Allows to borrow up to $100,000
Pros
- Huge loan amounts are quickly available
- No fees
- Flexible terms
- Few restrictions on the purpose of the loan
Cons
- Eligible borrowers are only those with good credit
- Limited short-loans
Company Overview
LightStream provides access to unsecured personal loans amounting to up to $100,000, an amount higher than what most lenders typically offer. APRs vary depending on the purpose of the loan in addition to the borrower’s financial profile, but the limitations on the purposes are few. Their flexible terms and low APR are highly attractive but they are only offered to individuals with stellar credit scores.
LightStream’s Customers & Loans Available
LightStream offers flexible terms and appealing APRs plus a fast application and approval process with borrowers receiving funds within the same day of approval. This makes LightStream an incredibly attractive choice to borrowers but these rates are only available to those with excellent credit scores.
The proprietary technology and innovative service from LightStream is a reward for borrowers who have built up a great credit history, giving them access to competitive and fixed-rate options. LightStream is also a great choice for individuals who want to borrow large amounts that most lenders do not offer.
Features
LightStream offers its services for free. There are no application fees, origination fees, or penalties for early prepayment. You can also make additional payments in order to pay off the loan earlier without incurring extra charges. Their maximum amount for personal loans is set to $100,000. This is a great option for people who have emergencies or large purchases to cover. A LightStream loan can cover your needs without the need to find additional funds.
LightStream does ask for the purpose of the loan but the funds will not be limited for that use only since there are only a few restrictions. The platform has loans for education (pre-K to 12), home improvement, boat financing, debt consolidation, timeshare financing, and more. The whole application and approval process is simple and can be completed quickly so you can get access to the funding immediately.
LightStream takes pride that the rates they offer are difficult to beat. For example, its Rate Beat Program mentions that LightStream will beat other lenders’ APR by 0.10 percentage points. The loan pages on its website display a range of rates and possible monthly payments based on the loan amount and terms. The information is available even before borrowers submit their information so they can avoid unpleasant surprises. If you are not completely satisfied after receiving your loan, LightStream promises to send $100.
Application Procedure
The application process with LightStream is all online which makes it fast and simple. There is a series of loan questions with guides asking for these types of information:
- Personal information
- Amount you want to borrow
- Purpose of the loan
- Current income and/or assets
Once your application is approved, you just need to sign and send it to the lender to set up the loan. You can get the funds within the same day too.
Terms
Loan amounts range from $5,000 to $100,000 but are only available to borrowers who have an excellent credit rating. Good credit score is defined as follows:
- At least 5 years of excellent credit history
- History covering various account types (mortgage, credit card, vehicle loans)
- Proof of capacity to save with a savings account, etc.
- Good payment history
- Stable income or assets to pay back debt obligations
Repayment
Borrowers are offered flexible payment terms from 24 to 144 months which vary based on the loan amount and purpose. APR rates range from 2.49% to 19.99%. These are some of the lowest rates that borrowers can access as long as they have excellent credit scores; otherwise, you may receive higher rate offers. The interest rates also vary based on the purpose of the loan. Since there are no penalties for early prepayment or extra payments, you can pay the loan as quickly as you can.
Privacy
LightStream is committed to protecting its customer’s privacy. The entire website is encrypted with Norton security protection and uses HTTPS technology. They also employ industry-standard firewalls and encryption to secure borrowers’ information. Only employees are granted access to data as needed.
The company is also transparent about how they use borrowers’ data and do not sell to third parties that are not their business partners.
Customer Support
The platform has a well-organized website and provides abundant information that users can easily access. There is an extensive FAQ section for more common inquiries. The customer support team can be reached via phone and email with extended working hours but 24/7 or live chat support is not available. There are customers who report having difficulties communicating with the support team regarding the status of their application.
LightStream vs. Marcus
LightStream offers APR rates ranging from 2.49% to 19.99% which are highly competitive rates that would be difficult to match if you look at other lenders.
Item | LightStream | Marcus |
---|---|---|
Loan amounts | $$5,000 – $100,000 | $3,500 – $40,000 |
APR | 2.49% – 19.99% | 6.9% – 19.99% |
Loan term | 24 – 144 months | 36 – 72 months |
Best for | Borrowers with excellent credit | All-purpose loans |
Final Thoughts
LightStream contributed to pioneering online lending back in 2005. The platform is supported by SunTrust banks which have 125 years of experience in the industry. The marketplace is user-friendly and a great source for people with stellar credit scores who need a source of funding immediately. The competitive APRs and flexible terms and loan purposes make it an incredibly attractive option for borrowers.