Personal Loans Review

Truist Personal Loans Review

Truist bank offers two personal loans with same-day financing available
By Sarah Brady
Updated May 11, 2022
Reviewed by Thomas J. Catalano
Fact checked by Matthew M Klammer

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Investopedia's Rating 3.5
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It was established in 2019 following a merger between the BB&T Bank as well as SunTrust, Truist Bank offers various financial products that include two individual loans. While one of its personal loans comes with no origination fees The APRs for the other loans are high compared to competitors. Those seeking an individual loan quick may be pleased to know the fact that Truist offers same-day funding. However, you'll likely find better rates elsewhere, therefore, make sure you compare loan options before you apply.

Pros & Cons
Specifications

Pros

Financing available on the same day

No origination fee for its primary personal loan offering

Payment relief available for those who are facing financial difficulties

Cons

Poor customer service ratings

A 5% origination charge to its personal emergency loan offering

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

Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points are studied
112
Primary sources of data utilized
Investopedia collected key data points from several lenders to determine the most significant factors that affect borrowers. We then used the data to review each lender for charges, accessibility, repayment terms as well as other aspects to give objective, thorough reviews that help that our customers make the right loan decision for their specific needs.
Read our Full Methodology
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overall rating 3.5
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Table of Contents

Pros Explained
Cons & Cons Explained
Introduction
Company Overview
Different 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 up to a few days to transfer funds after loan approval. However, Truist generally offers funding within a day, which is ideal if you want to pay for an unexpected expense fast.
There is no origination charge for its primary personal loan option The Truist personal loans has no fees for origination. Other online lenders can charge as high as 6% for loan origination, which could amount to a $600 fee when you borrow $10,000.
The program offers relief for borrowers facing financial hardship If you are a borrower who is suffering from a qualifying financial difficulty could see their payments suspended temporarily. Note that interest fees continue to accrue.

Cons Explained

Poor customer service ratings. Customer service has suffered as a result of the ongoing Truist merger. Customers of both banks involved in the merger, Suntrust and BB&T, have reported difficulties activating and accessing accounts.
5% origination fee for the Emergency personal loan option. Unlike its personal loan with no origination fee, Truist's emergency loan is accompanied by an origination fee. Customers pay $5 for every $100 they borrow, which amounts to a 5% origination fee.
Lower APRs are offered through LightStream which is an online lending division of Truist. LightStream's rates begin as low as 5.99 APR* for autopay, which is lower than Truist's highest rate.1

Introduction

Truist Bank was formed in 2019 after 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 first loan lets you get up to $100,000 of credit and offers an APR of from 15.59 percent. Its other product, the Ready Now Loan, is an emergency loan available in increments of $100 up to $1000. It also comes with an interest rate of 16.94%.2

Are you unsure which loan is best for you? Truist offers an online quiz to help. While this quiz may point at Truist's loan products, it may also direct you to LightStream which was which was previously an Online division from SunTrust. Truist also states that more loans and terms are available through LightStream.
Company Overview

Truist Bank, headquartered in Charlotte, North Carolina, is the product of a merger in 2019 with BB&T as well as SunTrust. The newly-formed bank serves 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 all over the country.

Truist offers small-business products such as mortgages as well as personal loans, automobile loans, mortgage lines of credit, home equity, financial management, insurance and much more.

While negotiating the final steps of the merger Truist expects to maintain some separate services and products that are available to SunTrust as well as BB&T clients up to 2022.
Types of Personal Loans Offered by Truist

Truist provides two different personal loan products: its main personal loan and its Quick Now Loan. While the primary personal loan is easy to apply for procedure, those applying to the Ready Now Loan must meet other requirements to be eligible. The Ready Now Loan loan option is secured by collateral nor allows joint applications.

Here's a quick look at the loan kinds:

Personal Loan

It can be used to consolidate debt and pay for home renovations holidays, weddings, honeymoons and more.
Between $3,500 and $100,000
No origination fee

Ready Now Loan

It can be used to pay for car repairs or utility bills, plumbing or appliance repairs, and other things.
Between $100-$1,000 in loans
Has origination fee
Florida residents pay an additional state document stamp fee

For borrowers who need an urgent loan Many credit unions offer low-cost payday loans (PALs) with amounts that range from $200 to $1,000. Credit union members who are eligible can apply for a maximum of three PALs within a 6-month period.
When you can receive funds

The funds to both Personal Loan and the Ready Now Loan can be available in as little as one day. Although some lenders offer same-day or next-day funding however, most disburse funds in three to five business days. Truist's funding time is quick compared with other lenders.
Truist Personal Loan Features
Borrowing for Emergencies

Truist's Ready Now Loan functions like an urgent loan. This loan can help eligible borrowers get cash quickly for sudden expenses such as medical or vehicle repairs. The borrower is limited to one loan at one time, with $1000, and must wait 30 days following loan completion to apply for an additional Ready Now Loan. All applicants must have a Truist checking account that has been open for six months or more prior to applying.
Checking Account Requirements

You don't need an existing checking account with Truist to be able to be eligible for the company's principal personal loan. To qualify for its Ready Now Loan borrowers must have an existing Truist checking account that's been open for at minimum six months. Former BB&T and SunTrust clients who wish to apply for this Ready Now Loan will need to convert their existing checking account to a checking account prior to applying.
Payment Relief Program

Truist can assist customers who face a qualifying hardship. The bank's personal loan payment relief program allows customers to suspend their payments temporarily if they're experiencing an unexpected decrease in income, unexpected expenses or a natural catastrophe. Note that interest will still be accrued even if payments are not suspended.

If your loan is placed into forbearance or the payment is suspended If you are in forbearance, or your payments are suspended, your loan could still be subject to interest, and the cost of repaying it could be higher. A forbearance may also appear on your credit reports.
Request a Truist Loan

The borrower are able to apply for the Truist personal loan online, by telephone, or in person. You must possess the identity of U.S. citizen or permanent resident with a valid Social Security number in order to be eligible.

Here are the steps to be prepared for:

Starting: Visit Truist's Personal Loans website and click"Apply Now" or the "Apply today" button. Input your state of residence and the status of your citizenship.
Personal information: After that, you'll be required to enter your personal information, including contact information, Social Security number, and your gross annual earnings.
Information on loans: After you've read Truist's E-Sign Disclosure and Consent Agreement you'll be able look over your loan information and complete the final steps of your application.

When the loan application is accepted, Truist will email you a link to e-sign the loan documents. The link may be sent to you in just two hours. If you're approved outside of business hours, you might not receive an email until the following day.
Can you refinance a personal loan with Truist?

Truist is not offering personal loan refinancing at this time.
Customer Service

Truist customers can call support at 8 a.m. until 8 p.m. ET, Monday through Friday, and 8-5 on Saturdays, with the exception of bank holidays. This number can be reached at 844-4TRUIST (844-487-8478).

Automated assistance is also available via phone all day.
Customer Satisfaction

The current Truist merger has negatively impacted the customer experience. The customer service ratings of this lender are not great with complaints of issues creating new accounts, getting access to existing accounts as well as resolving fraud concerns. Customers have also reported long hold times when trying to obtain phone assistance.

Customers who had accounts with both BB&T and Suntrust prior to the merging may be able to anticipate ongoing problems. There are still separate products and services available to customers of both banks, and the pre-merger institution will determine how and where you access each of the following:

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

Account Management

Truist customers have access to and manage their accounts in a variety of ways. Customers can make payments and create autopay online or via the mobile app. Accounts can be accessed and pay over the phone, in person or by post. Live chat isn't currently accessible, but automated support is available 24/7.
What does Truist have in common with other Personal Loan Companies

Truist's personal loan products are not as extensive. Truist redirects a lot of borrowers into LightStream to get personal loans and recommends looking for additional personal loan products, or credit cards to provide an alternative to the Ready Now Loan.

If you're looking for an loan under $1,000, credit unions like Navy Federal or Alliant may be worth looking into. A marketplace online like Credible can help you search for lenders and locate loans that are as low as $600.

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

Both Truist both Truist and Alliant Credit Union offer loans online, without charges for early payments and loans available in as little as one day. Here's how the two lenders are compared:

Alliant is known 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 the personal loan, but you must have a checking account that is open for at least six months to apply for the Truist Ready Now Loan.

Truist Personal Loan Alliant Personal Loan
APR Range4.99% to 15.59 APR as low as 6.24 percent (.40 APR discount for autopay)
Loan Amounts $3,500 - $100,000 from$1,000 to $50,000
Loan Terms Up to 60 months,12, 24 48, or 60
Average Origination Fee $0 $0
Same Day Funding is Available? Yes Yes
Payment Protection YesYes (for a fee)

The companies, Truist and Alliant discloses credit requirements in their individual loans. If you're concerned that you may not qualify due to your credit, take a look at our recommendations for the top loans for borrowers with bad credit.
Final Verdict

Truist has plans to make further modifications to its lending offerings, but its current offerings aren't as extensive and competitors may offer better rates. In addition, the continuing merger means that customers can expect more disappointments to come in 2022.

When it comes to personal loans, you may want to think about other lenders or apply through LightStream, Truist's division online. Whether you go through LightStream or another online lender, or a credit union, you're sure to get better rates and more choices.
Methodology

Investopedia is committed to providing consumers with unbiased, comprehensive evaluations of private loan lenders. To evaluate lenders we have gathered over 25 data points for over 50 lending institutions, including fees, interest rates, loan amounts, and repayment terms to ensure our reviews assist users in making an informed decision about their needs with regard to borrowing.

The complete individual loans methodology, including our data collection procedure and weighted data points, is accessible for review.
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