The main difference between secured and unsecured loans is that secured loans require collateral and unsecured loans don’t.

For instance, a secured home loan uses your home as collateral, and a secured vehicle loan uses your vehicle as collateral. If you fail to pay the loan, you can lose your asset.

Unsecured loan benefits include a simpler application and approval process, because there is not a need to secure a title to collateral property.

Unsecured loans, also called unsecured personal loans, are backed by your creditworthiness—your past repayment history and your credit score, among other factors. Because of this, interest rates on unsecured loans can be higher than those on secured loans. We only approve good-to-excellent credit profiles for LightStream loans.

Applying for a LightStream unsecured loan is easy. A few things to know before applying:

• You (and any joint applicants) must be 18 or older and have good-to-excellent credit along with sufficient income and assets to cover your current debts along with the requested loan.
• A LightStream unsecured loan is a fully digital product only accessed online with credentials. To apply, you’ll need to acknowledge receipt of the Consent to Use of Electronic Signatures and Records, agree to receive electronic records, and use electronic signatures to sign your loan agreement. If you’re approved, you’ll also need to create a user ID and password to finalize your application and manage your loan.
• Personal loans are for individuals, not businesses. If you’re approved, you must use the funds for the purpose you specify in your application.
• If you need to speak with someone, we’re available to answer your questions. Call us at 844-4TRUIST (844-487-8478) Monday through Friday, 8 am to 8 pm, or Saturday, 8 am to 5 pm ET.

To apply, you’ll need:

• Your personal and contact information
• Your current address and employment information
• Financial information, including income, debts, and other personal obligations

Application steps:

1. Gather your information listed above and begin your online application.
2. We’ll prompt you to create an online banking profile if you don’t have one. You’ll use this to check your loan status, view any messages, and add your personal bank account to fund your loan if approved.
3. Submit your online application. You can save your progress if you need to finish the application later.
4. Check your email. We’ll send you updates on your application and will contact you if we need more information. 

LightStream unsecured loans require good-to-excellent credit profiles.

Here are some characteristics we find people with good-to-excellent credit share:

• Credit history: Several years of credit history  (excellent credit profiles have 5 or more years) with a variety of account types, including major credit cards, installment loans, vehicle loans, and mortgage debt, if applicable.
• Assets: The ability to save money, shown by retirement or investment accounts, as well as liquid assets such as checking and savings accounts.
• Income vs debt: Stable income and assets with the ability to repay current debt obligations in addition to the new LightStream unsecured loan. (Excellent credit profiles typically include little, if any, credit card debt.)
• Payment history: A good-to-excellent payment history with few or no late payments, and no other problems repaying debt.

Everyone’s credit profile is unique, and during our approval process, we look beyond your credit score and examine your entire credit profile. Please note: A high FICO® score doesn’t guarantee approval.

Note for joint applicants: Each party on an application is reviewed equally since they share responsibility for this loan.

When you’re approved for a LightStream home improvement loan, the funds must be transferred into your account within 90 days. If your loan is for another purpose, the funds must be transferred into your account within 30 days.

After the 90- or 30-day period, your loan approval will expire and you’ll need to submit a new application.

You’re required to use the loan proceeds for the purpose selected in your loan application.

In addition:

• You can’t use your loan proceeds to refinance an existing LightStream loan.
• We can’t provide loans to fund college or post-secondary education expenses, or refinance loans used for those purposes.
• We make loans to individuals, not businesses. Loans can’t be used for business purposes. You can find options for business loans at https://www.truist.com/small-business/loans.
• Funding and payments must be made to and from your personal banking account.
• We don’t provide personal loans for cash out refinance purposes.
• You can’t use the proceeds of a LightStream loan to buy bonds, stocks, stock options, or pay back a loan against a stock option. You also can’t use the loan proceeds to contribute to a retirement account, life insurance policy, or education savings plan.
• You can’t use your loan proceeds to purchase cryptocurrencies.

If you have a funded loan, you can manage it online by signing in to your account. You can:

• Review your loan terms and see previous payments
• Make payments, including extra payments
• Update your contact information
• Update your security information, such as your user ID and password
• Apply for another loan

There is no penalty for partial or total repayment. You can make extra payments any time by signing in to your account.

After you’ve been approved for a LightStream unsecured loan, funds can be deposited by wire transfer or ACH Monday through Friday, except on banking holidays.

For home improvement loans, you can schedule receipt of your funds within 90 days of approval. For all other loan purposes, you can schedule receipt of your funds to be delivered within 30 days after approval.

Schedule a wire transfer
If you opt for a wire transfer, be sure to contact your financial institution to clarify whether there are any special instructions or fees. You must sign in to your account and schedule funding the day prior to your desired receipt date.

Same-day wire transfer
You can fund your loan today by wire transfer if today is a banking business day, your application is approved, and you complete the following steps before 2:30 pm ET: (1) review and e-sign your loan agreement; (2) provide us with the funding preferences and relevant banking information; and (3) complete the final verification process.

Schedule a direct deposit ACH transfer
To receive funds through direct deposit ACH transfer, you must sign in to your account and schedule funding the day prior to your desired receipt date before 5:30 pm ET and schedule funding before 6 pm ET.

We can’t deposit funds into a business or third-party account. Funds must be deposited into your personal bank account.