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Truist Personal Loans Review 2023

Truist Bank offers flexible loan terms, competitive rates, and same-day funding in a handful of states

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Truist / Investopedia

Investopedia’s Rating

Our Take

Established in 2019 after a merger between BB&T Bank and SunTrust,? Truist Bank offers several financial products, including a personal loan. Its personal loan has no origination fee, flexible terms, and competitive interest rates.?

If your financial need is urgent, you may appreciate that Truist offers same-day funding. The upper end of Truist's APR range is incredibly low compared to competitors, which also makes it a great potential option for those who have less than excellent credit. However, its loans are only available in select states.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
  • Same-day funding available

  • No origination fee

  • Payment relief available for struggling borrowers

  • Flexible loan amounts

  • Limited availability

  • Poor customer service ratings

  • Minimum APR is a bit higher than other lenders

  • No pre-qualification available

Key Takeaways
  • Truist Bank offers unsecured personal loans in 17 states and the District of Columbia.
  • Loan amounts are flexible, ranging from $3,500 to $100,000.
  • The lender also offers personal lines of credit for borrowers who prefer ongoing credit access.
  • Borrowers who don't live in an eligible state can apply for a loan with LightStream, the bank's online personal loan division.
Company Overview

Truist Bank, headquartered in Charlotte, North Carolina, is the product of a 2019 merger between BB&T and SunTrust. The newly formed bank serves 15 million customers across 17 U.S. states and D.C., making it the seventh-largest bank in the U.S. It currently has over 2,000 branches and 3,000 ATMs.

Truist provides bank accounts, credit cards, mortgages, personal loans, personal lines of credit, vehicle loans, home equity lines of credit, insurance, wealth management, small business products, and more.

APR Range
8.74% - 17.39%
Loan Amount
$3,500 - $100,000
Loan Terms
24 months - 60 months
Recommended Minimum Credit Score
Average Origination Fee
Late Fee
Varies by State
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained?

  • Same-day funding available: Some online lenders can take a few business days to transfer funds after loan approval. However, Truist may make funds available the same day, and if not, they generally arrive quickly thereafter.
  • No origination fee: You won't have to pay anything upfront for a Truist personal loan. Other online lenders may charge up to 6%, or even more, for loan origination, which would amount to a $600 fee if you borrowed $10,000.
  • Payment relief available for struggling borrowers: Borrowers experiencing a qualified financial hardship can get their payments suspended temporarily. Note that interest fees will still accrue.
  • Flexible loan amounts: The lender offers loans ranging from $3,500 to $100,000, which is broader than many online lenders.

Cons Explained

  • Limited availability: While many online lenders offer personal loans nationwide, you can only apply with Truist if you live in Alabama, Arkansas, the District of Columbia, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, or West Virginia.
  • Poor customer service ratings: Despite having an A+ rating from the Better Business Bureau, Truist has abysmal ratings from customers, with an average of about 1.1 out of 5 stars via the Better Business Bureau and Trustpilot.
  • Minimum APR is a bit higher than other lenders: While the bank's maximum APR is relatively low, borrowers with excellent credit may be able to score a lower interest rate with a different lender, including Truist's online division, LightStream.
  • No pre-qualification available: Unlike most online lenders, Truist doesn't allow you to get pre-qualified before you submit an application. Pre-qualification is a valuable tool that gives you an idea of your approval odds and potential loan terms without impacting your credit score.

Types of Personal Loans Truist Offers

Currently, Truist only offers one personal loan. Previously, the lender also offered a short-term emergency loan called a Ready Now loan to eligible existing customers, but it's no longer available.?

Borrowers who prefer ongoing access to credit may consider the bank's unsecured personal line of credit, secured personal line of credit, or Ready Now credit line.

For borrowers who need an emergency loan, many credit unions offer low-cost payday alternative loans (PALs) in amounts ranging from $200 to $1,000. Eligible borrowers can take out a maximum of three PALs in a six-month period.

Time to Receive Funds

Once you're approved, personal loan funds may be available the same day. Though some other lenders offer same-day or next-day funding, many disburse funds in three to five business days. Truist’s time to funding is quick compared with some of its competitors.

Borrower Requirements

Truist doesn't disclose credit requirements for its personal loans, and without a pre-qualification tool, there's no way to gauge your approval odds. If you’re concerned you may not qualify due to your credit, check out our picks for the best loans for borrowers with bad credit.

Truist Personal Loan Features?

  • Borrowing for emergencies: While Truist's Ready Now Loan is no longer available, its standard personal loan can still be a good option for emergency expenses due to its same-day funding. Just keep in mind that you'll need to apply on a banking business day and provide the required documentation promptly to be eligible.
  • Checking account requirements: While the lender only offers personal loans in select states, you don't need an existing checking account with Truist to apply.
  • Payment relief program: Truist offers assistance to borrowers facing a qualified hardship. The bank’s personal loan payment relief allows eligible customers to temporarily suspend payments if they’re experiencing a temporary reduction in income, an unexpected expense, or a natural disaster. Note that interest will still accrue while payments are suspended.

When your loan is put into forbearance, or payments are suspended, your loan may still accrue interest and the total cost to repay it may be higher. A forbearance may also appear on your credit reports.

Co-Signers and Co-Applicants

Truist doesn't allow co-signers on its personal loan application. However, you can apply for a joint loan with a co-applicant. While both co-signers and co-applicants share payment responsibility, co-applicants also share access to the loan funds.

Can You Refinance a Personal Loan With Truist?

Yes, you can refinance an existing personal loan with a Truist personal loan.

Customer Service

Medium Contact When
Telephone 844-487-8478 Weekdays, 8 a.m. to 8 p.m. ET
Saturday, 8 a.m. to 5 p.m. ET
X (Formerly Twitter) @TruistNews 24/7

Customer Satisfaction

Truist has an A+ rating with the Better Business Bureau. However, the bank has an average customer rating of 1.09 out of 5 stars across more than 2,300 reviews. Additionally, the bank's Trustpilot rating is bad, with an average rating of 1.1 out of 5 stars.

How to Qualify for and Apply for a Truist Personal Loan

Borrowers can apply for a Truist personal loan online, by phone, or in person. You’ll need to be a U.S. citizen or permanent resident and have a valid Social Security number to apply.

Here are the application steps to prepare for:

  • Getting started: Visit Truist’s personal loans page and click the “Apply now” button. Enter your state of residence and citizenship status. If you're an existing customer, you can log in and the lender will pre-fill the application with the information it has on file.
  • Personal information: You’ll then be required to enter your personal information, including contact details, address, Social Security number, employment status, and gross annual income.
  • Loan information: After reading Truist’s e-sign disclosure and consent agreement, you’ll be able to view your loan information and complete the final steps of your application.

If your loan application is approved, Truist will email you a link to e-sign your loan documents. Approval can be as fast as 15 minutes.?

Other Banking Services and Loans Offered by Truist

As a full-service bank, Truist offers a variety of financial products and services, including:

  • Checking, savings, money market, and CD accounts
  • Credit cards
  • Mortgages
  • Personal lines of credit
  • Auto loans
  • Boat and RV loans
  • Mortgage loans
  • Home equity lines of credit
  • Insurance
  • Wealth management services?
  • Small business products

Compare Truist With Other Personal Loan Lenders

Truist Avant Upgrade
APR Range 8.74%–17.39% 9.95%–35.99% 8.49%–35.99%
Loan Amount $3,500–$100,000 $2,000–$35,000 $1,000–$50,000
Loan Terms 24–60 months 12–60 months 24–84 months
Recommended Minimum Credit Score Not disclosed 580 620
Origination Fee None 4.75% 9.99%
Time to Receive Funds Same day 1 day 1 day

The Bottom Line

Truist offers competitive interest rates, flexible loan amounts, no origination fees, and relief options for borrowers experiencing financial hardship. If you have excellent credit, its personal loan could be worth considering.

However, the lender only offers loans in a handful of states, and its lack of transparency about eligibility requirements—including not offering pre-qualification—makes it difficult to know whether it's a good fit. Before you apply for a Truist personal loan, you may want to consider other lenders or apply through LightStream, Truist’s online division. Whether you go through LightStream, another online lender, or a credit union, you're likely to find more options.

Is Truist Bank FDIC Insured?

Yes, bank account deposits held with Truist Bank are insured by the FDIC up to the maximum coverage amount.

What Credit Score Do You Need for a Truist Personal Loan?

Unfortunately, Truist doesn't provide any information about its credit requirements, including a minimum credit score.

How Hard Is It to Get a Loan Through Truist?

Because the bank doesn't provide a minimum credit score or pre-qualification, it's hard to know how difficult it might be to get approved for a Truist personal loan. Like other lenders, however, you'll need excellent credit to qualify for the lender's lowest interest rate.

What Are the Disadvantages of Truist Personal Loan?

The biggest areas where Truist can improve are availability and transparency. Expanding to more states and being clear about credit requirements—or adding a pre-qualification feature—could make the lender's loans more appealing.

How Long Does It Take for Truist to Approve a Personal Loan?

Truist makes most of its application decisions within 15 minutes, which can be a good thing for borrowers who need access to money quickly.


To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

  • Loan costs (advertised APR, fees, and six other factors): 29.25%
  • Loan terms (loan amount, repayment term, and three other factors): 22.25%
  • Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
  • Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. Federal Reserve Statistical Release. “Large Commercial Bank.”

  3. Truist. “Fast Facts.”

  4. Truist. “Personal Loan.”

  5. Truist. “Personal Loan Payment Relief Guide.”

  6. Trustpilot. “Truist.”

  7. Better Business Bureau. “Truist Bank.”

  8. Truist. “Personal Line of Credit.”

  9. “Payday Loan Alternatives.”

  10. Truist. “Truist Bank.”