LightStream Loan Review [2022]: Get Your Money and Help the Environment

LightStream offers quick, easy, paperless loans that take the complications out of borrowing — and are good for the environment on top of it.
Last updated May 18, 2022 | By Matt Miczulski
LightStream Loan Review

FinanceBuzz is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

With all the different lenders out there positioning to get your business, it can be overwhelming as you try to find the right one for your personal loan. Not every lender is right for everyone, but more options popping up in the loan market can result in you enjoying better rates, more favorable terms, and the comfort of dealing with a highly-rated business.

This guide offers the insights you need to make an informed decision about whether or not you should apply for a LightStream personal loan. You’ll learn if the products the company offers are right for you, what others have to say about doing business with them, and the answers to some frequently asked questions.

In this LightStream loan review

An overview of LightStream

LightStream is an online consumer lender headquartered in San Diego, California. LightStream is a division of Truist Bank.

As an online lender, LightStream is able to offer consumers a virtually paperless loan process. Customers can apply, be approved, and sign their loan agreement quickly and easily from the convenience of their computer or mobile device. Customers can also receive their funds on the same day of their application. LightStream is so confident in its loan process that it provides a $100 guarantee that you’ll be completely satisfied with your experience.

LightStream does not offer pre-approvals, though, so you need to be prepared for a credit check to occur as part of the application process. But if you are offered a loan by LightStream, you will not be under any obligation to accept it.

LightStream offers competitive rates and fixed-rate financing that is best for borrowers with strong credit. Borrowers can benefit from flexible repayment terms, no fees, and no penalty for repaying your loan early. LightStream’s Rate Beat Program helps ensure you’re getting the lowest rates possible. Under the program, if you receive a rate from another financial institution for the same loan terms offered by LightStream, LightStream will offer a rate .10 percentage points lower than the rate offered by the competing lender.

LightStream also goes beyond just providing a paperless loan process. LightStream partners with American Forests, the oldest conservation organization in the United States, and donates a tree for every funded loan to support restoration efforts. So when you get your funds, you know it’s part of a bigger cause.

LightStream also provides a mobile app for both iOS and Android devices. Within the app, you can check your payment due dates, monitor balances, make payments, and even apply for a new loan.

Which loan products does LightStream offer?

LightStream offers financing solutions for amounts between $5,000 and $100,000 that can be used for a variety of purposes — personal, auto, and even education loans for pre-kindergarten through 12th grade. With all these different types of loans, you are required to use the proceeds for the purpose you indicated in your loan application.

Your interest rate will be determined based on several factors, including loan purpose, loan term, loan amount, your individual credit profile, and the payment method you select, but the maximum APR for a LightStream loan is 20.49% (as of May 10, 2022).

If you’re wondering if a LightStream product is right for your needs, here are a number of ways you can use a LightStream loan:

Vehicle loans

  • Auto refinancing
  • Classic car financing
  • Lease buyout
  • Motorcycle loans
  • New and used auto loans
  • Private party auto purchase

Home improvement loans

  • Basement remodel loans
  • Home improvement loans
  • Hot tub financing
  • Kitchen remodel financing
  • Landscape financing
  • Solar financing
  • Swimming pool financing

Recreation loans

  • Boat loans and refinancing
  • Boat repair financing
  • Destination club financing
  • RV loans and refinancing
  • Timeshare loans

Family life

  • Adoption loans
  • Dental loans
  • IVF/Fertility treatment financing
  • Medical financing
  • PreK–12 financing
  • Wedding loans

Other financing needs

  • Aircraft financing
  • Credit card/debt consolidation loans
  • Horse loans
  • Horse trailer loans
  • Jewelry financing
  • Land purchase loans
  • Tiny home financing

Vehicle loans at LightStream

LightStream’s vehicle loans offer a simple solution to help you drive the car you want with no down payment required. And whether you are purchasing from an individual or dealer, or if you’re refinancing your current vehicle, there are no vehicle restrictions. So no matter the make, model, year, or mileage, or if the vehicle is new, used, or leased, LightStream can help.

LightStream deposits funds directly into your checking account, which gives you a leg up as a buyer. Being a cash buyer can give you more power to negotiate a better deal, not to mention save you time in the entire car-buying process.

Loan amount $5,000 - $100,000
Loan term 24 - 84 months 1
APR As low as 3.49% - 10.49% 1 with autopay discount (as of May 10, 2022)
Credit needed Good to excellent

Home improvement loans at LightStream

LightStream’s home improvement loans allow you to fund any home improvement project at a low, fixed rate with terms that range from two to 20 years. There are no appraisals or home equity requirements, allowing you to get the funds you need without any hitches.

A LightStream loan can be a great option for a home improvement loan. Since there are no fees, no origination fees, and no prepayment penalties, your home improvements can be completed for a more affordable rate.

Loan amount $5,000 - $100,000
Loan term 24 - 240 months 1
APR 4.99% - 16.99% 1 with autopay discount (as of May 10, 2022)
Credit needed Good to excellent

Recreation loans at LightStream

You may not always have the funds to do the things you enjoy, but LightStream offers a solution to that problem. LightStream’s recreation loans give you a means for financing everything from an aircraft and boat to a motorcycle and even a timeshare.

Collateral isn’t required when you use LightStream to fund your purchase of recreational vehicles like aircraft, boats, motorcycles, and RVs. And the no-fees, no-prepayment-penalty policy gives you more flexibility in the way you borrow. If you come into extra cash, for instance, you can pay your loan off sooner without incurring any penalties.

Loan amount $5,000 - $100,000
Loan term 24 - 144 months (depending on loan purpose) 1
APR 4.49% - 11.89% 1 with autopay discount (as of May 10, 2022)
Credit needed Good to excellent

Family life loans at LightStream

LightStream offers financing options for the things that are important to your family, including adoption, pre-kindergarten through 12th grade education, fertility treatments, medical costs, and wedding celebrations.

Loan amount $5,000 - $100,000
Loan term 24 - 84 months 1
APR 5.73% - 19.99% 1 with autopay discount (as of May 10, 2022)
Credit needed Good to excellent

Other loans at LightStream

If the reason you need to borrow hasn’t been mentioned yet, don’t worry. LightStream’s loans can be used to cover the costs of even more financing needs. Whether it’s for purchasing land, buying an important piece of jewelry, or for debt consolidation, LightStream offers a solution.

Loan amount $5,000 - $100,000
Loan term 24 - 84 months 1
APR 5.73% - 19.99% 1 with autopay discount (as of May 10, 2022)
Credit needed Good to excellent

What LightStream customers are saying

LightStream is owned by Truist Bank, which is accredited with the Better Business Bureau (BBB) and has an A+ rating. You can read their reviews and see their customer review rating on the Truist Bank BBB page.

The BBB website also offers a handful of LightStream reviews that don’t cast an all-too favorable light on the lender, giving it a 1.07 out of five stars. Many of the negative reviews are complaints about being denied and for poor customer service, while those who are happy with their experience rave about the ease and quickness of the entire process.

If you turn to TrustPilot, reviews are slightly better (2.3 out of five stars), but there are currently only eight posted reviews.

FAQs about LightStream

Is LightStream part of SunTrust?

LightStream is is no longer a part of SunTrust. It is a division of Truist, a bank formed out of the merger of SunTrust Bank and Branch Banking and Trust Company (BB&T).

Can you pay off a LightStream loan early?

You can pay off a LightStream loan early without having to worry about any prepayment penalties. Paying off your loan early will save you money by cutting down the costs of paying interest.

Does LightStream report to the credit bureaus?

LightStream reports balances and monthly payments on loans to all three major credit bureaus — Experian, Equifax, and TransUnion. Be sure to pay your loan balance on time each month to avoid any late payments, which can be damaging to your credit report and hinder future borrowing.

What credit score is needed for a LightStream loan?

LightStream will do a credit check when you apply and their loans are geared toward borrowers with good credit. But since every borrower’s credit situation is unique, other factors are considered when determining loan specifics like amount, rates, and terms.

Can I refinance my LightStream loan?

You can refinance your LightStream loan with money you’re borrowing from a different lender. You can’t, however, use a new LightStream loan to refinance an existing LightStream loan.


The final word on LightStream

Just as with any lender, do your due diligence when determining whether or not LightStream is the right lender for your personal loan and to achieve your personal finance goals. Due to the fact LightStream typically targets strong-credit borrowers, if you have poor or no credit, you’re probably better off looking into how to get a loan with less stringent credit history requirements.

Even if you qualify, you may feel LightStream isn’t the right fit for you. That’s okay too. Take some time to check out our list of the best personal loans out there. You may find a lender that provides options that better align with your needs and financial situation. While the number of lenders may have you feeling overwhelmed, competition is making it better for all of us looking for the best financial products. Compare what the best lenders have to offer, and choose which makes the most sense for you.

All rates and fees are accurate as of May 10, 2022.

Loans Under 36% Benefits

  • Loan options up to $35K
  • Get matched with loans that fit your specific needs
  • No application fees or minimum credit score
  • Receive your loan as soon as the next day

Author Details

Matt Miczulski Matt Miczulski is a personal finance writer specializing in financial news, budget travel, banking, and debt. His interest in personal finance took off after eliminating $30,000 in debt in just over a year, and his goal is to help others learn how to get ahead with better money management strategies. A lover of history, Matt hopes to use his passion for storytelling to shine a new light on how people think about money. His work has also been featured on MoneyDoneRight and Recruiter.com.