A Home Equity Line of Credit (HELOC) allows you to borrow against the existing equity in your home—the difference between the home’s value and what you currently owe on your mortgage.

A HELOC uses your home as collateral. It’s an open line of credit you can borrow from when you need it, and replenishes as you repay it, with both fixed and variable rate options. If it’s used for home improvements, the interest you pay may be tax-deductible.^{footnoteDisclosure 6} You may be required to have a certain amount of equity in your home to qualify. As part of the application process, you may need a home appraisal. If the loan isn’t repaid as agreed, you could lose your home.

With a LightStream unsecured home improvement loan, there are no equity requirements, no home appraisal, and the loan is not secured by your home. The loan also has a fixed interest rate. We only approve good-to-excellent credit profiles, and during our approval process we examine factors including your credit score, credit history, assets, debt-to-income ratio, and payment history. Our process may be faster than a HELOC, and you can choose when you want to receive your funds.

Your repayment period depends on your loan terms.

You can borrow between $5,000 and $100,000 for an unsecured home improvement loan.

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, opens in new tab) 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. You’ll receive a confirmation email with your application ID. Please remember to check your junk or spam folder. Call us at 844-487-8478, opens in new tab if you don’t get an email within 24 hours.

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.

You can use your loan for anything from major home renovations to create your dream home, to unplanned home repairs, such as replacing a water heater or HVAC. There are no home equity requirements, no home appraisal, and no collateral needed. In addition, we offer a fixed interest rate that won’t change over time.