Review of Light Stream Loan

Light Stream is a part of the SunTrust Banks, Inc. It provides loans (primarily personal loans) for all kinds of purposes. A very well known online lender requires your credit profile to range from good to even excellent outlook. It also requires a well-supported background in terms of income assessment and assets that you hold. The rates offered by Light Stream are well competitive based on the industry standards and it is dependent on the purpose for which the loan is being taken as well. Thus, the amount required for the loan, the term for which it is required and the credit profile of the user determine the eligibility for this loan. This loan provides very competitive interest rates particularly for people with goo credit score. If you have a good as well as promising income and definite savings, you will be best benefiting from Light Stream Loan.

Terms and Fees

• Term: 2 to 7 Years
• APR: 3.34% to 16.99% with AutoPay
• Loan Amount Range: $5,000 – $100,000
• Origination Fee: None
• Prepayment Penalty: None
• Repayment Options: Monthly

Eligibility Requirements

The certain minimum eligibility criteria that are required include:-

• Your credit score should be higher than 660. This signifies the good or excellent credit score that you require in order to get the personal loan of your choice.
• It checks your credit history and thus this should be appropriate.
• They need to see your ability to save and repay on time. Hence, they check your repayment ability and the ability to save.
• Significant income so that your debt and income ratio is very low.
• Not all these guarantee your loan sure shot but they increase the chances of receiving the same. From medical bills to the home requirement, this loan covers it all at different interest rates. The best part is that if you have the required basic credit score and income along with saving, you would love this loan owing to its low-interest rates and no fee charges extra.

Application Process

The entire application process is online.

• The first requirement for applying will be to fill the information about the loan being looked out for. This will include questions like why the loan is required, the amount you are seeking, amount of time required to pay back and mode of payment as well. The next step will be to add personal information which will including your address, income, and property related questions.
• This information has to be validated and thus you will be required to upload necessary documents for validation.
• Once all this is done, you will receive a response in estimated quick business hours. This will signal your approval for the loan and thus you will be able to log in and complete the process with proper documentation.
• You get the opportunity to decide the way you prefer the loan amount to be received and receiving the same is also possible in one day. Thus, the entire process is very smooth and quick required you fulfill certain criteria.

Pros and Cons of Light Stream Loan

Pros

• If you have the appropriate credit score then this is a very good loan option for your personal loan owing to its competitive APR. It also has the opportunity to get even further 0.5 percent deductions with AutoPay options.
• The entire process is smooth and quick, thus the urgent requirement of loan is processed much faster. It is also possible to receive the loan in a day.
• It is best for good income and credit scorers and those who are seeking quick loans, only personal loans for that matter.

Cons

• This loan is only eligible for personal loans and that too loans are given only to people with a good credit profile and very promising income growth apart from consistent saving opportunities.
• Thus this loan is not for students who want a personal loan for education purpose owing to their no credit profile.
• This loan is also not for the people planning to start new business ventures.
• No or limited scope for people with less debt and income ratio as well.