Are you looking for a great rate on a loan for . . . pretty much anything?(a division of SunTrust Bank) offers hard-to-beat rates on personal and vehicle loans. Plus, the lender doesn’t charge any fees (not even late fees), making them one of the best personal loan options on the market today.Should you consider a loan from LightStream? We’ll explain how these loans work, and when you should consider one.When looking for a personal loan, make sure you check out our list of . Depending on your situation, you might be surprised what’s out there.LightStream is on the Credible platform, so you can quickly and easily see how LightStream compares in 2 minutes or less. Don’t believe us? Check out .
offers unsecured personal loans which can be used for home improvements, refinancing a car, financing a wedding, or consolidating debt.Interest on these loans is higher than rates on secured loans, but if you default, LightStream cannot repossess an asset to compensate itself.If you qualify for a loan from LightStream, LightStream can deposit funds into your account the same day. However, you are not under an obligation to accept loan offers from LightStream.
To qualify for a loan from LightStream, you need good or excellent credit. The best rates will go to borrowers with at least five years of credit history and a variety of loan types (including credit cards and installment loans like student loans or auto loans). LightStream wants to see a great history of paying your bills on time.In addition to looking at your credit score,wants to understand your income and your ability to save money, so it will look at your assets and income statements too. Most of LightStream’s customers will have a high income coupled with a high FICO score (700+).
offers loans from $5,000 to $100,000 with terms ranging from 24 to 84 months, with home improvement loans allowing you to have a term up to 144 months. The lender charges no fees (including late fees). However, to qualify for the best rate, you must sign up for auto-pay. Failing to enroll in auto-pay means that your interest rate jumps by 0.5%.In terms of interest rates, you can expect:3.49% – 19.99%* APR with AutoPay (rates as of 4/29/2020), depending on loan purpose.All interest rates are fixed interest rates for the life of the loan.
LightStream has low interest rates, but you might find a lower rate. That is, you’ll find a lower rate until you cash in on LightStream’s Rate Beat guarantee. If you find a lower interest rate on a matching personal loan (same terms, not subsidized by an employer), LightStream will beat the rate by 0.1%.
On top of the low rates and low fees, LightStream offers a customer service guarantee! If you take out a loan, but the customer service doesn’t meet expectations, LightStream will send you $100. You have to complete a questionnaire to receive the $100.
For the most part, loans fromare simple, no-fee, fixed-rate loans. One other small area of concern: LightStream doesn’t offer pre-approvals. If you want to walk into a dealership with a pre-approval letter, that’s not going to be possible with LightStream. You’ll have to show them the loan approval letter to negotiate for the best possible rate.
is a bastion of low rates and no fees, but that doesn’t mean taking out a loan from LightStream makes sense. In fact, normally, you’ll want to avoid taking on unsecured debt for any reason. You can typically negotiate medical debts to payment plans with 0% interest, and paying for weddings, trips, and most vehicles is something you should do in cash.Plus, if you’ve already taken out credit card debt, you can often (but not always) use a balance transfer credit card to achieve an interest rate of 0% for 12 to 24 months.However, there are a few times you may want to consider a loan from LightStream. The following are those times.
When consolidating and paying off credit card debt, a 0% balance transfer credit card is the ideal option. However, if you cannot qualify for one, you may want to consider a debt consolidation loan from LightStream.
LightStream offers decent rates on loans for used cars, including cars you buy from an individual. If youa car, and you don’t have the necessary cash on hand for it, a used vehicle loan from LightStream could make sense.As long as you buy a reasonable car, and you drive it for a long time (shoot for a decade), this loan could prove to be a good financial move. Ideally, you’ll want a car payment to take up less than 20% of your take-home pay, and it should be paid off in four years or less.
can be a great option for a personal loan. They offer a wide variety of loan types for different purposes, with competitive rates, and no fees to take out the loan. If you need a personal loan, LightStream can be a great choice.Disclosures