Lightstream Can Be A Good Choice As Your First Personal Loan

By: Toukir Rahman0 comments

The LightStream is a product of SunTrust Group (a privately owned group of companies). LightStream is a branch of SunTrust Bank headquarters in Atlanta, Georgia, United States. The company is currently offering personal loans nationwide.

The company has been A+ rated offering services from 1,400 branches and 2,160 ATMs in different states in the United States. The bank currently holds US$199 billion in assets as of April 31, 2018.

Good enough reason to trust Lightstream.

let’s learn a bit more about Lightstream personal loan and it’s eligibility requirements.

Lightstream is an unsecured loan, no collateral or security deposit is required. But, when the loan correspondent have to make sure that, the loan will be repaid within time.

Therefore, the credit score is what, how they determine you are a legit customer and ensures loan safety policy.

the minimum credit score required to process a personal loan through Suntrust bank is 670 (FICO rating) Category: fair credit.

From early 2013, SunTrust begins its journey to provide unsecured loans in many states of the United States.

For providing a hassle-free application process, the entire loan will be taken care, by the online team. So, in a quick few minutes from the website, you process your application.

Quick Loan Overview

As we have mentioned earlier, Lightstream is a part of Suntrust group of companies. Currently, Lightstream personal loan is available in most of the states in the United States. No, collateral and loan for any reason.

While, most cases people consider Lightstream, to solve debt consolidation. End of each month, having different APR rates for each credit card and multiple payments, can be frustrating. Not only that, after you calculate all your payments and interest rates, you will find that you are paying much higher rates. Paying much higher causes losing money anthe d final result is 0 savings.

Even with the best credit cards interest can be higher if you miss one payment.

Thus, that can not be the only reason to apply for a loan right. Lightstream does consider any purpose to be the reason for your personal loan. It can be home improvement, a new car, a swimming pool construction, a trip or the other reasons.

Quick reminder: The starting interest rate from 3.34%.

LightStream By SunTrust Bank

3.34% – 14.24%

APR Rates


Origination fee

Min. 660

Credit Ratings*

2 to 7



SunLight is leading with a good reputation and unique loan model and happy customers with positive reviews. Giving you the option of an easy online application process.

Before you apply for a personal loan. Consider yourself reading the Personal Loans Benefits and Drawbacks.

Making a budget plan before you apply and process your loan is very important. Keep in mind calculating your present income and expenses can give you a good idea of making a good plan. After all your expenses and bills the least amount you can use to pay your loan. Select loan terms based on that. Be wise to pay as much as you can. Depending on your choice the less the term is the interest rate you will be paying is lower.

Personal loan checklist before apply:

  • APR rates.
  • Prepayment fee
  • Late fee
  • Prepayment terms
  • Origination fee
  • Policy
  • Other hidden charges.

SunTrust LightStream Loan: Features

Waiting long in the traffic and then inside a bank. Get all information first and gather all the documents necessary for a loan application. When you have a healthy income and good credit score SunTrust offering LightStream online personal loan department. The simple and easy process for I wants to apply for a personal loan.

LightStream Loan Calculator is one of the key features that helps you to make a loan plan.

LightStream Individual And Joint Account Both options are open for personal loans. You can apply for a loan individually or with a partner. As a single application, it will be quick and easy by providing only your documents. Hence, for a joint account, you will have to provide documents and information about for the joint account holder. Having no luck because of the credit score joint account can be a great option to improve and apply.

LighStream Online Application The step by step guide how to apply for LightStream personal loan online.  When processing the application you will need to provide personal documents and information eg: identity proof, bank statement, income statement, personal information.  Sometimes they might ask you to provide a verified copy of your income statement. You can simply upload the documents to the website and wait for the approval. The registration process is quick. Within minutes you can apply and later after accepting the terms and policy using your e-sign (electronic signature) you can sign your personal loan contract.

Loan Purpose and The Minimum Requirement

the Minimum requirements for an applicant is depending on the gross income maximum credit history or maximum Dept to Income ratio. An unsecured personal loan is most likely for the people with good credit score. If you have a strong credit history along with good monthly income. Credit score above 670 and you have maintained it over the last 5 years you have a very good chance that you are qualified to apply. The reason for a loan sanction minimum payment delinquencies a low balance on credit cards and loans stable income and proven ability to save that the application can support the statement for retirement savings or liquid assets such as stocks and bonds and also properties loan statement if any.

Lending Purpose & Terms Thinking about a good plan to invest the money from the loan for business developments, the only purpose not acceptable due to personal loans can only be used for a personal reason not for business purposes. You must use your cash for only the purpose you mentioned in your application.

You can apply for the loan anytime and most of the time the loan approves on the same day. With having an extra option after approval you can get your money within the one-month time frame from the approval date. Failure of collecting the cash within 30 days period will result loan is expired. The minimum amount that you can apply for is $5,000 and the maximum up to $100,000.

LightStream Personal Loan: Terms & Fees

LightStream Personal Loan Tenor The loan tenor is almost similar in most of the cases for all companies and loan types. Usually starting from 2 years to 10 years tenor for repayment. If you choose to give the money back within short time eg: 2 years you will have to pay less interest and if you make your tenor little longer eg: 5 years you will be paying less Easy Monthly Instalment EMI but higher interest rates. The APR rates depending on the terms and the total amount of the loan. The loan tenors are as below:

  • 24 to 36 months (2-3 Years)
  • 37 to 48 months (3-4 Years)
  • 49 to 60 months (4-5 Years)
  • 61 to 72 months (5-6 Years)
  • 73 to 84 months

LightStream Fees & Penalties Compare to all other lenders on the market the company gives you the best option of having lower interest rates on personal loans. You do not have to pay extra for origination fee, prepayment or late fees. In case you are late or willing to pay in advance you have the freedom to pay as your choice. If you choose to pay with an autopay system you will get the lowest annual percentage rates. If you would like to repay using the personal check, you will have to pay an extra 0.5% to the APR for processing the payments.

LightStream APR rates The APR rates for personal loans applicant’s depending on their credit score and reason of the loan. The company customizes its APR rates based on the amount of risk that the company’s loan officer determines is involved in each category. For example: for any auto loan the interest rates are very lower because the lender knows its less risky than debt consolidation loans. For Personal Loans, the APR rates vary from 2.99% and up to 14.49%. Once the loan has been approved by the lender the borrower gets its fixed rate of APR and EMI both.

There are different companies offers personal loans with having different advantages and disadvantage. It is like, you may win or lose situation depending on your research and budget planning. Before you apply for any kind of loan you should do a good research and find the lowest APR rates offers to have no extra fees for prepayments and end of the day peace of mind.

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