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Northpointe Bank Reviews: Savings, Checking, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Northpointe Bank savings account options

Ultimate Savings

The Ultimate Savings account has no monthly service fee or minimum deposit requirement.

APY

Minimum Deposit Amount to Earn APY

0.25%

$100-$24,999.99

0.45%

$25,000-$999,999.99

0.45%

$1 million +

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • Overdraft fees: $29 plus an $8 automatic overdraft transfer charge

Northpointe Bank’s Ultimate Savings account comes with online banking capabilities and offers a decent annual percentage yield (APY). One thing it does not come with, however, is an ATM card.

Any transaction you make per month past six may incur a fee, which is standard for this type of account due to the Federal Reserve’s Regulation D. Federal law mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. Go over six transactions and you’ll pay a $15 fee to the bank.

Taking into consideration the transaction limit, you’ll benefit the most from the Northpointe Bank’s Ultimate Savings account if you plan to put away cash you won’t need to access frequently. For example, rainy-day savings that you rarely dip into could find a suitable home in the Ultimate Savings account.

How to open a Northpointe Bank Ultimate Savings Account

You can complete the entire application for the Ultimate Savings account online. You’ll need to have basic information like your name, email access, an existing bank account to fund your new account, address and identifying documents, such as your driver’s license, state ID, passport or military ID.

Kids Savings

The Kids Savings account boasts a high interest rate, but can’t be opened online.

APY

Minimum Deposit Amount to Earn APY

1.50% APY

Up to $1,000

1.11% APY

$1,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0

The Northpointe Bank Kids Savings account offers a two-tier interest rate. This account for kids actually has the highest interest rate among the bank’s basic savings accounts. It does not come with an ATM card. Regulation D applies here as with other savings accounts. Your child’s account will be charged a fee if you do more than six transactions in a month.

How to open a Northpointe Bank Kids Savings Account

Northpointe Bank Kids Savings accounts are for minors up to 18 years old. It’s one of the accounts that you can’t set up online with Northpointe Bank. You must call to complete the application or visit a local branch, or mail in a completed paper application.

Health Savings Account (HSA)

A savings account with tax benefits that people with a high-deductible health plan can use to stash away cash for health expenses.

APY

Minimum Deposit Amount to Earn APY

0.50% APY

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: None
  • Overdraft fees: None

The benefit of opening an HSA for medical expenses is that your contributions to that account reduce your taxable income. Tax benefits are a clear pro for this account. The Northpointe Bank Health Savings Account is an interest-bearing account as well — and free. You get an HSA debit card, which makes it convenient to pay medical expenses whenever necessary. As it is an HSA, you are not allowed to overdraft the account.

There are some guidelines for this and any other HSA account. You can only sign up for the HSA if you have a high-deductible health plan (HDHP). According to the IRS, 2020 HDHP plans are generally those that have a deductible of at least $1,400 for individuals and $2,800 for a family. The annual out-of-pocket expenses are capped at $6,900 for individuals or $13,800 for families, although these limits don’t apply to out-of-network services.

Thankfully, this isn’t a use-it or lose-it situation. You can roll over your HSA money year after year. Be aware that you may face a steep $50 fee to transfer your HSA funds to an account with a different bank.

Anyone who qualifies for an HSA account should at least review what it has to offer. Making contributions now can come in handy when you hit retirement. You can use money contributed to the HSA account on qualified medical costs including premiums, medical services, equipment, transportation and long-term care.

Review IRS guidelines carefully before withdrawing cash from the HSA account. You can incur tax penalties if you don’t use the account properly.

You can apply for the Northpointe Bank Health Savings Account online. Select the option to open an account at the top of the page — there’s a choice to select the Health Savings Account further into the application.

How to open a Northpointe Bank Health Savings Account

You can complete the entire application for the Health Savings account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

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How Northpointe Bank saving accounts compare

The Kids Savings account leads the pack with the highest interest rate — but it’s only for kids. The Ultimate Savings account for adults, despite its name, isn’t quite as ultimate as it could be. The rates are good but only if you pony up significant cash. The bottom line is you can get better rates on savings accounts listed on our site. There’s stiff competition when it comes to online-only savings accounts, which works to your favor. The Health Savings Account is a decent option, but only if you have the right health care plan.

Northpointe Bank checking account options

Interest Checking

Requires a pretty high balance to earn a so-so interest rate.

APY

Minimum Deposit Amount to Earn APY

0.15% APY

$2,500 - $24,999.99

0.25% APY

$25,000 - $99,999.99

0.30% APY

$100,000+

  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: Up to $15 per statement cycle
  • Overdraft fees: $29

Northpointe Bank’s Interest Checking account comes with online and mobile banking capabilities. The account also has a wide interest rate spread, depending on your balance. You can look forward to getting reimbursed up to the monthly limit if you use ATMs from other financial institutions.

Other fees include an overdraft fee of $29 per transaction, which isn’t unusual for a checking account. Keep tabs on your balance, and you won’t run into much trouble here.

When you try to make a transaction that would overdraw your account, some banks will cover the balance and charge a fee. The overdraft is essentially a courtesy — the institution is covering the transaction for you because you didn’t have the cash. Northpointe mentions in its disclosure agreement that it may honor withdrawal requests at its discretion that will put you into overdraft and a fee can be assessed.

The alternative is that some banks will just decline the transaction resulting in no fee. Of course, the no-fee course of action is ideal. Northpointe also has an option where you can connect your checking to savings account to avoid overdraft fees.

You must be able to maintain the daily balance necessary to earn interest from the Interest Checking account. You won’t earn interest otherwise, which isn’t good — your money should always be working for you when it’s sitting in an account.

How to open the Northpointe Bank Interest Checking account

You can apply online for this account right on the Northpointe Bank website. You’ll need to provide basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license or government-issued ID.

Free Checking

No fees or minimum balance required — no interest earned, either.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fees: None for both in-network and out-of-network ATMs. However, the owners of out-of-network ATMs may charge surcharge fees.
  • ATM fee refunds: Up to $15 per statement cycle
  • Overdraft fees: $29

The Northpointe Bank Free Checking account is an all-round free account. You even get ATM fee reimbursement up to a certain limit when you get charged while using ATMs from other banks. The lack of fees is great news. The lack of interest is where the news isn’t so great. There are just too many other online bank accounts that offer you no fees with interest for you to go with this option.

This Free Checking account is also one of the many accounts that you can sign up for online through Northpointe Bank’s website. Check out our ranking of the best high-yield checking accounts.

How to open the Northpointe Bank Free Checking account

You can complete the entire application for the Free Checking account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

SEE DETAILS

Northpointe Bank's website is secure

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How Northpointe Bank checking accounts compare

Overall, the Northpointe Bank checking accounts leave a lot to be desired in the interest rate department. The accounts listed in our round-up of the best online checking accounts offer higher APYs and may require lower minimum daily balances to earn them. The Interest Checking account, which does offer interest, makes you maintain a pretty high average daily balance to get any reward.

Northpointe Bank CD rates

Northpointe Bank has fixed-rate, fixed-term CDs with decent interest rates, although not the highest around. The CDs requires a high balance to earn APY, watch out for the fine print.

Term

APY

7-91 days

0.30%

92-182 days

0.30%

6-11 months

0.30%

12-17 months

0.50%

18-23 months

0.50%

19 month CD Special

2.05%

24-29 months

0.50%

30-35 months

0.50%

36-47 months

0.50%

48-59 months

0.65%

60+ months

2.70%

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalties, which depend on the original term of the CD, are:
    • 7 to 179 days: 30 days’ interest penalty
    • 180 to 364 day: 90 days’ interest penalty
    • 1 to 3 years: 180 days’ interest penalty
    • 3 to 5 years: 240 days’ interest penalty
    • 5 years or more: 365 days’ interest penalty

A certificate of deposit (CD) is an account in which you can park your money for a set period and earn a fixed interest rate. When the CD matures, you have a certain amount of time to withdraw that money before the account renews.

Always remember that a CD is a place to put money that you don’t regularly need because it can be pricey to withdraw early. There are pros and cons to locking into a fixed rate. You’re in the clear if offered rates decrease. Your money will continue to earn the interest rate you signed up for initially. On the other hand, you’re stuck with your CD rate until the end of the term, and out of luck if rates increase.

You’ll get the most from these CDs if your term is longer. The short-term CD rates are nothing to write home about, and are probably not worth the hassle of opening.

How to open Northpointe Bank CDs

To open a CD at Northpointe Bank, you’ll need to go to a branch. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account as well as identifying documents, such as your driver’s license, state ID, passport or military ID.

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How Northpointe Bank CDs compare

Northpointe Bank CD rates are lower than what you can get from other financial institutions. Check out our best CD rates roundup to see our top choices. Other accounts let you deposit a lower amount while still earning interest as well.

Northpointe Bank Money Market rates

Ultimate Money Market

This account doesn’t come with an ATM card, but you can purchase checks.

APY

Minimum Deposit Amount to Earn APY

0.25%

$2,500-$24,999.99

0.45%

$25,000-$99,999.99

0.45%

$100k+

  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: No card
  • ATM fee refund: No card
  • Overdraft fee: $29

If you’re looking for a money market account with an ATM card, this account won’t be your first choice. Note, however, that the account has no monthly maintenance fee, which is a plus.

Keep in mind that there’s a limit to how many transactions you can make with this account, as well. The limit is six transactions due to the Fed’s Regulation D. Surpass six transactions and you’ll be charged a $15 fee per item. Take care to avoid this and you can enjoy this account with no fees.

The Ultimate Money Market account may be a good place to put savings that you need to have easily accessible because you can use checks. Be mindful of the starting minimum balance required.
The Ultimate Money Market account is another one offered by this bank that you can open online. You need to have the minimum deposit ready to get started.

How to open the Northpointe Bank Money Market account

You can complete the entire application for the money market account online. You’ll need to have basic information like your name, address, email, an existing bank account to fund your new account, and identifying documents, such as your driver’s license, state ID, passport or military ID.

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How the Northpointe Bank Ultimate Money Market account compares

The Northpointe Bank Ultimate Money Market account has an interest rate spread that’s pretty competitive compared to the money market accounts on our round-up.

Northpointe Bank IRA accounts

IRA CD Rates

A secure investment option to stash some retirement cash.

Term

APY

7-91 Days

0.30% APY

92-182 Days

0.30% APY

6-11 Months

0.30% APY

12-17 Months

0.50% APY

18-23 Months

0.50% APY

24-29 Months

0.50% APY

30-35 Months

0.50% APY

36-47 Months

0.50% APY

48-59 Months

0.65% APY

60+ Months

0.65% APY

  • Minimum opening deposit: $500 for fixed IRA CDs and $1,000 for IRA special CDs
  • Minimum balance to earn APY: $500 for fixed IRA CDs and $1,000 for IRA special CDs
  • Early withdrawal penalties, which depend on the original term of the CD, are:
    • 7 to 179 days: 30 days’ interest penalty
    • 180 to 364 day: 90 days’ interest penalty
    • 1 to 3 years: 180 days’ interest penalty
    • 3 to 5 years: 240 days’ interest penalty
    • 5 years or more: 365 days’ interest penalty

Individual retirement accounts (IRAs) offer tax perks for people saving for their golden years. The money you deposit into an IRA account is tax-deductible and thus tax-deferred until you withdraw funds in retirement. Withdrawing money from an IRA before you reach the age of 59½ can cost you a pretty penny in income tax and other penalties. Northpointe Bank offers both IRA CDs and IRA savings accounts.

Northpointe Bank’s IRA CDs offer a wide spread of interest rates that get higher the longer you keep money in the account.

You must keep your money in the IRA CD account for the entire term to avoid a penalty from Northpointe Bank and the IRS. There is one exception for early withdrawal penalties: You may catch a break if you have to withdraw money for hardship or medical expenses. Even with the possible loopholes for IRS-related penalties, people who will benefit from the IRA CD the most are those who will leave the money in the account for its entire term.

The IRA CD is a savings vehicle for retirement that earns a set amount of interest for an assigned period. An IRA CD may be the right addition to your retirement plan if you’re looking for a safe and predictable place to put your savings.

How to open a Northpointe Bank IRA CD

The IRA CD is one of the Northpointe Bank accounts that you can’t apply for online. You must call customer service to open this account, email the bank, or fill out and send a paper application.

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How Northpointe Bank IRA CDs compare

Most of the Northpointe Bank products have lower interest rates than those we list on our round-up of the best IRA CDs. Competitors offer comparably higher fixed interest rates for the shorter-term IRA CDs. You can also find accounts that let you earn APY with a lower balance.

Ultimate IRA Money Market

A place with potential tax benefits to put your retirement savings. IRS penalties can apply if you withdraw early.

APY

Minimum Deposit Amount to Earn APY


0.20%

Up to $2,499.99

0.25%

$2,500-$24,999.99

0.45%

$25k-$1,000,000


0.40%

$1,000,000+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: No card
  • ATM fee refund: No card

The Ultimate IRA Money Market account is another place to put cash for retirement that comes with potential tax benefits.

The IRA CD discussed in the previous section has a fixed interest rate for a fixed term. This account does not have a fixed term, and the APY can change at any time. The Regulation D’s six-transactions-per-month limit applies here as well. Go over six transactions per month and you’ll encounter a $15 fee per item.

Ultimately, the money you contribute to an IRA is money you don’t plan to touch until retirement age to avoid penalties. Retirement could be years or even decades away for you. The interest rate on this account is pretty low if your money is going to be baking for quite a while. An IRA CD would probably be a better option to consider if you prefer to put some of your nest egg in a place that’s low risk.

How to open the Northpointe Bank Ultimate IRA Money Market account

The Liquid IRA Savings account is one that you can’t apply for online. You can call Northpointe Bank to set up this account instead.

Overall Review of Northpointe Bank’s banking products

Northpointe Bank gets high marks for its lack of fees, a variety of account offerings and good user experience. If you’re not located near a branch, you can apply for many of the accounts online from the comfort of your own home.

The accounts that can’t be applied for online can be done over the phone. Someone who wants to be loyal to one bank will likely benefit the most from doing business with Northpointe since there are so many account types available, and you can most likely fulfill all of your banking needs in one place.

Interest rates are where Northpointe Bank doesn’t quite stack up against the competition. The highest APY for a basic savings account is the Kids Savings account. There’s nothing remarkable about the APYs on other accounts that should sway you to bank here instead of other online banks that also have no fees and offer top-notch online services. As we have mentioned, there is not much information available on the bank’s website, so you’ll need to chase down any answers beyond the bare minimum of information online.

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Personal Loans

5 Personal Loans for Fertility Treatments

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

stephanie pregnant_lg

The excitement of starting a family can turn into despair if you face difficulty getting pregnant. Thankfully, treatments including medications and surgery can make parenthood a possibility for couples having trouble conceiving on their own. However, these treatments may not always be covered by medical insurance; whether all or part of an infertility procedure is covered will depend on your insurance plan and where you live (some states have laws mandating coverage).

In vitro fertilization, or IVF, is one procedure in particular that insurance may not cover. A cycle of IVF can cost $12,400 on average, according to the American Society for Reproductive Medicine. Because success with IVF may require more than one cycle, the entire process can get quite expensive.

Instead of paying for fertility treatments out of pocket, a low-interest personal loan may be a solution. Here are just some of the many available personal loans to consider.

SoFi – Fixed rates starting at 5.99% APR

SoFi offers personal loans from $5,000 to $100,000 to cover medical costs. Terms are 24 to 84 months. Both fixed- and variable-interest loans are available. A variable-interest loan means your interest will fluctuate based on an index. SoFi does have a variable interest cap for personal loans. Generally, you should stick with a fixed-interest personal loan because your rate will stay the same throughout the entire term.

A variable-interest loan is only worth considering if you can pay it off quickly. In this scenario, you take advantage of very low interest for a short time and then pay off the loan before the interest changes. SoFi has no prepayment penalty, so you can do this without incurring a fee.

SoFi doesn’t charge for origination either. If you lose your job, SoFi has a unique borrower benefit as well. You may be able to pause payments until you find another position.

APR

5.99%
To
22.56%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 22.56% APR (with AutoPay). SoFi rate ranges are current as of January 11, 2021 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Earnest – Fixed rates starting at 5.99% APR

Earnest offers personal loans from $5,000 to $75,000. Loans have competitive interest and a streamlined online application process. Terms are 36 to 60 months. There are no application or origination fees. If you pay off the loan early, there are no prepayment penalties either.

Earnest takes a look at your entire financial profile, including your savings habits and earning potential, to qualify you for a loan. Most approved Earnest applicants are employed or have an offer letter, have at least a month’s worth of expenses in savings and enough monthly income to support their regular expenses and loan payments. Earnest will do a Hard Pull of your credit report when you apply.

Lending Club – Fixed rates starting at 10.68% APR

Lending Club is a peer-to-peer lender that offers fixed-rate loans, and also promotes fertility loan options. You can borrow $1,000 to $40,000. Loan terms are 36 or 60 months. Once approved for a Lending Club loan, you get a credit rating and loan options from which to choose. After accepting your loan terms, the loan appears in the marketplace where investors select loans to invest in.

Lending Club does charge an origination fee of 2.00% - 6.00%. How much you’ll pay for origination depends on the credit rating Lending Club assigns you. That credit rating is determined using factors including your credit history and credit score. Lending Club has no prepayment penalties.

APR

10.68%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

2.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LightStream – Fixed rates starting at 3.99% APR (with auto pay)

You can borrow $5,000 to $100,000 from LightStream for family planning, including fertility treatments and adoption. Loan terms are 24 to 144 months. To qualify for the lowest rates with LightStream, you need to have at least five or more years of positive credit history, no delinquencies, a stable income and money in savings.

The LightStream loan is transparent with fees. There are no fees for origination or early payment of the loan. LightStream also has a “rate beat” program. If you get approved for a personal loan by another lender with a lower interest rate, LightStream will try to beat that rate. The competitor loan must meet certain requirements to qualify for the program. LightStream doesn’t offer preapprovals at this time and will do a Hard Pull on your credit history at application.

APR

3.99%
To
19.99%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Upstart – Starting at 8.27% APR

Upstart has personal loans from $1,000 to $50,000 that can cover various life expenses including medical bills. Loans are available at 36 or 60 month terms. Upstart takes into account more than your credit history to decide whether you qualify. Your education and job history will also be considered.

At a minimum, you need a 600 credit score to qualify for this loan. You must also have no more than six inquiries on your report over the past six months. Like Lending Club, Upstart charges an origination fee. You’ll have to pay Up to 8.00% for loan processing. Depending upon your risk profile, interest rates can be as high as 35.99% APR.

APR

8.27%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Other options to pay for IVF

There are options besides personal loans to help you pay for IVF if you can’t afford to pay out of pocket. Here are a few.

  1. Health savings account (HSA). An HSA is a tax-advantaged savings vehicle that allows you to contribute pre-tax dollars to a fund you can tap for out-of-pocket medical expenses. If you have a high-deductible health insurance plan, you should have access to an HSA. If you’ve saved up a good amount in your HSA, these funds can be used to help pay for your IVF treatments. There are limits to how much you can contribute each year; in 2019, the limits are $3,500 for an individual and $7,000 for a family.
  2. Home equity loan. If you own your home and have a decent amount of equity, you might consider taking out a home equity loan, or applying for a home equity line of credit, to pay for your IVF treatments. Keep in mind the risks involved, however. If you cannot repay your home equity loan, you are putting your homeownership in danger. Only consider taking out such a loan if you know you can repay it with no problem.
  3. Credit card. Paying for your IVF treatment with a credit card may not be the best option, as the interest rates can be very high. However, if you are able to obtain a 0% interest card and pay all or most of the charges off before the promotional period ends and your rate rises, using your credit card may be the right choice.

Bottom line

While the loans noted here have competitive interest rates, it’s best to first consider those without an origination fee. Remember, you need to have an excellent credit score and a positive credit history to qualify for the very lowest interest rates with any of these companies.

Upstart and Lending Club could be good fallback options if you have trouble getting approved elsewhere. Both may qualify you with a credit score below 650.

You can also turn to RESOLVE, the national infertility association, for an extensive current list of infertility financing programs. These include CapexMD, EggFund and Prosper Healthcare Lending.

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Up to $50,000

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Personal Loans

LightStream Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

APR

3.99%
To
19.99%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream personal loan details
 

Fees and penalties

  • Terms: LightStream loan terms range from 24 to 144 months.
  • APR range: The APR for this loan is 3.99% to 19.99% APR. The lowest interest rates include a 0.50% rate discount for using autopay.
  • Loan amounts: You can borrow from $5,000 to $100,000.
  • Time to funding: You can get funding the same business day you apply if you’re approved by 2:30 p.m. EST. Otherwise, you have to schedule funding of your loan within 30 days of getting approval.
  • Hard pull/soft pull: Applying for a LightStream loan will trigger a Hard Pull. LightStream pulls your Experian and Equifax credit reports. LightStream does not offer soft pull preapprovals.
  • Origination fee: None.
  • Prepayment fee: None.
  • Late payment fee: None.
  • Other fees: None.

LightStream has no fees across the board and offers highly competitive interest rates. These two variables add up to an affordable loan, if you qualify. According to LightStream, you can borrow money for “practically anything.” Here are some examples of things you can finance with a LightStream loan:

  • Adoption
  • Auto
  • Debt consolidation
  • Dental work
  • Home improvements
  • IVF/fertility treatments
  • Pre-K-12 education
  • Medical bills
  • Recreation
    • Boats
    • RVs
    • Timeshares
  • Tiny homes
  • Weddings

The list of ways you can use a LightStream loan is exhaustive. However, there are a few instances where you can’t use a LightStream loan. You can’t use one to finance a college or post-secondary education or a vehicle registered under a business name. LightStream does not offer financing to businesses either; you are only able to apply for a loan as an individual.

‘The Rate Beat’ program

Here’s an incentive to shop around and compare rates: LightStream will beat competitor rates by 0.10% APR. You must show that you’ve been approved by a lender for a lower rate and meet other eligibility criteria before LightStream will beat the competitor rate.

Here are the terms and conditions for the Rate Beat program:

  • The lower interest rate you find with another lender can’t be from an employee discount or other special that’s not available to all customers.
  • The lower rate can’t be through any rate-subsidized programs.
  • The lower rate you get from a competing lender must be for a loan that has the same amount, loan term loan purpose and payment method (such as auto-pay).
  • The offer expires at 2 p.m. EST on the business day before your loan is funded.

Consider shopping for other loans before going to LightStream so that if you do receive a lower offer, you can try to take advantage of the Rate Beat program.

‘Loan Experience Guarantee’

The next benefit that LightStream offers borrowers is the Loan Experience Guarantee. If you’re not satisfied with the loan process, LightStream will give you $100 for completing a questionnaire within 30 days of receiving your loan.

Eligibility requirements

  • Minimum credit score: LightStream seeks candidates with “good credit.”
  • Minimum credit history: LightStream looks for borrowers who have several years of credit history, a mix of accounts, stable income, few (if any) delinquencies and a proven ability to save money.
  • Maximum debt-to-income ratio: Not specified

LightStream is clear about offering loans to borrowers with good credit, although a specific credit score minimum isn’t specified. What constitutes good or excellent credit is subjective: A credit score of 670 or above is generally considered good, while a score of 740 or above is generally considered very good or excellent.

Despite not specifying a minimum credit score or maximum debt-to-income ratio, LightStream does outline some key characteristics of borrowers who tend to qualify for a Lightstream loan.

  • Borrowers with good credit have several years of credit history (excellent borrowers tend to have five years or more of credit history).
  • Borrowers have a credit history that includes many different types of accounts, such as credit cards, installment loans and mortgages.
  • Borrowers show evidence of being able to save through liquid assets, retirement savings, etc.
  • Borrowers have few late payments (excellent borrowers tend to have credit reports with no deliquences at all).

Applying for a personal loan from LightStream

The LightStream application process is straightforward. You apply online which requires a hard pull. There is no preapproval with a soft pull available. LightStream first asks why you want the loan, how much you want to borrow and which loan term length you need. The next step is to tell LightStream your personal information.

You should receive a response quickly if you apply during business hours. After an approval, you can e-sign your loan documents and set up funding. You can get money as soon as the same day if your application is approved and all required steps are completed before 2:30 p.m. EST on a business day.

Pros and cons of a LightStream personal loan

Pros:

Cons:

  • Low rates. LightStream has highly competitive rates to offer borrowers who qualify.
  • ‘Rate Beat’ and other guarantees. LightStream will beat other rates if you can prove that another lender will give you a more affordable loan. LightStreamalso takes pride in the ease of the application process — if you have complaints about it, you can reach out to LightStream and they’ll give you $100 for your trouble. Terms apply.
  • Large and small loans. You can borrow from $5,000 to $100,000.
  • Long loan terms. Loan terms are available from 24 to 144 months.
  • Credit requirements. While LightStream does not specify a minimum credit score for borrowers, it generally looks for people with “good” credit. This typically means a score of at least 670, potentially putting borrowers with lower scores out of the running.
  • There’s a hard pull. There’s no preapproval process to check rates with a soft pull, so you won’t be able to see if your credit is strong enough to qualify without taking the hard hit. Check out our personal loan comparison tool, which includes loans that don’t require a hard pull.

Who’s the best fit for a LightStream personal loan?

People with good credit tend to get the most competitive interest rates on loans, for good reason — in the eyes of lenders, they are less likely to default on a loan, thus making them a lower risk.

In this case, LightStream is clear that it focuses on rewarding borrowers who have good credit with loans that have no fees and low interest rates because they’ve demonstrated an ability to manage debt responsibly. The LightStream loan is one that you should consider putting at the top of your shopping list if you have good credit or better, because of its perks and price.

Besides the cost, another plus is that LightStream lets you borrow high amounts of cash for almost any reason, as long as it’s not for college tuition or a vehicle registered to a business. It also offers long loan terms that allow you to stretch out your payments. Keep in mind, however, that the lowest interest rates are available for loans of $5,000 to $100,000 with loan terms of 24 to 144 months. You can borrow a higher amount for a longer period, but it may cost you more money.

What stands out as a potential downside of this loan is that a hard pull on your credit is necessary to check rates. But don’t let a fear of hard inquiries prevent you from shopping around for your best deals. A hard pull will typically cost you 5 to 10 points on your credit score — a trade-off that might ultimately be worth it when you consider the savings you could gain from qualifying with a low-cost lender like LightStream. We have discussed the impact of credit inquiries in this post — the effect on your credit may be minimal considering the potential benefit.

If you meet the conditions of what’s considered good or excellent credit, you may find that a LightStream loan is one of the better personal loans that you may find for your situation online. Check out other personal loan options here to compare products. This roundup includes many loans that allow you to check rates with a soft pull.

LightStream consumer reviews

One of the best ways to assess an offer is to read about other customers’ experiences with the lender. The Better Business Bureau has given LightStream an A+ rating, and it’s also earned 4.1 out of 5 stars from reviewers on LendingTree, the parent company of MagnifyMoney.

Customers who reviewed LightStream on LendingTree — which owns MagnifyMoney — are, by and large, satisfied with the interest rates, fees and closing costs, customer service and responsiveness. Borrowers praise LightStream for having a “straightforward, simple, delightful loan process,” “great rates and fast response” and “lightning fast closing.” Many customers were also pleased that LightStream funded their loans the same day they were approved.

While there is far more praise than criticism of LightStream on LendingTree, some customers said they were denied for loans even though they had a high credit score and income and they were unable to connect with the company by phone. Overall, though, borrowers seem generally happy with their experience with LightStream.

LightStream FAQ

LightStream does not specify a minimum credit score for borrowers. Instead, the company looks for individuals with at least “good” credit, which typically means the borrower has several years of credit history, multiple types of accounts, a decent history of on-time payments, evidence of an ability to save and a “stable and sufficient income.”

While you can apply for a LightStream loan for educational expenses related to pre-K through grade 12, the company does not offer funding for college or post-secondary education. The company does not offer refinancing for student loans.

LightStream borrowers do not incur any fees from the company.

LightStream says customers will receive a response “shortly” after applying online, if done during business hours.

LightStream loans can be used for a wide variety of purposes, including dental bills, home improvements, adoption expenses, horses and jewelry. The company requires that you use the money from the loan for the purpose you indicated in your application. You are not allowed to use the loan to refinance an existing LightStream loan, pay for college tuition or post-secondary education, buy stocks and bonds or purchase a vehicle that will be registered under a business name.

LightStream does not offer pre-approvals for loans. Potential borrowers must fill out the online application to see if they’re approved.

LightStream uses its “easy, fast and virtually paperless loan process” as a selling point to potential borrowers. If you’re not happy with your experience, the company will offer you $100 for filling out a questionnaire within 30 days of receiving funding for your loan.

LightStream is considered SunTrust Bank’s online lending division. Borrowers do not have to be account holders at SunTrust Bank to qualify for a loan from LightStream.

Alternative personal loan options

SoFi

APR

5.99%
To
22.56%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 22.56% APR (with AutoPay). SoFi rate ranges are current as of January 11, 2021 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi is another lender that offers no-fee personal loans with competitive, fixed interest rates that you can use for a variety of reasons. You can borrow large amounts with SoFi — $5,000 to $100,000. Perks offered by SoFi include access to financial advisors and unemployment protection for borrowers. You can check rates with a soft pull.

Marcus by Goldman Sachs®

APR

6.99%
To
19.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Marcus by Goldman Sachs® is another personal loan that has absolutely no fees. You can borrow up to $40,000, get approval within five minutes and receive your funds in about one to four business days after verifying your bank account. Plus, checking rates doesn’t require a hard inquiry. Interest rates are typically higher for the longer term loans, and borrowers with excellent credit will get the lowest rates.

Upgrade

APR

6.94%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.90% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More


Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade is the only lender included in this review that charges an origination fee. This lender may be an option for people with less than stellar credit, as the credit score minimum is just 620. You can borrow up to $35,000 from Upgrade, and check your rate without a hard inquiry. Upgrade can send money to your bank account in as little as one business day after your personal information is verified.

Joni Sweet contributed to the reporting for this article.

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