BB&T Personal Loans Review

BB&T offers competitive personal loans primarily for residents in certain states

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BB&T company logo
overall rating
1.9

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. 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.

BB&T doesn't publish their personal loan APRs online; you will need to contact your local branch for current rates. BB&T offers loan amounts ranging from $3,500 to $50,000. Your loan amount depends on your credit history, loan term, and credit score. The loan repayment term may vary by state. While BB&T doesn’t disclose minimum credit score requirements, you may be more likely to qualify with a credit score of at least 660. If your credit score isn’t high, applying with a cosigner may increase your chances of approval.

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range Varies by state
  • Loan Amounts $3,500 to $50,000
  • Loan Terms Varies by state
  • Recommended Minimum Credit Score 660
Pros and Cons
Pros
  • Minimal fees

  • Fast funding times

  • Co-signer allowed on applications

Cons
  • No prequalification option

  • Not available nationwide

  • Need to visit a branch to close on loan

Fees
  • Origination: none
  • Late payment: varies by state
  • Prepayment: none
  • Annual: $50, varies by state

Pros Explained

  • 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.

Cons Explained

  • 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.

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.

Verdict

BB&T offers a decent maximum loan amount, especially for those financing large purchases like home improvement projects or consolidating a lot of high-interest debt. However, BB&T personal loans have no option to prequalify. The only way to see the rates and terms for which you qualify is with a hard credit inquiry. If you’re shopping around with multiple lenders, this type of activity can show up on your credit report.  

Another major downside is the bank is limited to 15 states and Washington, D.C. Applicants need to show up to a branch to get a loan, so if you live outside of those areas, you may be better off choosing an alternative lender.

Methodology

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.

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 .
  1. Truist.com. "BB&T and SunTrust choose building in Charlotte for new headquarters." Accessed June 26, 2020.