SunTrust LightStream Longer Repayment Timeline Announced

LightStream, the online lending division of SunTrust Bank, has extended its home improvement financing terms from a maximum of 84 months to 144 months. The longer terms are available to excellent-credit customers seeking $25,000 - $100,000 for home renovations.  As always with LightStream, customers can repay loans early with no penalty, and there are no application or closing fees.

"Customers can now opt to repay their loan over a longer duration, allowing more options in their home project's financial planning," said Ellen Koebler, SunTrust head of consumer solutions.  "This makes it easier to manage a budget with a lower monthly payment if needed."
With the new tax laws, the decision on whether to fund home improvements with a home equity loan, home equity line of credit or a fixed-rate, unsecured loan merits additional consideration.
"SunTrust provides choices for homeowners looking to renovate," said Koebler. "Our home equity lines of credit allow people to tap into accrued home values. LightStream's unsecured home improvement financing is an alternative for those who don't have sufficient home equity, or don't want to leverage it for their renovation, or who may value having funds more immediately. These are all solutions SunTrust offers to help people gain financial confidence and empower them to undertake their home improvement projects." 
"Many fintech lenders have only recently started offering home improvement loans," said Todd Nelson, LightStream business development officer. "LightStream has been fine tuning our product and process for nearly five years.

"The combination of our higher loan amounts, competitive fixed rates and the ability to fund same day can't be matched. And now with 12-year terms, we've answered many clients' desire to finance loans over a longer timeline. Funds from LightStream can be used for any expense related to a home improvement – designers, contractors, products, finishes, furnishings, anything. Plus, with our Rate Beat Program and Loan Experience Guarantee, people can feel assured they're getting a great rate and exceptional customer service."

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