Personal loans can provide you with money to consolidate debt, fund home improvements or cover emergency expenses. If you’re interested in getting a personal loan at a brick-and-mortar bank, Truist is one possibility you might consider.
Truist offers unsecured personal loans and lines of credit that you can use to cover big (or small) expenses.
Learn how Truist Bank personal loans work, what you’ll need to apply, and what you can expect from the funding process if approved.
Truist Bank Personal Loans At-a-Glance
Compare to Other Personal Loan Lenders
U.S. Bank
U.S. Bank offers personal loans that you can use for home improvements and repairs, emergencies, or other purposes. You must be an existing customer to apply for a personal loan. If you don’t have a bank account with U.S. Bank yet, you’ll need to open one first.
There are no origination fees and no prepayment penalty should you pay your loan early. Existing U.S. Bank customers can borrow $1,000 to $50,000, while the maximum loan amount is capped at $25,000 for new customers.
Avant
Avant offers personal loans with same-day funding, which is a plus if you need money fast in an emergency. You can borrow anywhere from $2,000 to $35,000, with loan terms extending from 12 to 60 months.
Personal loans from Avant feature fixed interest rates, making your payments predictable. The maximum loan APR is on the higher side, so Avant may be a more expensive borrowing option if you’re applying for a personal loan with bad credit.
Achieve
Achieve is a digital personal finance company that offers personal and home equity loans and debt resolution services. You can borrow up to $50,000 with a personal loan or up to $150,000 with a home equity loan.
There are no prepayment penalties for either type of loan, but you will pay a loan origination fee. In terms of interest rates, they’re reasonably competitive, but if you have excellent credit, you might be able to find lower rates with a different lender.
SoFi
SoFi offers personal loans ranging from $5,000 to $100,000, which makes it the most generous option if you need to borrow a more significant amount. Rates are competitive, and you can choose from two- to seven-year loan terms.
You’ll need a higher minimum credit score to qualify for a personal loan with SoFi, and loans are not available in Mississippi. There are no origination fees, prepayment penalties, or late fees; once approved, it’s possible to get same-day funding.
How to Find the Best Personal Loan Rates
Finding the personal loan with the lowest rate is as simple as using our search tool. Compare personal loan rates and find the best personal loan for you.
Who Is a Truist Bank Personal Loan For?
Truist Bank personal loans may be suited to borrowers who need $3,500 to $50,000 for home improvements, debt consolidation, or unplanned expenses.
In addition to personal loans, Truist offers other financing options, including short-term Ready Now loans, personal lines of credit, and physician lines of credit.
You’ll need to live in a state where Truist does business. Truist Bank currently operates in North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, and Washington, D.C.
Pros and Cons of Truist Bank Personal Loans
Top Features of Truist Bank Personal Loans
When comparing personal loan options, taking a closer look at the main features and benefits is helpful. Here are some things that set Truist Bank’s personal loans apart.
Fast approval and funding
Once you apply for a personal loan with Truist Bank, it’s possible to get approval in as little as 15 minutes. Once approved, Truist may be able to fund your loan the same day.
That’s an advantage compared to other lenders that may require you to wait several days or even weeks for approval and funding.
Competitive fixed rates
Fixed-interest rate personal loans offer some predictability since monthly payments don’t change. Estimating the total interest you’ll pay for the loan is also easier. Truist offers fixed-rate loans with rates that are competitive. The best rates are, of course, reserved for borrowers with the highest credit scores.
No origination fees
Lenders can charge an origination fee simply to underwrite a personal loan. This fee is deducted from the loan proceeds, and depending on the lender, it may be as high as 10%. Truist allows you to access the total loan amount you qualify for without paying any of it back to the bank for an origination fee.
Generous loan limits
Truist offers loans for as little as $3,500 or as much as $50,000, depending on your needed funding. You can use a Truist loan to pay off credit card debts or other bills, manage significant expenses or make improvements to your home without having to sacrifice any of your equity.
Multiple loan options
While our review mainly focuses on Truist personal loans, it’s important to note that the bank offers other borrowing options. Ready Now loans, for instance, allow you to borrow $100 to $1,000 to fill short-term funding gaps. Truist Bank also offers personal lines of credit starting at $5,000 and physician credit lines that can go up to $100,000.
How to Get Started
You’ll need to make sure that your credit reports are not frozen before you apply, since Truist performs a hard credit check as part of the application process. In terms of the information you’ll need to apply, the list includes your:
- Name
- Date of birth
- Social Security number
- Phone number
- Email address
- Mailing address
You’ll also need to tell Truist how much you want to borrow and what you plan to use the money for.
Truist may ask for supporting documentation showing your employment history, income, and address history. Once you submit your application, you should receive confirmation via email. Truist may request a follow-up call if any additional information is needed. It’s possible to get approved the same day and receive funding the same day, depending on when you apply.
Rating the Features
Understanding what Truist Bank offers can make it easier to compare lenders to find the right one for you.
Here’s how the features measure up.
User Experience
Truist Bank makes it easy to apply for a personal loan online, even if you’re not already a customer. The website is easy to navigate, and information about loan options is transparent. Existing customers have the opportunity to apply by phone, and you can always visit a local Truist Bank branch if you want to discuss financing options with a banker.
Fees
Truist doesn’t charge any origination fees for its personal loans. There are no cash advance, transfer, or annual fees for Truist personal lines of credit. You will, however, pay an origination fee for Ready Now loans. The fee is $5 for every $100 you borrow.
Rates
Truist Bank offers fixed interest rates for its personal loans, comparable to those at other traditional and online lenders. If you’re interested in a Truist line of credit, those carry variable interest rates. That means your rate and monthly payment could increase or decrease over time according to how the benchmark or index rate moves.
Variety
As mentioned, Truist Bank offers personal loans, short-term Ready Now loans, personal lines of credit, and physician lines of credit. In addition to those options, Truist offers home equity lines of credit, mortgage loans, boat and RV loans, and auto loans.
You can also open a checking account, savings account, CD account, money market account, or credit card account here.
Customer Support
Customer service is available by phone Monday through Friday, 8 am to 8 pm ET, and Saturdays from 8 am to 5 pm ET. You can also manage your accounts by phone through the 24-hour automated assistance helpline. You can get support in person if you’re near a Truist Branch. Truist does not offer live chat support.
Access
Truist Bank offers a robust mobile app, online banking, and phone banking. You can manage accounts digitally, by phone, at a branch, or at Truist ATMs.
Bottom Line
Truist personal loans could put a decent amount of cash in your bank account to cover various expenses. The online application process is quick and convenient, which gives the bank an edge over other lenders. However, you’ll need to livein a state where Truist offers loans to apply.
Frequently Asked Questions (FAQs)
Yes, it’s possible to get a personal loan at Truist with a cosigner. You and your cosigner will both need to apply for the loan and both of your credit scores are considered for loan approval.
Unlike other lenders, Truist doesn’t offer the option to check your rate or get pre-qualified for a loan online without affecting your credit scores. When you submit an application, Truist will complete a hard check of your credit which can directly affect your scores.
Truist offers personal loans of up to $50,000. The minimum loan amount is $3,5000. If you’re getting a Truist personal loan for debt consolidation, you can ask Truist to pay your creditors directly.
Truist doesn’t disclose minimum credit score or income requirements for its personal loans online. You’ll need to apply to find out whether you qualify and if so, how much you’re eligible to borrow and the interest rate that you’ll pay.
