Truist Bank Personal Loan: Worth It This Year?

(June 2024)

Truist Bank Personal Loan- Worth It This Year?

In This Article

Our Verdict

Truist Bank operates in 17 U.S. states and Washington, D.C. The states are Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Washington, and D.C. Truist Bank offers two personal loan products: its primary product, which allows you to borrow up to $100,000 with an APR up to 15.59%, and its Ready Now Loan, which is an emergency loan that offers up to $1,000 in $100 increments and has an APR of 16.94%.

In addition to personal loans, Truist Bank offers a wide range of products and services, including small business products, mortgages, home equity lines of credit, vehicle loans, insurance, wealth management, and more. To learn more about Truist Bank’s personal loans and other products, you can visit their website at www.truist.com

Pros

  • Fast funding
  • No prepayment penalties
  • Flexible repayment terms
  • Competitive interest rates
  • Discount for existing customers
  • Online application process

Cons

  • No rate discount
  • No pre-qualification
  • Limited availability
  • Late payment fees

Who This Product Is Best For

Truist Bank personal loans are best for individuals who:

  • Need fast access to funds
  • Don’t need to use their loan for debt consolidation
  • Possess good credit scores
  • Want to save money on origination fees
  • Need large loan amount up to $100,000

Who This Product Isn't Right For

Truist Bank personal loans may not be right for individuals who:

  • Have poor credit history
  • Need to use their loan funds for debt consolidation
  • Prefer to have a co-signer
  • Live outside Truist Bank’s lending area.

What This Product Offers

Truist Bank offers two types of personal loans:

Primary Personal Loan: This is Truist bank’s primary personal loan product, which allows you to take out a loan up to $100,000 with repayment terms of up to 84 months. The APR ranges from 4.99% to 15.59%, and you can receive your funds in as little as 48 hours after approval.

Ready Now Loan: This is an emergency loan product offered by Truist Bank, which allows you to take out a loan in increments of $100 up to $1,000. The APR for this loan is 16.94%, and you can receive your funds in as little as 24 hours after approval.

Product Details

Truist Bank’s Primary Personal Loan

Truist Bank’s primary personal loan product caters to borrowers who require a larger loan amount of up to $50,000 and a repayment period of up to 5 years, allowing for a flexible repayment plan based on their budget. The loan’s interest rate ranges from 4.99% to 15.59%, based on your creditworthiness and other factors, with a fixed rate for the loan’s duration.

You can easily apply for this loan either online, in person at a Truist Bank branch, or by phone. The application process is straightforward—and you can receive approval within minutes. Funds can be out as quickly as 48 hours after approval, providing you with swift access to the funds they require.

Truist Bank’s primary personal loan product is advantageous in that it does not charge origination fees, which can save you money compared to other lenders who impose these fees. Moreover, there are no prepayment penalties, which implies that you can pay off the loan early without incurring additional fees.

Ready Now Loan

The Ready Now Loan is an emergency loan product offered by Truist Bank, designed to provide quick access to funds for unexpected expenses or emergencies. Here are some key details about the loan:

Loan amount: You can take out a loan in increments of $100, up to a maximum of $1,000.

APR: The APR for the Ready Now Loan is 16.94%, which is higher than the rates offered for the bank’s primary personal loan product.

Repayment term: The repayment term for the Ready Now Loan is shorter than the primary personal loan, where you must pay back the loan within 12 months.

Fast funding: You can receive their funds in as little as 24 hours after approval, which makes this loan a good option for those who need quick access to cash.

Usage restrictions: Unlike the primary personal loan, the Ready Now Loan has restrictions in terms usability. The loan can only be used for emergency expenses, such as medical bills, plumbing or appliance repairs, and car repairs

Where This Product Stands Out

No Origination Fees 

Origination fees are fees charged by lenders for processing and funding a loan. These fees are typically a percentage of the loan amount and can add up to a significant amount, especially for larger loans. By not charging origination fees, Truist Bank can be a cost-effective option if you are looking to minimize the fees associated with Truist Bank’s personal loan.

Without origination fees, you can save money and potentially borrow more than they could with a lender that charges these fees. This can make Truist Bank’s personal loans a more attractive option if you are looking to minimize costs and maximize your borrowing power. Additionally, you can avoid the hassle of having to factor in origination fees when calculating the total cost of their loan.

Fast Funding

Say you have an urgent need for money to deal with an emergency or unforeseen expenses. In this case, Truist Bank’s quick funding is a huge advantage. The bank’s fast application process and quick approval time enable you to obtain funds in as little as 24-48 hours after approval, which is quicker than many other lenders on the market.

This speedy funding procedure can also be helpful if you want to consolidate debt or pay off high-interest credit cards because you can swiftly move the funds to your other accounts and start saving money on interest.

Flexible Repayment Terms

Truist Bank’s flexible repayment terms can be a great benefit for borrowers who need to borrow a larger amount of money but may not be able to afford higher monthly payments. By offering repayment terms up to 60 months, Truist Bank allows you to spread your payments over a longer period of time, which can make your monthly payments more manageable.

This can be especially helpful for you—if you need to finance large expenses, such as home renovations, medical bills, or other unexpected costs. With longer repayment terms, you can budget your payments more effectively and avoid defaulting on your loan.

Competitive Interest Rates 

Truist Bank’s competitive interest rates on personal loans can make it an attractive option if you are looking for a loan with a low-interest rate. The interest rate is an important factor to consider when taking out a loan, as it directly affects the cost of borrowing money.

Starting at 4.99% APR, Truist Bank’s interest rates are competitive with other lenders in the industry. In order to save money over the course of the loan, if you have good credit ratings and satisfy all other eligibility requirements, you can qualify for Truist Bank’s lowest interest rates.

Where This Product Falls Short

High Maximum APR

To help you make informed decisions, it’s important to note that Truist Bank’s maximum APR of 15.59% is higher than other lenders—which implies that you can get higher rates if you have lower credit scores. In addition, the APR range of 4.99% to 15.59% is wide and can make it harder for you to know what rate you can get. Therefore, review the terms and conditions of the loan before accepting an offer to ensure you are getting the best deal.

Limited Loan Options

Truist Bank offers only two types of personal loans – its Primary Personal Loan and the Ready Now Loan. While these loans may meet your needs, they may not be suitable for everyone. For example, if you need a smaller loan amount or you are looking for a specific type of loan, such as a secured loan, you may need to look elsewhere. The limited loan options may also be a disadvantage if you want to compare different loan products and features before making a decision. 

Limited Availability 

Check if Truist Bank is available in your state before applying for a personal loan. Truist Bank is currently only operating in select states, which may limit your access to Trust Bank loan products if you prefer a nationwide lender. In addition, loan product availability may differ by state, further restricting you from some options. It’s important to confirm both the state availability and the loan product options before considering Truist Bank as a lender.

No Pre-qualification Option Available

Truist Bank does not offer a pre-qualification process, which means that you cannot see your potential loan amount, interest rate, and monthly payment before formally applying. This can make it difficult for you to compare loans and make an informed decision.

How to Qualify for This Product

To qualify for a Truist Bank personal loan, you must meet certain eligibility requirements. The specific criteria may vary depending on the type of loan you’re interested in, but here are some general factors that Truist Bank may consider when evaluating your application:

Credit score: Truist Bank typically requires a minimum credit score of 660 for its personal loans. However, keep in mind that a higher credit score may help you qualify for lower interest rates.

Income: Truist Bank may also consider your income and employment status when evaluating your application. You’ll typically need to show proof of income, such as recent pay stubs or tax returns.

Debt-to-income ratio: Truist Bank may also look at your debt-to-income ratio, which is the amount of debt you have relative to your income. A lower debt-to-income ratio may improve your chances of qualifying for a loan.

Citizenship or residency status: To qualify for a Truist Bank personal loan, you must be a U.S. citizen or permanent resident.

Age: You must be at least 18 years old to apply for a personal loan with Truist Bank.

How to Apply for This Product

A representative from Truist Bank declined to give details about their loan application requirements, but suggested that it varies based on individual situations and a Truist Bank small business banker can guide applicants through the necessary documents. However, most business loan applications generally require similar documentation, with additional requirements depending on the lender. You can provide:

Proof of identity: Truist Bank will likely require a government-issued ID, such as a driver’s license or passport, to verify your identity.

Proof of income: You will need to provide documentation of your income, such as recent pay stubs or tax returns. Truist Bank may also require information on your employment status and length of employment.

Credit history: Truist Bank will likely check your credit history and credit score to assess your creditworthiness. You may not need to provide this information directly, as Truist Bank can typically access it through a credit check.

Other financial information: Truist Bank may ask for information on your other debts and expenses, such as credit card balances and monthly bills.

Alternatives to This Product

Wells Fargo

If you’re considering a personal loan and Truist Bank isn’t the right fit for you, Wells Fargo could be a good alternative to consider. With competitive APRs and a wider range of loan amounts, Wells Fargo may be a better option for borrowers who need a larger loan amount. However, keep in mind that Wells Fargo’s maximum APR is higher than Truist Bank’s maximum APR, which could make the loan more expensive over time. Additionally, Wells Fargo has a higher minimum credit score requirement, so borrowers with lower credit scores may find it easier to qualify for a personal loan with Truist Bank. As with any loan, it’s important to compare the rates, terms, and requirements of multiple lenders before making a decision.

TD Bank

If you’re considering TD Bank as an alternative to Truist Bank for a personal loan, it’s important to keep in mind that the minimum credit score requirement is not disclosed. This means that it may be difficult to determine if you meet the eligibility requirements without first applying for a loan. If you’re concerned about your credit score, you may want to consider looking into other lenders with more transparent eligibility requirements. However, if you have a good credit score and need a smaller loan amount, TD Bank’s competitive APRs may make it a good option for you. As always, it’s important to compare loan options and choose the best option for your unique financial situation.

Chase

 If you have good credit and need a personal loan, Chase can be a great alternative to Truist Bank. With a competitive APR range and loan amounts up to $50,000, Chase can provide you with the funds you need to cover your expenses. However, if you have a lower credit score or need a larger loan amount, you may want to consider other options like Wells Fargo or Truist Bank. It’s important to compare different loan options and rates to find the best fit for your financial situation.

Customer Reviews

Citibank has received a good rating of 1.1 out of 5 stars on Trustpilot website based on over 1,076 customer reviews. However, it has a good rating of 3.8 out of 5 stars on ConsumerAffairs based on reviews from over 1,478 customers.

Methodology

We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility,

customer experience and the application process. We rated *this product* 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 *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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