Personal Loans Reviews
Truist Personal Loans Review
Truist Bank provides two personal loans with same-day funding available
By Sarah Brady
Updated May 11, 2022
Written by Thomas J. Catalano
Truth checked 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 the BB&T Bank as well as SunTrust, Truist Bank offers several financial products that include two individual loans. Although one of the personal loans has no origination fee The APRs for the other loans are higher than competitors. For those who need a personal loan quick may be pleased to know the fact that Truist provides same-day financing. However, you’ll be able to get better rates elsewhere, so make sure to research loan options before you apply.
Pros & Cons
Specifications
Pros
Available on the same day.
No origination fee for its primary personal loan offering
Payment relief available for people who are in financial difficulty
Cons
Poor customer service ratings
A fee of 5% for origination to its personal emergency loan offering
Lower APRs are offered through LightStream the electronic lending unit 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 key data points from several lenders to determine the most crucial factors for borrowers. We used this data to analyze each lender’s fees, accessibility, repayment terms and other characteristics to provide unbiased, comprehensive reviews that help that our customers make the right borrowing decision for their needs.
Read our Full Methodology
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Overall rating 3.5
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Table of Contents
Pros Explained
Cons Explained
Introduction
Company Overview
The 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 take a few business days to pay funds after loan approval. However, Truist typically offers funds within one day, which is helpful if you need to pay for an unexpected expense in a hurry.
No origination fees for its primary personal loan option: One of Truist’s personal loans is free of charge for origination. Other online lenders can charge as high as six percent for loan origination, which could be equivalent to a fee of $600 for a loan of $10,000.
Payment relief available for those who are facing financial difficulties: Borrowers experiencing a qualified financial crisis could have their loans suspended for a short period. Note that interest fees continue to accrue.
Cons Explained
Poor customer service ratings. Service has suffered due to the ongoing Truist merger. Customers of both banks involved in the merger–BB&T and Suntrust –report difficulties activating and accessing accounts.
5% origination fee for the emergency personal loan option. Contrary to the personal loan with no origination fee, Truist’s emergency loan is accompanied by an origination fee. Customers are charged $5 per every $100 they borrow and that amounts to a 5% origination fee.
Lower APRs are available through LightStream which is an online lending division of Truist. LightStream’s rates start as low as 5.99 APR* for autopay, which is less than Truist’s best rate.1
Introduction
Truist Bank was formed in 2019 after a merger between BB&T Bank and SunTrust. The merger is expected be in process through 2022. As of now, a lot of Truist’s offerings and services need separate accounts for clients that banked with BB&T and SunTrust.
Truist currently offers two personal loan products. Its first loan lets you take out up to $100,000 in loans and comes with an APR that ranges from 15.59 percent. The other product it offers, it’s Ready Now Loan, is an emergency loan available in increments of $100 up to $1000. It also has an interest rate of 16.94%.2
Aren’t sure what loan is best for you? Truist offers an online quiz to help. Although this quiz could direct you to Truist’s loan products, it could also direct you to LightStream which was previously an Online division from SunTrust. Truist is also claiming that additional loans along with terms and conditions are available through LightStream.
Company Overview
Truist Bank, headquartered in Charlotte, North Carolina, is the result of a merger that took place 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 the U.S. There are currently more than 2,500 branches and 3,500 ATMs across the country.
Truist provides small business products, mortgages, personal loans, vehicle loans, home equity lines of credit, financial management, insurance, and more.
While negotiating the final steps of its merger, Truist anticipates that it will continue to offer separate services and products for SunTrust as well as BB&T clients through 2022.
Types of Personal Loans Offered by Truist
Truist provides two personal loan products, its primary personal loan and its ready Now loan. While the main personal loan is easy to apply for process, those who apply to the Ready Now Loan must meet other requirements to be eligible. Both loan option requires collateral , nor allows joint applications.
Here’s a quick look at the loan kinds:
Personal Credit
This can be used to pay off debt, pay for home improvements, weddings, vacations, and much more.
Between $3,500 and $100,000
No origination fee
Ready Now to Loan
This can be used to pay for car repairs as well as utility bills, plumbing or appliance repairs and much other things.
You can borrow between $100 and $1,000
Does the origination fee include a fee?
Florida residents have to pay an additional state document fee
If you’re a borrower in need of an emergency loan, many credit unions provide low-cost, payday loans (PALs) with amounts that range from $200 to $1,000. The borrowers who qualify can get the maximum amount of three PALs over a six-month period.
When you can receive funds
The funds to both 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 business days. Truist’s process for funding is swift compared to other lenders.
The Truist Personal Loan features
Credit for Emergencies
Truist’s ReadyNow Loan operates as the equivalent of an emergency loan. The loan can help eligible borrowers gain cash quick for expenses such as medical bills or car repairs. Borrowers are limited to one loan at per time, and up to a maximum of $1,000, and have to wait for 30 days after loan payoff to apply for an additional 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 bank account at Truist in order to be eligible for the company’s principal personal loan. To qualify for its Ready Now Loan customers need to have an existing Truist checking account that has been open for at least six months. Former customers of BB&T or SunTrust customers who are who wish to apply for the Ready Now Loan will need to switch their existing checking account to a checking account before applying.
Payment Relief Program
Truist offers assistance to those who are facing a hardship that is qualified. The bank’s personal loan payment relief program permits eligible customers to suspend their payments temporarily in the event of 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.
If your loan is put into forbearance or your payment is suspended the loan could still be subject to interest and the total cost to repay it may be higher. Forbearance might also show on your credit reports.
Request a Truist Loan
Borrowers are able to apply for the Truist personal loan online, by phone, or in person. You’ll need to possess the identity of U.S. citizen or permanent resident, and possess a valid Social Security number in order to be eligible.
Here are the application procedures to follow:
Getting started: Visit Truist’s Personal Loans page then click on the «Apply immediately» button. Fill in your address, residency and your citizenship status.
Personal information: You’ll then be required to enter your personal information, such as contact information, Social Security number, as well as your gross annual income.
Information on loans: After you’ve read the E-Sign Disclosure and Consent Agreement, you’ll be able to look over your loan details and then complete the last step of your loan application.
When your loan application is accepted, Truist will email you the link to sign the loan documents. The link may be sent to you in just two hours. However, if you’re approved outside of business hours, you may not receive an email until the following day.
Can You Refinance a Personal Loan Through Truist?
Truist is not offering personal loan refinancing as of now.
Customer Service
Truist customers can call support between 8 a.m. until 8 p.m. ET from Monday to Friday, and from 8-5 on saturdays, excluding bank holidays. Its number: 844-4TRUIST (844-487-8478).
Helpline assistance can be reached via phone all day.
Customer Satisfaction
This continuing Truist merger has had a negative impact on the customer experience. The customer service ratings of this lender are not great and customers have complained about issues opening new accounts, gaining access to existing accounts, and resolving fraud issues. Customers also report delays when trying to obtain phone assistance.
Those who banked with either BB&T or Suntrust prior to the merging could need to be prepared for future issues. There are still separate products and services available to members of each bank, and your pre-merger bank will determine where and how you access each of the following services:
Customer service and fraud report
Inclusion in certain services such as text alerts
Application for loan repayment relief
Account Management
Truist customers have access to and manage their accounts in several ways. Customers can pay for their accounts and create autopay online or via the mobile app. Accounts can be accessed and make payments over the phone, in person, or via mail. Live chat isn’t currently accessible, however automated assistance is available 24/7.
How does Truist compare to other Personal Loan Companies
Truist’s personal loan offerings are limited. Truist redirects a lot of borrowers towards LightStream to get personal loans and suggests shopping for additional personal loan products or credit cards to provide an alternative to the Ready Now Loan.
If you’re seeking an loan less than $1,000, credit unions such as Navy Federal or Alliant may be worth a look. A marketplace online such as Credible can allow you to search for lenders and locate loans as small as $600.
If you are looking for a bigger personal loan, there is plenty of options available, even if you restrict the search only to credit unions. Alliant Credit Union is just one of the options that offer loans that have a low APR, up to $50,000.
Alliant Credit Union vs. Truist
The two lenders Truist both Truist and Alliant Credit Union offer loans online, with no fees for prepayment and the ability to pay in as little as one day. Let’s see how these two lenders are compared:
Alliant is regarded as an outstanding credit union
Alliant loans are accessible in a larger range of dollar amounts, with significantly lower APRs than Truist.
There is no requirement to become 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 Ready Now Loan.
Truist Personal Loan Alliant Personal Loan
APR Range4.99 1 to 15.59 APR as low as 6.24 percent (.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
Average Origination Fee $0$0
Same Day Funding Available? Yes Yes
Payment Protection YesNo (for a fee)
Neither Truist nor Alliant provide information about the requirements for credit to their private loans. If you’re concerned you may not be eligible because of your credit score, take a look at our recommendations for the most suitable loans for borrowers with poor credit.
Final Verdict
Truist is planning to introduce more modifications to its lending offerings, but its current offerings aren’t as extensive and competitors may offer more favorable rates. In addition, the ongoing merger could mean that customers expect more disappointments to come in 2022.
In the case of personal loans, you may want to look at different lenders or go through LightStream Truist’s division online. Whether you go through LightStream or another lender online, or even a credit institution, you’re likely to find better rates and more options.
Methodology
Investopedia is dedicated to providing customers with impartial, comprehensive evaluations of private loan lenders. To rate providers we have gathered over 25 data points for over 50 lending institutions, including fees, interest rates, loan amounts, and the terms of repayment to ensure that our reviews aid consumers in making an informed decision about their borrowing requirements.
Our complete individual loans methodology, which includes our data collection procedure and weighted data points, is available for review.
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