Personal Loans Reviews

Truist Personal Loans Review

Truist Bank provides two personal loans with same-day financing available
By Sarah Brady
Updated May 11 2022
Review by Thomas J. Catalano
Fact checked by Matthew M Klammer

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In 2019, following the merger of the BB&T Bank as well as SunTrust, Truist Bank offers several financial products, including two individual loans. Although one of the personal loans does not charge an origination fee, its APRs are relatively high compared to competitors. People who require an individual loan quickly might appreciate the fact that Truist can provide same-day cash. However, you'll be able to get better rates elsewhere, therefore, make sure you compare loan alternatives before submitting your application.

Pros & Cons
Specifications

Pros

Available on the same day.

No origination fees for its principal personal loan offering

Credit relief is available for borrowers facing financial hardship

Cons

Poor customer service ratings

A fee of 5% for origination to its personal emergency loan offering

Lower APRs are available through LightStream, an electronic lending unit of Truist

Why should you trust us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points are studied
112
Primary data sources utilized
Investopedia has gathered key data points from several lenders to determine the most significant factors that affect borrowers. We used this data to review each lender for fees and accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews that help our readers make the best choice for their borrowing needs.
Read our Full Methodology
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overall rating 3.5
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Table of Contents

Pros Explained
Pros and Cons Explained
Introduction
Company Overview
Types of Loans
Time to Funding
Features
Apply
Refinance
Customer Service
Satisfaction of Customers
Account Management
Competition
Methodology

Pros Explained

Fast funding available on the same day: Some online lenders can take a few business days to release funds following loan approval. However, Truist generally provides funding within one day, which is ideal if you want to pay for an unexpected expense fast.
No origination fee for the primary personal loan option: The Truist personal loans has no fees for origination. Other online lenders may charge up to 6% for loan origination, which could equal a charge of $600 when you borrow $10,000.
Payment relief available for people who are in financial difficulty: Borrowers experiencing a qualified financial hardship could get their payments suspended temporarily. Note that interest fees will still accrue.

Cons Explained

Poor customer service ratings. The customer service has been hampered as a result of Truist's merger in progress. Clients of both banks involved in the merger--BB&T and Suntrust--report issues with accessing and activating accounts.
A 5% fee for origination is included in the cash-flow-based emergency loan option. Contrary to the personal loan with no origination fee the Truist emergency loan has an origination cost. Customers are charged $5 per every $100 they borrow, which amounts to a 5% origination fee.
Lower APRs available through LightStream, an electronic lending subsidiary of Truist. LightStream's rates start as low as 5.99 APR*, with autopay, which is lower than Truist's highest rate.1

Introduction

Truist Bank was formed in 2019 following a merger between the BB&T Bank and SunTrust. The merger is anticipated to be completed by 2022. At present, many of Truist's services and products need separate accounts for clients who banked with BB&T or SunTrust.

Truist currently offers two personal loan products. Its primary product lets you get up to $100,000 of credit and comes with an APR that ranges between 15.59%. The other product it offers, it's Ready Now Loan, is an emergency loan offered in $100 increments up to $1,000. It also comes with an annual percentage rate (APR) of 16.94%.2

Not sure what loan is the best for you? Truist provides an online test which can be helpful. Although this quiz could direct you to Truist's loan products, it could also direct you to LightStream which was previously an Online division from SunTrust. Truist also states that more loans along with terms and conditions are offered through LightStream.
Company Overview

Truist Bank, headquartered in Charlotte, North Carolina, is the product of a merger that took place in 2019 between BB&T and SunTrust. The new bank has 15 million customers in seventeen U.S. states as well as D.C. It is the sixth-largest bank in the U.S. It currently has over 3500 ATMs and 2,500 branches nationwide.

Truist offers small business products, mortgages, personal loans and vehicle loans, home equity lines of credit assurance, wealth administration, and much more.

While negotiating the final stages of its merger, Truist anticipates that it will continue to offer separate products and services that are available to SunTrust as well as BB&T clients until 2022.
The types of personal loans offered by Truist

Truist provides two different personal loan products, its primary personal loan and its ready Now loan. While the main personal loan is easy to apply for process, applicants to the Ready Now Loan must meet additional requirements in order to be eligible. Both loan option is secured by collateral nor allows joint applications.

Here's a quick look at the loan types:

Personal Credit

It can be used to pay off debt or pay for home improvement as well as weddings, vacations, and more.
The range of borrowing is between $3500 and $100,000.
No origination fee

Ready Now for Loan

It can be used to pay to pay for repair of your car, utility bills repair of plumbing or appliances and many other things.
Borrow between $100 - $1,000
Has origination fee
Florida residents pay an additional state document stamp cost

For those who require an emergency loan Many credit unions offer low-cost Payday Alternative Loans (PALs) with amounts that range between $200 and $1,000. Eligible borrowers can take out the maximum amount of three PALs within a 6-month period.
The time to receive funds

Funds are available for the personal loan as well as the Ready Now Loan can be made available within one day. Although some lenders offer same-day or next-day funding and disburse funds within three to five business days. Truist's funding time is swift compared to some of its competitors.
Truist Personal Loan Features
Credit for Emergencies

Truist's Ready Now Loan works as an urgent loan. This loan can help eligible borrowers access cash fast for unexpected costs like medical or vehicle repairs. The borrower is limited to one loan at one time, with $1000, and have to wait for 30 days after loan payoff to apply for another Ready Now Loan. All applicants must have a Truist checking account in good standing for six months or longer prior to applying.
Checking Account Requirements

You don't need an existing check account on Truist in order to apply for its principal personal loan. To qualify for the ready Now loan, customers must have an existing Truist checking account that has been in existence for at least six months. Former customers of BB&T or SunTrust clients who wish to apply for this Ready Now Loan will need to switch their existing checking account to a checking account prior to applying.
Payment Relief Program

Truist can assist borrowers facing a qualified hardship. The bank's personal loan payment relief allows eligible customers to temporarily stop payments if they're experiencing the temporary loss of income, unexpected expenses or natural catastrophe. Keep in mind that interest may accrue even when payments aren't suspended.

If your loan is put into forbearance or your payments are suspended If you are in forbearance, or your payments are suspended, your loan may still accrue interest, and the cost of repaying it could be greater. Forbearances can also show up on your credit report.
Apply for a Truist loan

The borrower are able to apply for the Truist personal loan online, by telephone, and in-person. You'll need to be a U.S. citizen or permanent resident, and possess an active Social Security number in order to be eligible.

Here are the steps to be prepared for:

To get started, visit Truist's Personal Loans website and click"Apply Now" or the "Apply immediately" button. Fill in your address, residency and citizenship status.
Personal information: After that, you'll be required to input your personal information, such as contact information, Social Security number, and your gross annual earnings.
Information on loans: After you've read the E-Sign Consent Disclosure and Consent Agreement You'll be able to review your loan details and then complete the last stages of your request.

When your loan application is accepted, Truist will email you an electronic signature link for on your loan documents. The link could be delivered within two hours. However, if you're approved outside of business hours, you might not receive the email until the following day.
Can You Refinance a Personal Loan With Truist?

Truist is not offering personal loan refinancing as of now.
Customer Service

Truist customers can reach customer support from 8 a.m. until 8 p.m. ET from Monday to Friday, and from 8-5 on saturdays, excluding bank holidays. Its number: 844-4TRUIST (844-487-8478).

Assistance is available via phone all day.
Customer Satisfaction

This ongoing Truist merger has negatively impacted the customer experience. The customer service ratings of this lender are poor with complaints of issues opening new accounts, gaining access to accounts already in place and resolving issues with fraud. Customers have also reported delays when trying to get phone assistance.

Those who banked with either the BB&T bank or Suntrust prior to the merging may want to prepare for ongoing problems. There are still separate products and services for clients of each bank and the pre-merger institution will decide where and how you have access to each of the following services:

Customer service and fraud reporting
Inclusion in certain services such as text alerts
Requests for loan repayment relief

Account Management

Truist customers have access to account management in a variety of ways. Customers can make payments and setup autopay online, or through the Truist mobile application. It is also possible to access accounts and make payments via telephone, in person, or via mail. Live chat is not currently accessible, however automated assistance is accessible 24 hours a day.
How Truist Compares to Other Personal Loan Companies

Truist's personal loan options are limited. Truist redirects a lot of borrowers to LightStream in order to obtain personal loans and suggests looking into additional personal loan products or even credit cards to provide an alternative to its Ready Now Loan.

If you're in search of an loan under $1000, credit unions like Navy Federal or Alliant may be worth considering. Additionally, an online marketplace such as Credible will allow you to search for lenders and locate loans as small as $600.

If you are looking for a bigger personal loan There is plenty of options available, even if you narrow your search on credit unions. Alliant Credit Union is just one alternative that offers loans that have a low APR, up to $50,000.
Alliant Credit Union vs. Truist

Each of Truist as well as Alliant Credit Union offer loans online, with no charges for early payments and loans available in as little as one day. Let's see how these two lenders compare:

Alliant is regarded as a top credit union
Alliant loans are accessible in a larger variety of dollar amounts with APRs that are significantly lower than Truist.
There is no requirement to be an Alliant member to apply for Alliant's personal loan, but you must have an existing checking account in good standing for at least six months prior to the time you apply for Truist's Ready Now Loan.

Truist Personal LoanAlliant Personal Loan
APR Range4.99 1 to 15.59 APR as low as 6.24% (.40 APR discount of.40% for autopay)
The loan amount is $3500. $100,000 from$1,000 to $50,000
The loan terms can be as long as 60 months 12, 24 48 or 60 months
Average Origination Fee$0$0
Same Day Funding Available? Yes,Yes
Payment Protection YesAbsolutely (for the cost of)

Both Truist and Alliant provide information about the requirements for credit in their individual loans. If you're concerned you may not be able to get a loan due to your credit, review our selections of the best loans for those with poor credit.
Final Verdict

Truist is planning to make further changes to its lending products, but its current offerings are limited and competitors may offer higher rates. In addition, the continuing merger means that customers will likely anticipate more frustration through 2022.

If you're looking for personal loans, you may want to look at other lenders or apply through LightStream, Truist's online division. If you use LightStream or another lender online, or even a credit institution, you're likely to receive better rates and more choices.
Methodology

Investopedia is committed to providing customers with impartial complete reviews of personal loan lenders. To assess lenders we gathered more than 25 data points for more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure our reviews assist users in making well-informed decisions regarding their borrowing needs.

Our complete private loans methodology, including the data collection process as well as weighted data points, is available for review.
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