Overview: LightStream is the online consumer lending division of Truist (formerly SunTrust Bank). Its personal loans are aimed at applicants with a strong credit history. While personal loans can typically be used for most any purpose, LightStream advertises unique uses such as adoptions, IVF financing and horse ownership.The APRs on LightStream loans range from 2.49 percent to 19.99 percent. Loan amounts start at $5,000 and go as high as $100,000. Terms vary from two to 12 years.
Why LightStream is the best for generous repayment terms: While most of the lenders profiled on this page offer terms of up to five years, Lightstream offers terms of up to seven years for most of it loans and up to 12 years for loans for home improvement or the installation of a swimming pool or a solar energy system.
Perks: LightStream loans offer competitive, fixed rates for those with a solid credit background. In addition, the entire application process is paperless. Customers can apply from a computer or mobile device and sign loan agreements via these devices. In addition, funds can be made available on the same day you apply.
What to watch out for: All rates quoted are for those who sign up for autopay prior to receiving loan funds. Rates for customers who decline autopay are 0.5 percentage points higher.
Impact on borrowers looking for low interest rates: If you're looking for the lowest possible monthly payment, LightStream could be a good option. It not only offers some of the lowest interest rates in the business, but also has some of the longest repayment terms.