Lightstream Personal Loans

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Lightstream Personal Loans

No fees, no hassle

Competitive Rates

Simple Terms

Great Customer Service

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Get pre-qualified for multiple loan offers with an easy online form.

Won't Impact Your Credit

Receive pre-qualified offers with no impact to your credit scores.

Competitive Payment Options

Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

Receive Funds Quickly

In some cases, receive funds in as little as one business day.

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Lightstream Personal Loan Review for Home Improvement & More

The reasons for improving our homes can vary from one household to another. For the most part, home improvements could be a cost-effective way to personalize our home, a means to add functionality, or to maintain or increase its value. When it comes to reselling a house, significant home improvements play a part in increasing a home’s resale value.

However, sellers should keep in mind that a plethora of other factors such as the state of the market, location, and other economic indicators could all influence the value of a home. Whatever the reason, one important thing to remember is that financing these improvements do not come cheap. So when the time comes that improvements must be made in order for you to sell your house, where do you get those extra bucks? Well, most people go for home improvement loans.

A home improvement loan is a type of unsecured personal loan. This means that no collateral is involved, unlike home equity loans. A home improvement loan is usually easier to obtain and, like other loans, is dependent on the status of your finances and your overall credit standing. If you’re looking for a great option to finance your home improvement plans, consider getting a LightStream home improvement loan.

But first, what is LightStream?

What is Lightstream?

LightStream is the online consumer lending division of SunTrust Bank – one of the nation’s leading financial services companies. LightStream offers innovative lending products that provide customers with highly competitive and fixed-rate financing. Customers can avail of an easy, fast, and virtually paperless loan process at the comfort of their own home.

Is LightStream a legit company?

When applying for loans, it pays to be cautious. In an industry riddled with sketchy figures, it only makes sense to practice due diligence before going into debt. A while back, SunTrust entered a merger agreement with Branch Banking and Trust Company (BB&T) to create Truist Bank. This means that LightStream, as a division of SunTrust, now also falls under the Truist brand. Truist Bank currently holds a Better Business Bureau (BBB) rating of A+.

If you’re still unconvinced, there are a lot of LightStream reviews that you can read online. You can also check readily available Lightstream loan reviews from the company’s official website.

Are LightStream loans a good option?

A LightStream home loan, like most home loans, is dependent on the borrower’s financial standing. But what sets LightStream apart from the competition is that it offers loans of up to $100,000 with rates ranging from 3.99% to 16.79% depending on your credit standing. This works great for homeowners that are trying to renovate a significant portion of their homes.

Another unique LightStream offering is its rate beat program. LightStream’s rate beat program promises to offer a rate .10 percentage points lower than the rate offered by a competing lender. Qualified borrowers would have to provide satisfactory evidence that they received an approved loan application for a lower rate with another lender for the same terms offered by LightStream. The only downside of the program is that it excludes secured or collateralized loan offers.

Apart from reading LightStream personal loan reviews online, it’s equally important to visit the lender’s official website to acquire information first-hand. Review sites work well too for you to get a feel of your prospective lender as well as read the reviews of verified customers. To further help you understand LightsStream home loans, let’s take a look at some pros and cons.

LightStream Home Improvement Loan Pros & Cons

Here’s a quick breakdown of the pros and cons of LightStream home improvement loans.

Pros

Highly-competitive rates for qualified borrowers

No origination fee or prepayment penalty fees

Loan amounts can range from $5,000 to $100,000

“Rate beat” program that promises to offer a rate .10 percentage points lower than the rate offered by a competing lender

Cons

LightStream prefers borrowers with a significant credit history

Smallest loan amount you can apply for is $5,000 which is a bit high compared to other lenders

Who are LightStream loans best for?

LightStream loans are best for borrowers looking to consolidate their debt or fund their home improvement plans. As mentioned above, LightStream’s loan amounts can range from $5,000 to $100,000 which works great for major home renovations. According to Home Advisor, the average home renovations and remodels for most homes can fall anywhere between $18,384 to $75,980. This, of course, depends on the size of the home as well as the type of renovation you want to do.

Whether you want to improve your outdoor space or increase your indoor features by adding more rooms, LightStream can provide the financing you need to turn your house into a home.

How to apply for a LightStream home improvement loan?

The process for LightStream home loans involves three main steps:

Step #1: Online Application

LightStream’s online application process is pretty straightforward. You will be asked to disclose if your loan application will be individual or joint, the primary purpose of your loan, your zip code, the loan amount you would like to apply for, the loan term, and the payment method you prefer (AutoPay or Invoice). One important information to keep in mind is that the rate is 0.50 higher with Invoice. The AutoPay discount is only available when selected prior to loan funding.

Step #2: Study and Accept Loan Agreement

Once you have been approved, you can now e-sign your loan agreement and set-up your loan for funding.

Step #3: Wait for Your Loan

After being approved and accepting your loan agreement, you are given 30 days to transfer the funds to your account. You can even fund your loan on the same day if your application has been approved, completed, and verified by 2:30 p.m. Eastern time.

However, the application for a LightStream home improvement loan doesn’t stop there. As a borrower, you would also need to inform yourself of LightStream’s basic requirements.

First and foremost, you would need to have good credit to be approved for a loan. During the LightStream home improvement loan review process, borrowers may be asked to submit additional documents such as proof of income as well as other assets to support your existing debt obligations and justify your requested loan amount. You may also be asked to submit documents to prove your identity.

Can you pay for LightStream loans early?

Yes! LightStream does not charge any fees or prepayment penalties for home improvement loans. This means that you have the freedom to pay your loan off early.

How does LightStream compare to other lenders?

Does LightStream verify income? Like all lenders, LightStream will require personal information to verify your identity as well as proof of your income. However, choosing the best home improvement lender depends on a plethora of different factors. It also depends on you, the consumer, and what best fits your needs. Don’t just rely on LightStream personal loan reviews when trying to make an informed decision. Let’s take a look at some of the things you should consider when choosing a lender:

No Fees, No Hassle

LightStream’s home loan has no late fees, no origination fees, and no prepayment penalties. There are no appraisals and other home equity requirements as well.

Competitive Rates

LightStream lets borrowers customize their loan process. You can choose your funding data and have the funds deposited into your account on the same day.

Loan Terms Made Simple

Borrowers have the option to pay their fixed-rate home improvement loans in as little as two years. On the other hand, LightStream loans reward those that have an exceptional track record of financial responsibility. Those that have good to excellent credit can pay their loans for up to 12 years.

Solid Customer Service

LightStream’s customer service is available Monday to Friday from 9 a.m. to 8 p.m. and on Saturdays from noon to 4 p.m. You may also reach LightStream by emailing customerservice@lightstream.com. You would have to include your name, contact number, reference number (if available), and a brief description of your issue.

After applying, how long does it take for LightStream to approve a loan?

According to LightStream’s official website, you can get funding the same business day you apply if you have been approved by 2:30 p.m. Eastern time. Otherwise, you are given 30 days to schedule the transfer of your funds.

Closing Thoughts: Is LightStream the best option?

Is there a single best home improvement lender out there? The short answer is no. After reading the majority of this article, you may have noticed that there are a lot of other factors that come into play when applying for a home improvement loan. In these uncertain times, it pays to arm yourself with enough knowledge when it comes to making important financial decisions. Part of that is familiarizing yourself with other financial institutions that might offer better deals for you and your home improvement projects.

Consider Acorn Finance.

Acorn Finance offers rates lower than the industry average. With Acorn Finance, applicants can submit an application that would not affect their credit standing. Within a few minutes of submitting your application, expect to receive multiple personalized offers from lenders. It’s now up to you to pick and choose which offers would best meet your needs.

The way Acorn Finance works is that it partners with reputable and top-rated lenders in order to increase the competitiveness of rates and help borrowers secure rates within their means. While most personal loans offer repayment terms of two to seven years, you can find terms of up to twelve years offered through Acorn Finance. With Acorn Finance, your personal loan will always be on your terms.

Visit Acorn Finance to learn more or apply directly below!

 

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– Mike T. (TN)

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– Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”

 

– Bob S (WI)

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