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Truist personal loans: 2023 Review

Updated on November 7, 2023
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At a glance

Rating: 4.6 stars out of 5
Bankrate Score
Caret Down
Rating: 4.8 stars out of 5
Rating: 4.8 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 3.8 stars out of 5

About Bankrate Score

Founded in 2019 after a merger between BB&T and SunTrust, Truist is a top 10 commercial bank that offers various financial products, including personal loans, credit cards and mortgages.

Loan amount Starting from $3,500
APR from 8.19% to 17.24%
Clock Wait
Term lengths 24 to 60 months

Borrowers who need funds fast and want competitive rates.

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Best for borrowers who need funds fast and want competitive rates

Truist offers personal loans with potential same-day funding, which can be beneficial if you need funds fast to cover an emergency expense. It may also be a good fit for borrowers seeking competitive rates since Truist’s maximum rate as of Oct. 29, 2023, of 17.24 percent, is much lower than some other top lenders.

Truist pros and cons 


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    Quick funding.

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    No origination fee.

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    Joint loans are available.


  • Close X

    No option to prequalify.

  • Close X

    Maximum loan amount not disclosed.

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    Limited availability.

Do you qualify?

Truist doesn’t disclose specific income, debt-to-income (DTI) or FICO score requirements on its website.

That said, we were able to figure out that you must live in one of these states — or the District of Columbia —  to apply for a Truist personal loan:

  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Indiana
  • Kentucky
  • Maryland
  • Mississippi
  • North Carolina
  • New Jersey
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee 
  • Texas
  • Virginia
  • West Virginia

What Truist doesn't allow loan funds to be used for 

Like some other personal loan providers, Truist doesn’t allow you to use funds to cover post-secondary education expenses, according to a loan specialist we spoke with. But you can use funds for just about any other purpose, such as home improvements, debt consolidation, emergencies and major expenses like a dream wedding.

How this lender compares

Rating: 4.6 stars out of 5
Bankrate Score
APR from
8.19% to 17.24%
Loan Amount
Starting from $3,500
Term Length
24 to 60 months
Min Credit Score
Not disclosed
Rating: 4.6 stars out of 5
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score

Truist vs. PenFed 

If you want the option to check estimated rates and terms without hurting your credit, PenFed is a comparable alternative. Similar to Truist, PenFed doesn’t charge applicants an origination fee. However, unlike Truist, you must become a member of PenFed before accepting a personal loan, which is established by depositing $5 into a PenFed savings account.

Read a full review about PenFed

Truist vs. LightStream

LightStream — an online division of Truist — offers personal loans to consumers in all 50 states. While Truist doesn’t disclose its exact credit requirements, LightStream states that you need good credit to qualify for its personal loans. Also, unlike Truist, it doesn’t charge any late fees.

Read a full review about LightStream

Truist: in the details 

What we like and don't like

Truist offers personal loans with a competitive APR range and no origination fees, but there are some drawbacks to consider before applying. 

What we like: 

  • Quick funding. Once approved, Truist can deposit funds into your bank account as fast as the same business day.
  • No origination fees. Unlike some lenders, Truist doesn’t charge upfront fees for processing your loan application. 
  • Joint loans are available. You can apply with a co-borrower or co-signer, according to a Truist loan specialist we spoke with.

What we don't like:

  • No option to prequalify. Some lenders allow you to check estimated rates and terms without harming your credit, but Truist doesn’t. The only way to know if you qualify for a Truist personal loan is to submit a formal application, which involves a hard credit check that can temporarily lower your credit score, according to a Truist representative.
  • Maximum loan amount not disclosed. Truist doesn’t disclose its maximum loan amount. The max amount varies depending on a borrower’s unique situation, according to a Truist loan specialist.
  • Limited availability. Truist personal loans are only available in 17 states and the District of Columbia.


How to contact Truist

Truist’s loan representatives are available from 8:00 a.m. to 8:00 p.m. EST Monday through Friday and from 8:00 a.m. to 5:00 p.m. EST on Saturdays. You can contact them by phone at 844-487-8478.

How to apply for a personal loan with Truist 

You can apply in three ways: in person, online and by phone if you’re an existing Truist customer. Below are the steps to apply online.

Features and additional perks 

Truist offers a personal loan payment relief program for borrowers struggling to make payments. This relief usually lasts up to 90 days, though other options might be available if you need more help.

Fees and penalties 

Truist doesn’t charge origination fees on its loans, which allows you to borrow the total loan amount. However, Truist does charge an undisclosed late fee for overdue payments.

Truist frequently asked questions

How Bankrate rates Truist

Overall Score 4.6 Explanation
Availability 4.8 Truist is available in a select number of states.
Affordability 4.8 APRs are in the same range as top competitors with Truist.
Customer Experience 5.0 Online access and standard business hours make it easy to get in contact with support.
Transparency 3.8 While their credit score isn’t disclosed, there are no additional fees.


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.