LightStream Personal Loans Review: Rates, Fees, & Terms

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LightStream is a branch of Truist Bank, and it operates as its primary consumer lending arm in the digital space. They offer personal loans in amounts from $5,000 to $100,000 that can be used for just about any reason. The financial products they offer are available to consumers and potential borrowers with good credit or better.

Best for Online Personal Loans
LightStream Personal Loans
  • Loan Amount
    $5,000 - $100,000
  • Est. APR
    4.49 - 20.49%
  • Learn More
  • Loan Details

LightStream Personal Loans Pros and Cons:


  • Loans for nearly any purpose you would need
  • Very wide range of funding amounts
  • No origination fees
  • No late fees
  • No prepayment penalties
  • Interest rate reduction for borrowers signed up for autopay
  • Incredibly fast potential approval and funding timeline


  • No online channel for pre-approval
  • Loans cannot be issued to businesses
  • Only fixed-rate loans are available
  • Not an option for anyone with a FICO under 660

LightStream Personal Loan Features and Benefits

Competitive Rates

The low end of the interest rates for LightStream personal loans is below 5%, which is incredibly competitive among similar lenders in the digital space. Their maximum interest rate is also only 20.49%, which is still relatively low when compared to other lenders that may be above 30%.

Low, Low Fees

The fees associated with loans from LightStream are very low, and in some cases, nonexistent. Even for late payments, the borrowers will not be charged any specific late fees, though their account will continue to accrue interest. There are no application fees, and there are no personal loan origination fees once the funds are approved.

Fast Approval and Funding Times

In many cases, those who apply with the proper information that can be quickly verified can see an approval come through in just hours. This allows them to begin reading and signing the loan disclosures and other loan documents electronically. Once this has been completed, the funds are immediately disbursed, and in some cases, borrowers can see their funds posted to their bank account the same day they apply.

Entirely Online

LightStream does not require any in-person banking or other brick-and-mortar verification. You can complete the entire application and funding process online, except for a potential phone call from a loan agent to verify personal information or other details. This lets potential borrowers start their application at any time of the day or night, without regard for their physical location.

Rate Beat Program

If an applicant can show that they were approved by another lender at a better rate, LightStream will beat that competitor’s interest rate by 0.1%. The rest of the loan specifics must also be the same, such as the loan amount, purpose, term, and even payment method.

Guaranteed Satisfaction

Borrowers who have had their funds for less than 30 days and are unhappy with their LightStream experience can get a financial award. By filling out a questionnaire, the borrower can get a $100 payment.

How to Qualify for a Personal Loan from LightStream


There are no definitive minimum income levels that LightStream has outlined for approval. However, potential borrowers will need to show that they have an income that is both sufficient and stable enough for the borrower to be able to pay their existing financial commitments and the payment on the loan.

Credit Score

LightStream makes the minimum cutoff for approvals a FICO credit score of at least 660. While those with scores right at the requirement will still be able to obtain approvals, they will find that their rates, in general, will be higher and their terms less favorable. Those at the lower end of the approval spectrum may also find that their approval takes a little longer than just a few business days.

How to Apply for a LightStream Personal Loan

LightStream has a completely digital application process that you will complete online. They do not offer an online pre-approval mechanism, however, and during the application process, it may be necessary for a LightStream agent to contact you via phone.

To begin applying for a personal loan, you will need to outline your desired loan purpose, the requested amount, and the term. You will also need to be able to detail a payment method for the monthly payment and the usual variety of contact info and personal information. Additionally, employment or income information will need to be verified and information on expenses and bills to help in DTI calculation.

Upon approval, the borrower will need to electronically sign the loan disclosures and funding documents. In some cases, the applicant can receive their funds as quickly as the same day, depending on approval time and banking availability.

How Do LightStream Personal Loans Compare to Other Lenders?

#1. LightStream vs. Upstart

If you need a personal loan, but the steep 660 credit score that LightStream requires is too high, Upstart could be the right choice for you. They work with anyone, regardless of credit score. Upstart does not offer a lot of extra perks, but not having to meet a minimum credit score can make it possible for people with poor credit to get their finances back on track.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. LightStream

Overall, the loans from LightStream are created for borrowers that have good or even excellent credit scores. Upgrade Personal Loans are purposely made available for those with fair and even poor credit, making them an excellent choice for potential borrowers who can’t quite reach LightStream’s 660 minimum cutoff.

>> More: Upgrade Personal Loans Review

#3. LightStream vs. Payoff

Payoff is another great option if your credit isn’t awful but still isn’t the best. If you have a credit score of 600 or more, you can apply for one of their loans, ranging from $5,000 to $40,000. They even offer a low APR, depending on your creditworthiness.

>> More: Payoff Personal Loans Review

#4. Avant vs. LightStream

Avant is another choice that’s available if your credit isn’t the best. You can qualify for a loan of $2,000 to $35,000 with an APR ranging from 9.95% to 35.95% as long as your credit score is 550 or better. The downside is that you won’t be able to have a cosigner on your loan.

>> More: Avant Personal Loans Review

What Can LightStream Personal Loans be Used For?

LightStream personal loans can be used for an incredibly wide range of purposes. They can be used for home improvements and renovations, purchasing land or other assets, paying for K-12 school fees and expenses, and even wedding expenses. LightStream loans can also be used for medical expenses.

LightStream’s personal loans obviously cannot be used to fund any illegal activity, and they cannot be used to pay for postsecondary educational expenses or refinance another loan from LightStream. Moreover, it also cannot be used to fund businesses or investments.

Frequently Asked Questions

How Long Does LightStream Take to Approve Personal Loans?

If you have a solid credit history and your personal and financial information is easy to verify, you could see funds deposited to your account the same day you apply.

Does LightStream Offer Personal Loan Refinance?

You cannot refinance a LightStream loan with the same lender.

What Credit Score is Needed for a LightStream Personal Loan?

LightStream requires a minimum FICO credit score of 660 and a credit history that extends for several years.

Does LightStream Charge Any Fees?

LightStream does not charge any origination fees, late fees, prepayment, or early payoff fees for the loans provided through their service.

Bottom Line: LightStream Personal Loans Review

If you have a solid credit history with a few blemishes, but you’re still at 660 or better, LightStream can be an effective and economical loan funding option. Their speed of approval for many borrowers is just the icing on the cake.

Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post,, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.