In a Nutshell
Truist is a large national bank that offers low-interest personal loans to people who live in the Southeast and Mid-Atlantic. Loan decisions are made within minutes, and you may be able to get your money the same day.
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Pros
- Fast approval
- No origination fee
- Both personal loans and personal lines of credit are available
Cons
- Not available in all states
- Small personal loans are only available to Truist checking account customers
- No way to check rates without applying for a loan
What you need to know about a Truist personal loan
Truist is a large national bank headquartered in Charlotte, North Carolina, with locations throughout the Southeast and Mid-Atlantic. The company offers fixed-rate, unsecured personal loans with loan amounts starting at $3,500 and no origination fee, though small loans of up to $1,000 are available to people who have had a Truist checking account for at least six months.
Truist notes that its personal loans are commonly used to consolidate debt, finance home improvement projects or pay for expenses like weddings and vacations.
Fast approval and funding
Applying for a Truist personal loan takes only a few minutes, and you could have a decision on your loan within 15 minutes. In some cases, you can receive your loan money the same day you apply. Unfortunately, there’s no way to see if you qualify or check your rate before applying.
Both personal loans and personal lines of credit available
While many lenders only offer a standard lump-sum personal loan, Truist also offers personal lines of credit at variable rates starting at $5,000. These unsecured loans do not have an application fee and can be more flexible than a standard personal loan. You only pay back what you use, as you use it. Truist also offers secured lines of credit if you have at least $100,000 in investments you can use as collateral.
Not available in all states
While many personal loan lenders are open to customers throughout the U.S., Truist is not. You must live in one of the Southeast and Mid-Atlantic states it serves to get a loan through Truist.
A closer look at a Truist personal loan
- Low interest rates — Truist’s best APRs for personal loans are among the lowest on the market, though only customers with excellent credit will qualify for this lender’s lowest rates. You’ll also have to have a loan term of three years or shorter for the best rate.
- Fees on small-dollar loans — While Truist’s traditional personal loans do not charge fees, you’ll have to pay an origination fee of $5 for every $100 borrowed through the bank’s Ready Now loan program if you want a smaller amount. This program is available only to checking account customers.
- Payment relief program — You can apply for Truist’s payment relief program if you have a sudden financial hardship. The bank may agree to suspend your monthly payments or extend the length of your loan. However, interest will continue to accrue on your account.
Who is a Truist loan good for?
Truist can be a good choice for personal loan borrowers who have excellent credit and can qualify for the best interest rates the bank offers. These rates are noticeably lower than many of its competitors and can mean you’ll pay less in interest over the life of your loan.
You might also choose Truist if you need a small-dollar loan and already have a checking account with the bank. Few personal lenders offer loans of under $1,000, but Truist allows you to take out loans in increments of $100 through its Ready Now loan program if you’ve had your checking account for at least six months.
How to apply with Truist
Applying for a Truist personal loan happens primarily online. You’ll start by filling out a short loan application on the bank’s website. To complete it, you’ll need to provide …
- Your contact information, including a U.S. cell phone number
- Two years of permanent address history
- Two years of employment history
- Financial information, including your income and debts
- How large a loan you’d like
After you’ve filled out the application and if you qualify, a Truist loan officer will contact you about the next steps. Truist does not disclose what specific requirements you must meet to be able to get a loan, though the bank does evaluate your FICO credit score and your debt as it compares to your income. If you have bad credit, you may not qualify for a personal loan with Truist.
Once you’re approved, personal loans are generally deposited directly into your bank account. Truist says it can fund its personal loans as soon as the same day. You’ll then start paying back your loan with fixed payments that won’t change as long as you have the loan.
Not sure if Truist is right for you? Consider these alternatives.
- LightStream: If you don’t live in a state served by Truist, you might be able to get a personal loan with LightStream. LightStream is owned by Truist but offers loans in all 50 states at even lower rates.
- SoFi: You can borrow as much as $100,000 with a SoFi personal loan.
Weigh your options
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
About the author: Andrew Dunn is a veteran journalist with more than a decade of experience as a reporter and editor at North Carolina news organizations, including the Charlotte Observer and the StarNews in Wilmington. In those roles,… Read more.