reviews
Written by Denny Ceizyk
Edited by Pippin Wilbers
Updated on May 13, 2024
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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At a glance
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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.
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
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
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
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
Get prequalified for a personal loan
Get prequalified loan offers in 2 minutes or less
Learn more
How Bankrate rates Truist
Overall Score | 4.5 | Explanation |
---|---|---|
Availability | 4.5 | Funds may be available the same day as application. |
Affordability | 4.8 | Minimum and maximum APRs are lower than many other personal loan lenders. |
Customer Experience | 4.7 | Six-day-a-week phone support is available. |
Transparency | 4.2 | Very 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
On This Page
- At a glance
- Where Truist stands out
- Where Truist falls short
- Truist customer experience
- How this lender compares
- Do you qualify?
- How to apply
- Our rating
- Methodology
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