Our Verdict
Consider Truist Bank Ready Now personal loan if you don’t have good credit history or no credit at all and the whole fund you need is not more than $1000. However, you must be an existing customer with Truist for at least 6 months preceding your application to qualify. Know that there are other personal loan products of Truist which can be up to $25,000 but you need an excellent credit score to get a good interest rates.
Truist Bank is only available in 17 States of the United States.
Don’t Expect a good customer service from Truist Bank as that is common with large banks who seem not to be able to control the size of their customers. Understand that Truist personal loan ranks among the cheapest of the very small loans.
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
Pros
- No requirement for credit score for Ready Now loan
- Very Small loans offer
- Quick disbursement of funds
- Longer repayment period
- Cheaper interest rates
- No prepayment penalty
- No penalty for late payment
- Different type of personal loan with different range of loan amount
- No origination fee for personal loan
Cons
- No change of repayment term.
- Available to only existing customers.
- $5 loan fee on each $100 loan.
Who This Product Is Best For
Consider Truist bank personal loan if you:
- Need very small loan amount
- Need quick fund disbursement
- Want a cheap interest rate for small loan
- Want a loan with a longer term
Who This Product Isn't Right For
Look for another personal loan if you:
- Intends to change the dates for repayment
- Are not an existing customer
- Consider the $5 on each $100 as exorbitant
- Don’t want to pay origination fee
What This Product Offers
Personal Unsecured loan.
If you are in need of funds for several things, without your lender requesting any deposit (collateral) in case you default on payment, consider Truist personal unsecured loan.
Understand however that you need a good credit score to qualify for a reasonably low interest rate.
Truist Ready Now loan.
Think of Truist Ready Now loan when you are in need of funds not more than $1000 with a very low interest rate but you have not too good credit score or no credit history at all.
Personal line of credit.
If you want a type of loan that allows you to access money as you need it and repay after your draw period is over without any need for collateral, consider Truist personal line of credit.
Product Details
Personal Unsecured Loan
Go for Truist Personal Unsecured loan when you need funds to meet a certain and urgent need but you don’t want to secure the loan with your property. If you want to raise money for a wedding, to consolidate debts, purchase vehicles or even improve your homes; think of Truist personal unsecured loan.
Keep in mind that to qualify for this loan, even though Truist doesn’t state the minimum credit score you need to qualify, you still need a good score to have a considerably reasonable term.
Don’t worry about payment of origination fee, Truist doesn’t charge it for its personal loan.
Loan amount | $3,500 (minimum) |
APR | 7.34%-15.99 |
Terms | 24 months to 60 months |
Repayment Term | Monthly |
Fees | $387-$482 |
Availability | 17 states |
Funding speed | Within 2 working days |
Line of credit
If you need a line of credit financing option which allows you to pay interest only on the amount you draw from your credit limit alone; approach Truist for a personal line of credit. Withdraw up to your credit limit, repay the amount you borrow, plus interest, and repeat the cycles of funds withdrawal again.
Know that the minimum amount you get to draw from in Truist personal line of credit is $5,000 with no annual fee payment.
Loan amount | $5000 minimum |
APR | 13.19% |
Terms | Revolving |
Repayment schedule | Monthly |
Fees | Varies |
Availability | 17 states |
Funding speed | Between 1 to 2 working days |
Ready Now Loan
Consider the option of Truist Ready Now loan if the needs you want to meet are within the amount of $100- $1000.
Don’t bother about your credit score or history because this loan does not take it into consideration in determining your qualification for the loan.
To qualify for the Truist Ready Now loan, you need to have an existing checking account with Truist which is at least 6 months old as at the time of your application; keep the account at a positive balance by the time you are applying. Don’t apply if it’s not 30 days since you pay up your last Ready Now loan.
Keep in mind that on each $100 you borrow, a $5 origination fee is payable.
Loan amount | $100 to $1,000 |
APR | 16.94% |
Terms | 6 months |
Repayment schedule | Monthly |
Fees | $87.50 |
Availability | 17 states |
Funding speed | Between 1 to 2 working days |
Where This Product Stands Out
No Credit Score requirement
If you have a low credit score or even with no credit history at all, approach Truist bank for a personal Ready Now loan. Know that among the list of requirements for Truist personal Ready Now loan, credit score is not one of them.
Understand however that this feature of no credit score has its limit on Truist Ready Now loan, if you intend to apply for either Truist Personal unsecured loan or Truist personal line of credit, you need an excellent credit score rating.
Longer Term of Repayment
Consider Truist bank personal loan when you need a lender that gives you time to repay your loan. Understand that although the repayment period on Truist Ready Now personal loan is 6 months, it is still among the longest terms of repayment, if you compare with other banks.
Low Interest Rates
Think of Truist bank personal loan when you need a small loan amount with a very fair interest rate. Understand that the $5 interest rates payable on Truist $100 loan is one of the lowest in the market; in fact, there are lenders that charge 400% loan fee for small loans.
Where This Product Falls Short
Available Only To Existing Customers
Think of another bank for your personal loan if you are not an existing Truist customer because a non-existing customer will not receive loan approval from Truist.
If you require a small loan urgently for whatever need and you have an existing customer relationship with Truist, take the steps to enjoy it with Truist.
Limited Loan Amount
Understand that Truist bank Ready Now if personal loan is not the loan to apply for when the money you need is more than $1000. Know that the amount you can apply to get starts from $100 and the maximum is $1000; settle for Truist when your loan need is smaller than $1000
How to Qualify for This Product
Know that Truist doesn’t show its qualification on its official website, contact Truist representative directly for the specific requirement you need for the loan.
Understand however, that it is imperative that you have a checking account with Truist which is at least 6 months old before applying; Truist gives loans only to existing customers.
Get together your basic information like full address and email ready.
How to Apply for This Product
Make sure to include the following in your paperwork when applying for Truist Bank personal loan.
- Personal bank account
- Recent personal tax returns
- Address, social security number, SSN, etc.
- Employment details
- Residency information
- Date of birth
- Full name, home address, telephone
Alternatives to This Product
PNC
Approach PNC if you require a personal loan that gives more than the $1, 000 Truist’s maximum offer.
Know however that the minimum interest rates on PNC is 7% and can be more depending on your credit score, the terms you choose and the amount you apply for.
US. Bank
Reach out to US Bank If you are not a Truist Bank customer, you can get up to a $25,000 loan from the US Bank.
Realize however that this option makes you pay up to 8.74% interest.
Customer Reviews
Don’t expect stellar customer service from Truist bank as the bank doesn’t receive positives from the majority of customer reviews on Trust Pilot and BBB.
Imagine what you expect from a bank with a meager 1.1 rating out of 5-star based on more than a thousand reviews from customers both on TrustPilot and BBB.
Methodology
We reviewed Truist personal 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 personal 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 personal 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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