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Personal Loans Review
Truist Personal Loans Review
Truist Bank provides two personal loans that provide same-day financing
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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It was established in 2019 following a merger between BB&T Bank and SunTrust, Truist Bank offers various financial products, including two individual loans. Although one of the personal loans has no origination fee, its APRs are relatively higher than competitors. Those seeking an individual loan quickly might appreciate the fact that Truist provides same-day financing. However, you’ll be able to get better rates elsewhere, therefore, make sure you compare loan alternatives before submitting your application.
Pros & Cons
specifications
Pros
Same-day funding available
No origination fee for its primary personal loan offering
The payment relief program is available to people who are in financial difficulty
Cons
Poor customer service ratings
A fee of 5% for origination for its emergency personal loan offering
Lower APRs are available through LightStream the electronic lending unit of Truist
Why should you trust us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources employed
Investopedia has gathered important data points from a variety of lenders to identify the most significant factors that affect borrowers. We used this data to review each lender for charges and accessibility, repayment terms and other characteristics to provide unbiased, comprehensive reviews that will help your readers take the correct choice for their borrowing needs.
Check out our full Methodology
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Overall rating 3.5
Check Rates
Table of Contents
Pros Explained
Pros and Cons Explained
Introduction
Company Overview
Types of Loans
Time to Funding
Features
Apply
Refinance
Customer Service
Customer Satisfaction
Account Management
Competition
Methodology
Pros Explained
Fast funding available on the same day: Some online lenders can take up to a few days to pay funds after loan approval. But Truist typically offers funds within a day, which can be beneficial if you need to pay for an unexpected expense fast.
No origination fee for its primary personal loan option The Truist personal loans comes with no charge for origination. Other lenders online may charge up to 6% for loan origination, which could amount to a $600 fee for a loan of $10,000.
The program offers relief for people who are in financial difficulty If a borrower is experiencing a qualifying financial crisis could have their payments temporarily suspended. Be aware that interest charges are still due.
Cons Explained
Poor customer service ratings. The customer service has been hampered as a result of Truist’s ongoing merger. 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 the Truist emergency loan is accompanied by an origination fee. Customers pay $5 for each $100 borrowed and that amounts to the equivalent of 5% in origination fees.
Lower APRs available through LightStream, an electronic lending subsidiary of Truist. LightStream’s rates start as low as 5.99% APR* with 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 completed by 2022. For now, many of Truist’s offerings and services will require sign-ups for its customers that banked with BB&T and SunTrust.
Truist currently has 2 personal loan products. Its first loan lets you take out up to $100,000 in loans and has an APR ranging from 15.59%. Its other product, the Ready Now Loan, is an emergency loan that is available in 100 increments up to $1000. 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. While this quiz can direct users to the Truist’s loan products, it might lead you to LightStream, which was previously an Online division from SunTrust. Truist claims that even more loans as well as terms will be offered through LightStream.
Company Overview
Truist Bank, headquartered in Charlotte, North Carolina, is the product of a merger that took place in 2019 of BB&T with SunTrust. The newly-formed bank serves 15 million clients across 17 U.S. states and D.C. It is the sixth-largest bank in the U.S. There are currently more than 2,500 branches and 3,500 ATMs all over the country.
Truist offers small-business products such as mortgages as well as personal loans and vehicle loans as well as line of credit for home equity financial management, insurance, and much more.
While working through the final stages of the merger Truist anticipates that it will continue to offer separate services and products to SunTrust as well as BB&T clients until 2022.
The types of personal loans offered by Truist
Truist provides the two most personal loan products, its primary personal loan and the ready Now loan. While the main 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 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 much more.
Between $3,500 and $100,000
No origination fee
Ready Now for Loan
Can be used to pay for repair work on your vehicle, utility bills and plumbing or appliance repairs, and more.
Between $100-$1,000 in loans
Does the origination fee include a fee?
Florida residents pay an additional state document stamp cost
If you’re a borrower in need of an urgent loan, many credit unions provide low-cost, payday loans (PALs) with amounts ranging between $200 and $1000. Eligible borrowers can take out up to three PALs in a six-month period.
The time to receive funds
Funds are available for the personal loan and the Ready Now Loan can be made available within one day. While some lenders provide same-day or next-day funding however, most disburse funds in three to five days. Truist’s process for funding is swift compared to some of its competitors.
Truist Personal Loan Features
Borrowing for Emergencies
Truist’s ReadyNow Loan operates as the equivalent of an emergency loan. This loan will allow borrowers who are eligible to access cash fast for unexpected expenses such as car repairs or medical bills. Borrowers are limited to one loan at per time, and up to a maximum of $1,000, and have to wait for 30 days following loan completion to apply for another Ready Now Loan. Applicants must have an existing Truist checking account in good standing for six months or more before applying.
Checking Account Requirements
You don’t need an existing bank account at Truist to be able to apply for its principal personal loan. To be eligible for the Ready Now Loan, customers need to have an existing Truist checking account that’s been open for at least six months. Former clients of BB&T and SunTrust customers who are interested in this Ready Now Loan will need to switch their existing checking account into a Truist checking account prior to applying.
Payment Relief Program
Truist offers assistance to borrowers facing a qualified hardship. 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 catastrophe. Keep in mind that interest may be accrued even if payments are not suspended.
When your loan is put into forbearance or the payments are not made the loan may still accrue interest and the cost to repay it may be greater. Forbearances can also show up on your credit report.
Apply for a Truist loan
Borrowers are able to apply for a Truist personal loan via the internet, over the phone or 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 steps to be prepared for:
Starting: Visit Truist’s Personal Loans page Click the “Apply immediately” button. Enter your location of residence and citizenship status.
Personal information: After that, you’ll be asked to input your personal details, which include contact information, Social Security number, as well as your gross annual income.
Information about your loan: Once you’ve read the Truist E-Sign and Consent agreement you’ll be able look over your loan details and then complete the final stages of your request.
When the loan application is approved, Truist will email you a link to e-sign the loan documents. The link may be sent to you in just two hours. However, if you’re approved in non-business hours, you might not receive the email until the following day.
Can you refinance a personal loan Through Truist?
Truist does not offer personal loan refinancing as of now.
Customer Service
Truist customers can call support between 8 a.m. between 8 and 8 p.m. ET, Monday through Friday, and between 8-5 on Saturdays, excluding bank holidays. This number can be reached at 844-4TRUIST (844-487-8478).
Automated assistance is also available by phone 24 hours a day.
Customer Satisfaction
This ongoing Truist merger has had a negative impact on the experience of customers. This lender’s customer service ratings are not great, with complaints about problems creating new accounts, getting access to existing accounts and resolving issues with fraud. Customers also complain about lengthy wait times when trying to obtain phone assistance.
If you had a bank account with either BB&T or Suntrust prior to the merging may be able to anticipate ongoing problems. There are still separate products and services for customers of both banks, and your prior-merger bank will decide where and how you can access the following services:
Customer service and reporting of fraud
Participation in certain services, such as text alerts
Application for loan for payment relief
Account Management
Customers of Truist can access and manage their accounts through a variety of ways. Customers can pay for their accounts and set up autopay online or via the mobile app. You can also access accounts and make payments via telephone, in person, or via mail. Live chat is not yet available, though automated assistance 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 towards LightStream to get personal loans and suggests looking into additional personal loan products, or credit cards to provide an alternative to the Ready Now Loan.
If you’re looking for an loan less than $1,000, credit unions like Navy Federal or Alliant may be worth considering. Additionally, an online marketplace like Credible can allow you to evaluate lenders and help you find loans as small as $600.
For a larger personal loan There is plenty of options available, even if you limit you search options to credit unions. Alliant Credit Union is just one alternative that offers loans that have a low APR as high as $50,000.
Alliant Credit Union vs. Truist
The two lenders Truist as well as Alliant Credit Union offer loans online, with no fees for prepayment and the ability to pay within a single day. Here’s how the two lenders compare:
Alliant is regarded as an outstanding credit union
Alliant loans are offered in a greater variety of dollar amounts with considerably lower APRs than Truist.
You don’t need for an Alliant member to apply for Alliant’s personal loan however, you must have an existing checking account that is open for at least for six months in order to apply for the Truist Ready Now Loan.
Truist Personal Loan Alliant Personal Loan
APR Range4.99% 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
Amount of LoanUp to 60 months,12, 24, 48 or 60 months
Average Origination Fee$0 $0
Same Day Funding is Available? Yes Yes
Payment Protection YesYes (for the cost of)
Both Truist and Alliant provides any information on the credit requirements to their private loans. If you’re concerned you may not be eligible because of your credit score, check out our picks for the top loans for borrowers with bad credit.
Final Verdict
Truist is planning to roll out more improvements to its lending products However, the current offerings aren’t as extensive and rivals may provide more favorable rates. The ongoing merger means that customers can likely anticipate more frustration through 2022.
In the case of personal loans it is possible to think about other lenders or apply through LightStream, Truist’s division online. If you choose to go through LightStream or another online lender as well as a credit union likely to get higher rates and more alternatives.
Methodology
Investopedia is committed to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers we gathered more than 25 data points for more than 50 lenders, including fees, interest rates, loan amounts, and repayment terms to ensure our reviews assist users in making well-informed decisions regarding their borrowing requirements.
The complete individual loans methodology, which includes our data collection procedure and weighted data points are accessible for review.
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