LightStream is a part of SunTrust Bank, which has an A+ rating with the BBB. It offers low interest rates on unsecured personal loans if you have a credit score of 660 or more. It allows joint loan applications in which one party having a low credit score would be eligible to apply with someone having a fair credit.
The application process is easy and simple. Being an online lender, it does not have any paperwork as everything happens by the click of a mouse. In order to qualify you need to have sufficient income and assets. Customers have to fill up basic information such as name, address, proof of income, proof of employment, valid ID and Social Security Number after which loan officials would contact you.
Customers can also see approximate interest rates on their website that depends on your credit history. There is neither origination fee nor a pre-payment penalty, which is quite common with other lenders. If customers are able to complete all necessary steps and submit all required information, loan is disbursed the next day itself.
Interest rates and amounts
Unsecured loans are those that do not require any collateral. The APR ranges from 2.29% to 17.49% for a loan amount of $5,000 to $10,000. Online reviews suggest that this is one of the best lenders that offers unsecured loan because one customer claims that even applying for a loan of $35,000 on a new car, he was not asked to keep any deposit against the same.
Further, if you compare unsecured loans offered by other lenders, LightStream is sure to charge you 0.10 percentage points lesser on your interest rates. It encourages customers to opt for auto-debit facility so that monthly payments are automatically debited from your account. Customers can choose between fixed and variable rates as well.
Credit Score Requirements
As discussed earlier, LightStream entertains only those who have a good credit. This means people with poor credit may not find it easy to get a loan approved. However, LightStream understands that each customer is different and so are his/her financial requirements. Keeping this in mind it approves a co-signer having a good credit with someone with a poor credit.
It is important for customers to specify the reason for personal loans. as the rates vary depending on the reason too. Loan purpose can be anything right from debt consolidation to medical emergencies, loans for home improvement or even for a vacation. LightStream like any other lender prefers customers in good credit so that repaying the loan does not become a burden on their pockets.
The Final Say
Surprisingly, LightStream states that it does not charge anything apart from its usual APRs. This means there are no late fees or other penalties either. Many other lenders charge up to $15 on a missed payment but with LightStream, you only have to pay the interest accrued on a per diem basis until the payment has been executed.
The company website is straightforward that has all specific terms and conditions clearly stated online. Customers need not necessarily be a part of SunTrust in order to apply and be eligible for a loan from LightStream. The lender understands that a loan should only be of financial help instead of a financial burden and therefore motivates customers to pay off their loan and lead a debt free life.