BB&T was founded in 1872 and is now part of Truist together with Lightstream, another personal loan lender, which is a division of SunTrust Bank. Currently headquartered in Winston-Salem, N.C. (but planning to move to new headquarters in Charlotte, N.C., once the Truist merger is completed), BB&T has branches in Washington, D.C., and 15 states. Personal loans are available for loan amounts as low as $3,500. One of the main downsides is that you need to visit one of its branches to find out exact rates and to finalize your loan.
To help you determine whether to apply for a personal loan from BB&T, we’ve looked at important and relevant details such as loan amounts, fees, and credit score requirements to see if BB&T meets your borrowing needs.
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Fast funding times
Co-signer allowed on applications
No prequalification option
Not available nationwide
Need to visit a branch to close on loan
- Minimal fees – BB&T doesn’t charge application or origination fees, plus there are no prepayment penalties.
- Fast funding times – Approved applicants may be able to receive loan processing within 24 business hours.
- Co-signer allowed on applications – The bank allows you to have a co-applicant to help your chances of approval.
- No prequalification option – You will be subject to a hard credit inquiry when submitting an application, which may negatively affect your credit score.
- Not available nationwide – BB&T has branches in 15 states only (plus Washington, D.C.).
- Need to visit a branch to close on loan – You cannot apply online for a personal loan through BB&T.
Types of Personal Loans Offered by BB&T
You can use personal loan proceeds from BB&T for most purposes — home improvement projects, vacation expenses, and other kinds of major purchases. BB&T also allows you to use your personal loan for debt consolidation to help pay off existing high-interest loans from other lenders.
BB&T offers loan amounts ranging from $3,500 to $50,000. The amount you’ll be approved for will depend on factors such as your credit history, loan term desired, and credit score.
Annual Percentage Rate (APR)
BB&T doesn't publish their APRs for personal loans. If you're interested in a loan with BB&T you should contact your local branch about current rates.
Borrowers for BB&T may be approved for repayment terms that range from 24 to 60 months.
Credit Score Requirements
BB&T doesn’t disclose explicit requirements, but there are reports that the minimum credit score is 660. If your credit score isn’t high, it might be a good idea to consider adding a cosigner to increase your chances of approval.
There are no origination fees or prepayment penalties with BB&T personal loans. In other words, applying for and receiving loan proceeds won’t cost you anything, nor will you be penalized for paying a loan off early. However, there are late payment fees.
Time to Receive Funds
Most loans may be approved and funded within one business day. Depending on factors such as your creditworthiness, you might even be approved and funded within a few hours.
BB&T Personal Loan Features
No Need to Be an Existing BB&T Customer
BB&T doesn’t require you to be an existing customer, unlike many other banks. You do, however, need to head to one of its more than 1,700 brick-and-mortar locations to finalize your loan.
Hard Inquiry Only
There is no prequalification option for those who apply for a personal loan with BB&T. You’ll need to submit a full application and be subject to a hard credit inquiry before finding out the rates and terms for which you may qualify.
Apply for a BB&T Personal Loan
Consider carefully whether you’ll be able to meet the minimum credit requirements to take out a personal loan before applying, because, as noted above, that hard credit inquiry could negatively affect your credit score.
Here’s what you can expect:
1. Head to BB&T’s website to find a branch near you using its online locator tool. Enter your ZIP code, address, or city to pull up a list of available branches. Alternatively, you can call customer service at 800-226-5228 to find a branch.
3. Gather relevant documentation, such as proof of address and income, photo ID, and Social Security number before heading to the branch.
4. Schedule an appointment online to ensure that you don’t need to wait too long before seeing a loan officer.
5. Submit your loan application and additional documentation, if needed.
Once approved, you’ll complete the process by signing your loan documents. The funds should be deposited within 24 business hours.
Can You Refinance a Personal Loan With BB&T?
According to representatives, you can refinance your BB&T personal loan for a more competitive rate with BB&T or another lender.
BB&T offers a decent maximum loan amount, especially for those who are financing large purchases such as home improvement projects or consolidating a lot of high-interest debt. Plus, with its competitive rates and minimal fees, it’s worth taking a look to see if you qualify.
However, BB&T personal loans have no prequalification option. The only way to see the rates and terms for which you qualify is to be subject to a hard credit inquiry. If you’re shopping around for multiple lenders, this type of activity can show up on your credit report.
A major downside as well is that the bank is limited to 15 states and Washington, D.C. As applicants need to show up to a branch to get a loan, if you live outside of those states, you’re probably better off choosing an alternative lender.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders — including interest rates, fees, loan amounts, and repayment terms — to ensure that our content helps users make the right borrowing decision for their needs.