Lightstream is the personal loan division of SuntTrust Bank, a Fortune 500 company with over $175 billion in assets. Although LightStream doesn't have special loans for small businesses, business owners can use LightStream loans for certain purchases, if they are willing to personally guarantee them.

How Does LightStream Work?

LightStream's unsecured loans provide a fast and simple source of credit to people with excellent credit. The loans have fixed competitive rates, flexible terms and there are no fees, charges or prepayment penalties. The entire application is done online and over the phone, and can be completed within 24 hours.

Although LighStream loans can be used for most things, borrowers do have to specify the reason as interest rates do vary depending on the purpose of the loan. Purposes include car loans, home improvement, boat loans, horse loans, aircraft financing, debt consolidation and almost anything else.

What Are The Interest Rates?

Interest rates range from 1.99% to 9.9% depending on the loan amount, term, credit rating and purpose of the loan. For instance, a loan for a new vehicle of $25,000 or more with a loan term of 24 to 60 months will have an interest rate of 1.99% to 2.99%. A debt consolidation loan, on the other hand, will have interest rates ranging from 8.89% to 9.99%.

How Much Money Can I Borrow?

LightStream loan amounts range from $5,000 to $100,000. A 60-month loan of $100,000 with a 9.99% interest rate would have monthly payments of $2,124, while the same loan with a 1.99% interest rate would be $1,752 a month.

What Is the Application Process Like?

LightStream's application process is fast and easy to complete. To qualify you need good credit and sufficient income and assets to cover your existing debt and requested loan amount. The application takes only a few minutes to fill in and information is confirmed electronically, so there's no paperwork to mail or fax.

How Is It Better than Other Lenders?

LightStream allows borrowers with strong credit to borrow funds for purchases that usually require collateral, such as a vehicle or boat. Its interest rates are competitive even when compared with traitional secured bank loans. The application process is fast and paperless and borrowers can often receive approval and their funds within the same day. Again, LightStream doesn't have a particular product for businesses, but business owners can use them to purchase big ticket items as long as they personally guarantee the loan.

  • Interest APR
    10% - 38%
  • Loan Amount
    $1000 - $250000
  • Max Loan Term (Months)
  • Minutes
  • Same Day
  • 1-7 days
  • 1-2 weeks
  • 2-4 weeks
  • Min Revenue
  • Credit Type Offered
    Line Of Credit
  • Intended Use of Funds
    Business Debt Refinance Equipment Purchase
  • Institution Type
  • Approval Speed (Hours)
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