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Analyzing Truist Personal Loans for February 2024: Features and Benefits

In this comprehensive review, we take a close look at Truist Personal Loans. From application to funding, understand the process, evaluate interest rates, and explore unique features that make Truist a preferred choice for many.
Offers: 5
Updated:
02.02.2024
15:38
Best Personal Loan Today 27.02.2024*
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Truist
Physician line of credit
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
to 100000.00 $
Rate
i

Effective interest rate on the product

from 12.25 %
Apply
Truist
Personal line of credit
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 5000.00 $
Rate
i

Effective interest rate on the product

from 13.69 %
Apply
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Truist
Truist Ready Now loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 1000.00 $
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Truist
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 3500.00 $
Rate
i

Effective interest rate on the product

8.19 – 17.24 %
Apply
Truist Loan Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

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Select the desired loan amount

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1000 $
100000 $
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1
72
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5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Analyzing Truist Personal Loans for February 2024: Features and Benefits

What are Truist Bank Personal Loans?

Truist Bank, formerly known as BB&T, provides personal loans with quick funding. However, it's worth noting that these loans do not include certain features that other lenders, such as pre-qualification or a rate discount, typically offer.

Truist Bank offers lending services in 17 states and Washington, D.C., and they do not require you to be an existing customer in order to borrow money.

Features

  1. APR. The Annual Percentage Rates (APR) for Truist Bank personal loans range from 8.19% to 17.24%. The specific rate you receive will depend on various factors, including your creditworthiness.
  2. Fees. Truist Bank does not charge any origination fees for some of its personal loans. This means you won't have to pay any upfront costs to initiate the loan.
  3. Loan Amount. Truist Bank offers personal loans with loan amounts starting from $3,500. This gives borrowers the flexibility to obtain the desired funds based on their financial needs.
  4. Repayment Terms. The repayment terms for Truist Bank personal loans typically range from 2 to 5 years. This allows borrowers to choose a repayment period that suits their budget and financial goals.
  5. Time to Fund. Once your loan application is approved, funds from Truist Bank personal loans may be available on the same day if it's a banking business day. This ensures quick access to the funds you need.
  6. Loan Availability. Truist Bank provides personal loans in the following states: Alabama (AL), Arkansas (AR), Florida (FL), Georgia (GA), Indiana (IN), Kentucky (KY), Maryland (MD), Mississippi (MS), New Jersey (NJ), North Carolina (NC), Ohio (OH), Pennsylvania (PA), South Carolina (SC), Tennessee (TN), Texas (TX), Virginia (VA), West Virginia (WV), and Washington, D.C. Residents of these states can apply for personal loans from Truist Bank.
  7. No Collateral Required. Truist Bank personal loans do not require collateral. This means you don't need to pledge any assets or property as security for the loan.

    Truist Bank Personal Loan Options

    1. Personal Loan. This option provides fast approvals and same-day access to cash. It is suitable for various purposes, such as debt consolidation, home improvements, weddings, or vacations. The loan offers a minimum borrowing amount of $3,500 and does not require collateral. There are no origination fees, and the interest rates range from 8.19% to 17.24% APR.

    2. Truist Ready Now Loan. Designed to address unexpected expenses, this loan is available in $100 increments, ranging from a minimum loan amount of $100 up to a maximum of $1,000. It is exclusively offered to clients with a Truist personal checking account that has been open for at least six months. The loan carries a $5 origination fee per $100 borrowed.

    3. Personal Line of Credit. This option provides a low-rate line of credit that can be utilized for various opportunities as they arise. The personal line of credit has a minimum credit line of $5,000 and does not charge application, cash advance, or annual fees. The variable rates can be as low as 13.44% APR.

    4. Physician Line of Credit. Tailored specifically for medical professionals, the physician line of credit offers easy, low-cost access to cash for interns, residents, fellows, and board-certified physicians, dentists, and podiatrists. Medical residents and fellows can access a maximum line amount of $50,000, while board-certified physicians, dentists, and podiatrists can access up to $100,000. The variable rates for this line of credit start as low as 12.25% APR.

    Pros and Cons

    Pros

    Fast Funding. Truist Bank offers fast funding, allowing borrowers to quickly access the funds, particularly on banking business days.

    Direct Payment to Creditors. Truist Bank provides the option of direct payment to creditors for debt consolidation loans. This can simplify consolidation by ensuring payments are made directly to the appropriate parties.

    Option to Add a Co-Signer. Truist Bank allows borrowers to include a co-signer on their personal loan application. Adding a co-signer with good credit can increase the chances of loan approval and potentially result in more favorable loan terms.

    No Collateral Required. Truist Bank's personal loans do not require collateral. Borrowers can access funds without having to pledge assets or property as security for the loan.

    Cons

    No Option to Pre-Qualify. Truist Bank does not offer the option to pre-qualify for a personal loan with a soft credit check. This means that potential borrowers would need to submit a formal loan application, which could result in a hard credit inquiry and potentially impact their credit score.

    Limited State Availability. Truist Bank's personal loans are available only in a limited number of states. This may restrict access to their loan products for individuals residing outside of the eligible states.

    No Rate Discount. Unlike some other lenders, Truist Bank does not provide a rate discount feature on their personal loans. Borrowers will not receive a reduced interest rate based on factors such as automatic payment setup or existing customer status.

    Lack of Clear Loan Amount Display. Truist Bank's website may not clearly display the available loan amounts for their personal loans. This could potentially make it more challenging for borrowers to determine the loan options that best fit their financial needs.

    How to Apply for a Truist Bank Personal Loan?

    Apply for a loan

    To apply for a loan with Truist, you have two options: either apply on their website or visit a branch in person. Keep in mind that Truist does not offer pre-qualification for their loans. Therefore, your initial step would be to complete a formal personal loan application. This process may require you to provide documentation such as W-2s, pay stubs, and bank statements to verify your information. It's important to note that Truist will conduct a hard credit check during the application process, which could temporarily impact your credit score.

    Managing your loan payments is crucial. Truist reports your payments to the three major credit bureaus, so making timely payments will contribute positively to building your credit. Conversely, missed payments can have a detrimental effect. Consider setting up automatic payments and closely monitoring your budget to stay on top of your payments. These strategies can help you effectively manage your loan payments.

    Requirements

    Truist Bank doesn't publicly disclose many of its borrower requirements. However, a loan specialist says the bank accepts applications from good- and excellent-credit borrowers (690 credit score or higher). To apply, you need:

    1. Provide personal and contact information, including a U.S.-based cell phone number.
    2. Provide two years of address and employment history.
    3. Provide financial information, including income, debts, and other personal obligations, like rent or mortgage.
    4. Check your credit. Doing so will help you spot and fix any errors before you apply.
    5. Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
    6. Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments affect your cash flow. If you have to cut other expenses to repay the loan, it’s better to know that before you borrow.
    7. Gather your documents. Truist Bank may request proof of income, which can be a W-2 or paystub and photo identification, like a driver’s license or passport. Having these documents handy can speed up the application process.

      Ways to Receive the Money

      Truist Bank typically sends borrowed money to borrowers through electronic funds transfer (EFT) directly to the borrower's account. Once a personal loan application is approved, the funds are disbursed by depositing the loan amount into the designated bank account provided by the borrower during the application process.

      How to Pay Off a Truist Bank Personal Loan?

      1. Review the Loan Agreement. Carefully review the terms and conditions of your personal loan agreement from Truist Bank. Take note of important details such as the loan balance, interest rate, repayment period, and any applicable fees or penalties.
      2. Determine Your Repayment Strategy. Evaluate your financial situation and determine your personal loan's most suitable repayment strategy. Consider factors such as your budget, income, and other financial obligations.
      3. Set up Automatic Payments. Contact Truist Bank or access your online account to set up automatic payments for your personal loan. This ensures that your monthly payments are deducted automatically from your designated bank account, helping you stay on track with your repayments and avoid any late payment penalties.
      4. Make Extra Payments if Possible. If you have the means to do so, consider making extra payments towards your personal loan. By paying more than the minimum required amount, you can reduce the total interest paid and shorten the repayment period.

        Things to Consider

        1. Lack of Pre-Qualification Option. Unlike some competitors, Truist Bank does not offer the option to pre-qualify for a loan. This means you cannot determine your potential loan amount, interest rate, and monthly payment before formally applying. It is advisable to compare loan offers from multiple lenders by pre-qualifying, as it does not impact your credit score.
        2. Absence of Rate Discounts. Truist Bank does not provide rate discounts on their personal loans. Other lenders may offer reduced interest rates for actions such as setting up automatic payments or using loan funds to pay off existing creditors. Truist Bank does not offer such incentives.
        3. Transparency. While Truist Bank's website provides information on certain loan features like rates and funding timelines, it may not clearly display the full range of available loan amounts. Additionally, the website lacks a dedicated FAQ page to address common loan-related questions, such as the application process or repayment options.
        4. APR Range. Truist Bank's personal loan Annual Percentage Rates (APRs) range from 8.19% to 17.24%. The specific rate you qualify for depends on various factors, including your creditworthiness.
        5. No Collateral Requirement. Truist Bank's personal loans do not require collateral, meaning you do not have to pledge any assets or property as security for the loan.
        6. Limited Availability. Truist Bank's personal loans are only accessible in specific states. This restriction may limit access to their loan products for individuals residing outside of those eligible states.

          Alternatives

          Credit Union Loans

          Apply For a Loan

          Many credit unions, like Navy Federal Credit Union (NFCU), offer personal loans with competitive interest rates and favorable terms. They may also provide additional benefits to their members, such as lower fees or flexible repayment options.Navy Federal Credit Union

          Online Lenders

          Apply For a Loan

          Online lenders such as SoFi and Avant provide a convenient and streamlined application process for personal loans. They often offer competitive rates and may be more flexible in their borrower requirements.SoFi

          Peer-to-Peer Lending

          Apply For a Loan

          Peer-to-peer lending platforms such as Prosper connect borrowers directly with individual lenders, cutting out the traditional banking system. These platforms often offer competitive rates and flexible loan terms.Prosper

          Credit Card Balance Transfers

          Apply For a Loan

          If you have existing credit card debt, transferring the balance to a credit card with a lower interest rate or a promotional 0% APR period can be a cost-effective way to consolidate debt and save on interest. Chase Bank as an example. Chase offers credit cards with balance transfer capabilities. One of their popular cards for balance transfers has been the Chase Slate card.Chase

          Home Equity Loans or Lines of Credit

          Apply For a Loan

          Home equity loans and home equity lines of credit (HELOCs) are secured against the equity of your home. They are ideal choices if you're a homeowner seeking significant funds. Institutions like Wells Fargo, Bank of America, and U.S. Bank provide these home equity services.Bank of America

          Editorial Opinion

          Truist Bank, formerly known as BB&T, offers personal loans with a range of features and benefits. However, a closer examination reveals a mixed bag of pros and cons. In this editorial opinion, we will evaluate the strengths and weaknesses of Truist Bank's personal loan offerings. Truist Bank's personal loans come with several advantages worth considering. Firstly, the absence of origination fees is a major plus for borrowers, allowing them to save money during the loan initiation process. Additionally, the availability of fast funding ensures that borrowers can quickly access the funds they need, providing a convenient solution for urgent financial requirements. Despite the positive aspects, Truist Bank's personal loans have notable drawbacks. One major downside is the lack of a pre-qualification option. Unlike some competitors, Truist Bank does not allow borrowers to assess their potential loan amount, interest rate, and monthly payment before submitting a formal application. This limitation can hinder borrowers' ability to compare loan options effectively. Another disadvantage is the absence of rate discounts, which other lenders often provide as an incentive for actions such as setting up automatic payments or paying off existing creditors. Truist Bank's personal loans present both advantages and disadvantages. The absence of origination fees, fast funding, and the option to include a co-signer are commendable features that make their loans attractive to certain borrowers. However, the lack of a pre-qualification option, rate discounts, and transparency in loan amount display are notable downsides that may deter potential applicants.

          Important

          Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

          Methodology

          At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

          In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

          At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

          Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

          Additional resources

          To learn more about personal loans and best practices, check out some of the following resources:

          Sources

          FAQ

          What credit score do you need for a Truist Bank personal loan?

          Truist Bank typically accepts applications from borrowers with good to excellent credit scores. According to the information provided, the minimum credit score required for a Truist Bank personal loan is 690 or higher.

          How fast does Truist Bank approve loans?

          Regarding the approval timeline, Truist Bank's loan approval process can vary depending on several factors, including the completeness of the application, documentation requirements, and the applicant's creditworthiness. While Truist Bank offers fast funding and may provide same-day availability of funds on banking business days, the exact approval timeline can vary from case to case.

          Does Truist Bank verify income?

          When it comes to income verification, Truist Bank typically verifies income as part of its loan application process. This helps ensure that borrowers have the means to repay the loan. The specific income verification process may involve submitting documentation such as W-2s, pay stubs, or bank statements to confirm the applicant's financial information.