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Truist Personal Loans Review

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

By Sarah Brady

Updated May 11, 2022

Written by Thomas J. Catalano

Fact checked by Matthew M Klammer

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The Rating of Investopedia is 3.5

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In 2019, following a merger between BB&T Bank and SunTrust, Truist Bank offers various financial products which include two individual loans. While one of its personal loans does not charge an origination fee however, the APRs are excessive compared to other lenders. People who require an individual loan quickly may appreciate the fact that Truist can provide same-day cash. However, you’ll likely get better rates elsewhere, therefore, make sure you compare loan options prior to applying.

Pros & Cons

Specifications

Pros

Available on the same day.

No origination fees for its principal 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 available through LightStream, an Online lending department of Truist

Why Trust Us

38

Lenders reviewed

40

Loan features considered

1,520

Data points are studied

112

Primary data sources utilized

Investopedia collected key data points from several lenders to identify the most significant factors that affect borrowers. We used this data to evaluate each lender’s fees and accessibility, repayment terms, and other features to give objective, thorough reviews that help our readers make the correct loan decision for their specific needs.

Check out our full Methodology

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Overall score 3.5

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Table of Contents

Pros Explained

Cons Explained

Introduction

Company Overview

Different types of loans

Time to Funding

Features

Apply

Refinance

Customer Service

Satisfaction of the Customer

Account Management

Competition

Methodology

Pros Explained

Same-day funding available Some lenders online can take a few business days to pay funds after loan approval. However, Truist typically offers funds within a day, which can be beneficial if you need to cover an unexpected cost quickly.

There is no origination charge for its main personal loan option: A Truist’s personal loans is free of origination fee. Other online lenders may charge up to six percent for loan origination, which would equal a charge of $600 if you borrowed $10,000.

The program offers relief for borrowers facing financial hardship If a borrower is experiencing a qualifying financial crisis could have their loans suspended for a short period. Note that interest fees are still due.

Pros and Cons Explained

Poor customer service ratings. Service has suffered as a result of the ongoing Truist merger. Clients of both banks involved in the merger—BB&T and Suntrust —report issues with accessing and activating accounts.

A 5% fee for origination is included in its Emergency personal loan option. Unlike its personal loan with no origination fee, Truist’s emergency loan comes with an origination cost. Customers pay $5 for every $100 they borrow, which amounts to a 5% origination fee.

Lower APRs available through LightStream, an electronic lending subsidiary of Truist. LightStream’s rates start as low as 5.99% APR* with autopay, making it lower than Truist’s best rate.1

Introduction

Truist Bank was formed in 2019 following a merger between BB&T Bank and SunTrust. The merger is anticipated to be completed by 2022. For now, many of Truist’s services and products will require sign-ups for its customers who have banked with BB&T and SunTrust.

Truist currently offers two individual loan products. Its primary product lets you get up to $100,000 of credit and has an APR ranging from 15.59 percent. The other product it offers, its Ready Now Loan, is an emergency loan that is available in 100 increments up to $1,000. It also has an annual percentage rate (APR) of 16.94%.2

Are you unsure what loan is best for you? Truist offers an online quiz which can be helpful. 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 claims that even more loans along with terms and conditions are 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 customers in 17 U.S. states and D.C. It is the sixth-largest bank in the U.S. The bank currently has more than 3500 ATMs and 2,500 branches all over the country.

Truist provides small business products such as mortgages, personal loans as well as automobile loans, line of credit for home equity, insurance, wealth management and much more.

While working through the final phases of the merger Truist expects to maintain some separate services and products that are available to SunTrust and customers of BB&T through 2022.

Types of Personal Loans Offered by Truist

Truist provides two personal loan products: its main personal loan and the ready Now loan. While the personal loan has a simple application process, applicants who apply for Ready Now Loan must meet additional requirements to qualify. Both loan option is secured by collateral nor permits joint applications.

Here’s a brief overview of the loan types:

Personal Credit

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

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

No origination fee

Ready Now for Loan

It can be used to pay to pay for repair of your car as well as utility bills repair of plumbing or appliances and much other things.

Borrow between $100 — $1,000

Has origination fee

Florida residents have to pay an additional state document stamp fee

For those who require an emergency loan, many credit unions offer low-cost, payday loans (PALs) with amounts ranging from $200 to $1,000. Eligible borrowers can take out up to three PALs within a 6-month period.

When you can 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. While some lenders provide same-day or next-day funding and disburse funds within three to five business days. Truist’s funding time is minimal compared to that of the other competitors.

Truist Personal Loan Features

Borrowing for Emergencies

Truist’s ReadyNow Loan operates like the equivalent of an emergency loan. The loan is a way for borrowers to get cash quickly for sudden costs like medical bills or car repairs. The borrower is limited to one loan at a time, up to $1000, and have to wait for thirty days after loan payment to be eligible for an additional Ready Now loan. The applicant must have an existing Truist checking account that has been open for six months or longer prior to applying.

Checking Account Requirements

You don’t need an existing checking account with Truist to be able to apply for its principal personal loan. To qualify for its ready Now loan, borrowers 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 this Ready Now Loan will need to transfer their current checking account to a Truist checking account before applying.

Payment Relief Program

Truist provides assistance to customers who face a qualifying hardship. The bank’s personal loan payment relief program permits eligible customers to temporarily suspend payments when they’re experiencing a temporary reduction in income, an unexpected expense or natural catastrophe. Be aware that interest will accrue even when payments aren’t suspended.

When your loan is put into forbearance or the payments are suspended, your loan could still be subject to interest and the total amount to be repaid could be higher. Forbearance might also show on your credit report.

Apply for a Truist loan

The borrower can apply for a Truist personal loan via the internet, over the phone, as well as in person. You must be a U.S. citizen or permanent resident and have a valid Social Security number in order to apply.

Here are the procedures to follow:

To get started, visit Truist’s Personal Loans page then click on»Apply Now» or the «Apply now» button. Enter your residency and the status of your citizenship.

Personal information: After that, you’ll be asked to input your personal details, which include the contact information, Social Security number, as well as your gross annual income.

Information on loans: After you’ve read the Truist E-Sign and Consent agreement You’ll be able to review your loan information and complete the final stages of your request.

When you are approved for a loan, loan application is accepted, Truist will email you a link to e-sign the loan documents. You could receive the link in just two hours. If you’re approved during 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 currently.

Customer Service

Truist customers can call support at 8 a.m. and 8 p.m. ET, Monday through Friday, and 8-5 on Saturdays, excluding bank holidays. The number is 844-4TRUIST (844-487-8478).

Automated assistance is also available via phone all day.

Customer Satisfaction

Truist’s continuing Truist merger has had a negative effect on the customer experience. The ratings for customer service at this lender are not great and customers have complained about issues opening new accounts, gaining access to accounts already in place as well as resolving fraud concerns. Customers also complain about delays in trying to reach assistance.

If you had a bank account with either BB&T or Suntrust prior to the merging might 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 determine how and where you can access the following:

Customer service and reporting of fraud

Inclusion in certain services such as text alerts

Requests for loan for payment relief

Account Management

Truist customers have access to the accounts of their customers in a variety of ways. Customers can make payments and setup autopay online, or via the mobile app. You can also access accounts and make payments over the phone, in person, or by mail. Live chat isn’t currently accessible, but automated support is available 24/7.

How does Truist compare to other Personal Loan Companies

Truist’s personal loan options are limited. It redirects many of its customers into LightStream for 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 in search of a loan under $1000, credit unions like Navy Federal or Alliant may be worth a look. Additionally, an online marketplace like Credible will allow you to search for lenders and locate loans starting as low as $600.

For a larger personal loan, there is plenty of options available, even if you restrict your search on credit unions. Alliant Credit Union is just one alternative that offers loans with relatively low APRs as high as $50,000.

Alliant Credit Union vs. Truist

Both Truist as well as Alliant Credit Union offer loans online, and they don’t charge fees for prepayment and the ability to pay within just one day. Let’s see how these two lenders compare:

Alliant is regarded as an outstanding credit union

Alliant loans are accessible in a larger range of dollar amounts, with APRs that are significantly lower than Truist.

It is not necessary to be an Alliant member to be eligible for the Alliant personal loan However, you must have an existing checking account in good standing for at least six months prior to the time you apply for Truist’s ReadyNow 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)

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 the cost of)

Both Truist and Alliant discloses credit requirements in their individual loans. If you’re concerned that you may not be able to get a loan due to your credit, review our selections of the top loans for borrowers with bad credit.

Final Verdict

Truist has plans to introduce more changes to its lending products However, the current offerings are limited and rivals may provide higher rates. The ongoing merger means that customers will expect more disappointments to come in 2022.

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

Methodology

Investopedia is committed to providing customers with impartial and comprehensive reviews of personal loan lenders. To evaluate lenders, we collected over 25 data points from more than 50 lenders, including fees, interest rates, loan amounts, and repayment terms to ensure our reviews assist users in making an informed decision about their borrowing needs.

The complete private loans methodology, which includes our data collection procedure and weighted data points, is accessible to be reviewed.

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