Truist Personal Loans: 2024 Review | Bankrate (2024)

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At a glance

What's new with Truist?

In a press release on April 29, 2024, Truist announced the launch of a financial education program focused on teaching money skills to high school and college students. The Truist Life, Money and Choices program is designed to give students the resources to learn financial concepts for free through partners within the communities it serves.

Truist is best for low APR personal loans from a bank

Truist is a full-service financial service company headquartered in Charlotte, North Carolina that offers low annual percentage rate (APR) personal loans. They also offer a broad variety of financial services and products ranging from deposit accounts to investing and retirement to insurance. With a maximum APR below 18 percent, borrowers may enjoy a lower personal loan payment than they’d find at other banks that offer personal loans.

Truist personal loan purposes

Truist recommends its personal loans to help pay for home improvements, large purchases or to consolidate debt. The website doesn’t list any specific limitations. With rates capped at 17.39 percent, Truist personal loans may be a cheaper alternative to credit cards.

An added bonus: Truist charges no origination fee. That puts more funds in your pocket than other lenders that charge origination fees of up to 12 percent.

Where Truist stands out

• Low max APR: Many bank personal loan lenders charge rates above 19 percent, while Truist caps its APR at 17.39 percent.
• No fees. You’ll take home more of the money you borrow from a Truist personal loan since it doesn’t charge a personal loan origination fee.
• Same-day funding possible. You may be able to get your funds the day you apply, if you qualify and provide needed documents quickly.

Where Truist falls short

• No qualifying information on the website: It’s hard to judge whether you will qualify for a Truist personal loan without applying. Requirements aren’t disclosed on its website.
• Limited locations: Truist only does business in 17 U.S. states and the District of Columbia.
• High loan amount minimum: If you need to borrow less than $3,500 you’ll need to choose a different personal loan company.

Truist customer experience

Customer support

Phone customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET, and Saturday from 8 a.m. to 5 p.m. ET. Phone support is closed on Sundays. Automated assistance is available 24 hours a day. Customers can also choose in person service at a Truist branch in 17 U.S. states and the District of Columbia.

Digital experience

Truist’s website makes it easy to find details about their loans and calculate estimated payments.The App Store shows Truist offers a phone app, but it does not support personal loan management.

What people are saying about Truist

As of June 2024, the vast majority of online reviews on Truist’s unclaimed Trustpilot page are negative, with an average overall score of 1.2. Most complaints are about poor customer support and issues with the online system.

Here’s what one user said about their borrowing experience:

"It is nearly impossible to find someone to answer a phone, or return voicemail messages, or return emails timely regarding an auto loan. Had I known, I would not have wasted two weeks trying to get that done. Have banked with Suntrust for many, many years. Truist has ruined the service and I'm looking forward to going elsewhere — if any banks still care about customer service."

— Trustpilot User

Another customer shared a poor experience connecting with support representatives:

"Every time I call to get help from this bank, it sends me to a recording! They don’t want to help people get accounts reconciled! You physically have to go to the bank and wait for a long time for help! I like the services they provide, but customers are not a priority at this institution!"

— Trustpilot User

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Do you qualify for a Truist personal loan?

Truist requires standard information like proof of your income, identification, address and credit score to approve your loan. They may be able to fund your loan on the same day you apply.

However, you’ll want to check your zip code to make sure there’s a Truist branch in your area. They only do business in 17 states and the District of Columbia.

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans 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 considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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