find a phone number
Duane W 09/08/2022
If you are in need of a loan, I suggest you find another lender. I’m trying to pay off my loan and they haven’t posted my last payment (they received it 7 days ago) because they say there is a glitch in their system. Each day that goes by the u0022glitchu0022 is costing me interest.
LightStream FAQs
Lightstream Cost of Loan
LightStream offers loans between $5,000 and $100,000. The APRs range from 5.99% to 21.49%. Rates without AutoPay are 0.50% higher, we would definitely recommend using the AutoPay option to get the best rates. Loan terms range from 24 to 144 months depending on the loan type.
An example of a monthly loan repayment would be as follows: for a loan of $5,000 at an APR of 5.99% over 3 years, the monthly payments would come to $152.09 for 36 months.
Are there any pre-payment penalties?
At Lightstream there are no prepayment penalties for those who choose to pay off their loan faster than originally scheduled.
How does LightStream affect your credit?
When you check your rate, it doesn’t affect your credit score. But when you proceed with a loan after viewing your rates, they have to do a full credit report inquiry. That’s called a hard pull, and it can lower your credit score. Other people can see hard pulls on your credit report, too.
How to cancel LightStream?
Lightstream understands that there are times when things don’t go as planned. That’s why they offer a satisfaction guarantee: simply contact them within 30 days of receiving your loan and let them know how they can improve. They’ll email you a questionnaire to get started, and once we receive your completed feedback, they’ll send you $100.
Remember that once you receive the money, you cannot cancel or reverse the loan, so it is essential to be certain that a loan is the right choice for you before proceeding.
Money troubles got you down? Check out these tips to help you get back on your feet!
When it comes to managing your finances, there are a few key things you can do to stay on track.
- First, create and stick to a budget. This will help you keep track of your spending and make sure you’re not overspending in any one area.
- Second, speak with a financial advisor. They can help you understand your options and develop a plan that works for your unique circumstances.
- Finally, don’t worry too much about debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.
Is Lightstream legit or a scam?
Lightstream, a part of Truist, is a trusted name in the financial industry with over 25 years of experience and an A+ BBB rating. However, their customer reviews tell a different story, with a 1-star out of 5-star rating. Most online reviews from customers are negative, citing problems with customer service and satisfaction.
Don’t get trapped in a loan you can’t afford – explore all your options and compare rates before making a decision. Customer reviews can help you choose the best option, so be sure to read them before deciding. This way, you can avoid taking out a loan that will cause you financial hardship down the road.
Do you know lightstream.com? Leave your experience and review below!
Thank you for reading!
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