Learn all you need for the application
LightStream is a prominent lending company in the United States, established in 2012 in San Diego, California. It specializes in providing unsecured personal loans ranging from $5,000 to $100,000.
As part of the Truist Financial Corporation, LightStream stands out for its extensive categorization of loan purposes, covering areas such as auto financing, home improvement, recreation, family needs, and more.
One distinguishing feature of LightStream is its commitment to a hassle-free lending experience. The company promises a straightforward personal loan with a fixed rate and no additional fees beyond the interest.
The platform’s user-friendly interface and comprehensive informational content on loan destinations contribute to a positive customer experience. LightStream places emphasis on good customer relationships, offering effective channels for issue resolution.
Overall, LightStream provides a quick and easy application process, prioritizing transparency and customer satisfaction in the lending experience.
If you want to see how to apply, keep reading.
Who can Apply?
In general, LightStream offers personal loans for a wide range of purposes to meet its customers’ diverse needs.
Therefore, the primary requirement is to have a specific purpose for the funds offered by the company. LightStream emphasizes that credit verification is based on the customer’s credit score, making a better credit score crucial for accessing higher loan amounts with favorable terms.
In this regard, a good credit score is one of the main prerequisites for obtaining a personal loan from LightStream.
Additionally, other factors are fundamental for any type of personal loan, such as being a duly registered citizen of the United States and being of legal age, either 18 or 21, depending on the state.
Another requirement is having a stable monthly income, particularly from a duly registered job.
LightStream also requests that the customer have a valid Visa or Mastercard credit card for verification purposes, with no charges involved. Beyond these factors, there are no other significant determinants for the release of funds by LightStream.
How is the application process at Lightstream Personal Loans?
Lightstream segments its clients according to the purpose of the funds, providing information and specifications for each of them. This way, it can attract clients based on their needs and direct them to gather as much information as possible about the type of personal loan.
In any case, all purposes lead to the same form. This is because the first step to applying is to have good credit, as clients with highly negative credit histories may not have many options with the company.
The application form requests the following information:
- Type of application: individual or joint application
purpose of the main loan among several options on the website - ZIP code
- Loan amount
- Loan term in months
- Automatic payment or invoice payment method
At the time of application, Lightstream determines the monthly payment amount based on the information provided. Following that, the form requests the following personal information:
- Full name
- Residential address
- Home phone
- Date of birth
- Driver’s license
- Country of birth
- Social security number
- Employment status
- Income and expense values
Typically, Lightstream also requests proof of identity and income, such as a copy of ID, pay stubs, and bank statements. After the credit check, the company produces a proposal based on the information. If not approved, the client can wait for credit recovery and submit a new application.
Want to look at another option?
SoFi Personal Loans is another credit company that offers similar plans, including favorable payment conditions, and you can get more details.