LightStream Personal Loans Review (2019)


personal loans can be very expensive and
in some cases they can even be a ripoff but in my opinion lightstream loans is
100% worth looking into if you’re looking into getting a personal loan so
in today’s video I’ll give you my full review of lightstream loans and why I
think they’re one of the best loan companies out there and I’ll also cover
the cons as well because in my opinion I don’t think that they outweigh the pros
but it is good to see what’s going on with both sides now if you just found
this channel I’m Jason with honest finance and I make a lot of videos on
different topics that’ll give your life and your finances more value so
definitely subscribe if you’re into that type of content but now let’s get into
this review for lightstream loans I’ll start by disclosing that if you are
interested in checking them out then I’ve got an affiliate link in the
description below which means I may be compensated if you click through it but
just keep in mind that I am never gonna recommend something that I don’t think
gives you guys the most value and on top of that you don’t have to click the link
if you don’t want to so just a background here but lightstream loans
is actually a division of SunTrust Bank and they mainly offer personal loans and
auto loans with really good rates and really good terms but for people with
really good credit as well you can always try applying with them but just
keep in mind that if you’ve got bad credit you’re probably not gonna get
alone with them and that’s not the end of the world because that’s the reason
that they can offer such great rates and really good terms I’ve done a lot of
research with different personal loan companies and light stream actually
earned my business simply because of the rate I got in the end and the fact that
they don’t charge any fees now one of the best reasons to look into them is
because they don’t charge any stupid origination fees and they don’t have any
prepayment penalties which a lot of the other lenders do and that can cost you a
lot of money so pay attention right here an origination fee is just a stupid fee
that lenders charge you to set up the loan and a lot of personal loans have
these so definitely watch out for them because the average origination fee is
about 5% of the total of the loans value and they’re actually going to charge
that to you at the very beginning and it’s just a complete waste of money so
if you’ve got a $40,000 loan with a 5% origination fee then you’d instantly
have to pay $2,000 off the loan and you’d only start with $38,000 because of
the stupid feet so just be aware that origination fees are real but when it
comes to a personal loan I definitely don’t want you guys
one of these stupid fees and then the other fee that you can run into is
called a prepayment penalty and what this just means is that if you pay off
the loan early you have to pay a fee and that’s super dirty because why should
you be penalized for paying off your loan early but like I said earlier light
stream does not charge any fees and they make sure that they advertise that all
across their website to make that very clear the rates and terms are also some
of the best in the industry but just remember that you’ve got to have good
credit in order to qualify for a loan with them they currently have rates as
of June 2019 that start at four point nine nine percent and then they go up to
sixteen point nine nine percent which is actually really good if you look at any
of the different competitors out there for all the rates and the terms but just
keep in mind that naturally rates will go up or down just depending upon a
whole bunch of different factors so depending on when you watch this video
rates could be a little bit higher or a little bit lower and then also keep in
mind that rates fluctuate based on the type of personal loan that you’ve chosen
so for example you can’t just expect that medical bills are gonna have the
same rate as a vacation would be because those are in different categories of
personal loans they’ll be close but certain categories are always gonna have
better rates than others and that’s totally normal whether you’re going with
light stream or anybody else and if I’m making sense here can you please comment
down below and just say I get it that way I know that I’m actually making
sense about the stuff that I’m talking about Thanks now another cool thing
about lightstream is that if you find a rate from a competitor that’s actually
for the same type of loan then lightstream will beat it by a tenth of a
point just so that they can earn your business and that’s pretty cool and
that’s obviously not a huge savings but the cool thing is is that you can
confidently shop around with different companies and then eventually you can go
back with lightstream because you know that they can at least try to beat that
rate by a tenth of a point now as far as borrowing goes lightstream will let you
borrow between 5,000 and $100,000 which is actually the most I’ve ever seen for
a personal loan the loans can be paid back between twenty four months and one
hundred and forty four months which is actually twelve years but just keep in
mind that that only qualifies in the home-improvement category and everything
else is going to max out at eighty four months and then just keep in mind that
if you wanted to get a loan for five thousand bucks and finance at over 12
years that’s also not going to qualify because it has to fit within their
borrowing tiers which I’m an ex a little bit so basically on light
streams mobile website and their desktop they have a rate simulator that’s
actually a really good way to see what you can expect to pay with them without
actually running your credit it’s never going to be as accurate as running your
credit through a full application but just keep in mind that it is a really
useful tool and I’m going to show you guys right here on my mobile phone so
you can see how it works just start by selecting the loans purpose so right
here I’ll just choose credit card or debt consolidation here at the bottom
then just select the amount which I’ll set at $18,000 and then I’ll set the
loans term to 36 months with auto pay selected because if you choose to pay
with invoice then you’ll have to pay half a point more so just don’t do that
now we can easily see what we could expect to pay for that specific loan
which is super handy because you don’t want to waste your time applying and
have your credit checked only to find out that the loans too expensive for the
one that you selected now scroll down and you’ll see these tiers that you can
mess around with which are super helpful to just open up the different tiers and
you can quickly see how much you’ll have to pay for different amounts and terms
for the specific debt consolidation category that you already selected
obviously everything will fluctuate based on what you want but it’s a great
tool to use as a preview of what to expect
trust me it’s 100% worth using the simulator if you’re looking into
different loan amounts and terms now with lightstream there are a couple
cons but in my opinion I don’t really think that they’re that big of a deal
for instance the minimum amount that you can borrow with them is $5,000 so if you
wanted to get a loan for less than that then you are gonna have to look for a
different company because with light stream 5000 is where they start at and
then the other con in my opinion is that if you already have a loan with light
stream and you want to get another one you can’t actually pay off your old loan
with the new lightstream loan so hopefully I made sense there because all
I’m saying is that you can’t refinance a loan directly through light stream with
another lightstream loan and in that case if you wanted to refinance you’re
gonna have to go with a competitor and then pay off your light stream loan
because that’s the only way you can do it and oh well I feel like the pros
always outweighed the cons in my opinion and so with light stream it was never a
hard decision for me to make just because of all the pros versus the cons
because at the end of the day they have very good rates and they have no fees
and that’s why they earned my business and so you should definitely check out
light stream if have an interest in a personal loan now
once again I’m Jason with honest finance and I make a lot of videos on different
topics that will give your life and your finances more value so definitely
subscribe if you guys are into that type of content but for now if you want to
watch another video on personal loans or debt consolidation I’ll just link those
up right here so you can watch something else that’s all for now

27 comments on “LightStream Personal Loans Review (2019)”

  1. Derrick Alston says:

    I get it

  2. Derrick Alston says:

    Thanks for the info.

  3. Daniel Iles - Small Business says:

    Thanks for the review. I work with business owners and sometimes see them using Bluevine and one other one. The benefit to those is that they have a pretty high loan limit (75k for one contractor). But if you don’t have a business this might be the next best bet.

  4. Abel Serratos says:

    I get it. Great video. I have LightStream and I love them.

    Ps- I noticed you misspelled fluctuate on your text overlay in the video

  5. Alejandro Meza says:

    I get it. Thanks for all the help! Knowledge is power.

  6. Rony Garcia says:

    I get it

  7. KevO1167 says:

    I get it! Thanks!! great content…

  8. CC Onukwube says:

    I get it…I appreciate what you do.

  9. 设立了规划哦身体 says:

    Great content. How would you compare lightstream with sofi personal loans?

  10. 45revolut1on says:

    I get it

  11. Joe K says:

    I get it. What do you consider good credit. Mine is around 710

  12. RealDealCMB says:

    Planning on a jet ski in the future is Lightstream good with that?

  13. Super GamingTv says:

    Do you know any companies where I can take out a 96 month car loan?

  14. Cristellon93 says:

    I get it! Super helpful!

  15. Cr_25 says:

    Will a combined application (girlfriend and I) help the odds to getting accepted. My credit isn’t as good; her is. But our combined salary is good.

  16. Kevin Perez says:

    I get it, I have watched the personal loan video and this one and I'm thinking of getting one for legal expenses and I want to refinance my car but can I do both or only one? Also "I get it" thank you for the informative content

  17. Lando Stacking says:

    Hey man my score is 680. I’m on a stupid auto lease that I’m paying every two weeks on. I’m looking at 2 cars under 3k to buy cash private seller. I was wondering what type of loan to apply for?

  18. Mateo Giraldo says:

    I get it. Thank you!!

  19. Kevin Edwards says:

    Thanks "I get it" I am applying for a loan right as we speak, right through your link. Do you know how important is salary in getting a 100k loan?

  20. hersh e. mendlowitz says:

    I get it, very informative.

  21. Joshua Hutcheson says:

    What tracking do they have on what you use the loan for? If I said "auto refinance", do they make sure that's what I use it for?

  22. themadone915 says:

    We get it

  23. Rudy B says:

    I get it. Looking to refinance my car loan.

  24. Eric Sinclair says:

    I get it

  25. David Law says:

    I get it.

  26. Spencer Rome says:

    I get it.👌🏾

  27. Verônica Couto Beeson says:

    Great! What about co-signers with them? Pre qualification?

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