LightStream

LightStream is an American online lender that is a division of Truist Bank.[1] Truist was formed in December 2019, as the result of a “merger of equals” between SunTrust Bank (of which LightStream was a division) and BB&T[2]

LightStream
TypePublic
IndustryFinancial Technology
Founded2012
HeadquartersSan Diego, CA
Area served
United States
ProductsPersonal Loans
Number of employees
266
ParentTruist
Websitehttps://lightstream.com

Debuting in March, 2013 LightStream (lightstream.com) is a financial services technology company that provides unsecured, personal loans through a digital process. It delivers a comprehensive online experience from loan application to account servicing and management.

LightStream is a financial resource for people with good credit offering loans up to $100,000 for practically any purpose. Funds are deposited directly into customer bank accounts, as soon as the day they apply, when all considerations are met. LightStream’s excellence in customer experience was recognized by the J.D. Power 2020 U.S. Consumer Lending Satisfaction Award for Customer Satisfaction.[3]

Predecessor Companies Histories

PeopleFirst Finance LLC

PeopleFirst was established in 1995, by founders Gary Miller and Dave G. Zeller, who had backgrounds in the auto finance and banking industries.  They innovated proprietary technology to create a secure and efficient online environment where consumers could go for a competitive vehicle loan.  Based in San Diego, California, the company began offering direct-to-consumer auto loans through the internet in 1997. People applied online and when approved, received a Blank Check® by mail as soon as the next day, which empowered them to purchase any vehicle for their loan amount or less from any U.S. dealership. By 2003, PeopleFirst had grown to be the nation’s largest online vehicle lender.[4]

Capital One

Capital One purchased PeopleFirst in 2001.[5] In 2003, the PeopleFirst brand name was changed to Capital One Auto Finance.[6]

FirstAgain

FirstAgain was started by the founders of PeopleFirst along with W.R. (Randy) Ellspermann. Launching in 2005. FirstAgain expanded the availability of online financing to include purposes beyond vehicle loans, so that consumers with excellent credit could receive unsecured loans for practically any purpose. This innovation has since been the model for others in the fintech industry.[7]

SunTrust Bank

SunTrust Bank purchased FirstAgain in 2012.[8] It was rebranded and launched as LightStream in 2013.[9]

References
  1. SEC. "Bb&t Corp 2019 Current Report 8-K". SEC.report. Retrieved 2021-05-27.
  2. "BB&T and SunTrust receive regulatory approvals for merger of equals to form Truist". Truist Newsroom. Retrieved 2021-05-27.
  3. "2020 U.S. Consumer Lending Satisfaction Study". J.D. Power. Retrieved 2021-05-27.
  4. "PeopleFirst Changes Brand to Capital One Auto Finance". www.theautochannel.com. Retrieved 2021-05-27.
  5. "FORM 10-K". www.sec.gov. Retrieved 2021-05-27.
  6. "PeopleFirst Changes Brand to Capital One Auto Finance". www.theautochannel.com. Retrieved 2021-05-27.
  7. "FirstAgain Reports Rapid Rise of Online Unsecured Personal Loans as the Alternative to Ever-Shrinking Bank Lending Options". PRWeb. Retrieved 2021-05-27.
  8. "SunTrust Acquires Online Lender FirstAgain". American Banker. 2012-01-23. Retrieved 2021-05-27.
  9. "Podcast 73: Todd Nelson of Lightstream". Lend Academy. 2016-09-02. Retrieved 2021-05-27.
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