Lightstream Review 2022

Lightstream Review

Luckily, nowadays we can make use of quick and convenient financial services just from home. It has become possible thanks to advanced mobile app development. This article will be devoted to the review of the Lightstream app.

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It is an online application that offers high-quality financial services to its customers. It is independent of banks and provides a range of beneficial features and loan terms. The company has already gained popularity among borrowers. 

In this Lightstream review, we will consider the advantages and disadvantages of this app, its main principles of work, fees, and rates. We will also find answers to the most common questions so that you can decide whether Lightstream is a good option for you.

We tried to make the Lightstream app review as objective as possible. That is why we have tested this app and compared it with the analogical ones. So, here we go!

Pros and Cons of Lightstream

Lightstream can boast of a number of fans and high ratings. This application offers a range of advantages for those who need money instantly.

So, among the greatest benefits of Lightstream are:

  • Low rates (including annual percentage rate);
  • No hidden fees; (it is a great benefit);
  • Instant loan approval;
  • Convenient user interface.

Apart from advantages, there are still a few disadvantages you should know about.

  • This app determines a minimum loan amount. For some people it may be high;
  • Unlike many other financial apps, Lightstream checks the borrower’s credit history. If you have negative records there, it will be difficult for you to get a loan.

Anyway, Lightstream is a great app for solving financial issues. However, you should get a closer look into it to understand whether it meets your requirements.

How Does Lightstream Work?

Lightstream is a financial service provider that offers loans without costly overdraft fees and high-interest charges. It is available on App Store and Play Market.

After you have downloaded this app, you will be asked for personal information (address, phone number, email address, and Social Security number). You will be also required to specify a linked bank account and a debit card number. 

You should know that when a person requests a loan from Lightstream the app evaluates and analyzes a number of aspects:

  • The purpose of your loan;
  • The credit history and credit score of your bank account;
  • The checking account balance;
  • Repayment term. (2-12 years);
  • Stocks and bonds (if you have them);
  • Information about all your bank accounts (make sure you have specified an existing bank account, otherwise you won’t be able to use Lightstream);
  • Source of income;
  • Your regular expenditures such as mortgages and rent.

After you apply for a direct deposit, the application reviews the information we have mentioned above. Then a potential borrower receives an email with the application status.

In case it is positive, a person has to sign a loan agreement (even if you ask for a minimum deposit) and define a funding date. After it, the borrower can wait for a deposit from Lightstream.

Lightstream Features

Lightstream presents advanced financial products and services. A range and number of financial solutions for many borrowers come as a big surprise.

However, if you want to receive funds from Lightstream, read more about the terms and conditions of cooperation with this app. 

So, what can a person do thanks to Lightstream?

  • Make payments;
  • Track the account balance;
  • Choose the best option from various financial products;
  • Make use of Face ID and Touch ID;
  • Update profile;
  • Check payment due dates;
  • Calculate the loan rate (an essential advance feature);
  • Get budgeting.

! All these services are available only for registered users!

Lightstream takes care of its clients and offers them appealing loan terms. For example, it offers low interest and annual percentage rates. Among other things, this app doesn’t ask for any fees for its services. 

As we have mentioned above, Lightstream defines a minimum loan amount which is $5, 000. For many customers, it is a great amount of money. 

Lightstream offers its clients a wide variety of loan purposes. In such a way you can take a loan for:

  • Medical issues;
  • Car loans;
  • Pool and home improvement borrowings;
  • Horse loans;
  • IVF loans;
  • Loans for covering adoption expenses;
  • Jewelry Financing;
  • etc…

Despite such a long inventory of possible loan purposes, there are still some of them that are not maintained by Lightstream.

Among them you can find:

  • Cash-out refinance funds;
  • Loans for buying stocks and shares;
  • Loans to set up a business;
  • College or post-secondary education expenses (preschool and K-12 loans are allowed);
  • Funds to refinance an existing LightStream loan;
  • Life insurance and retirement programs.

Among other things, Lightstream provides same-day funds. It differs a lot from traditional financial services offered by banks. If you want to avoid loads of paperwork, queues, and inconvenient schedules, this application will be a great financial solution for you.

A borrower doesn’t have to wait for a few days to settle his or her issue. In case of emergency, Lightstream is a perfect tool.

What’s more, the company itself is environmentally friendly. Together with American Forests (a nonprofit, tax-exempt charitable organization), it plants one tree for every paperless loan. It means that all customers of Lightstream help to make our planet a better place to live in.

Lightstream Fees & Rates

Lightstream is available in all US states. Taking into account harsh competition in the financial sector, mobile apps should offer beneficial services to their customers. So does Lightstream. 

To use this app you don’t need to pay a monthly fee. It can be viewed as an additional advantage for those who don’t apply for loans quite often since it helps to save on monthly expenses.  

All in all, Lightstream provides financial assistance for numerous loan purposes. The repayment period usually ranges between two and seven years (24 and 84 months). However, for solar, home improvement, and pool loans the repayment terms can be up to 12 years (144 months).

Unlike many other financial apps, Lightstream checks the users’ credit scores and history. If you don’t have a credit history at all, it may be difficult to get money from this app. It means that if you are going to get your first loan in life, Lightstream is not for you! You should also remember that your credit score must be at least 660.

What about rates? The annual percentage rate varies between 5.73 and 19.99% (plus a 0.5 percent autopay discount). If you manage to find better APR conditions, LightStream will beat the rate by 0.1 percentage points.

To make it work you have to show that this rate was approved by another lender (all loan terms must be relevant).

Lightstream doesn’t charge additional fees or high-interest rates. It works for the sake of its clients. It means that borrowers don’t have to pay costly overdraft fees. The same thing with the membership fee.

Lightstream doesn’t allow its customers to apply for less than $5,00. The maximum amount of money you can receive is $100,000. Before downloading this app make sure it is acceptable for you.

Lightstream Safety and Security

Lightstream takes care of the security of its customers. To ensure all customers feel secure this app takes a number of measures.

For example, Lightstream employs special Secure Sockets Layer technology for data encryption. It is used while storing or backing up clients’ personal information. It considerably reduces the risk of data leakage. Lightstream uses the most reliable software and hardware. It also adds to the clients’ security. 

What’s more, according to Lightstream’s website, its team stores all encrypted personal information about the borrowers in special secure places. 

Data access is limited. Your personal data can be accessed only by you and the employees who perform their work duties. They always have passwords, key cards, IDs, etc. It means that Lightstream clients shouldn’t worry about their security.

For those who want to get maximum protection, there is an AccountLock feature. It will limit access to your account even to people with a valid user ID and password. Lightstream also offers training to the team members. They become accredited specialists in the field of security issues.

Trustworthiness & BBB Rating of Lightstream

Lightstream is an online provider of financial services. It is a division of SunTrust Bank (one of the leading companies in the financial sector). Lightstream is a reliable platform with high ratings. According to Bankrate statistics, the overall app’s rating is 4.6 (availability – 4.2, affordability – 5.0, customer experience – 4.6).

The Better Business Bureau ranked LightStream A+. If you don’t know what is a credit ranking, read the following notions: 

  • the earlier the letter in the alphabet, the better (A – excellent, B – good, C – bad, D – very bad);
  • the more letters in the rating, the better it is (if we are talking about the same letters). In such a way BBB is better than BB, but A is better than BBB.
  • the smaller the number (if any), the better (Baa1 is better than Baa3);
  • “+” is better than nothing, and nothing is better than “-“.

In general, all ratings that start with A can be considered very good. A+ is excellent! It means that Lightstream deserves our trust.

Lightstream Mobile Support and Accessibility

Among the main advantages of Lightstream is the fact that it runs on a smartphone, desktop, and even tablet. What’s more, it works equally well on iOS (iPhone operating system) and Android platforms.

Mobile apps make the customers’ lives much easier. Thanks to online financial services people can get a loan, transfer money, and check their account balance just from home. To make use of it you just need to download this app from App Store or Play Market. 

Due to the fact that Lightstream doesn’t require a monthly membership, it is available for everyone. Just install it on your device and wait till you need a loan. All you need to do is to make sure you have a stable Internet connection. 

Mobile apps have already revolutionized the financial sector and will continue to do it in the future. If you want to keep abreast of the times and save invaluable time, Lightstream is a great option for you. It is also beneficial for people who are not officially employed or need money immediately. 

This app helps to avoid loads of paperwork and long queues. It is entirely beneficial for people who lack time and those who don’t like face-to-face consultations.

Customer Service at Lightstream

Lightstream appreciates its customers and reputation. That is why it offers top-quality customer services. If you are not completely satisfied with your Lightstream experience or have additional questions, you can connect with managers to get a consultation. Just write your question and mail it to [email protected]

After it, you will be sent a questionnaire about your experience in using Lightstream. Thanks to this information the company improves the quality of its customer service. If you fill in the questionnaire and send it to the company, it will reward you with $100. However, this guarantee expires after 30 days. 

You should know that the Lightstream website doesn’t provide a phone number for getting consultations. The managers can’t be called. But Lightstream says that its customer service representatives will answer your email within one business day. The working hours are the following:

From Monday to Friday: from 10 a.m. to 8 p.m;

On Saturday: Noon to 4 p.m. 

In such a way, if you send an email on Sunday, you will get an answer only on Monday. However, it will work much faster if you do it on other days.

Is Lightstream a Good Choice for You?

There is a number of financial apps that render great services. Due to this as a borrower, you should consider the terms and conditions each of them provides. Lightstream can become entirely beneficial for some customers, although not for everyone.

  • Firstly, you should remember that this app, unlike many analogical ones, conducts a credit history and an income check-up. It means that if there are many negative records in it, you won’t get a loan. What’s more, your credit score must be above 660. All in all, it is not a high point but for some people, it can become a great issue.
  • Secondly, Lightstream sets a minimum paycheck you can apply for. This sum currently amounts to $5,000. If you need money to pay rent and utility or small bills, this app is also not a good option for you.

On the other hand, if you are not looking for a short-term solution, Lightstream can be entirely beneficial for you. As we have mentioned above, it allows funds for various loan purposes. At the same time, to refinance the loan a borrower usually has between two and seven years. However, for solar, home improvement, and pool loans the repayment terms can be up to 12 years.

All in all, you need to weigh the pros and cons of using Lightstream services and define your requirements. If you cope with it, you will understand whether this app is a great option exactly for you.

Apps Like Lightstream

High-quality financial services are always in demand. Due to this fact, there are a lot of apps offering the same features as Lightstream. To help you choose the best option for you from these numerous alternatives we have made this table.

LightstreamDaveEarninOverdraftOne
Amount of a loanFrom $5,000 to $100,000Up to $250From $100 to $500 per payFrom $100 to $2,500
RatesAPR ranges from 5.73 to 19.99 percentAPR varies around 16%Tipping
APR ranges from 19% to 40% or more
How quickly can you receive money?You could get your money the same day1-3 days or 8 hours for additional payWith Lightning Speed: a few minutes; Without it: 1-3 business days.A few minutes
Membership
Free

$1 per month
Tipping
Free

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How Do We Review

It will take you up to 10 minutes to read this article. However, the app review process requires time and energy. Our team has spent a lot of time getting acquainted with Lightstream. Since there are a lot of apps that offer financial services we had to be very attentive and precise.

In the beginning, we googled a lot. We found an official website of this company and read it from cover to cover. Luckily, there was a lot of information about the app, its features, principles of work, and fees. Then we visited other Internet pages for additional info. Our team paid great attention to a range of forums where people write their feedback about the Lightstream services.

After it, we looked for this app on the Play Market and App Store. We traced whether it is easy to download. We also compared Lightstream app versions for Android and iOS platforms. 

After that, we logged in and verified our profile. This process turned out to be a pleasant surprise for us. We also analyzed the user interface and key Lightstream features. To write an objective review we applied for a loan to check whether everything works as mentioned on the website.

Then we looked for other financial apps and compared them with Lightstream. This process also took a great deal of time. We tried to be as objective as possible. I hope we coped with this task.

Conclusions

Lightstream is a mobile app that offers a range of financial services. It has a lot of supporters in all US states. To make you understand whether Lightstream meets your requirements we have written this article.

We hope that now you know how this app works, its pros and cons, fees, and rates. If you still have questions, you can look for answers to them below!

FAQs

Does Lightstream work with chime?

No, Greensky doesn’t work with Chime. For those who don’t know, it is an American financial technology Lightstream doesn’t work with Chime. Since it is a branch of a well-known American bank, it offers a range of beneficial features to its customers without the assistance of third parties.

In such a way, Lightstream provides quick, convenient, and client-oriented loans.  Company that provides cost-free mobile banking services like The Bancorp Bank or Stride Bank, N.A. However, Greensky works with other powerful banks.

Who Founded Lightstream?

Lightstream should be viewed as a part of a Truist Bank. It is an American financial holding company that was formed in December 2019. It was created as a result of BB&T Corporation (Branch Banking and Trust) and SunTrust merge. It is among the top 10  largest US banks.

Truist Bank operates in 2,249 cities in 15 Eastern states and the District of Columbia and offers a wide range of consumer, commercial, and banking services such as asset management, securities trading, mortgages, and insurance. Lightstream is a branch of this big company.

Lightstream is a branch of a Truist bank that has a long and complicated history. This company was created in 2019 through the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks (based in Atlanta). Before its merger with BB&T SunTrust was the thirteenth largest bank in the United States.

What banks does Lightstream work with?

As we have already mentioned, Lightstream is a part of the Truist Bank. It means that unlike many other online apps that offer financial services this one doesn’t need to cooperate with other financial institutions. It adds to the reliability of Lightstream since everyone knows Truist Bank and trusts it.

When you pay Lightstream back can you borrow again?

You can apply for a loan as many times as you need money. However, you should know that the Lightstream team will conduct a check-up of your credit history and credit score to analyze your solvency. If you have a negative note after repaying the previous loan, you are unlikely to get another tranche.

How fast does Lightstream deposit money?

Lightstream offers quick loans. A lender will send money to your account after it approves your loan application and verifies it. If it happens before 2:30 p.m. on a business day, then you will receive funds on the same day. If it is done after this time – the next day.

How long does it take Lightstream to verify?

Lightstream can boast of quick services. It usually approves loans within a few minutes and sends money within 24 hours. To get the same-day funding you need to verify the agreement by 2:30 p.m. on a business day. Note that the decision as to the loan approval can take up to 2 days.

Does the Lightstream app give you money instantly?

It is difficult to call Lightstream loans instant ones. Before you get the money you will go through a serious check-up. Only after this procedure, your application can be approved. Then a borrower is asked to sign a loan agreement. A person can receive funds in one day. In the case of home improvement loans, it can be between 30 and 90 days.

How Much Will Lightstream let you borrow?

Unlike many other financial apps, Lightstream sets a relatively high minimum loan amount. A person can borrow from $5,000 to $100,000. The bigger the loan amount, the longer the repayment term you can be approved.

What happens if you don’t pay Lightstream?

LightStream doesn’t charge origination fees, prepayment penalties, or late payment fees. In case you don’t fulfill your obligations the app services won’t be available for you. The company will automatically withdraw the amount you owed after you receive a salary or the like.

Does Lightstream report to the credit bureau? if you don’t pay Lightstream?

Yes. Lightstream reports to three major credit bureaus: TransUnion, Experian, and Equifax. It is done on a regular basis. Lightstream reports to these bureaus each month to help its clients build credit.

Does Lightstream run your credit?

Before approving a loan Lightstream does a hard pull of the applicant’s credit report. Thanks to it the company can understand the volatility of the borrower. Credit history and credit score (which must be above 660) play a crucial role in taking a final decision by a lender.

When are Lightstream’s working hours?

Lightstream platform is available 24/7. You can download the application and apply for a loan at any moment. However, it can be approved only during business hours. From Monday to Friday it is from 10 a.m. to 8 p.m; on Saturday: from noon to 4 p.m.

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