Truist Personal Loans: 2024 Review | Bankrate (2024)

reviews

Truist Personal Loans: 2024 Review | Bankrate (1)Written by

Denny Ceizyk

Truist Personal Loans: 2024 Review | Bankrate (2)Edited by

Pippin Wilbers

Updated on May 13, 2024

At a glance

Truist Personal Loans: 2024 Review | Bankrate (3)

Find my best rate

Get offers from top lenders

Not all displayed lenders are available for pre-qualification through Bankrate, and we cannot guarantee any specific rate. We’ll provide you with the best offers available from our partners.

4.5

Rating: 4.5 stars out of 5

Bankrate Score

Availability

Rating: 4.7 stars out of 5

4.7

Affordability

Rating: 4.8 stars out of 5

4.8

Customer Experience

Rating: 4.7 stars out of 5

4.7

Transparency

Rating: 4.2 stars out of 5

4.2

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

About Bankrate Score

Full methodology

Bankrate’s take: Truist offers personal loans with lower maximum APRs than many lenders. Customers who prefer to keep all of their financial products in one place can choose among traditional banking products including checking, savings and credit card accounts.

Lender Details

Loan amount

$3,500 and up

APR from

8.74-17.39%

Term lengths

24 to 60 months

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

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.5 stars out of 5

4.5

Bankrate Score

APR from

8.74-17.39%

Loan Amount

$3,500 and up

Term Length

24 to 60 months

Min Credit Score

Not disclosed

Compare ratesArrow Right

on Bankrate

Rating: 4.7 stars out of 5

4.7

Bankrate Score

APR from

7.99%-17.99%

Loan Amount

$600 to $50,000

Term Length

Up to 60 months

Min Credit Score

700

Read our reviewArrow Right

on Bankrate

Rating: 4.7 stars out of 5

4.7

Bankrate Score

APR from

7.49%-25.49% *with AutoPay

Loan Amount

$5,000-$100,000

Term Length

24 to 84 months

Min Credit Score

695

Read our reviewArrow Right

on Bankrate

Truist vs. PenFed

Truist offers slightly lower maximum APRs than PenFed which could save you a few dollars on your monthly payment. You also don’t have to bank with Truist to get a personal loan, while you’ll have to join PenFed since it’s a credit union.

PenFed lists a maximum loan amount of $50,000, while it’s unclear how much Truist is willing to lend. PenFed also covers phone customer service seven days a week, while Truist is closed on Sundays.

Read a full review about PenFed

Truist vs. LightStream

Truist is better if you need a smaller loan amount, offering loan amounts as low as $3,500 compared to LightStreams $5,000 minimum. You could end up with a higher rate at LightStream considering their APR cap is 25.49 percent, whereas Truist maxes out at 17.39 percent.

You have much more borrowing power with LightStream with loan amounts as high as $100,000. You can also stretch your payment period out to 84 months, giving you a lower payment than the 60-month maximum Truist offers.

Read a full review about LightStream

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.

How to apply for a personal loan with Truist

Truist Personal Loans: 2024 Review | Bankrate (7)

Get prequalified for a personal loan

Get prequalified loan offers in 2 minutes or less

Learn more

How Bankrate rates Truist

Overall Score4.5Explanation
Availability4.5Funds may be available the same day as application.
Affordability4.8Minimum and maximum APRs are lower than many other personal loan lenders.
Customer Experience4.7Six-day-a-week phone support is available.
Transparency4.2Very few qualification requirements are provided, but you can prequalify.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

57

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

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.

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.

On This Page

Compare Rates

Truist Personal Loans: 2024 Review | Bankrate (2024)

FAQs

Truist Personal Loans: 2024 Review | Bankrate? ›

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.

Is Truist a good bank for personal loans? ›

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 lower than many of its competitors and can mean you'll pay less in interest over the life of your loan.

Will personal loan rates go down in 2024? ›

According to the most recent Federal Reserve projections (made in December 2023), the median expectation is for three quarter-percentage-point cuts to the federal funds rate in 2024. Investors seem to be expecting the same.

What credit score do you need for a Truist personal loan? ›

Do you qualify for a Truist personal loan? Truist Bank doesn't publicly disclose many of its personal loan requirements, but it accepts borrowers with excellent credit (720 credit score or higher). Here's what you need to apply: Personal and contact information, including a U.S.-based cell phone number.

Which bank has the lowest interest rate on personal loans in 2024? ›

Current Interest Rate on Personal Loans
BankInterest Rate (p.a.)Processing Fee
IndusInd Bank10.25% p.a. - 34.05% p.a.Up to 3.5% onwards
HSBC Bank9.99% p.a. - 15.00% p.a.Up to 2%
IDFC First Bank10.90% p.a. - 36% p.a.Up to 3.5%
Tata Capital10.99% to 36%Up to 5.5%
26 more rows

What are the disadvantages of Truist? ›

Cons
  • Earn almost nothing in terms of interest. Both savings accounts from Truist Bank offer a 0.01% APY.
  • Fees can apply. Account fees can apply to Truist savings accounts if you don't meet certain requirements.
  • Minimum opening balance requirements apply.
Jun 14, 2024

What bank is best for personal loans? ›

Summary: Best Personal Loans From Banks
CompanyForbes Advisor RatingLoan amounts
U.S. Bank3.5$1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers)
TD Bank3.5$2,000 to $50,000
Discover3.5$2,500 to $40,000
Wells Fargo3.5$3,000 to $100,000
2 more rows
Jun 28, 2024

Is Truist a hard pull? ›

By checking the box and proceeding, we will initiate a “soft pull” of your credit and this will not affect your credit score.

What credit bureau does Truist use? ›

Truist uses all three major credit bureaus: Experian, Equifax and/or TransUnion for approval. Once you're approved and begin using your Truist credit card, Truist will report your payment history to the three major consumer credit bureaus on a monthly basis.

What FICO score do banks use for personal loans? ›

For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.

Which bank gives a loan easily? ›

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours.

Which company is best for a personal loan? ›

List of Banks Offering Best Personal Loan in India
  • HDFC Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
  • Axis Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
  • Kotak Mahindra Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
  • IDFC First Bank. Max. Loan Amt. Up to ₹10L. Rate of Interest. ...
  • ICICI Bank. Max. Loan Amt. Up to ₹50L.
Jun 24, 2024

What is a good interest rate for a personal loan? ›

But a good rate for you depends on your credit score. For example, if you have excellent credit, a rate below 11 percent would be considered good, while 12.5 percent would be less competitive.

What is the best rated bank for personal loan? ›

Top performing personal loans in India
Sr.No.Personal Loan PlansInterest Rates
1HDFC Bank Personal Loan10.50% p.a. onwards
2ICICI Bank Personal Loan10.50% p.a. onwards
3Bajaj Finserv Personal Loan13.00% p.a. onwards
4Fullerton India Personal Loan11.99% p.a. onwards
6 more rows
Jul 1, 2024

Is Truist a good bank to bank with? ›

Overall, Truist earns 3.7 out of 5 stars, with its checking accounts standing out for no overdraft fees and easily waivable account maintenance fees. Truist could be a great option for students or those who experience barriers to standard checking accounts.

What bank is best for personal banking? ›

Best Banks of July 2024
  • Capital One 360 Checking: Best online checking account.
  • Chase Total Checking®: Best for a large branch network.
  • Axos Bank Rewards Checking: Best for online account options.
  • Discover® Bank: Best for doing all of your banking at one place.
  • Synchrony Bank: Best high-yield savings account.
2 days ago

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Terrell Hackett

Last Updated:

Views: 5926

Rating: 4.1 / 5 (52 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Terrell Hackett

Birthday: 1992-03-17

Address: Suite 453 459 Gibson Squares, East Adriane, AK 71925-5692

Phone: +21811810803470

Job: Chief Representative

Hobby: Board games, Rock climbing, Ghost hunting, Origami, Kabaddi, Mushroom hunting, Gaming

Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.