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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.
Starting from $3,500
8.19% to 17.24%
24 to 60 months
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.
Quick funding.
No origination fee.
Joint loans are available.
No option to prequalify.
Maximum loan amount not disclosed.
Limited availability.
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:
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.
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.
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.
Truist offers personal loans with a competitive APR range and no origination fees, but there are some drawbacks to consider before applying.
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.
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.
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.
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.
| 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:
Editorial disclosure: All reviews are prepared by Bankrate.com 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.
