Synovus Bank Personal Loans Review

(April 2024)

Synovus Bank Personal Loans Review

In This Article

Our Verdict

Consider Synovus Bank if you need a personal loan that is not higher than $100,000 with easy and quick application process. You don’t need a collateral to get this, and you get to avoid common issues borrowers face.

Synovus bank operates in the Southeastern United States, with its headquarters located in Columbus, Georgia. It has become one of the largest community banks in the region, with more than 300 locations across the states of Alabama, Florida, Georgia, South Carolina, and Tennessee. With 35 years banking experience, Synovus bank offers quality personal loan products alongside a wide range of products and services.

You may not be able to access loans at Synovus bank if you live outside the Southeastern United States. Also, do not consider defaulting if Synovus gives you personal loans, because it may charge fees when you miss  a payment or default on a loan.

You can contact Synovus bank online by clicking on ‘contact us’ on their website- www.synovus.com  to have a live chat with their representative; otherwise you can call 1-888-796-6887,  mail- P.O. Box 120, Columbus GA 31902 or email- [email protected]. You can also walk into any Synovus bank branch and speak with a representative.

Pros

  • Offers competitive interest rates
  • Has personal loans of up to 10 years terms
  • Offers convenient online and mobile banking
  • Has large network of branches and ATM
  • Provides excellent customer services
  • Offers wide range of products and services

Cons

  • Has limited area coverage
  • Has strict creditworthiness requirements
  • Has higher minimum balance requirements for particular accounts.
  • Has limited loan options compared to other large national banks and online banks.

Who This Product Is Best For

You can get personal loan at Synovus if:

  • You live within the regions Synovus banks are located in- Alabama, Florida, Georgia, South Carolina, and Tennessee
  • You have very good or excellent credit
  • You need a maximum loan of $25,000
  • You prefer a fixed monthly repayment
  • You prefer a bank that has a long history of serving customers in their community

Who This Product Isn't Right For

Don’t consider applying for a Synovus personal loan if:

  • you are located outside of these states: Alabama, Florida, Georgia, South Carolina, and Tennessee
  • You have poor credit
  • You need a large loan amount
  • You need a flexible repayment plan
  • You need immediate access to loans

What This Product Offers

Installment Loans

With this product, you get the cash you need up front for anything from home improvements to paying off your credit cards. Loans are distributed in one lump sum, and amounts start at $2,500. The repayment is simplified  with  fixed monthly payments over a set time frame

Auto Loans

This personal loan helps you  purchase a new family car or truck, RV or motorcycle, and other auto mobiles of your choice

Personal Line of Credit

Here, you get flexible access to funds you can draw from and then pay off in a way that’s similar to a credit card, our personal line of credit may be the right choice. As a  customer at Synovus, you get to borrow against a line of credit and then pay back with interest, over a certain time period. Synovus offers you terms up to 10 years and line amounts as low as $2,500. In some situations, you may be able to pay only the interest on the amount you borrowed until it is due.

Product Details

Synovus gives personal loans between $5000 to $100,000,with terms of up to ten years, and loans are processed within a few days. However, other  details of their  loans, including the APR are not available on their website . In lieu of this, you can visit the local branch, call on 1-888-796-6887, or visit the website www.synovus.com  to find out more.

Where This Product Stands Out

  • It offers personalized service: Synovus Bank prides itself on offering personalized service to each customer, whether you are applying for a personal loan or conducting other banking transactions.
  • It has flexible loan terms: Synovus Bank offers flexible loan terms on its personal loans, including fixed rates and terms ranging from 12 to 60 months, which can help you find a loan that fits your specific needs.
  • Competitive interest rates: Synovus Bank offers competitive interest rates on its personal loans, which can help customers save money over the life of their loan.
  • Offers quick and easy application process: Synovus Bank offers a fast and efficient online application process for personal loans, which can help you get the funds you need quickly and easily.
  • You don’t pay origination fees or prepayment penalties: Synovus personal loans do not come with origination fees or prepayment penalties, which can save you money on the overall cost of their loan.
  • It offers multiple borrowing options: Synovus Bank offers both secured and unsecured personal loans, which can give you more flexibility in your borrowing options.
  • You can get relationship discounts: Synovus Bank may offer discounts on personal loan interest rates for you if you have other accounts or products with the bank, such as checking accounts or savings accounts.
  • Online and mobile banking: Synovus Bank offers robust online and mobile banking options that allow you to manage your accounts, view transactions, and apply for loans from the comfort of your own home.
  • It has strong community focus: Synovus Bank has a long history of serving its local communities and is committed to supporting its customers through community involvement, volunteerism, and charitable giving.
  • It is committed to innovation: Synovus Bank is committed to staying ahead of the curve in terms of technology and innovation, which can help you stay connected and have access to the latest banking services.

Where This Product Falls Short

  • Limited availability: Synovus Bank operates primarily in the Southeastern United States, which may limit access to its personal loan products for customers who live outside of this region.
  • Limited loan amounts: Synovus Bank personal loans have a maximum loan amount of $25,000, which may not be sufficient for customers who need to borrow a larger sum of money.
  • Minimum loan amounts: Synovus Bank personal loans have a minimum loan amount of $5,000, which may be higher than what some customers need to borrow.
  • Good credit required: Synovus Bank may require good to excellent credit for approval, which may exclude some customers with lower credit scores from being able to obtain a personal loan.
  • Late payment fees: Synovus Bank may charge late payment fees if customers do not make their loan payments on time, which can increase the overall cost of the loan.
  • No rate discounts for autopay: Unlike some lenders, Synovus Bank does not offer an interest rate discount for borrowers who set up automatic payments.

How to Qualify for This Product

To qualify for a personal loan from Synovus Bank, you will typically need to meet the following requirements:

  • Good credit: Synovus Bank generally requires a credit score of at least 680 to be eligible for a personal loan. However, other factors such as income, debt-to-income ratio, and credit history will also be taken into account.
  • Steady income: You will need to demonstrate that you have a steady source of income, such as from employment or self-employment.
  • Low debt-to-income ratio: Synovus Bank will consider your debt-to-income (DTI) ratio, which is the amount of debt you have compared to your income. Ideally, your DTI should be below 43%.
  • Residency: You must be a resident of one of the states where Synovus Bank operates, which includes Alabama, Florida, Georgia, South Carolina, Tennessee, and Virginia.
  • Age: You must be at least 18 years old to be eligible for a personal loan.

It’s important to note that meeting these requirements does not guarantee approval for a personal loan from Synovus Bank, as each application is evaluated on a case-by-case basis. Additionally, meeting these requirements may not be sufficient to qualify for the best interest rates or loan terms, as these will also depend on factors such as loan amount, loan term, and creditworthiness.

How to Apply for This Product

You can apply for a personal loan at Synovus Bank online or in person at a branch location. Here are the steps to apply for a personal loan online:

  • Visit the Synovus Bank website and click on the “Personal Loans” tab.
  • Review the loan options and select the one that best fits your needs.
  • Click the “Apply Now” button to begin the application process.
  • Provide your personal information, including your name, address, Social Security number, and employment information.
  • Specify the loan amount and term you are requesting.
  • Provide information about any assets you may have, such as a home or vehicle.
  • Review and accept the terms and conditions of the loan.
  • Submit the application.

Once you submit the application, Synovus Bank will review your information and may request additional documentation or information. If your loan is approved, you will receive a loan agreement that outlines the terms of the loan, including the interest rate, repayment period, and any fees. You will need to sign and return the loan agreement before the funds are disbursed to your account.

Alternatives to This Product

There are many banks and lenders that can serve as alternatives to this product. Here are some options to consider:

  • Wells Fargo:

Wells Fargo offers personal loans with competitive rates, flexible repayment terms, and the option to apply with a co-borrower.

  • Marcus by Goldman Sachs:

Marcus offers personal loans with competitive interest rates, no fees, and flexible repayment terms.

  • Discover:

Discover offers personal loans with no origination fees or prepayment penalties, and flexible repayment terms.

  • LightStream:

LightStream offers personal loans with low rates, no fees, and a rate beat program where they will beat a competitor’s rate by 0.10% if certain conditions are met.

  • SoFi:

SoFi offers personal loans with no fees, low interest rates, and flexible repayment terms, as well as a variety of other financial products.

  • LendingClub:

LendingClub offers personal loans with competitive rates and flexible repayment terms, as well as the ability to borrow for a variety of purposes.

  • Upgrade:

Upgrade offers personal loans with competitive rates, flexible repayment terms, and the ability to check your rate without impacting your credit score.

  • Avant:

Avant offers personal loans with competitive rates and flexible repayment terms, as well as the ability to borrow for a variety of purposes.

Customer Reviews

Some customers report that the loan application process was quick and easy, and that the customer service provided by Synovus was friendly and helpful. Customers also reported receiving competitive interest rates on their loans. Other customers  mentioned issues with hidden fees or unhelpful customer service. Some customers reported difficulty accessing their loan account online, or had issues with payments being credited properly.

Methodology

We reviewed Synovus business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Synovus business loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Synovus business loans customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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