Our Verdict
Consider Truist loans if you need fast funding and minimal fees, but beware of the bank’s limited availability and lack of transparency. Ensure you compare Truist loans with other lenders that offer more options, benefits, and clarity, such as PenFed, which has no origination fee, pre-qualification option, and rate discount for autopay.
In addition, avoid Truist loans if you live outside of the 17 states and Washington, D.C. where The bank operates, or if you want to know your rate and terms before applying.
According to the Truist bank branch locator, the 17 states where Truist Bank operates are: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C. You can use the online locator to find the nearest branch or ATM in your area.
Visit Truist Loans’ official website to learn more about its products, services, and features, such as Truist One Checking, Cash, Zelle, and mobile banking.
Truist Bank
Corporate Headquarters: 214 N Tryon St, Charlotte, NC 282027.
Phone Number: 336-733-2000
Website: www.truist.com
Pros
- No origination fee: save money on processing your loan application.
- No prepayment penalty: pay off your loan early without any extra charge.
- Fixed interest rate: enjoy predictable monthly payments with no rate changes.
- Flexible repayment terms: choose a loan term from 12 to 60 months to suit your budget and goals.
- Fast funding: get your money as soon as the next business day after approval.
Cons
- Limited availability: apply for a loan only if you live in one of the 17 states and Washington, D.C. where Truist operates.
- No pre-qualification option: submit a full application with a hard credit check to see your loan offer, which may affect your credit score.
- Lack of transparency: find no clear information about the maximum loan amount or the minimum credit score requirement on the website.
- Poor customer reviews: deals with poor customer service, hidden fees, and difficulty in making payments, according to some online reviews.
- High-interest rates: pay higher interest rates than other lenders, especially if you have a low credit score or a short credit history.
Who Truist Loans Are Best for?
Apply for Truist loans if you:
- Need fast funding and minimal fees, as the bank offers potential same-day funding with no origination fee.
- Have excellent credit and can qualify for the best interest rates the bank offers, which are noticeably lower than many of its competitors.
- Want to add a co-applicant, as the bank allows joint loans, which can increase your chances of approval and lower your interest rate.
- Want to consolidate your debt, as the bank offers direct payment to creditors with debt consolidation loans.
- Are already a customer of the bank or want to be, as the bank offers various financial products, such as checking, savings, credit cards, and mortgages.
>>>MORE: PNC Loans Review
Who Truist Loans Aren't Right For?
Truist loans may not be right for you if you:
- Live outside of the 17 states and Washington, D.C. where Truist operates, as you may not be eligible to apply for a loan.
- Want to pre-qualify with a soft credit check, as Truist does not offer this option and requires a hard credit inquiry to see your loan offer, which may affect your credit score.
- Need more transparency about the maximum loan amount or the minimum credit score requirement, as Truist does not provide clear information about these factors on its website.
- Care about customer reviews, as Truist has mostly negative feedback from its customers, who complain about poor customer service, hidden fees, and difficulty in making payments.
- Can get a lower interest rate from other lenders, as Truist’s interest rates are higher than many of its competitors, especially if you have a low credit score or a short credit history.
What Truist Loans Offer?
- Personal Loan
- Personal Line of Credit
- Physician Line of Credit
Truist Loans Details?
Personal Loan
Use this unsecured loan for various purposes, such as debt consolidation, home improvement, or a vacation. You can borrow a minimum of $3,500 with no origination fee and a fixed interest rate that ranges from 8.74% to 17.39% APR. You can choose a repayment term from 12 to 60 months, depending on your loan amount and credit profile. You can apply online and get a fast approval and same-day access to cash.
Personal Line of Credit
Understand that you can use this revolving line of credit whenever you need extra cash, such as for emergencies, opportunities, or large purchases. You can access a minimum credit line of $5,000 with no application fee and no cash advance fee. The interest rate is variable and as low as 13.69% APR. You can apply in person at a branch and enjoy the flexibility of borrowing and repaying as you go.
Physician Line of Credit
Pick this special credit line if you are a physician, dentist, or podiatrist who is in training or practice. You can access a maximum credit line of $50,000 for medical residents and fellows, or $100,000 for board-certified professionals, with no collateral required. The interest rate is variable and as low as 12.50% APR. You can apply online and use the funds for any personal or professional needs, such as relocation, education, or equipment.
Where Truist Loans Stand Out
Fast Approval And Funding
Do you know that Truist can approve and fund your loans quickly? This isn’t always the case with other lenders. You may be able to get your money the same day after approval.
Joint Loan Option
Truist allows you to add a co-applicant to your loan, which can increase your chances of approval and lower your interest rate. Not all lenders offer this feature.
Direct Payment to Creditors
Get access to debt consolidation loans that can pay off your existing debts directly to your creditors. This can simplify your repayment process and save you time and hassle.
Options to Choose And Change Your Payment Date
Truist gives you the flexibility to select and modify the payment due date for your loan. This can help you align your payments with your cash flow and avoid late fees.
Variety of Loan Products
Access different types of loans and lines of credit for various purposes, such as personal, auto, boat, RV, and physician loans. You can choose the loan that best suits your needs and goals.
>>>PRO TIPS: Are BMO Harris Bank Personal Loans Worth It?
Where Truist Loans Fall Short
Limited Availability
Be aware that Truist loans are only available in 17 states and the District of Columbia. If you live outside of these areas, you may not be able to apply for a loan from Truist.
No Option to Pre-qualify
Truist does not allow you to pre-qualify with a soft credit check and see your potential loan amount, rate, and terms before applying. You have to submit a full application with a hard credit inquiry, which may affect your credit score.
Lack of Transparency
Don’t expect clear information about the maximum loan amount or the minimum credit score requirement on its website. You may not know if you qualify for a loan or how much you can borrow from Truist.
Poor customer Reviews
Truist has mostly negative feedback from its customers, who complain about poor customer service, hidden fees, and difficulty in making payments. You may not have a pleasant experience with Truist if you encounter any issues with your loan.
High-Interest Rates
Note that Truist’s interest rates are higher than many of its competitors, especially if you have a low credit score or a short credit history. You may end up paying more interest over the life of your loan with Truist.
How to Qualify for Truist Loans
To qualify for Truist loans, you need to meet the following criteria:
- You must be at least 18 years old and a U.S. citizen or permanent resident.
- You must have a valid checking or savings account with Truist or another bank.
- You must have a minimum annual income of $20,000 for personal loans, $30,000 for personal lines of credit, and $50,000 for physician lines of credit.
- You must have a good credit history and score, although Truist does not disclose the minimum credit score requirement on its website.
- You must live in one of the 17 states or the District of Columbia where Truist operates.
How to Apply for Truist Loans
You can apply for Truist loans online, over the phone, or at a branch, depending on the type of loan you want. Provide some personal and financial information, such as your name, address, income, employment, and social security number. You also need to agree to a hard credit check, which may affect your credit score.
>>>GET SMARTER: Truist Personal Loans Review
Alternative to Truist Loans
PenFed
Consider PenFed if you don’t mind a credit union that offers personal loans with no origination fee, the option to pre-qualify with a soft credit check, and a rate discount for autopay. However, you need to become a member of PenFed before accepting a loan, which requires a $5 deposit into a savings account.
Discover
Go for Discover if all you want is a bank that offers personal loans with a lower minimum loan amount ($2,500) than Truist ($3,500), and a longer maximum repayment term (84 months) than Truist (60 months). However, Discover has a higher minimum credit score requirement (720) than Truist (none) and does not allow joint loans or direct payments to creditors.
SoFi
Do you desire an online lender that offers personal loans with no fees, low-interest rates, and flexible repayment terms? SoFi may be your best option. SoFi also provides benefits such as unemployment protection, career coaching, and financial planning. However, SoFi has a higher minimum loan amount ($5,000) than Truist ($3,500), and a stricter credit score requirement (680) than Truist (none).
Customer Reviews
According to some online reviews, Truist Loans has an A+ rating with the Better Business Bureau, but a low customer rating of 1.09 out of 5 stars1. The bank’s Trustpilot rating is also bad, with an average rating of 1.1 out of 5 stars. Some customers have complained about poor customer service, hidden fees, and difficulty in making payments.
Here are some of the common themes and complaints from the customers:
- Poor customer service: Many customers have reported that Truist’s customer service is unresponsive, rude, or incompetent. They have faced issues such as long wait times, incorrect information, or lack of follow-up.
- Hidden fees: Some customers have claimed that Truist has charged them fees that the bank does not disclose or explain, such as late fees, overdraft fees, or maintenance fees.
- Difficulty in making payments: Some customers have experienced problems with making payments to Truist, such as delays, errors, or double charges. They have also complained that Truist does not offer online payment options or flexible payment plans.
- Low transparency: Some customers have felt that Truist does not provide clear or accurate information about its loan products, such as the maximum loan amount, the minimum credit score requirement, or the interest rate.
- High-interest rates: Some customers have found that Truist’s interest rates are higher than other lenders, especially if they have a low credit score or a short credit history.
Pro Tips
Here are some pro tips to follow when choosing the Truist loans for yourself:
- Compare Truist loans with other lenders that offer more options, benefits, and clarity, such as PenFed, which has no origination fee, a pre-qualification option, and a rate discount for autopay.
- Check your credit score and income before applying, as they may affect your eligibility and interest rate. Truist does not disclose the minimum credit score requirement or the maximum loan amount on its website.
- Choose the loan term that fits your budget and goals. Truist offers repayment terms from 12 to 60 months, depending on your loan amount and credit profile. A shorter term may save you interest, but a longer term may lower your monthly payments.
- Consider adding a co-applicant to your loan, as Truist allows joint loans, which can increase your chances of approval and lower your interest rate. However, you and your co-applicant are equally responsible for repaying the loan.
- Use the funds wisely and make timely payments. Truist offers personal loans for various purposes, such as debt consolidation, home improvement, or vacation. However, avoid using the funds for frivolous or illegal purposes, and you must pay your loan on time to avoid late fees and credit damage.
Recap
If you are looking for a personal loan, you may want to compare Truist Loans with other lenders that offer more transparency, flexibility, and benefits. For example, PenFed is a credit union that offers personal loans with no origination fee, the option to pre-qualify with a soft credit check, and a rate discount for autopay. However, you need to become a member of PenFed before accepting a loan, which requires a $5 deposit into a savings account.
No Comment! Be the first one.