Truist Business Loans Review

(July 2024)

Truist Business Loans Review

In This Article

Our Verdict

Consider Truist Bank business loans if you don’t require large funds for your business, if what you need does not exceed $250,000. Understand that being in business for a long time is not a paramount criteria to enjoy this product.

Truist Bank is only available in 15 States of the United States and Washington DC, which includes North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio and Pennsylvania.

Be ready for a less than average customer service from Truist Bank; as a common place with banks with many customers.

Here’s other relevant information you need to know:

Truist Financial Corporation.

Corporate Headquarters  214 N. Tryon St., Charlotte, North Carolina, 28202

United States of America

Phone Number: 3367332000

Fax Number: 844.217.5137


  • Does not consider years in business
  • No requirements for minimum annual revenue.
  • Different type of equipment aids and auto loans.
  • General business financing products.
  • Loan repayment term can be up to 15 years


  • Low loan amounts across all products.
  • Doesn’t reveal the rates and minimum credit score on website.
  • No SBA loan offer.
  • More than one time usual payment for secured term loan.
  • Payment of origination fee
  • Loan only for small businesses

Who This Product Is Best For

Approach Truist Bank for business loans if you are a business owner who:

  • Need a sum of money that is less than $250,000.
  • Is in need of traditional loans like term loans and lines of credit for your business.
  • Doesn’t need an SBA loan.
  • Runs a small business

Who This Product Isn't Right For

Look elsewhere for your business loans if you are a business owner who:

  • Wants sums larger than the maximum of $250,000 that Truist Bank offers.
  • Is in need of SBA loans.
  • Cherish transparency on interest rates and credit scores.
  • Want other loan options such as invoice factoring or merchant cash advances.
  • Don’t want to pay origination fee
  • Doesn’t run a small business

What This Product Offers

●      Unsecured Term Loan.

Apply for Truist Bank Unsecured term  loan, if you want a loan with fixed sum without collateral in case you default on payment.

Know that you require an excellent credit score to qualify for this loan

●       Secured Term Loan.

If you have a Home Equity enough to secure a loan, try the Truist Bank Secured term loan. Know that Truist demands a legal claim on your collateral so that if you default on payment, it places lien on your asset.

●       Unsecured Line of Credit.

Try Truist Bank Unsecured line of credit, if you don’t have a collateral for loan and the amount you need is periodic. Access money as you need it to repay after your draw period is over.

●       Secured Line of Credit.

If you need larger sum in a line of credit, try the Truist Bank Secured line of credit. Know that you need a collateral for this type of line of credit and create a legal claim for your lender in case you do not repay the amount you owe.

●       Auto Small Business Loans.

Take Truist Bank Auto Small Business Loan if you need to raise money to buy vehicle for your business.

●       Commercial vehicle and equipment loans.

To expand your business by acquiring commercial vehicle and equipment, consider Truist Bank commercial vehicle and equipment loan.

●       Real Estate Loans.

To expand the place of your business or refinance another one, approach Truist Bank for a real estate loan.

Product Details

Term loans 

If your business urgently needs funds, approach Truist Bank for loan, choose between a secured or unsecured term loan. To get a secured term loan, know that you need to make a deposit in the form of a collateral,  while you only need to show enough creditworthiness for an unsecured term loan. Understand however that a secured term loan gives you better interest rates than an unsecured term loan will give.

Realize that Truist Bank term loan starts at $3,500 for both secured and unsecured term loans with terms extending up to 60 months. Prepare to pay an origination fee of 0.50% or $100 to apply for either term loans. If you need a fund in the region of $100,000, apply with either of the secured or unsecured; take your application through the secured loan route if what you need is more than $100,000 or even up to $250,000. Know that to take Truist Bank Business loan, prepare to pay an origination fee of 0.5% of the amount you apply for or $100 whichever is greater.

Line of credit

If the funds you need for your business are not once and for all but you need a credit limit from which your business can keep drawing from when the need arises, consider Truist Bank secured or unsecured line of credit. Know that with this business line of credit financing option you only pay interest on the amount you draw (spend) from your credit limit. When you withdraw up to your credit limit, you repay the amount you borrow, plus interest, and you can withdraw funds again.

Apply for a secured or unsecured business line of credit, depending on factors such as creditworthiness and availability of valuable assets.


Like the term loans, Truist Bank’s business line of credit also starts disbursement at $3,500 for both secured and unsecured business lines of credit. Pay an origination fee of whichever is greater between 0.5% of the amount you require and $100. If you’re applying for an unsecured line of credit, get up to $100,000 and up to $250, 000. Realize that you have 36 months to repay whatever you draw from the line of credit.

Auto small business loan

If your business needs to raise money to purchase a new vehicle to boost operations, apply for Truist Bank’s Auto Small business loan. Take 110% financing of the funds you need for the purchase and use the extra 10% on the loan to cover delivery fees, tag and licensing expenses. Get anything between $3,500 and $250,000 loan for this product from Truist with an origination fee of $100.

Know that you have a long repayment period for this loan, Truist Bank is ready to wait for 75 months before you repay the loan. Note however that you have to pay a processing fee of $100 to apply for this loan.

Commercial vehicle and equipment loans.

To raise funds to acquire commercial vehicles and equipment you need to expand, consider Truist Bank commercial vehicle and equipment loan.

Take the stock of the vehicle or equipment your business needs to get to the next level of profit, know the specific amount it costs to get it and determine how long you plan to repay, not more than 84 months.

Know however that the vehicle or equipment will serve as the collateral for the loan but you can get up to 100% funding to the maximum amount of $250,000.

Real Estate Loans.

To expand the place of your business or even buy another one with the option of Truist Small Business Real Estate Loans, do proper budgeting of the amount you need for closing up the purchase or refinancing.

Know that this loan is not for construction but purchase or refinancing which you repay at monthly schedule for a term as you pre-determine that does not surpass 15 years; the maximum loan amount is $250,000 with 85% Loan to Value.

Where This Product Stands Out

●       No Number of Years in Approval

If your business is new and you urgently need funds to run the business, don’t worry about that when you apply for the Truist Bank loans as the bank doesn’t consider the number of years an applicant company is in approving the loan.

●       No Annual Revenue in Approval

Don’t worry about your business annual revenue when you apply for a business loan with Truist Bank; unlike other Banks, Truist doesn’t require submission of annual revenue of the business in the determination of loan qualification.

●       Several Auto and Equipment Loan Options

If your business is in need of vehicles or equipment for expansion, know that you have more than one option in the Truist Bank small business loan; the auto loan and also the vehicle and equipment loan are the two options. Choose the option that suits your business best.

●       Up to 15 years repayment term

If your business wants to take the Truist Bank small business real estate loan, don’t fidget on whether it’s possible to repay without struggle, the repayment term for the loan can be up to 15 years which gives you the ample time to really profit from the use of the equipment or vehicle.

Where This Product Falls Short

●       Undisclosed loan interest rates online

If you require a Bank that reveals your interest rates and credit score on the website, look elsewhere other than Truist Bank. Don’t think Truist will display all the terms openly for you to compare with others.

●       Limited funding for businesses

If you do a small business that does not require large funds, Truist is best for small businesses, but look for an alternative If your business

requires a business loan in millions, none of Truist business products is ideal for you.

●       No SBA Loans

If your business prefers SBA loans because of the volume and the ease of applying for them and repayment, look elsewhere because Truist Bank does not offer SBA loans despite being a more small business compliant.

●       Payment of Origination Fee

Think of another bank for business loan other than Truist Bank, if you don’t agree that it is right for your business to pay origination fee despite interest rates charges on your business loan.

●       Only for Small Businesses

If your business is not what we can term as a small business, don’t bother approaching Truist Bank for a business loan because all the bank’s business loans are for small businesses alone which informs the reason the maximum loan amount is not more than $250,000.

How to Qualify for This Product

Don’t bother about your time in business or your annual revenue when applying for Truist Bank Small Business Loans; the Bank does not consider them in determining your qualification.

Know however that you and your business creditworthiness is quite important in this regard, especially if the loan you are applying for is an unsecured term loan or line of credit.


Approach the Bank representative for the specific credit score each loan requires for approval. 

How to Apply for This Product

Fill out Truist’s small business loan application form online which requires information about you (full name, address, phone number, social security number) and your:

  • Business
  • Financial health—for example, income, taxes, and debts.
  • Collateral, if you’re opting for any secured business loan product.
  • Guarantor or co-borrower.
  • Business Tax identification
  • Personal Tax identification
  • Personal Information of Owners

Alternatives to This Product


If you are in need of a  larger sum for your business, consider PNC as a good fit. Know that PNC gives more than the $250, 000 Truist’s maximum offer. Take advantage also of PNC offers of a more robust secured line of credit and term loan of up to $3,000,000.

U.S. Bank

Expand your business in a very big way by approaching US Bank, you stand a chance of getting up to $10,000,000 commercial real estate loan.

BMO Harris

If your business is in need of larger sums than Truist’s, approach BMO Harris. Know that Harris grants up to $10,000,000 loan.

Understand however, that to qualify for this loan, you need a great minimum annual revenue.

TD Bank

If your business is in need of banks with more online presence and or offers SBA Loans, reach out to TD Bank. Know that TD grants up to $5,000,000 loan.

Understand however, that to apply for a loan beyond $250,000 you need to visit the bank in person.

Customer Reviews

Truist doesn’t seem to receive any positive customer reviews on Trust Pilot. It has a 1.1 out of 5-star rating based on 1058 reviews from customers.


We reviewed Truist business loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Truist 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 Truist 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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