Credit Cards , Personal Loans

What Credit Bureau Does Lightstream Use

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

LightStream’s paperless loans simplify the borrowing process while also reducing its impact on the environment. In your search for a personal loan lender, you may feel overwhelmed by the sheer number of institutions vying for your business.

There is no one-size-fits-all lender, but as the loan market expands, you may be able to take advantage of lower rates, better terms, and the assurance that comes with working with a reputable company.

Discover all you need to know before applying for a LightStream personal loan in this article. For example, you may find out what other customers have to say about the company’s products and services as well as the answers to a number of commonly asked questions.

About LightStream

LightStream is a San Diego-based online consumer lender. One of Truist’s subsidiaries is LightStream, which is a division of SunTrust Bank, which recently merged with Branch Banking and Trust Company (BB&T). A virtual loan procedure is possible since LightStream is an internet lender. From the comfort of their computer or mobile device, customers may apply, be authorized, and sign their loan agreement. Customers can also get their money the same day they apply if they choose to do so. As a result of LightStream’s confidence in its financing procedure, it offers a $100 satisfaction guarantee.

Although pre-approvals are not available, you should expect a credit check as part of the application process with LightStream. However, you are under no obligation to accept a loan offer from LightStream. Borrowers with excellent credit might benefit most from LightStream’s cheap rates and fixed-rate financing. There are no fines or penalties for paying back a loan early for borrowers who take advantage of the flexible repayment arrangements available.

You can be sure to obtain the lowest rates available with LightStream’s Rate Beat Program. As part of the initiative, LightStream will match any rate you obtain from any financial institution for the identical set of loan terms. An additional ten percentage points off of what a competitor lender is charging.

A paperless financing procedure is only one aspect of what LightStream does. We work with American Forests, the country’s oldest conservation group, to contribute one tree for every dollar we lend to help restore degraded areas of land. Your donation has a purpose, and you’ll feel good about it. A mobile app for both iOS and Android devices is also available from LightStream. You may check your payment due dates, balances, make payments, and even apply for a new loan within the app.

Which credit bureau does Lightstream use in 2022?

Lightstream uses Truist Bank as their backing credit bureau for loan funding, for things such as fixed rate personal loans, debt consolidation loans, home improvement loans, a car loan, and home loans. The Truist Financial Corporation was formed in 2019, as the result of a merger between Branch Banking and Trust Company (BB&T) and SunTrust Banks.

Truist Bank will look at various aspects before determining your loan eligibility and loan terms, including your loan’s interest rate. These aspects include your credit report (also known as credit score, which is used to determine if you have a good payment history), your requested loan amount, your debt to income ratio, and even the loan purpose.

If you get approved for a loan, your monthly payments and interest rates can vary greatly depending on the aforementioned aspects that Truist Bank looks at.

If you want to learn more about credit scores and personal loans, such as how to raise your credit score or what happens if you pay off a personal loan early, we suggest that you read our previous articles on those topics, and more.

What are LightStream’s lending options?

Personal, vehicle, and even pre-kindergarten through 12th-grade school loans are all eligible for LightStream financing options ranging from $5,000 to $100,000. You must use the money you borrow to the use you specified in your loan application, regardless of the sort of loan you apply for.

LightStream’s maximum annual percentage rate (APR) is 20.49 percent, however, your actual APR may be lower or higher depending on your personal credit profile and the payment option you choose (as of Nov. 30, 2021). For those of you who aren’t sure whether or not a LightStream loan is good for you, here are some examples:

Vehicle loans

  • Auto refinancing
  • Classic car financing
  • Lease buyout
  • Motorcycle loans
  • New and used auto loans
  • Private party auto purchase

Home improvement loans

  • Basement remodel loans
  • Home improvement loans
  • Hot tub financing
  • Kitchen remodel financing
  • Landscape financing
  • Solar financing
  • Swimming pool financing

Recreation loans

  • Boat loans and refinancing
  • Boat repair financing
  • Destination club financing
  • RV loans and refinancing
  • Timeshare loans

Family life

  • Refinancing and loaning money for boats
  • Financing for boat repairs
  • Financing for vacation clubs
  • Refinancing RV loans
  • Borrowing from a timeshare

Other financing needs

  • Financing for aircraft
  • Loans to consolidate credit card and other debts
  • Horse loans are available to borrowers.
  • Loans for horse trailers
  • Jewelry financing
  • Loans for buying a home
  • Financing for a little house

Customers Feedback

Truist Bank, the bank that owns LightStream, is a BBB-accredited institution with an A+ rating. The Truist Bank BBB page has consumer reviews and an overall rating. There are a few LightStream evaluations on the BBB website that don’t paint a very positive picture of the lender, giving it a 1.07 out of five-star rating.

Many of the bad reviews are about being refused and poor customer support, while others who are satisfied with their experience laud about the ease and speed of the whole procedure. Although TrustPilot has significantly more favorable ratings (2.3 stars), there are presently just eight customer testimonials available for this business.

Bottom Line

Lightstream personal loans can be a great option for someone looking for personal loan with good loan terms.

Lightstream uses Truist Bank as their backing credit bureau, which is one of the larger credit bureaus. Truist Bank is an equal housing lender, and has been in business since 2009.

Lightstream personal loans don’t charge origination fees, late fees, or prepayment penalties in addition to your monthly payment. Most of the available loans have an interest rate of 20.49% (APR), but your interest rate can be higher or lower depending on a number of factors, such as your credit score and the loan agreement amount.

Lightstream currently has an A+ rating with the Better Business Bureau (BBB), but it only has a 1.07 Star rating out of Five Stars, based on customer feedback.

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