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Truist Personal Loans Review

Truist Bank provides two personal loans that provide same-day financing

By Sarah Brady

Updated May 11, 2022

Reviewed by Thomas J. Catalano

Truth checked by Matthew M Klammer

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Investopedia’s Rating 3.5

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Established in 2019 after an amalgamation between the BB&T Bank as well as SunTrust, Truist Bank offers various financial services, including two individual loans. Although one of the personal loans does not charge an origination fee, its APRs are relatively excessive compared to other lenders. Those seeking a personal loan quickly might appreciate the fact the fact that Truist provides same-day financing. However, you’ll be able to find better rates elsewhere, so be sure to compare loan options prior to applying.

Pros & Cons



Same-day funding available

No origination fees for its principal personal loan offering

Payment relief available for people who are in financial difficulty


Poor customer service ratings

A fee of 5% for origination to its personal emergency loan offering

Lower APRs are offered through LightStream, an Online lending department of Truist

Why Should You Trust Us?


Lenders reviewed


Loan features considered


Data points are studied


Primary data sources employed

Investopedia has gathered important data points from a variety of lenders to pinpoint the most crucial factors for the borrowers. We used this data to review each lender for fees, accessibility, repayment terms as well as other aspects to give impartial, complete reviews that help your readers take the right choice for their borrowing needs.

Check out our full Methodology

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overall rating 3.5

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Table of Contents

Pros Explained

Cons Explained


Company Overview

Types of Loans

Time to Funding




Customer Service

Customer Satisfaction

Account Management



Pros Explained

Fast funding available on the same day Some lenders online can take a few business days to pay funds after loan approval. However, Truist generally provides funding within one day, which is helpful if you need to cover an unexpected cost quickly.

There is no origination charge for its primary personal loan option The Truist personal loans comes with no origination fee. Other lenders online may be charging up to 6percent for loan origination. This would be equivalent to a fee of $600 if you borrowed $10,000.

The program offers relief for those who are facing financial difficulties If you are a borrower who is suffering from a qualifying financial crisis could have their payments suspended temporarily. Be aware that interest charges will still accrue.

Pros and Cons Explained

Poor customer service ratings. Service has suffered because of Truist’s merger in progress. Clients of both banks involved in the merger–BB&T and Suntrust –report issues with accessing and activating accounts.

The origination fee is 5% for its cash-flow-based emergency loan option. Unlike its personal loan without origination fees the Truist emergency loan has an origination fee. Customers pay $5 for each $100 borrowed that’s equivalent to a 5% origination fee.

Lower APRs available through LightStream the Online lending unit of Truist. LightStream’s rates begin as low as 5.99 APR* for autopay, which is less than Truist’s top rate.1


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. At present, many of Truist’s services and products need separate accounts for clients who have banked with BB&T or SunTrust.

Truist currently offers two individual loan products. Its first loan lets you take out up to $100,000 in loans and offers an APR of up to 15.59%. Its second product, called the Ready Now Loan, is an emergency loan offered in $100 increments up to $1,000. It also has an APR of 16.94%.2

Not sure which loan is the best for you? Truist offers an online quiz that can help. Although this quiz could direct at Truist’s loan products, it could also direct you to LightStream which was previously an internet-based division within SunTrust. Truist is also claiming that additional loans and terms are offered through LightStream.

Company Overview

Truist Bank, headquartered in Charlotte, North Carolina, is the result of a 2019 merger between BB&T and SunTrust. The newly formed bank serves 15 million customers across seventeen U.S. states as well as D.C., making it the sixth-largest bank in U.S. It currently has over 2,500 branches and 3,500 ATMs across the country.

Truist offers small business products including mortgages as well as personal loans, vehicle loans, home equity lines of credit, assurance, wealth administration and more.

While negotiating the final phases of the merger Truist plans to keep some separate services and products to SunTrust and BB&T customers up to 2022.

Types of Personal Loans Offered by Truist

Truist provides two personal loan products: its main personal loan and its ready Now loan. While the personal loan has a simple application process, applicants for the Ready Now Loan must meet additional requirements in order to be eligible. The Ready Now Loan loan option is secured by collateral nor allows joint applications.

Here’s a brief overview of the loan types:

Personal Loan

It can be used to consolidate debt and pay for home renovations as well as weddings, vacations, and many more.

The range of borrowing is between $3500 and $100,000.

No origination fee

Ready Now Loan

Can be used for car repairs as well as utility bills repair of plumbing or appliances, and more.

Borrow between $100 – $1,000

Does the origination fee include a fee?

Florida residents have to pay an additional state doc stamp fee

For those who require an emergency loan, many credit unions offer low-cost Payday Alternative Loans (PALs) in amounts ranging from $200 to $1,000. Credit union members who are eligible can apply for a maximum of three PALs over a six-month period.

Time to Receive Funds

The funds to both Personal Loan and the Ready Now Loan can be accessible in just one day. Although some lenders offer next-day or same-day funding, many disburse funds in three to five business days. Truist’s funding time is quick compared with the other competitors.

Trueist features for a Personal Loan

The borrowing of funds for emergencies

Truist’s Ready Now Loan functions as an emergency loan. This loan can help eligible borrowers get cash quickly for sudden expenses such as medical or vehicle repairs. A borrower can only take out one loan at one time, with $1000, and must wait 30 days after loan completion to apply for another Ready Now Loan. The applicant must have an existing Truist checking account that has been open for at least six months before applying.

Checking Account Requirements

There is no requirement for an existing check account on Truist to be able to get its primary personal loan. To be eligible for the ready Now loan, applicants need to have an existing Truist checking account open for at least six months. Former clients of BB&T and SunTrust customers who are interested in this Ready Now Loan will need to switch their existing checking account to a checking account prior to applying.

Payment Relief Program

Truist can assist those who are facing a hardship that is qualified. Its private loan payment relief allows eligible customers to suspend their payments temporarily when they’re experiencing an unexpected decrease in income, unexpected expenses, or a natural disaster. Note that interest will still accrue while payments are suspended.

If your loan is placed into forbearance or the payment is suspended the loan could still be subject to interest and the cost to repay it may be greater. A forbearance may also appear on your credit report.

Apply for a Truist Loan

Customers can apply for the Truist personal loan online, by phone or in person. You’ll need to be a U.S. citizen or permanent resident, and possess a valid Social Security number in order to apply.

Here are the application steps to be prepared for:

Getting started: Visit Truist’s Personal Loans website Click the “Apply immediately” button. Fill in your address, residency and citizenship status.

Personal information: You’ll then be asked to input your personal information, including the contact information, Social Security number, and your gross annual earnings.

Loan information: After reading Truist’s E-Sign Disclosure and Consent Agreement you’ll be able look over your loan information and finish the final steps of your application.

When the loan application is accepted, Truist will email you the link to sign on your loan documents. The link may be sent to you in as little as two hours. If you’re approved in non-business hours, you may not receive the email until the next day.

Can you refinance a personal loan with Truist?

Truist is not offering personal loan refinancing as of now.

Customer Service

Truist customers can reach support between 8 a.m. and 8 p.m. ET from Monday to Friday, and 8-5 on saturdays, excluding bank holidays. The number is 844-4TRUIST (844-487-8478).

Helpline assistance can be reached by phone 24 hours a day.

Customer Satisfaction

The continuing Truist merger has had a negative effect on the experience of customers. The ratings for customer service at this lender are not great, with complaints about problems activating new accounts, getting access to accounts that are already open, and resolving fraud issues. Customers also report long hold times when trying to obtain phone assistance.

Customers who had accounts with both BB&T and Suntrust prior to the merger may be able to anticipate ongoing issues. There are separate products and services available to clients of each bank and the pre-merger institution will determine where and how you access each of the following services:

Customer service and reporting of fraud

Participation in certain services, such as text alerts

Requests for loan payment relief

Account Management

Truist customers can access the accounts of their customers in several ways. Customers can make payments and set up autopay online or through the Truist mobile app. Accounts can be accessed and make payments via telephone, in person, or by post. Live chat is not currently accessible, however automated assistance is accessible 24 hours a day.

What does Truist have in common with other Personal Loan Companies

Truist’s personal loan options are limited. The bank redirects many borrowers towards LightStream to get personal loans and suggests shopping for additional personal loan products or credit cards to provide an alternative to its Ready Now Loan.

If you’re in search of an loan that is less than $1,000, credit unions like Navy Federal or Alliant may be worth considering. Additionally, an online marketplace like Credible will allow you to evaluate lenders and help you find loans that are as low as $600.

If you are looking for a bigger personal loan there’s no shortage of options, even if you restrict the search only to credit unions. Alliant Credit Union is just one option that provides loans with a relatively low rate of interest that can go up to $50,000.

Alliant Credit Union vs. Truist

Both Truist and Alliant Credit Union offer loans online, with no charges for early payments and loans available in as little as one day. The two lenders are compared:

Alliant is regarded as an outstanding credit union

Alliant loans are offered in a greater variety of dollar amounts with significantly lower APRs than Truist.

You don’t need to be an Alliant member to be eligible for the Alliant personal loan However, you must have an existing checking account open 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% as low as 6.24% (.40 APR discount for autopay)

Loan Amounts $3,500 – $100,000 $1,000-$50,000

Amount of LoanUp to 60 months12, 24, 48 or 60 months

Average Origination Fee$0$0

Same Day Funding is Available? YesYes

Payment Protection YesYes (for a fee)

Both Truist and Alliant discloses credit requirements for their personal loans. If you’re concerned that you may not be able to get a loan because of your credit score, take a look at our recommendations for the best loans for those with poor credit.

Final Verdict

Truist intends to introduce more modifications to its lending offerings However, the current offerings aren’t that great and its competitors could offer higher rates. The ongoing merger could mean that customers be expecting more problems in 2022.

When it comes to personal loans You may want to think about different lenders or go through LightStream the Truist’s web-based division. If you choose to go through LightStream or another online lender, or a credit union, you’re sure to get better rates and more alternatives.


Investopedia is committed to providing its users with objective and comprehensive reviews of personal loan lenders. To rate providers we gathered more than 25 data points across fifty lenders, including fees, interest rates, loan amounts, and repayment terms to ensure our reviews aid consumers in making an informed decision about their needs with regard to borrowing.

Our complete private loans methodology, including our data collection procedure and weighted data points are accessible for review.

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