Renovation Time? Longer Repayment Timeline Announced

ATLANTA, Feb. 15, 2018 /PRNewswire/ -- LightStream, the online lending division of SunTrust Bank (NYSE: STI), 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." 

For additional information on LightStream home improvement financing, visit LightStream.com/home-improvement-loan.

About LightStream, a division of SunTrust Bank  LightStream is a national online lending division of SunTrust Bank, providing loans for practically any purpose. LightStream's proprietary technology provides consumers with a virtually paperless loan application, underwriting, funding and servicing experience.  Financing is available in all fifty states; people need not have a SunTrust account in order to apply.  Click here for important disclosures, including a payment example and information on same day funding, LightStream's Rate Beat Program and $100 Loan Experience Guarantee.

About SunTrust Banks, Inc.

SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.

SunTrust Bank is an Equal Housing Lender. © 2018 SunTrust Banks, Inc. All rights reserved. SunTrust and LightStream are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank, member FDIC. 

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SOURCE SunTrust Banks, Inc.