Personal Loans Review
Truist Personal Loans Review
Truist bank offers two personal loans that provide same-day financing
By Sarah Brady
Updated May 11 2022
Review by Thomas J. Catalano
The factual information was verified by Matthew M. Klammer
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The Rating of Investopedia is 3.5
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Established in 2019 after an amalgamation between BB&T Bank and SunTrust, Truist Bank offers several financial products, including two individual loans. Although one of the personal loans does not charge an origination fee The APRs for the other loans are higher than competitors. Those seeking an individual loan quickly might appreciate the fact that Truist can provide same-day cash. However, you’ll be able to find better rates elsewhere, so be sure to compare loan options prior to applying.
Pros & Cons
specifications
Pros
Available on the same day.
There is no origination charge for the primary personal loan offering
Credit relief is available for those who are facing financial difficulties
Cons
Poor customer service ratings
5% origination fee for its emergency personal loan offering
Lower APRs available through LightStream which is an online lending division of Truist
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points that are analyzed
112
Primary sources of data utilized
Investopedia collected important data points from a variety of lenders to identify the most crucial factors for the borrowers. We used this information to evaluate each lender’s charges access, repayment terms, accessibility and other characteristics to give impartial, complete reviews that will help that our customers make the right borrowing decision for their needs.
Check out our full Methodology
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Overall rating 3.5
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Table of Contents
Pros Explained
Cons & Cons Explained
Introduction
Company Overview
Types of Loans
Time to Funding
Features
Apply
Refinance
Customer Service
Satisfaction of the Customer
Account Management
Competition
Methodology
Pros Explained
Instant funding available Some lenders online can take up to a few days to pay funds after loan approval. However, Truist typically offers funds within one day, which is ideal if you want to pay for an unexpected expense in a hurry.
There is no origination charge for the primary personal loan option: A Truist’s personal loans comes with no fees for origination. Other online lenders may be charging up to six percent for loan origination, which could equal a charge of $600 for a loan of $10,000.
Loan relief is available to people who are in financial difficulty: Borrowers experiencing a qualified financial hardship could get their payments temporarily suspended. Be aware that interest charges will still accrue.
Pros and Cons Explained
Poor customer service ratings. Customer service has suffered due to the ongoing Truist merger. Clients of both banks that were involved in the merger, Suntrust and BB&T, have reported problems with activating their accounts and accessing their accounts.
5% origination fee for its cash-flow-based emergency loan option. In contrast to its personal loan with no origination fee the Truist emergency loan has an origination fee. Customers pay $5 for each $100 borrowed, which amounts to the equivalent of 5% in origination fees.
Lower APRs are available through LightStream which is an electronic lending subsidiary of Truist. LightStream’s rates start as low as 5.99 APR* for autopay, which is less than Truist’s highest rate.1
Introduction
Truist Bank was formed in 2019 following the merger of BB&T Bank and SunTrust. The merger is expected to be in process through 2022. At present, many of Truist’s products and services require separate access for customers that banked with BB&T or SunTrust.
Truist currently offers two Personal loan products. Its first loan lets you get up to $100,000 of credit and offers an APR of between 15.59 percent. Its other product, it’s Ready Now Loan, is an emergency loan available in increments of $100 that can reach $1,000. It also has an annual percentage rate (APR) of 16.94%.2
Not sure which loan is right for you? Truist has an online quiz that can help. Although this quiz could direct at Truist’s loan products, it might lead you to LightStream which was the former internet-based division within 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 between BB&T and SunTrust. The newly formed bank serves 15 million clients across seventeen U.S. States and D.C. which makes it the sixth-largest bank in U.S. There are currently more than 3500 ATMs and 2,500 branches all over the country.
Truist provides small business products such as mortgages as well as personal loans as well as vehicle loans as well as mortgage lines of credit, home equity, insurance, wealth management, and more.
While negotiating the final phases of its merger, Truist expects to maintain some separate products and services that are available to SunTrust and customers of BB&T until 2022.
Different types of Personal Loans offered by Truist
Truist provides the two most personal loan products, its primary personal loan and its Ready Now Loan. While the primary personal loan has a simple application process, those who apply to the Ready Now Loan must meet additional requirements to qualify. The Ready Now Loan loan option is secured by collateral nor permits joint applications.
Here’s a quick overview of the loan kinds:
Personal Loan
It can be used to pay off debt or pay for home improvement as well as weddings, vacations, and more.
Borrow between $3,500 – $100,000
No origination fee
Ready Now for Loan
It can be used to pay 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 cost
For those who require an emergency loan Many credit unions provide low-cost, Payday Alternative Loans (PALs) with amounts ranging from $200 to $1,000. The borrowers who qualify can get the maximum amount of three PALs in a six-month period.
Time to Receive Funds
The funds are available for the personal loan as well as the Ready Now Loan can be available in as little as one day. Although some lenders offer next-day or same-day funding however, most disburse funds in three to five days. Truist’s time to funding is quick compared with the other competitors.
The Truist Personal Loan features
Borrowing for Emergencies
Truist’s Ready Now Loan works like the equivalent of an emergency loan. This loan will allow borrowers who are eligible to gain cash quick for costs like medical bills or car repairs. The borrower is limited to one loan at one time, with a maximum of $1,000, and must wait 30 days following loan payment to be eligible for another Ready Now loan. Applicants must have an existing Truist checking account open for at least six months prior to applying.
Checking Account Requirements
You don’t require a check account on Truist in order to apply for its principal personal loan. To be eligible for the ready Now loan, applicants require a Truist checking account open for at minimum six months. Former clients of BB&T and SunTrust clients interested in this Ready Now Loan will need to switch their existing checking account to a Truist checking account prior to applying.
Payment Relief Program
Truist can assist those who are facing a hardship that is qualified. Truist’s Personal loan payment relief allows eligible customers to suspend their payments temporarily in the event of a temporary reduction in income, an unexpected expense or natural catastrophe. Note that interest will still accrue while payments are suspended.
When your loan is placed into forbearance or the payments are not made the loan will still earn interest and the total cost of repaying it could be greater. Forbearance might also show on your credit reports.
Request a Truist Loan
The borrower are able to apply for the Truist personal loan via the internet, over the telephone, as well as in person. You must possess the identity of U.S. citizen or permanent resident, and possess an active Social Security number in order to be eligible.
Here are the steps to be prepared for:
Starting: Visit Truist’s Personal Loans website Click the «Apply today» button. Fill in your address, residency and the status of your citizenship.
Personal information: After that, you’ll be asked to input your personal information, such as contact information, Social Security number, and your gross annual earnings.
Information about your loan: Once you’ve read Truist’s E-Sign Disclosure and Consent Agreement you’ll be able look over your loan details and then complete the last steps of your application.
In the event that your loan application is accepted, Truist will email you a link to e-sign the loan documents. The link could be delivered in as little as two hours. If you’re approved outside of business hours, you might not receive the email until the next day.
Can You Refinance a Personal Loan With Truist?
Truist does not offer personal loan refinancing as of now.
Customer Service
Truist customers can reach support between 8 a.m. and 8 p.m. ET, Monday through Friday, and from 8-5 on Saturdays, with the exception of bank holidays. This number can be reached at 844-4TRUIST (844-487-8478).
Assistance is available through the phone, 24 hours a day.
Customer Satisfaction
Truist’s current Truist merger has had a negative impact on the customer experience. The ratings for customer service at this lender are poor, with complaints about problems creating new accounts, getting access to accounts that are already open and resolving issues with fraud. Customers also complain about lengthy wait times when trying to get phone assistance.
Those who banked with either the BB&T bank or Suntrust before the merge may need to be prepared for future problems. There are separate products and services for customers of both banks, and your prior-merger bank will determine how and where you can access the following services:
Customer service and fraud report
Participation in certain services, such as text alerts
Applications for loan for payment relief
Account Management
Customers of Truist can access the accounts of their customers in several ways. Customers can make payments and setup autopay online, or through the Truist mobile app. You can also access accounts and make payments via phone, in person or by post. Live chat is not currently available, though automated assistance is available 24 hours a day.
How Truist Compares to Other Personal Loan Companies
Truist’s personal loan products are not as extensive. It redirects many of its customers into LightStream for personal loans and suggests looking into additional personal loan products or credit cards to provide an alternative to its Ready Now Loan.
If you’re in search of a loan under $1,000, credit unions such as Navy Federal or Alliant may be worth considering. Alternatively, an online marketplace such as Credible can help you evaluate lenders and help you find loans as small as $600.
For a larger personal loan There is no shortage of options, even if you limit you search options to credit unions. Alliant Credit Union is just one of the options that offer loans with a relatively low rate of interest as high as $50,000.
Alliant Credit Union vs. Truist
The two lenders Truist both Truist and Alliant Credit Union offer loans online, without fees for prepayment and the ability to pay within a single day. Let’s see how these two lenders are compared:
Alliant is recognized as an outstanding credit union
Alliant loans are offered in a greater amount of dollars, with significantly lower APRs than Truist.
There is no requirement to be an Alliant member to be eligible for the Alliant personal loan However, you must have an existing checking account that is open for at least for six months in order to apply for Truist’s Ready Now Loan.
Truist Personal Loan Alliant Personal Loan
APR range4.99% to 15.59% as low as 6.24 percent (.40 APR discount of.40% for autopay)
The loan amount is $3500. $100,000 $1,000 to $50,000
The loan terms can be as long as 60 months 12, 24 48, or 60
Average Origination Fee $0 $0
Same Day Funding is Available? YesYes
Payment Protection YesAbsolutely (for the cost of)
Both Truist and Alliant provide information about the requirements for credit for their personal loans. If you’re concerned you may not qualify due to your credit, check out our picks for the top loans for borrowers with bad credit.
Final Verdict
Truist intends to roll out more modifications to its lending offerings, but its current offerings aren’t that great and competitors may offer more favorable rates. Plus, the continuing merger means that customers will be expecting more problems in 2022.
In the case of personal loans it is possible to consider different lenders or go through LightStream Truist’s division online. If you choose to go through LightStream or another lender online, as well as a credit union likely to get higher rates and more alternatives.
Methodology
Investopedia is committed to providing its users with objective complete evaluations of private loan lenders. To evaluate lenders we have gathered over 25 data points from more than 50 lenders including interest rates, fees, loan amounts, and the terms of repayment to ensure that our reviews help users make an informed decision about their needs with regard to borrowing.
Our full individual loans methodology, including the data collection process as well as weighted data points are accessible to review.
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