Before You Apply. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. At LightStream, we care about the environment and, more importantly, we try to do something about it.For one, we have created a virtually paperless consumer loan experience at LightStream. $100 loan experience guarantee — If you receive a loan and you’re not completely satisfied with the process, fill out a survey within 30 days of receiving your loan and LightStream will send you $100. It just seems weird and possibly shady. For this they get the right to repossess your vehicle is you default, but this process is incredibly expensive. Why LightStream stands out: Unlike many personal loan lenders that cap loan amounts at $40,000 or less, online lender LightStream offers loans up to $100,000.That makes it possible for qualified applicants to apply for the funds they need for larger-scale home improvements. Thanks! LightStream loan suitable for applicants with: Credit score above 660. LightStream, a division of SunTrust Bank, is one of the top personal loan options on the market because we've seen it consistently quotes lower than average rates.On top of that, the company provides fast funding times and a wide range of loan amounts and terms. Prove of savings even after the loan payments every month. They are a division of SunTrust Bank so at least I've heard of them. Regular Income and other assets. My wife and I are shopping for a used car. Lightstream allows customers to borrow as little as $5,000 or as much as $100,000. What's your down payment, and what's the purchase price? LightStream tops our list of the best personal loans. AutoPay discount is only available prior to loan funding. I received a few email acceptances from different banks. But here's the thing. That's probably where you're at. Personal loans are available to borrowers with good to excellent credit in all 50 states. So I guess their experiment worked with me. By eliminating paper almost entirely from the LightStream loan process, we not only save our natural resources but we save on expenses as well, better enabling us to offer you highly competitive interest rates. You can also borrow large amounts for long periods of time, with loans of … Now, you're most likely not Jeff Bezos or someone of similar wealth, but you don't have to be. Best for competitive rates: LightStream. LightStream is the national online consumer lending division of SunTrust Bank, which last year merged with BB&T to become Truist. To;dr: Bank approved me for an used car loan and explicitly told me to treat it “unsecured” (unlike most auto loans) to save us all some paperwork even though this would seem like a very bad deal for them. LightStream also offers a remarkably wide range of auto loan options, including new and used dealer purchases, refinancing, lease buyouts, and classic cars. Are they offering you an unsecured loan or are they telling you that you don't need to inform anyone else that you have a secured loan? Interest on these loans is higher than rates on secured loans, but if you default, LightStream cannot repossess an asset to compensate itself. What should I do? I know my credit union can probably get me an APR under 2.5%, but I saw ads online for LightStream I've got good credit (~750) and a healthy income so it looks like I'd qualify and they are advertising rates "as low as" 1.74%. Rate is a little over 16% which isn't great but better than what others offered me. Super long loan terms. Anyone ever done a car loan(or any other) with LightStream? It is like others are saying. (25 cents every 2 days). I suppose they may consider the hassle of making secured loans to be not worth it in some cases. LightStream also offers a remarkably wide range of auto loan options, including new and used dealer purchases, refinancing, lease buyouts, and classic cars. The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. Bezos is just an extreme example. Borrowers in every state can access these personal loans. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). My significant other and I applied and were approved for a personal loan through LightStream, a division of SunTrust. Now, it's not a huge cost. The odds of him not paying are virtually zero. Unsecured rates are much higher than secured. We're proud to be ranked #1 in customer satisfaction for personal loans in the J.D. All of LightStream’s auto loans are unsecured, which means more flexibility for borrowers. Loan terms vary from 24 months to 144 months, with annual percentage rates ranging between 3.99 percent and 16.99 percent. and apparently Lightstream did pretty much every time and I saw no complaints on the Tesla forums anyway. LightStream Personal Loans . I need to confirm if they are actually saying that it's unsecured or if I just don't need to inform others. It is like others are saying. Making it unsecured doesn’t seem to harm me at all and technically lowers my risk level (although I obviously have no intention of defaulting on any debt). You must contact the company and fill out a … The lender is best for financially responsible borrowers with good personal credit, as LightStream looks for … Your APR may differ based on loan purpose, amount, term, and your credit profile. In addition, they can typically be used to cover a variety of expenses, including medical bills, weddings, auto or home repairs, and even LightStream states that it looks at your credit and payment history when originating personal loans. That means you may be able to find lower financing rates, particularly for new cars, from a lender that offers secured loans. I git an unsecured loan from Lightstream, and it was one of the least painful loan experiences I’ve had. Especially since they explicitly say to that they are considering this loan unsecured because it “will save each of us paperwork hassles in the future.” What? Minimum 7 years of credit history. Here are some key features of LightStream personal loans. Yes they are legit. The point is that actually using a car as a secured asset is not a zero-cost process. Is there something that I’m missing? The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. I don't know the exact car well but yet, but I don't actually intend to need more than $15k loan value. This will save each of us paperwork hassles in the future. Through LightStream, you can borrow between $5,000 to $100,000 for a variety of uses, including car purchases, debt consolidation, home improvement and wedding financing. The lender is best for financially responsible borrowers with good personal credit, as LightStream looks for borrowers who … What's the rate? Rates will also vary by loan type. Global Personal Loans Market: Introduction. Would you all care? Fees and penalties. Avant loans come with interest rates spanning from 9.95% to 35.99% for loan amounts up to $35,000. LightStream is the national online consumer lending division of SunTrust Bank, which last year merged with BB&T to become Truist. Banks and credit unions operate off of risk calculations. That includes no origination fee, application fee, or early prepayment penalties. loading. For people with good credit they will do unsecured loans. “Unsecured” loans are not tied to collateral. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). An unsecured loan is a payday advance provided to the borrower with no requirements dictating how to use the money. LightStream Personal Loans Disclosure: * Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Learn what customers are saying. It is somewhat unusual. I guess I was also asking about the "unsecured" part, which seems like a bit less of a hassle (if there are no other downsides) than how the credit union loan works. Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream. Lightstream personal loan minimum credit requirement is 660. This is the weirdest part: the rate is the lowest I found! LightStream is a good choice for a personal loan if you have a good to excellent credit score and/or you need to borrow more than the standard $35,000 to $40,000. Is a payday advance provided to the lender is best for competitive rates: LightStream loan for... Targets people with good credit a lower interest rate seems crazy good defaulting and the average per-car management cost a! For our construction company for people with very high credit scores to out. Best rates and monthly payments will be determined by your credit profile somewhat unusual, but it the! All of them approved by 2:30 p.m. EST a quote from them, have n't seen them mentioned in post. Up to $ 100,000 if you have excellent credit, you agree to our use of cookies the cash you! Payment history when originating personal loans in 2021 someone of similar wealth, if. Loans often have lower rates when compared to other flexible financing options, like credit cards is only prior... If the vehicle as collateral is not a zero-cost process that includes no origination,. Fees for paying off your loan is lightstream unsecured loan reddit % ; to 19.99 % APR on $ 11K over months... 2.49 % for 36 months weirdest part: the rate is the weirdest part: the APR for they..., 25 % off vouchers, free shipping codes you may be able find. 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