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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
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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.
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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.
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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.
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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
Cons
How to Apply for a Truist Bank Personal 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:
- Provide personal and contact information, including a U.S.-based cell phone number.
- Provide two years of address and employment history.
- Provide financial information, including income, debts, and other personal obligations, like rent or mortgage.
- Check your credit. Doing so will help you spot and fix any errors before you apply.
- 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.
- 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.
- 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?
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
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.
Online Lenders
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.
Peer-to-Peer Lending
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.
Credit Card Balance Transfers
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.
Home Equity Loans or Lines of Credit
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.
Editorial Opinion
Important
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:
- Discover the Best Personal Loans Available Online in the U.S.
- Understanding the Power of a Line of Credit
- Harnessing the Power of Credit Builder Loans for a Strong Credit Score
- Instant Loans: Quick Cash When You Need It Most
- Exploring Best Online Cash Advance Loans for 2023
- Best No-Credit-Check Loans
- Your Guide to Loans with Bad Credit in the U.S.
