Personal Loans Reviews
Truist Personal Loans Review
Truist Bank offers two personal loans that provide same-day financing
By Sarah Brady
Updated May 11 2022
Written by Thomas J. Catalano
Truth checked by Matthew M Klammer
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Investopedia’s Rating 3.5
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It was established in 2019 following the merger of the BB&T Bank as well as SunTrust, Truist Bank offers several financial products which include two individual loans. Although one of the personal loans has no origination fee, its APRs are relatively excessive compared to other lenders. Those seeking a personal loan quickly might appreciate the fact that Truist provides same-day financing. However, you’ll likely get better rates elsewhere, therefore, make sure you compare loan options before you apply.
Pros & Cons
Specifications
Pros
Same-day funding available
No origination fee for its primary personal loan offering
Payment relief available for those who are facing financial difficulties
Cons
Poor customer service ratings
A fee of 5% for origination for its emergency personal loan offering
Lower APRs are offered through LightStream the Online lending department of Truist
Why should you trust us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia identified crucial data points from various lenders to determine the most significant factors that affect the borrowers. We then used the data to review each lender for charges access, repayment terms, accessibility and other characteristics to provide unbiased, comprehensive reviews to ensure your readers take the correct loan decision for their specific needs.
Read our Full Methodology
truist bank logo
overall rating 3.5
Check Rates
Table of Contents
Pros Explained
Cons Explained
Introduction
Company Overview
Different types of loans
Time to Funding
Features
Apply
Refinance
Customer Service
Customer Satisfaction
Account Management
Competition
Methodology
Pros Explained
Same-day funding available: Some online lenders can require a few days to pay funds after loan approval. However, Truist generally offers funding within a day, which is ideal if you want to pay for an unexpected expense in a hurry.
No origination fee for the primary personal loan option: The Truist personal loans is free of fees for origination. Other online lenders may charge as high as 6percent for loan origination, which could amount to a $600 fee when you borrow $10,000.
Payment relief available for people who are in financial difficulty: Borrowers experiencing a qualified financial hardship could get their payments suspended temporarily. Keep in mind that interest costs continue to accrue.
Pros and Cons Explained
Poor customer service ratings. Customer service has suffered as a result of Truist’s ongoing merger. Clients of both banks that were involved in the merger–BB&T and Suntrust–report difficulties activating and accessing accounts.
The origination fee is 5% for the emergency personal loan option. Contrary to the personal loan that has no origination cost, Truist’s emergency loan is accompanied by an origination cost. Customers are charged $5 per each $100 borrowed, which amounts to a 5% origination fee.
Lower APRs are available through LightStream the online lending division of Truist. LightStream’s rates start at 5.99 APR*, with autopay, which is lower than Truist’s highest rate.1
Introduction
Truist Bank was formed in 2019 following a merger between BB&T Bank and SunTrust. The merger is expected to be in process through 2022. As of now, a lot of Truist’s offerings and services require separate access for customers who banked with BB&T or SunTrust.
Truist currently has the two most popular Personal loan products. Its primary product lets you take out up to $100,000 in loans and has an APR ranging up to 15.59%. The other product it offers, it’s Ready Now Loan, is an emergency loan offered in $100 increments up to $1,000. It also has an interest rate of 16.94%.2
Aren’t sure what loan is the best for you? Truist has an online quiz which can be helpful. While this quiz can direct users to the Truist’s loan products, it might be directing you to LightStream, previously an online division of SunTrust. Truist is also claiming that additional loans as well as terms will be offered through LightStream.
Company Overview
Truist Bank, headquartered in Charlotte, North Carolina, is the result of a merger in 2019 of BB&T with SunTrust. The newly formed bank serves 15 million clients across seventeen U.S. states as well as D.C., making it the sixth largest bank in the U.S. There are currently more than 3500 ATMs and 2,500 branches across the country.
Truist provides small business products including mortgages and personal loans, automobile loans, home equity lines of credit, financial management, insurance, and much more.
While negotiating the final phases of the merger Truist expects to maintain some separate services and products for SunTrust and BB&T customers until 2022.
Different types of Personal Loans offered by Truist
Truist provides the two most personal loan products: its main personal loan and the ready Now loan. While the main personal loan is easy to apply for process, those who apply to the Ready Now Loan must meet additional requirements in order to be eligible. Both loan option is secured by collateral nor permits joint applications.
Here’s a quick overview of the loan types:
Personal Credit
It can be used to consolidate debt or pay for home improvement as well as weddings, vacations, and more.
The range of borrowing is between $3500 and $100,000.
No origination fee
Ready Now for Loan
This can be used for repair work on your vehicle, utility bills repair of plumbing or appliances, and more.
Borrow between $100 – $1,000
Does the origination fee include a fee?
Florida residents pay an additional state document stamp cost
For borrowers who need an emergency loan There are many credit unions that provide low-cost, payday alternative loans (PALs) with amounts that range from $200 to $1,000. Eligible borrowers can take out a maximum of three PALs over a six-month period.
When you can receive funds
The funds are available for the personal loan as well as the Ready Now Loan can be made available within one day. While some lenders do offer same-day or next-day funding however, most disburse funds in three to five business days. Truist’s process for funding is quick compared with other lenders.
Trueist features for a Personal Loan
The borrowing of funds for emergencies
Truist’s Ready Now Loan works as an emergency loan. The loan is a way for borrowers to get cash quickly for sudden expenses like medical or vehicle repairs. A borrower can only take out one loan at one time, with $1000, and have to wait for 30 days following loan payoff to apply for another Ready Now Loan. All applicants must have a Truist checking account in good standing for six months or longer prior to applying.
Checking Account Requirements
You don’t need an existing check account on Truist in order to apply for its primary personal loan. However, to qualify for its Ready Now Loan applicants require a Truist checking account in existence for at least six months. Former BB&T and SunTrust customers who are interested in the Ready Now Loan will need to transfer their current checking account into a Truist checking account prior to applying.
Payment Relief Program
Truist offers assistance to customers who face a qualifying hardship. Its private loan payment relief program permits eligible customers to suspend their payments temporarily if they’re experiencing a temporary reduction in income, unexpected expenses, or a natural disaster. Be aware that interest will accrue even when payments aren’t suspended.
When your loan is put under forbearance or the payments are not made If you are in forbearance, or your payments are suspended, your loan could still be subject to interest, and the cost to repay it may be greater. Forbearances can also show up on your credit report.
Apply for a Truist Loan
Borrowers are able to apply for a Truist personal loan on the internet, via phone and in-person. You must be a U.S. citizen or permanent resident, and possess a valid Social Security number in order to be eligible.
Here are the steps to be prepared for:
To get started, visit Truist’s Personal Loans website and click”Apply now “Apply immediately” button. Input your residency and your citizenship status.
Personal information: You’ll then be asked to input your personal details, which include contact information, Social Security number, and your gross annual income.
Loan information: After reading Truist’s E-Sign Disclosure and Consent Agreement you’ll be able view your loan information and complete the last steps of your application.
If the loan application is approved, Truist will email you an electronic signature link for your loan documents. The link may be sent to you within two hours. However, if you’re approved during non-business hours, you might not receive the email until the next day.
Can You Refinance a Personal Loan Through Truist?
Truist does not offer personal loan refinancing at this time.
Customer Service
Truist customers can contact support at 8 a.m. between 8 and 8 p.m. ET on Monday through Friday, and from 8-5 on Saturdays, excluding bank holidays. The number is 844-4TRUIST (844-487-8478).
Assistance is available by phone 24 hours a day.
Customer Satisfaction
The ongoing Truist merger has had a negative effect on the customer experience. The customer service ratings of this lender are not great and customers have complained about issues creating new accounts, getting access to existing accounts, and resolving fraud issues. Customers also complain about delays in trying to reach assistance.
Those who banked with either the BB&T bank or Suntrust prior to the merger could be able to anticipate ongoing challenges. There are separate products and services available to clients of each bank and your prior-merger bank will determine where and how you access each of the following services:
Customer service and fraud report
Enrolling in certain services like text alerts
Applications for loan repayment relief
Account Management
Truist customers can access the accounts of their customers through a variety of ways. Customers can pay their bills and create autopay online or via the mobile application. It is also possible to access accounts and make payments over the telephone, in person, or by mail. Live chat is not yet accessible, but automated support is available 24/7.
What does Truist have in common with other Personal Loan Companies
Truist’s personal loan offerings are limited. Truist redirects a lot of borrowers to LightStream for personal loans and suggests looking into additional personal loan products or credit cards as an alternative to the Ready Now Loan.
If you’re seeking a loan under $1000, credit unions like Navy Federal or Alliant may be worth a look. Additionally, an online marketplace like Credible will allow you to evaluate lenders and help you find loans starting as low as $600.
If you’re looking for a more substantial personal loan there’s no shortage of options, even if you limit your search to credit unions. Alliant Credit Union is just one alternative that offers loans with relatively low APRs as high as $50,000.
Alliant Credit Union vs. Truist
Each of Truist and Alliant Credit Union offer loans online, and they don’t charge fees for prepayment and the ability to pay within a single day. Let’s see how these two lenders are compared:
Alliant is regarded as a credit union that is outstanding
Alliant loans are offered in a greater amount of dollars, with considerably lower APRs than Truist.
It is not necessary to be an Alliant member to apply for the personal loan however, you must have a checking account in good standing for at least six months prior to the time you apply for the Truist Ready Now Loan.
Truist Personal LoanAlliant Personal Loan
APR range4.99% to 15.59 APR as low as 6.24% (.40 APR discount of.40% for autopay)
Loan Amounts $3,500 – $100,000 $1,000 to $50,000
Amount of LoanUp to 60 months 12, 24 48 or 60 months
Average Origination Fee $0 $0
The Same Day Funding Option is Available? Yes Yes
Payment Protection YesAbsolutely (for an amount)
Both Truist and Alliant provide information about the requirements for credit to their private loans. If you’re concerned that you may not be able to get a loan because of your credit score, check out our picks for the best loans for borrowers with bad credit.
Final Verdict
Truist has plans to introduce more changes to its lending products however, its current offerings aren’t as extensive and rivals may provide better rates. The ongoing merger means that customers will be expecting more problems in 2022.
When it comes to personal loans You may want to think about other lenders or apply through LightStream, the Truist’s web-based division. Whether you go through LightStream or another lender online as well as a credit union likely to find better rates and more options.
Methodology
Investopedia is committed to providing customers with impartial complete review of the best personal loan lenders. To rate providers, we collected over 25 data points across over 50 lending institutions, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews aid consumers in making an informed decision about their needs with regard to borrowing.
Our full individual loans methodology, which includes our data collection procedure and weighted data points, are available for review.
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