LightStream Financing Review

LightStream is an online lending platform that operates as a division of SunTrust Bank. They offer unsecured loans that can be used for almost any purpose. Therefore, LightStream is well suited for individuals looking to finance a low-cost prefab project such as the purchase of a tiny home, an ADU, or even the purchase of land. LightStream loans range in size from $5,000 to $100,000. With a fully-electronic application, individuals can receive a decision once they submit their application, and if approved and the necessary criteria, the money can be deposited into their account the same day. And because there are no conditions on how one’s loan must be spent, loans from LightStream can be best used to finance ADUs and tiny homes, which are typically more difficult to finance from most large banks and credit unions.

From a logistics standpoint, it is worth mentioning that LightStream has a minimum credit score requirement of 660 and offers terms of up to 7 years. Additionally, when applying for a loan, LightStream offers a “Rate Beat” program where, in some cases, they will beat the best rate on an approved loan by .10 percentage points.