LightStream Personal Loans Review

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Contributor, Benzinga
May 13, 2022

LightStream was founded by its parent company Truist Financial. The company offers a wide range of traditional and innovative personal loan benefits and opportunities such as home improvement loans and fertility financing to address a wide range of needs. The company charges APRs between 3.49% and 19.99%. Benzinga offers a review of LightStream’s personal loan options that provide a variety of personal loans while minimizing additional fees and promoting financial flexibility. The company offers diverse loans with varying term lengths, APRs, and uses. For example, Lightstream offers a variety of home improvement loans that are designed to assist with specific needs such as funding for landscaping or solar panels.

Best For
  • Potential borrowers interested in quickly funded unsecured personal loans
  • Same day funds
  • People with stronger credit scores
  • Doesn't require collateral
  • No late fees
  • Potential same day funding
  • Self-selected funding dates
  • Offers a mobile application to ease access to loan information
  • Not recommended for bad credit scores

LightStream Personal Loans Ratings at a Glance

LightStream Fees

Origination FeeNone
Late FeeNone
Prepayment FeeNone
Monthly Service FeeNone

LightStream charges no monthly service fees, no late fees, no prepayment fees and no origination fees. The lack of fees makes it an excellent choice for potential borrowers interested in loans that provide lower charges. 

LightStream Customer Service

LightStream can be reached using a customer service email. The customer service is relatively responsive but assistance options are limited. For example, customer service is available between 10 a.m. and 8 p.m. EST during the week. The hours for response are set using Eastern Standard Time as a frame of reference. 

The company does not offer an online chat option or an easily accessible phone number. The lack of a phone number might deter interested potential borrowers who prefer vocal conversations.

However, LightStream still ranks highly in customer service because of a prompt level of response and a high level of customer satisfaction. According to J.D. Power U.S, LightStream ranked the highest within a 2020 study in terms of satisfaction for personal loan lenders.

BBB RatingA+
Trustpilot Score2
Benzinga’s Score4.5
J.D. Power RatingN/A

LightStream Terms and Loan Purpose

Term options and loan flexibility at LightStream depend on factors such as your credit score and financial history, with APRs between 3.49% to 19.99% and loan terms between 1 and 20 years. LightStream offers a helpful loan calculator feature that better informs the interested potential borrower. It charges no prepayment fees. 

LightStream offers unsecured personal loans, which are typically viewed as less risky for a borrower. The reason that unsecured loans are viewed as less risky for a borrower and riskier for a lender stems from the lack of collateral needed to obtain an unsecured personal loan. Collateral is often a type of asset such as a car or property that a lender would take possession of in the case of default. Luckily, LightStream offers unsecured loans that do not require collateral.

Lightstream’s interest rates are higher to accommodate a lack of collateral. Higher rates have the potential to make it more difficult for borrowers to pay a loan during times of financial instability.

Term OptionsBetween 1 and 20 years
Loan Amounts Available$5,000 and $100,000

Loan amounts usually range between $5,000 and $100,000. For LightStream, the amount of the loan varies depending on factors such as your credit score and financial information. LightStream offers terms between 1 and 20 years. Loan amounts usually do not cover entire purchase prices, so know how much is recommended for a minimum payment before entering into a loan. Luckily, LightStream does offer car loans that cover the full price of the vehicle. Before taking out a loan, recognize that LightStream does not offer loans to businesses and strictly focuses on lending to people. 

LightStream Approval Requirements

Minimum Credit Score RequirementNo published minimum

LightStream does not include an easily available minimum credit score. However, the company does advise potential borrowers to have excellent-to-strong credit scores. It’s suggested to have an excellent credit score to have the option of receiving the best loan terms.

LightStream defines excellent credit as a person with a combination of strong credit history for at least five years, a credit history with major credit cards and sufficient income. In comparison, the company views stipulations for good credit as slightly more relaxed with few to no delinquencies on credit repayment and multiple years of credit history. 

LightStream does not offer pre-approvals for loans. Loan applications must be submitted online to be eligible for consideration. In terms of funding, LightStream offers borrowers the option to set the funding dates for their loans. Home improvement loans can be scheduled within 90 days of approval. Other types of loans have the option to be scheduled within 30 days. It is also possible to have the funding deposited into your account within a single day. After the stated time window for depositing funds passes, the loan will expire, so promptly accept funds to avoid needing to restart the loan process. 

LightStream vs. Competitors

One thing that makes LightStream stand out from the competition is its ability to offer low to no fees, including no origination fees and or hidden penalty fees. LightStream also offers a much lower maximum APR rate than other loan providers. The loans also tend to beat competitors in terms of speed. Certain LightStream loans can be scheduled in advance for a funding date of your choice. Many loan competitors do not offer borrowers the option of selecting a funding date.

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    $0 Origination Fee
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    *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.

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    See Terms*


    Credible Operations, Inc. NMLS# 1681276

    Credible. Not available in all states.

    320 Blackwell Street Suite200 Durham, NC 27701

    Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. 

    All bonus payments are by gift card. See terms

    Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

    Won’t impact your credit score DISCLOSURE: (May be in the footer, a tooltip, or a popup the user has to click on or scroll to see)

    Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.

    “We accept advertising compensation from companies that appear on this site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company lists on this page DO NOT imply endorsement. We do not feature all providers on the market.

    We receive compensation from the companies below if you click on a link or purchase a product. Amount of compensation may impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.

  • securely through Figure Personal Loan's website
    securely through Figure Personal Loan's website
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    Quick funding
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  • securely through SoFi Personal Loans's website
    securely through SoFi Personal Loans's website
    Best For:
    No origination fees
    Read Review

    The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a $30,000 loan with a 60-month term and a fixed annual percentage rate (APR) between 12.95% – 25.03% would be $681.82 – $881.07 in monthly payments, with total payments between $40,909.47  – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See for details.

    Fixed rates from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 05/19/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

    Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.

    Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

    Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

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    Home Improvement Loans
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LightStream Overall

Overall, LightStream ranks 4.5 out of 5 stars. The company offers diversified loan options that better accommodate a variety of interested borrowers. The lack of fees helps borrowers save money and avoid facing heavy penalty fees.

LightStream also offers access to loans online and through a mobile application that allows borrowers to easily access the information they need. In terms of loan amounts, LightStream offers loans between $5,000 and $100,000 with a maximum APR of 19.99%. 

However, LightStream has room for improvement in terms of customer service accessibility and accepting bad credit scores. LightStream offers limited modes of contact that could be broadened to include phone calls. 

Frequently Asked Questions

Research a wide range of potential questions before applying for a loan. Be confident of your ability to repay a loan as well as your risk tolerance before you sign on the dotted line. 

What bank does LightStream use?

LightStream uses Truist bank for funding. Truist Bank took root in the early 1870s. Over the years the company purchased and merged with other financial institutions such as BB&T and SunTrust. Truist eventually evolved into a modern financial institution positioned among the top 10 largest bank holding companies within the U.S. Truist Bank offers a wide range of financial offerings that range from credit cards to checking accounts, savings accounts, credit cards and mortgages. 

Does LightStream do a hard credit pull?

LightStream does a hard credit pull. A hard credit pull is often known as a hard credit inquiry and typically means it will lower your credit score. A hard pull usually happens when you are applying for certain credit lines such as loans or mortgages. However, hard pulls on your credit score are not limited to these specific examples. 

A hard inquiry is noted on your credit report and usually remains there for about 24 months. In contrast, the ding to your credit score will typically only last a few months. 

Before agreeing to multiple hard inquiries, understand that each pull will remain visible on your credit report and have the potential of raising questions for creditors. Avoid having frequent hard inquiries because each pull lowers your credit score and can negatively add up. Credit scores are designed to convince lenders that you are reliable and consistent, which might not translate if too many hard inquiries show on your credit score at the same time. 

Consider first using a soft inquiry of your credit score to give you an idea of your credit range before applying and looking at loans. A soft inquiry and a hard inquiry both appear on your credit report. However, a soft inquiry does not impact your credit score. The reason soft inquiries do not impact your credit score is that a soft inquiry is not related to credit applications. 

For hard inquiries, LightStream uses either Transunion or Equifax. Your credit score might differ between credit bureaus because each has its own method of calculating credit scores. 


  1. LightStream. “Loans for Practically Anything.” Accessed April 21, 2022.
  2. LightStream. “FAQ.” Accessed April 21, 2022.
  3. Truist. “About Truist.” Accessed April 21, 2022.
  4. Truist. “BB&T History.” Accessed April 21, 2022. 
  5. Experian. “What is a Hard Inquiry and How Does it Affect Credit?” Accessed April 21, 2022.
  6. J.D. Power. “Consumer Lending Satisfaction Hinges on Trust, Ease of Access Now More Than Ever Before, J.D. Power Finds.” Accessed April 21, 2022.

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