Personal Loans
Truist provides personal loans for most expenses, including medical costs, debt consolidation, home renovations and special occasions like weddings. Unlike most lenders, you do not need to be a Truist customer to get a personal loan. You also don’t need to provide proof of income before your application gets approved.
At a Glance: Truist Personal Loans
- Truist
- 8.14% to 18.99%APR Range
- NoneMinimum Credit Score
- $3,500 to $50,000Loan Amount Range
- 6 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
on Truist Website
MoneyGeek Breakdown - Truist Personal Loan Details and Requirements
APR | Truist has an APR range of 8.14% to 18.99%. |
Credit Score Requirements | Borrowers don't need a minimum credit score to get a personal loan from Truist. |
Income Requirements | Truist bank does not have any published income requirements. |
Loan Amounts | With Truist Bank, you can borrow as little as $3,500 and as much as $50,000. |
Loan Terms | The repayment period is 6–60 months. |
Permitted Uses | You can use your Truist personal loan for almost any expense, including medical costs, relocation, travel, home renovation and credit card debt consolidation. |
Prohibited Uses | Truist restricts you from using the loan to refinance an existing loan, pay post-secondary education fees, purchase bonds and stocks or invest in business. |
Time to Receive Funds | You will receive the funds the next day after your loan application approval. |
Origination Fees | Truist Bank does not charge any origination fees. |
Late Fees | This lender does not charge any late fees. |
Prepayment Penalty Fees | There are no prepayment penalty fees with Truist. |
Co-signers and Co-applicants | You are not allowed to have co-signers on your personal loan, but you can apply for a joint loan. |
Perks | Truist provides personal loan payment relief for borrowers who struggle with their repayments. |
Mobile Application | Truist has a mobile app that helps borrowers manage their loans. |
Is Truist Right for You?
Each personal loan lender has different fees, rates and repayment terms. You may need to evaluate the requirements of your ideal lender before submitting your application. MoneyGeek’s Truist personal loan review can help you determine if the lender is right or wrong for you.
Who Truist Is Perfect For
If you are looking for a lender that provides higher limits and next-day funding, Truist might be a great option. You may also find Truist interesting if you need a loan with lower interest rates and you want to save by using automatic payments.
Truist does not charge any prepayment fees and might be ideal for those who wish to repay their loan early.
If you are not sure you can make your payments on time, you may also consider the lender since you won’t be charged any late fees.
Who Should Not Choose Truist
Truist has restrictions involving fund usage, and your loan may fail to get approved if you intend to use the funds to refinance an existing LightStream loan, buy bonds and stocks, finance post-secondary education or start a business.
We recommend that you do not consider getting a loan from Truist if you do not want a lender that performs hard credit checks.
Additionally, Truist does not accept applications from individuals with new or no credit. If you need the loan to consolidate credit card debts, it is important to note that Truist does not pay creditors directly.
How to Apply for a Truist Personal Loan
Applying for a personal loan from Truist involves completing various steps. MoneyGeek breaks down the steps you should take to ensure you successfully complete the application process.
1
Prequalify
You can start by checking whether you qualify for a loan from the lender. Your loan officer will tell you what information you need to provide. You can also obtain this information from Truist’s support page, and the details you need to provide include your contact information, two years of address, employment history and financial details. You do not need a checking account with the lender for you to apply for a personal loan.
2
Fill Out Application Form
Once you put together the information you need, you can visit the application page on the Truist bank website and fill out the form. You need to specify the reason for application, any debts that you have and consent to some personal obligations.
3
Wait for Approval
With Truist personal loans, you will find out whether your loan is approved on the same day of application.
4
Review Loan Agreement
After your loan gets approved, take some time and review the loan agreement to ensure you understand the terms involved. Note that the approved amount may be less than your initial request. You will need to agree to the lender’s privacy policy, repayment terms and information verification consent.
5
Sign Loan Agreement
Once you review and sign the lender’s disclosure and consent agreement, your loan will be accepted and you’ll be allowed to complete the last steps of your application.
6
Receive or Direct Funds
You will receive funds for your personal loan a day after your loan application approval.
7
Make Payments
You can make payments through the Truist website or mobile app. Truist does not charge any penalties for early repayments.
What to Do if You Are Rejected From Truist
If your loan application gets rejected, don’t worry. This happens to many borrowers. Lenders may reject your loan application for several reasons. These may include failure to meet the requirements, income and credit score limits and missing or invalid application information.
Most lenders will provide you with details about your application and allow you to correct errors in your paperwork. If they don’t provide this information automatically, you can request it from them via phone or email. Always ensure you understand the reason your application was rejected and try to improve these factors before submitting another application or choosing a different lender.
Frequently Asked Questions About Truist Personal Loans
To help you with your personal loan journey, MoneyGeek answered some frequently asked questions about personal loans from Truist. When determining whether the lender is suitable for your needs, you will need to make sure that what it offers meets your needs.
Read More on Personal Loans
Personal Loans
sources
- Truist Bank. "Personal Loans and Lines of Credit." Accessed March 22, 2022.
- Truist Bank. "Personal Loans." Accessed March 22, 2022.
- Truist Bank. "Banking Online with Truist." Accessed March 22, 2022.
- Truist Bank. "Getting Started | Personal Loan Application." Accessed March 22, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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