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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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Investopedia’s Rating 3.5

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It was established in 2019 following an amalgamation between the BB&T Bank as well as SunTrust, Truist Bank offers various financial services that include two personal loans. While one of its personal loans does not charge an origination fee however, the APRs are high compared to competitors. For those who need an individual loan quickly might appreciate the fact the fact that Truist provides same-day financing. However, you’ll be able to discover better rates elsewhere so make sure to research loan alternatives before submitting your application.

Pros & Cons

specifications

Pros

Same-day funding available

No origination fee for its primary personal loan offering

Payment relief available for borrowers facing financial hardship

Cons

Poor customer service ratings

A fee of 5% for origination on its urgent personal loan offering

Lower APRs are 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 analyzed

112

Primary data sources employed

Investopedia collected important data points from a variety of lenders to identify the most important factors to borrowers. We used this information to evaluate each lender’s charges and accessibility, repayment terms and other characteristics to give objective, thorough reviews to ensure your readers take the correct choice for their borrowing needs.

Read our Full Methodology

truist bank logo

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

Instant funding available A few online lenders take up to a few days to transfer funds after loan approval. But Truist generally provides funding within a day, which is ideal if you want to pay for an unexpected expense quickly.

There is no origination charge for its main 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. This would amount to a $600 fee for a loan of $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 hardship could get their payments temporarily suspended. Keep in mind that interest costs continue to accrue.

Pros and Cons Explained

Poor customer service ratings. The customer service has been hampered due to Truist’s merger in progress. 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 with no origination fee, Truist’s emergency loan has an origination cost. Customers are charged $5 per each $100 borrowed and that 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 lower than Truist’s highest rate.1

Introduction

Truist Bank was formed in 2019 following the merger of the BB&T Bank and SunTrust. The merger is expected be in process through 2022. As of now, a lot of Truist’s products and services require separate access for customers who have banked with BB&T or SunTrust.

Truist currently offers 2 individual loan products. Its primary product lets you borrow up to $100,000 and comes with an APR that ranges up to 15.59%. Its second product, called it’s Ready Now Loan, is an emergency loan available in increments of $100 that can reach $1,000. It also comes with an interest rate of 16.94%.2

Are you unsure what loan is the best for you? Truist provides an online test which can be helpful. Although this quiz could direct at Truist’s loan products, it could lead you to LightStream which was the former Online division from SunTrust. Truist claims that even more 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 in 2019 of BB&T with SunTrust. The newly formed bank serves 15 million clients across 17 U.S. states and D.C. which makes it the sixth-largest bank in U.S. It currently has over 3500 ATMs and 2,500 branches all over the country.

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

While negotiating the final stages of the merger Truist anticipates that it will continue to offer separate products and services that are available to SunTrust as well as BB&T clients until 2022.

The types of personal loans offered by Truist

Truist provides two personal loan products: its primary personal loan and the ready Now loan. While the main personal loan has a simple application process, those who apply to the Ready Now Loan must meet additional requirements in order to be eligible. Both loan option requires collateral or allows joint applications.

Here’s a brief overview of the loan kinds:

Personal Credit

Can be used to consolidate debt and pay for home renovations holidays, weddings, honeymoons and more.

Between $3,500 and $100,000

No origination fee

Ready Now for Loan

Can be used for car repairs, utility bills and plumbing or appliance repairs and much more.

Between $100-$1,000 in loans

Is there an origination 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 offer low-cost Payday Alternative Loans (PALs) with amounts ranging from $200 to $1,000. Eligible borrowers can take out up to three PALs in a six-month period.

Time to Receive Funds

Funds are available for 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 financing and disburse funds within three to five days. Truist’s process for funding is minimal compared to that of some of its competitors.

Trueist features for a Personal Loan

The borrowing of funds for emergencies

Truist’s ReadyNow Loan operates as the equivalent of an emergency loan. The loan is a way for borrowers to access cash fast for unexpected expenses like car repairs or medical bills. The borrower is limited to one loan at a time, up to a maximum of $1,000, and must wait 30 days following loan payoff to apply 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 need an existing checking account with Truist to be able to be eligible for the company’s primary personal loan. To be eligible for its ready Now loan, applicants must have an existing Truist checking account that has been open for at least six months. Former BB&T and SunTrust customers who are who are interested in the Ready Now Loan will need to convert their existing checking account to a Truist checking account before applying.

Payment Relief Program

Truist can assist those who are facing a hardship that is qualified. Truist’s Personal loan payment relief program permits eligible customers to temporarily stop payments if they’re experiencing the temporary loss of income, unexpected expenses, or a natural disaster. Keep in mind that interest may accrue even when payments aren’t suspended.

If your loan is placed into forbearance or your payments are not made the loan could still be subject to interest and the amount to be repaid could be greater. Forbearances can also show up on your credit reports.

Apply for a Truist loan

The borrower can apply for a Truist personal loan online, by phone and in-person. You’ll need to be a U.S. citizen or permanent resident with an active Social Security number in order to be eligible.

Here are the application steps to be prepared for:

To get started, visit Truist’s Personal Loans page then click on the «Apply today» button. Enter your location of residence and your citizenship status.

Personal information: You’ll be required to enter your personal information, such as your contact details, Social Security number, and your gross annual earnings.

Information about your loan: Once you’ve read the E-Sign Consent Disclosure and Consent Agreement, you’ll be able to review your loan details and then complete the final stages of your request.

If you are approved for a loan, loan application is accepted, Truist will email you a link to e-sign your loan documents. The link could be delivered within two hours. However, if you’re approved outside of business hours, you might not receive an email until the following day.

Can You Refinance a Personal Loan With Truist?

Truist does not offer personal loan refinancing at this time.

Customer Service

Truist customers can reach customer support from 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

Truist’s ongoing Truist merger has had a negative effect on the experience of customers. The customer service ratings of this lender are poor, with complaints about problems opening new accounts, gaining access to accounts that are already open and resolving issues with fraud. Customers also complain about long hold times when trying to get phone assistance.

Those who banked with either both BB&T and Suntrust before the merge may be able to anticipate ongoing problems. There are still separate products and services available to clients of each bank and the pre-merger institution will decide where and how you can access the following services:

Customer service and fraud report

Participation in certain services, such as text alerts

Requests for loan for payment relief

Account Management

Truist customers can access and manage their accounts in several ways. Customers can make payments and set up autopay online or via the mobile application. You can also access accounts and pay over the phone, in person or via mail. 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 towards LightStream to get personal loans and suggests shopping for additional personal loan products or even credit cards to provide an alternative to its Ready Now Loan.

If you’re in search of a loan that is less than $1,000, credit unions such as Navy Federal or Alliant may be worth a look. Additionally, an online marketplace like Credible can help you search for lenders and locate loans as small as $600.

For a larger personal loan there’s an abundance of options even if you narrow you search options on credit unions. Alliant Credit Union is just one option that provides loans with a relatively low rate of interest, up to $50,000.

Alliant Credit Union vs. Truist

Both Truist both Truist and Alliant Credit Union offer loans online, with no prepayment penalties and funds available within a single day. The two lenders compare:

Alliant is recognized as an outstanding credit union

Alliant loans are offered in a greater amount of dollars, with significantly lower APRs than Truist.

It is not necessary for 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 six months prior to the time you apply for the Truist Ready Now Loan.

Truist Personal LoanAlliant Personal Loan

APR range4.99 percent 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

Average Origination Fee$0$0

Same Day Funding Available? YesYes

Payment Protection YesNo (for an amount)

The companies, Truist and Alliant provide information about the requirements for credit for their personal loans. If you’re concerned that you may not be eligible due to your credithistory, review our selections of the top loans for those with poor credit.

Final Verdict

Truist is planning to make further changes to its lending products however, its current offerings aren’t as extensive and its competitors could offer better rates. The continuing merger means that customers can be expecting more problems in 2022.

When it comes to personal loans You may want to consider other lenders or apply through LightStream, Truist’s division online. If you choose to go through LightStream or another online lender or even a credit institution, you’re likely to receive higher rates and more options.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive evaluations of private loan lenders. To evaluate lenders we gathered more than 25 data points from fifty lenders, including fees, interest rates, loan amounts, and the terms of repayment to ensure that our reviews assist users in making an informed decision about their borrowing needs.

Our full private loans methodology, which includes our data collection procedure and weighted data points, are accessible for review.

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