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May 2024

New 20-Year Loan Terms Available

Last updated June 14th, 2024
Stephanie Day
By Stephanie Day
Reviewed by Corey Sayers

We’re happy to announce that one of our best lenders, LightStream, is bringing back 20-year loan terms. This loan option was previously available on our platform and we received overwhelmingly positive feedback on it. Now, we’ve been able to turn it back on after a brief hiatus. 

What does this mean for you?

  • Your customers can get lower payments when financing a larger purchase
  • This will help you sell more jobs and close more deals

About LightStream

LightStream is the online consumer lending division of Truist Bank – one of the nation’s leading financial services companies. LightStream offers innovative lending products that provide customers with highly competitive and fixed-rate financing. Customers can avail of an easy, fast, and virtually paperless loan process at the comfort of their own home.

Pros

  • Highly-competitive rates for qualified borrowers
  • No origination fee or prepayment penalty fees
  • Loan amounts can range from $5,000 to $100,000

Cons

  • LightStream prefers borrowers with a significant credit history
  • Smallest loan amount you can apply for is $5,000 which is a bit high compared to other lenders

Acorn Finance

Contractors get a financing platform with no dealer fees.

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Information on this site has been gathered from funding partner websites and publicly available sources. While we do our best to ensure this information is up to date and calculations are accurate, all information is presented without warranty. If you find information or calculations you believe to be in error, please contact us. Advertised rates and terms are subject to change without notice.

1 Rates as of 6/14/2024. Advertised rates and terms are subject to change without notice. Estimated interest rates, APRs, and other terms are not binding in any way. For illustrative purposes only, if you request $10,000, you could get a total loan of $10,000 with an 8.94% interest rate and $0 fees (note, if the lending partner charges an origination fee, it will increase the APR). You would receive $10,000 with 84 payments of $161. Your actual interest rate and APR will depend on factors like credit score, requested funding amount, and credit history. Only borrowers with excellent credit will qualify for the lowest rate. Offers represent lowest monthly payment for amount and term displayed. When evaluating offers, please review the funding partner’s terms and conditions for additional details. All loans and other financial products are subject to credit review and approval by our partners.

2 We work with some lenders that do not have a requirement for a credit check and use income and/or employment to make decisions on eligibility for their financial products. Underwriting criteria is established by our partners, not Acorn Finance. Most of our lenders will do a soft pull, which does not impact your credit score; however, our funding partners will conduct a hard credit pull when you express interest in an offer, and this could impact your credit score.

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