Personal Loans Reviews
Truist Personal Loans Review
Truist bank offers two personal loans with same-day financing available
By Sarah Brady
Updated May 11 2022
Review 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 various financial services that include two personal loans. Although one of the personal loans comes with no origination fees The APRs for the other loans are excessive compared to other lenders. People who require a personal loan quickly might appreciate the fact that Truist can provide same-day cash. However, you’ll likely find better rates elsewhere, so be sure to compare loan options prior to applying.
Pros & Cons
specifications
Pros
Financing available on the same day
There is no origination charge for its primary personal loan offering
The payment relief program is available to borrowers facing financial hardship
Cons
Poor customer service ratings
A 5% origination charge on its urgent personal loan offering
Lower APRs are available through LightStream the Online lending department of Truist
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary sources of data employed
Investopedia has gathered crucial data points from various lenders to identify the most crucial factors for the borrowers. We used this data to analyze each lender’s charges and accessibility, repayment terms and other characteristics to give impartial, complete reviews that will help your readers take the right borrowing decision for their needs.
Read our Full Methodology
truist bank logo
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
Customer Satisfaction
Account Management
Competition
Methodology
Pros Explained
Same-day funding available: Some online lenders can require a few days to transfer funds after loan approval. However, Truist generally offers funding in just one day. This can be beneficial if you need to cover an unexpected cost fast.
No origination fee for its main personal loan option A Truist’s personal loans is free of fees for origination. Other online lenders may be charging up to six percent for loan origination. This would amount to a $600 fee for a loan of $10,000.
Loan relief is available to borrowers facing financial hardship: Borrowers experiencing a qualified financial crisis could have their payments temporarily suspended. Keep in mind that interest costs are still due.
Pros and Cons Explained
Poor customer service ratings. The customer service has been hampered due to Truist’s ongoing merger. Clients of both banks that were involved in the merger, Suntrust and BB&T, have reported issues with accessing and activating accounts.
A 5% fee for origination is included in the emergency personal loan option. In contrast to its personal loan that has no origination cost, Truist’s emergency loan has an origination fee. Customers pay $5 for every $100 they borrow that’s equivalent to an origination fee of 5.
Lower APRs are available through LightStream which is an electronic lending subsidiary of Truist. LightStream’s rates begin as low as 5.99% APR* with autopay, which is less than Truist’s top rate.1
Introduction
Truist Bank was formed in 2019 after a merger between the BB&T Bank and SunTrust. The merger is expected to take place until 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 two personal loan products. Its first loan lets you get up to $100,000 of credit and has an APR ranging up to 15.59%. The other product it offers, the Ready Now Loan, is an emergency loan offered in $100 increments that can reach $1,000. It also comes with an interest rate of 16.94%.2
Are you unsure what loan is right for you? Truist provides an online test that can help. Although this quiz could direct users to the Truist’s loan products, it might also direct you to LightStream, previously an internet-based division within SunTrust. Truist claims that even more loans and terms are offered through LightStream.
Company Overview
Truist Bank, headquartered in Charlotte, North Carolina, is the product of a 2019 merger with BB&T as well as SunTrust. The newly formed bank serves 15 million clients across seventeen U.S. states and D.C., making it the sixth largest bank in the U.S. There are currently more than 2,500 branches and 3,500 ATMs nationwide.
Truist offers small-business products, mortgages, personal loans as well as vehicle loans, mortgage lines of credit, home equity, assurance, wealth administration, and much more.
As it works through the final stages of its merger, Truist expects to maintain some separate services and products that are available to SunTrust and customers of BB&T until 2022.
The types of personal loans offered by Truist
Truist provides two different personal loan products: its primary personal loan and the Quick Now Loan. While the primary personal loan offers a straightforward application procedure, those applying to the Ready Now Loan must meet additional requirements to qualify. The Ready Now Loan loan option requires collateral or permits joint applications.
Here’s a quick look at the loan types:
Personal Loan
This can be used to consolidate debt and pay for home renovations, weddings, vacations, and much more.
The range of borrowing is between $3500 and $100,000.
No origination fee
Ready Now to Loan
Can be used to pay for repair work on your vehicle as well as utility bills repair of plumbing or appliances, and more.
You can borrow between $100 and $1,000
Has origination fee
Florida residents have to pay an additional state document fee
For those who require an urgent loan There are many credit unions that provide low-cost, Payday Alternative Loans (PALs) in amounts ranging from $200 to $1,000. Eligible borrowers can take out the maximum amount of three PALs in a six-month period.
When you can receive funds
Funds for both the Personal Loan as well as the Ready Now Loan can be accessible in just one day. Although some lenders offer same-day or next-day funding, many disburse funds in three to five days. Truist’s process for funding is swift compared to the other competitors.
Trueist features for a Personal Loan
Credit for Emergencies
Truist’s Ready Now Loan functions like an emergency loan. The loan will allow borrowers who are eligible to gain cash quick for expenses like medical bills or car repairs. Borrowers are limited to one loan at per time, and up to $1000, and have to wait for thirty days after loan payment to be eligible for another Ready Now Loan. All applicants must have a Truist checking account open for six months or longer before applying.
Checking Account Requirements
You don’t require a checking account with Truist in order to be eligible for the company’s principal personal loan. To be eligible for the Ready Now Loan, borrowers require a Truist checking account open for at minimum six months. Former clients of BB&T and SunTrust customers who are who are interested in this Ready Now Loan will need to switch their existing checking account into a Truist checking account before applying.
Payment Relief Program
Truist provides assistance to borrowers facing a qualified hardship. Its private loan payment relief program allows customers to temporarily suspend payments when they’re experiencing a temporary reduction in income, an unexpected expense, or a natural disaster. Be aware that interest will be accrued even if payments are not suspended.
When your loan is put into forbearance or the payment is suspended the loan could still be subject to interest and the cost of repaying it could be higher. Forbearance might also show on your credit reports.
Apply for a Truist Loan
The borrower can apply for the Truist personal loan on the internet, via phone, and in-person. You must possess the identity of U.S. citizen or permanent resident, and possess a valid Social Security number in order to apply.
Here are the procedures to follow:
To get started, visit Truist’s Personal Loans page Click the «Apply immediately» button. Input your location of residence and citizenship status.
Personal information: You’ll then be required to input your personal details, which include the contact information, Social Security number, and your gross annual income.
Loan information: After reading Truist’s E-Sign Consent Disclosure and Consent Agreement You’ll be able to view your loan information and finish the final step of your loan application.
If your loan application is accepted, Truist will email you a link to e-sign the loan documents. The link could be delivered in just two hours. However, if you’re approved in non-business hours, you might not receive the email until the next day.
Can You Refinance a Personal Loan With Truist?
Truist is not offering personal loan refinancing at this time.
Customer Service
Truist customers can call customer support from 8 a.m. between 8 and 8 p.m. ET from Monday to Friday, and from 8-5 on saturdays, excluding bank holidays. This number can be reached at 844-4TRUIST (844-487-8478).
Helpline assistance can be reached via phone all day.
Customer Satisfaction
This current Truist merger has had a negative impact on the customer experience. The ratings for customer service at this lender are not great, with complaints about problems creating new accounts, getting access to accounts that are already open, and resolving fraud issues. Customers have also reported delays in trying to reach assistance.
Those who banked with either the BB&T bank or Suntrust prior to the merging may want to prepare for ongoing challenges. There are separate products and services for members of each bank, and your pre-merger bank will determine how and where you can access the following:
Customer service and fraud report
Participation in certain services, such as text alerts
Application for loan payment relief
Account Management
Truist customers can access account management in a variety of ways. Customers can pay for their accounts and setup autopay online, or through the Truist mobile app. Accounts can be accessed and make payments via telephone, in person, or by post. Live chat isn’t currently accessible, but automated support is accessible 24 hours a day.
How does Truist compare to other Personal Loan Companies
Truist’s personal loan products are not as extensive. The bank redirects many borrowers to LightStream to get personal loans and recommends looking for additional personal loan products, or credit cards to provide an alternative to its Ready Now Loan.
If you’re looking for a loan less than $1,000, credit unions like Navy Federal or Alliant may be worth looking into. A marketplace online like Credible can allow you to evaluate lenders and help you find loans starting as low as $600.
If you are looking for a bigger personal loan there’s an abundance of options even if you narrow your search to credit unions. Alliant Credit Union is just one option that provides loans with relatively low APRs as high as $50,000.
Alliant Credit Union vs. Truist
The two lenders Truist and Alliant Credit Union offer loans online, with no charges for early payments and loans available within a single day. Let’s see how these two lenders compare:
Alliant is recognized as a credit union that is outstanding
Alliant loans are offered in a greater amount of dollars, with APRs that are significantly lower than Truist.
You don’t need to be an Alliant member to apply for Alliant’s personal loan However, you must have an existing checking account open at least six months to apply for Truist’s ReadyNow Loan.
Truist Personal LoanAlliant Personal Loan
APR Range4.99 1 to 15.59% as low as 6.24% (.40% APR discount for autopay)
Loan Amounts $3,500 – $100,000 from$1,000 to $50,000
The loan terms can be as long as 60 months12, 24 48 or 60 months
Average Origination Fee $0$0
Same Day Funding is Available? Yes,Yes
Payment Protection YesYes (for a fee)
The companies, Truist and Alliant discloses credit requirements in their individual loans. If you’re worried that you might not be able to get a loan because of your credit score, take a look at our recommendations for the best loans for borrowers with poor credit.
Final Verdict
Truist is planning to introduce more changes to its lending products, but its current offerings aren’t as extensive and its competitors could offer higher rates. The continuing merger means that customers can likely anticipate more frustration through 2022.
When it comes to personal loans You may want to consider other lenders or make an application through LightStream Truist’s division online. If you choose to go through LightStream, another online lender or even a credit institution, you’re sure to find higher rates and more options.
Methodology
Investopedia is committed to providing customers with impartial and comprehensive evaluations of private loan lenders. To evaluate lenders we gathered more than 25 data points for more than 50 lenders including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews aid consumers in making an informed decision about their borrowing needs.
Our complete personal loans methodology, including our data collection procedure and weighted data points, are available to be reviewed.
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