How Lightstream Personal Loans Work
Check Offers With No Impact To Your Credit Score
Get Financed Quickly
Easy Monthly Payments
Lightstream Personal Loans
No fees, no hassle
Great Customer Service
How We're Different
Get Offers in Seconds
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 6.24%.
Receive Funds Quickly
In some cases, receive funds in as little as one business day.
Check LightStream personal loan offers today
Lightstream Personal Loans for Home Improvement
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 Truist – 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, Truist entered a merger agreement with Branch Banking and Trust Company (BB&T) to create Truist Bank. This means that LightStream, as a division of Truist, 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 5.73% to 20.49% 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.
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
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 personal loans to $100,000 personal loans, 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.
See Our Home Improvement Financing Options from LightStream:
- Fence Financing
- Driveway Paving Financing
- HVAC Financing
- Appliance Financing
- Roof Financing
- Plumbing Financing
- Furniture Financing
- Kitchen Cabinet Financing
- Siding Financing
- Deck Financing
- Home Repair Financing
- Landscaping Financing
- Flooring Financing
- Pool Financing
- Fireplace Financing
- Home Office Financing
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.
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 firstname.lastname@example.org. 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!
“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”
– Mike T. (TN)
“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”
– 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)
Lightstream Personal Loan FAQs
See answers to some of the most common questions people ask about Lightstream personal loans.
What credit score do you need to get a loan from LightStream?
If you are looking for an unsecured personal loan from the online lender LightStream, you may want to be aware that their minimum credit score requirement starts at 660. They also have a minimum income requirement of at least $50,000 annually. If you are a borrower with a credit score of 660, it means that you are in the top-tier of the fair credit borrowers category and that you are only 10-points away from being categorized as a good credit borrower.
LightStream already offers a number of incentives and lower interest rates to its customers that other lenders may or may not offer, however, by improving your credit score those extra 10-points or more to enter into the good credit category, you may see additional savings with a lower APR. Some of the incentives that LightStream offers to its customers include zero origination fees, no late payment fees, and no prepayment penalties.
Additionally, you can lock in a lower interest rate by signing up for autopay. LightStream already does offer some of the lowest interest rates available on the lending market starting at 3.99%. Currently typically cap their interest rates at around 17.49%. Also, LightStream is one of few lenders that offer personal loans for up to $100,000 with terms up to 12-years.
Other lenders may only offer a max term of 5 or 7-years and they may cap their personal loans at $50,000 or even $25,000 or less. If you have a credit score of 660 or higher, there are many reasons why you may want to consider using LightStream as your lender.
Is it hard to get approved by LightStream?
Compared to other lenders, LightStream may be harder to qualify for. However, if you meet their minimum requirements and you do qualify, you can take advantage of large personal loans with flexible terms and competitive rates. LightStream typically requires a minimum credit score of 660, but they have been known to deny borrowers with higher credit scores who do not possess an extensive credit history with a diverse selection of credit accounts.
LightStream likes to see a potential borrower who has several years of credit history with multiple types of accounts like credit cards, car loans, mortgages, other personal loans, and they want to see a strong payment history with few or no late payments or delinquencies. They may also want to see a lower debt-to-income ratio as well as some evidence of investments, retirement savings, or simply, an ability to manage money well and create savings of some sort.
That being said, if you do have a good or excellent credit history and you meet all of LightStream’s requirements, then they can be an excellent lender to work with for obtaining a personal loan. They often offer lower interest rates, there are no fees, and they over a 0.5% discount on a loan’s interest rate if you set up autopay. They also offer personal loans up to $100,000 and for up to 12-years.
If you apply directly through LightStream they may not offer a way to pre qualify without a hard credit pull. Therefore, you may want to verify you meet the requirements before applying. However, LightStream is an Acorn Finance lending partner. At Acorn Finance you can check personal loan offers from top national lenders including LightStream. Checking offers at Acorn Finance does not impact your credit score.
Does LightStream fund the same day?
LightStream can offer same-day funding, however, everything must be in order and finalized before 2:30 p.m. on a business day. The tasks that must be completed and finalized before 2:30 p.m. EST include reviewing and electronically signing the loan agreement, providing LightStream with funding preferences and all relevant banking information, and completing the final verification process.
If this is all completed by 2:30 p.m. EST, there is a decent chance you could see your funds the same day, depending on your bank. Worst case scenario, you may see your funds in your account the morning of the next business day. As a side note, you can also schedule your loan disbursement for a future date of up to 90-days for home improvement loans and 30-days for all other loan types. This can be beneficial for several reasons.
First, by scheduling your loan disbursement for a future date, you can delay your payments from kicking in until you are ready. Second, you can schedule the funds to hit your account in coordination with the start of a home improvement project.
How long does loan approval take with LightStream?
LightStream’s loan approval process is known for being quick and efficient. Although experiences may differ between borrowers, the typical LightStream customer can see their loan approved the same or the next day they submit the application with all the required documents. Once approved, funding could hit the specified account the same or the next day as well. If the entire process is completed before 2:30 p.m. EST on a business day, there is a chance that the funds could hit the account that day.
Are LightStream loans secured or unsecured?
LightStream offers unsecured personal loans. Unsecured personal loans do not require the use of an asset as collateral. However, LightStream does allow the use of a cosigner. A cosigner with an excellent credit score may be able to help you qualify for a personal loan with a lower interest rate.
Can you have two loans with LightStream?
Yes, LightStream does allow borrowers to have two or more personal loans through them as long as the total amount of the multiple loans does not exceed $100,000.
Does LightStream have an early payoff penalty?
No, LightStream boasts that they have no fees for those who qualify for a personal loan. Included in that no fees promise is the elimination of any prepayment or early pay-off penalties. In addition to the elimination of an early payoff penalty, there are no origination or late payment fees.
Does LightStream do a soft pull?
No, LightStream does not offer a prequalification soft pull credit check on their website. In order to see if you qualify for a personal loan through LightStream, you have to submit the full loan application in which LightStream will conduct a hard inquiry credit check. However, as an Acorn Finance lending partner, you may be able to see if you qualify with LightStream through the Acorn Finance platform without impacting your credit score. Acorn Finance has a network of top national lenders including LightStream that specialize in unsecured personal loans.
Are You A Contractor? Stop Thinking & Start Doing with Acorn Finance.
Offer customers the ability to finance their dreams with zero dealer fees.